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ISEC.AX vs. WVOL.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ISEC.AX vs. WVOL.AX

Last updated Jul 16, 2026
Documentation

ISEC.AX (iShares Enhanced Cash ETF) and WVOL.AX (iShares MSCI World ex Australia Minimum Volatility ETF) are both exchange-traded funds - ISEC.AX is a Money Market fund tracking the iShares Enhanced Cash Index, while WVOL.AX is a Global Equities fund tracking the iShares MSCI World ex Australia Minimum Volatility Index. Both are passively managed. Over the past 5 years, ISEC.AX returned 3.27%/yr vs 8.01%/yr for WVOL.AX. At a 0.03 correlation, their price movements are largely independent.

Performance

ISEC.AX vs. WVOL.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Enhanced Cash ETF (ISEC.AX) and iShares MSCI World ex Australia Minimum Volatility ETF (WVOL.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ISEC.AX achieves a 1.92% return, which is significantly higher than WVOL.AX's 1.58% return.

ISEC.AX

1D
0.01%
1M
0.43%
6M
1.78%
YTD
1.92%
1Y
3.77%
3Y*
4.36%
5Y*
3.27%
10Y*
—

WVOL.AX

1D
-0.73%
1M
0.44%
6M
1.08%
YTD
1.58%
1Y
5.79%
3Y*
11.42%
5Y*
8.01%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ISEC.AX vs. WVOL.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ISEC.AX
iShares Enhanced Cash ETF		1.92%4.40%4.74%4.06%1.29%0.08%0.63%1.77%2.05%1.24%
WVOL.AX
iShares MSCI World ex Australia Minimum Volatility ETF		1.58%10.13%20.75%5.37%-3.23%21.37%-6.48%23.83%5.64%2.25%

Correlation

The correlation between ISEC.AX and WVOL.AX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.02

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Jun 2, 2017

0.03

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iShares Enhanced Cash ETF

iShares MSCI World ex Australia Minimum Volatility ETF

Return for Risk

ISEC.AX vs. WVOL.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ISEC.AX
ISEC.AX Risk / Return Rank: 9797
Overall Rank
ISEC.AX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ISEC.AX Sortino Ratio Rank: 9797
Sortino Ratio Rank
ISEC.AX Omega Ratio Rank: 9999
Omega Ratio Rank
ISEC.AX Calmar Ratio Rank: 9898
Calmar Ratio Rank
ISEC.AX Martin Ratio Rank: 9696
Martin Ratio Rank
WVOL.AX
WVOL.AX Risk / Return Rank: 2727
Overall Rank
WVOL.AX Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
WVOL.AX Sortino Ratio Rank: 2727
Sortino Ratio Rank
WVOL.AX Omega Ratio Rank: 2424
Omega Ratio Rank
WVOL.AX Calmar Ratio Rank: 2828
Calmar Ratio Rank
WVOL.AX Martin Ratio Rank: 2727
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ISEC.AX vs. WVOL.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Enhanced Cash ETF (ISEC.AX) and iShares MSCI World ex Australia Minimum Volatility ETF (WVOL.AX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

ISEC.AXWVOL.AXDifference
Sharpe ratioReturn per unit of total volatility
3.54
0.83

+2.72

Sortino ratioReturn per unit of downside risk
5.00
1.26

+3.74

Omega ratioGain probability vs. loss probability

2.70

1.15

+1.56

Calmar ratioReturn relative to maximum drawdown

9.72

1.17

+8.56

Martin ratioReturn relative to average drawdown

29.94

2.93

+27.01

ISEC.AX vs. WVOL.AX - Sharpe Ratio Comparison

The current ISEC.AX Sharpe Ratio is 3.54, which is higher than the WVOL.AX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of ISEC.AX and WVOL.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ISEC.AX vs. WVOL.AX - Drawdown Comparison

The maximum ISEC.AX drawdown since its inception was -0.38%, smaller than the maximum WVOL.AX drawdown of -21.05%. Use the drawdown chart below to compare losses from any high point for ISEC.AX and WVOL.AX.

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Drawdown Indicators

ISEC.AXWVOL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-0.38%

-21.05%

+20.67%

Max Drawdown (1Y)

Largest decline over 1 year

-0.38%

-5.56%

+5.18%

Max Drawdown (3Y)

Largest decline over 3 years

-0.38%

-5.92%

+5.54%

Max Drawdown (5Y)

Largest decline over 5 years

-0.38%

-12.52%

+12.14%

Current Drawdown

Current decline from peak

0.00%

-1.83%

+1.83%

Average Drawdown

Average peak-to-trough decline

-0.03%

-3.70%

+3.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.12%

2.24%

-2.12%

Volatility

ISEC.AX vs. WVOL.AX - Volatility Comparison

The current volatility for iShares Enhanced Cash ETF (ISEC.AX) is 0.09%, while iShares MSCI World ex Australia Minimum Volatility ETF (WVOL.AX) has a volatility of 2.31%. This indicates that ISEC.AX experiences smaller price fluctuations and is considered to be less risky than WVOL.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ISEC.AXWVOL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.09%

2.31%

-2.22%

Volatility (6M)

Calculated over the trailing 6-month period

0.78%

6.26%

-5.48%

Volatility (1Y)

Calculated over the trailing 1-year period

1.03%

7.90%

-6.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.72%

9.41%

-8.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.57%

11.62%

-11.05%

Dividends

ISEC.AX vs. WVOL.AX - Dividend Comparison

ISEC.AX's dividend yield for the trailing twelve months is around 3.75%, more than WVOL.AX's 1.47% yield.

PositionTTM202520242023202220212020201920182017
ISEC.AX
iShares Enhanced Cash ETF		3.75%4.32%4.55%3.93%1.05%0.13%0.57%1.68%1.96%0.88%
WVOL.AX
iShares MSCI World ex Australia Minimum Volatility ETF		1.47%3.09%3.43%2.19%2.62%1.75%2.36%2.37%4.62%1.43%

Frequently Asked Questions

ISEC.AX and WVOL.AX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ISEC.AX is categorized as Money Market, while WVOL.AX is Global Equities. ISEC.AX tracks iShares Enhanced Cash Index, while WVOL.AX tracks iShares MSCI World ex Australia Minimum Volatility Index.

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