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ISO.AX vs. IAA.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ISO.AX vs. IAA.AX

Last updated Jul 18, 2026
Documentation

ISO.AX (iShares S&P/ASX Small Ordinaries ETF) and IAA.AX (iShares Asia 50 ETF (AU)) are both exchange-traded funds - ISO.AX is a Small Cap Blend Equities fund tracking the iShares S&P/ASX Small Ordinaries Index, while IAA.AX is a Global Equities fund tracking the iShares Asia 50 Index. Both are passively managed. Over the past 10 years, ISO.AX returned 5.20%/yr vs 13.80%/yr for IAA.AX. At a 0.37 correlation, their price movements are largely independent.

Performance

ISO.AX vs. IAA.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares S&P/ASX Small Ordinaries ETF (ISO.AX) and iShares Asia 50 ETF (AU) (IAA.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, ISO.AX achieves a -12.24% return, which is significantly lower than IAA.AX's 26.96% return. Over the past 10 years, ISO.AX has underperformed IAA.AX with an annualized return of 5.20%, while IAA.AX has yielded a comparatively higher 13.80% annualized return.

ISO.AX

1D
-2.58%
1M
-8.27%
6M
-15.60%
YTD
-12.24%
1Y
1.27%
3Y*
6.20%
5Y*
1.36%
10Y*
5.20%

IAA.AX

1D
-6.06%
1M
-10.93%
6M
16.30%
YTD
26.96%
1Y
48.36%
3Y*
28.73%
5Y*
10.89%
10Y*
13.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ISO.AX vs. IAA.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ISO.AX
iShares S&P/ASX Small Ordinaries ETF		-12.24%23.98%6.92%7.36%-18.61%16.08%8.74%20.36%-8.59%19.54%
IAA.AX
iShares Asia 50 ETF (AU)		26.96%36.38%29.68%1.92%-17.59%-5.27%22.79%22.16%-4.60%34.31%

Correlation

The correlation between ISO.AX and IAA.AX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.54

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

0.41

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

0.41

Correlation (10Y)
Calculated over the trailing 10-year period

0.40

Correlation (All Time)
Calculated using the full available price history since Dec 7, 2010

0.37

The correlation between ISO.AX and IAA.AX shifts across timeframes, from 0.37 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

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iShares S&P/ASX Small Ordinaries ETF

iShares Asia 50 ETF (AU)

Often compared with ISO.AX:
ISO.AX vs. SSO.AXISO.AX vs. IJR.AXISO.AX vs. MVOL.AXISO.AX vs. MVS.AXISO.AX vs. SMLL.AXISO.AX vs. VISM.AXISO.AX vs. WDMF.AX
Often compared with IAA.AX:
IAA.AX vs. CORE.AXIAA.AX vs. ESGI.AXIAA.AX vs. ESTX.AXIAA.AX vs. F100.AXIAA.AX vs. GLIN.AXIAA.AX vs. HGEN.AXIAA.AX vs. HJPN.AX

Return for Risk

ISO.AX vs. IAA.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ISO.AX
ISO.AX Risk / Return Rank: 1111
Overall Rank
ISO.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
ISO.AX Sortino Ratio Rank: 1111
Sortino Ratio Rank
ISO.AX Omega Ratio Rank: 1111
Omega Ratio Rank
ISO.AX Calmar Ratio Rank: 1111
Calmar Ratio Rank
ISO.AX Martin Ratio Rank: 1111
Martin Ratio Rank
IAA.AX
IAA.AX Risk / Return Rank: 7373
Overall Rank
IAA.AX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
IAA.AX Sortino Ratio Rank: 6161
Sortino Ratio Rank
IAA.AX Omega Ratio Rank: 7070
Omega Ratio Rank
IAA.AX Calmar Ratio Rank: 8282
Calmar Ratio Rank
IAA.AX Martin Ratio Rank: 8080
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.

ISO.AX vs. IAA.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/ASX Small Ordinaries ETF (ISO.AX) and iShares Asia 50 ETF (AU) (IAA.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.

ISO.AXIAA.AXDifference
Sharpe ratioReturn per unit of total volatility
0.07
1.73

-1.67

Sortino ratioReturn per unit of downside risk
0.22
2.18

-1.95

Omega ratioGain probability vs. loss probability

1.03

1.31

-0.28

Calmar ratioReturn relative to maximum drawdown

0.07

3.21

-3.14

Martin ratioReturn relative to average drawdown

0.14

11.22

-11.08

ISO.AX vs. IAA.AX - Sharpe Ratio Comparison

The current ISO.AX Sharpe Ratio is 0.07, which is lower than the IAA.AX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of ISO.AX and IAA.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

ISO.AX vs. IAA.AX - Drawdown Comparison

The maximum ISO.AX drawdown since its inception was -42.99%, roughly equal to the maximum IAA.AX drawdown of -44.90%. Use the drawdown chart below to compare losses from any high point for ISO.AX and IAA.AX.

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Drawdown Indicators

ISO.AXIAA.AXDifference

Max Drawdown

Largest peak-to-trough decline

-42.99%

-44.90%

+1.91%

Max Drawdown (1Y)

Largest decline over 1 year

-18.29%

-14.31%

-3.98%

Max Drawdown (3Y)

Largest decline over 3 years

-18.29%

-17.55%

-0.74%

Max Drawdown (5Y)

Largest decline over 5 years

-26.29%

-39.91%

+13.62%

Max Drawdown (10Y)

Largest decline over 10 years

-42.99%

-44.90%

+1.91%

Current Drawdown

Current decline from peak

-16.58%

-14.31%

-2.27%

Average Drawdown

Average peak-to-trough decline

-11.88%

-10.35%

-1.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.67%

4.18%

+4.49%

Volatility

ISO.AX vs. IAA.AX - Volatility Comparison

The current volatility for iShares S&P/ASX Small Ordinaries ETF (ISO.AX) is 4.09%, while iShares Asia 50 ETF (AU) (IAA.AX) has a volatility of 14.55%. This indicates that ISO.AX experiences smaller price fluctuations and is considered to be less risky than IAA.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ISO.AXIAA.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.09%

14.55%

-10.46%

Volatility (6M)

Calculated over the trailing 6-month period

15.57%

24.36%

-8.79%

Volatility (1Y)

Calculated over the trailing 1-year period

18.80%

26.53%

-7.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.13%

22.20%

-5.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.43%

19.43%

-2.00%

Dividends

ISO.AX vs. IAA.AX - Dividend Comparison

ISO.AX's dividend yield for the trailing twelve months is around 3.48%, more than IAA.AX's 1.06% yield.

PositionTTM20252024202320222021202020192018201720162015
IAA.AX
iShares Asia 50 ETF (AU)		1.06%2.16%0.44%1.36%3.40%1.68%1.18%4.31%0.48%1.28%1.78%0.00%
ISO.AX
iShares S&P/ASX Small Ordinaries ETF		3.48%1.90%1.83%2.72%8.08%6.81%2.50%7.22%2.14%2.10%1.08%3.26%

Frequently Asked Questions

ISO.AX and IAA.AX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ISO.AX is categorized as Small Cap Blend Equities, while IAA.AX is Global Equities. ISO.AX tracks iShares S&P/ASX Small Ordinaries Index, while IAA.AX tracks iShares Asia 50 Index.

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