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IVE.AX vs. IEU.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IVE.AX vs. IEU.AX

Last updated Jul 18, 2026
Documentation

IVE.AX (iShares MSCI EAFE ETF (AU)) and IEU.AX (iShares Europe ETF (AU)) are both exchange-traded funds - IVE.AX is a Global Equities fund tracking the iShares MSCI EAFE Index, while IEU.AX is a Europe Equities fund tracking the iShares Europe Index. Both are passively managed. Over the past 10 years, IVE.AX returned 9.87%/yr vs 10.46%/yr for IEU.AX. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

IVE.AX vs. IEU.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares MSCI EAFE ETF (AU) (IVE.AX) and iShares Europe ETF (AU) (IEU.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, IVE.AX achieves a 3.52% return, which is significantly higher than IEU.AX's 2.75% return. Over the past 10 years, IVE.AX has underperformed IEU.AX with an annualized return of 9.87%, while IEU.AX has yielded a comparatively higher 10.46% annualized return.

IVE.AX

1D
-1.72%
1M
-1.09%
6M
0.19%
YTD
3.52%
1Y
10.92%
3Y*
12.87%
5Y*
9.77%
10Y*
9.87%

IEU.AX

1D
-0.87%
1M
0.21%
6M
0.17%
YTD
2.75%
1Y
8.20%
3Y*
12.98%
5Y*
10.54%
10Y*
10.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IVE.AX vs. IEU.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IVE.AX
iShares MSCI EAFE ETF (AU)		3.52%21.53%11.29%16.82%-6.23%16.98%-0.38%22.82%-3.05%14.57%
IEU.AX
iShares Europe ETF (AU)		2.75%23.63%10.42%18.56%-5.75%22.27%-3.43%25.90%-4.80%15.54%

Correlation

The correlation between IVE.AX and IEU.AX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.88

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

0.89

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

0.91

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

0.86

Correlation (All Time)
Calculated using the full available price history since Oct 10, 2007

0.77

The correlation between IVE.AX and IEU.AX shifts across timeframes, from 0.77 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.

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iShares MSCI EAFE ETF (AU)

iShares Europe ETF (AU)

Often compared with IVE.AX:
IVE.AX vs. AUMF.AXIVE.AX vs. BILL.AXIVE.AX vs. CORE.AXIVE.AX vs. ESGI.AXIVE.AX vs. ESTX.AXIVE.AX vs. F100.AXIVE.AX vs. GLDN.AX
Often compared with IEU.AX:
IEU.AX vs. AUMF.AXIEU.AX vs. BILL.AXIEU.AX vs. GLIN.AXIEU.AX vs. ILB.AXIEU.AX vs. IVV.AXIEU.AX vs. MVOL.AXIEU.AX vs. WDMF.AX

Return for Risk

IVE.AX vs. IEU.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IVE.AX
IVE.AX Risk / Return Rank: 3030
Overall Rank
IVE.AX Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
IVE.AX Sortino Ratio Rank: 3030
Sortino Ratio Rank
IVE.AX Omega Ratio Rank: 3131
Omega Ratio Rank
IVE.AX Calmar Ratio Rank: 2727
Calmar Ratio Rank
IVE.AX Martin Ratio Rank: 3131
Martin Ratio Rank
IEU.AX
IEU.AX Risk / Return Rank: 2222
Overall Rank
IEU.AX Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
IEU.AX Sortino Ratio Rank: 2222
Sortino Ratio Rank
IEU.AX Omega Ratio Rank: 2323
Omega Ratio Rank
IEU.AX Calmar Ratio Rank: 2020
Calmar Ratio Rank
IEU.AX Martin Ratio Rank: 2323
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.

IVE.AX vs. IEU.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE ETF (AU) (IVE.AX) and iShares Europe ETF (AU) (IEU.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.

IVE.AXIEU.AXDifference
Sharpe ratioReturn per unit of total volatility
0.85
0.62

+0.22

Sortino ratioReturn per unit of downside risk
1.26
0.96

+0.30

Omega ratioGain probability vs. loss probability

1.17

1.12

+0.04

Calmar ratioReturn relative to maximum drawdown

0.99

0.66

+0.33

Martin ratioReturn relative to average drawdown

3.36

2.10

+1.26

IVE.AX vs. IEU.AX - Sharpe Ratio Comparison

The current IVE.AX Sharpe Ratio is 0.85, which is higher than the IEU.AX Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of IVE.AX and IEU.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

IVE.AX vs. IEU.AX - Drawdown Comparison

The maximum IVE.AX drawdown since its inception was -45.63%, which is greater than IEU.AX's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for IVE.AX and IEU.AX.

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Drawdown Indicators

IVE.AXIEU.AXDifference

Max Drawdown

Largest peak-to-trough decline

-45.63%

-38.80%

-6.83%

Max Drawdown (1Y)

Largest decline over 1 year

-10.66%

-12.04%

+1.38%

Max Drawdown (3Y)

Largest decline over 3 years

-10.66%

-12.04%

+1.38%

Max Drawdown (5Y)

Largest decline over 5 years

-19.28%

-21.67%

+2.39%

Max Drawdown (10Y)

Largest decline over 10 years

-24.20%

-29.90%

+5.70%

Current Drawdown

Current decline from peak

-3.35%

-2.78%

-0.57%

Average Drawdown

Average peak-to-trough decline

-13.68%

-10.63%

-3.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.18%

3.82%

-0.64%

Volatility

IVE.AX vs. IEU.AX - Volatility Comparison

iShares MSCI EAFE ETF (AU) (IVE.AX) has a higher volatility of 3.31% compared to iShares Europe ETF (AU) (IEU.AX) at 2.73%. This indicates that IVE.AX's price experiences larger fluctuations and is considered to be riskier than IEU.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IVE.AXIEU.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.31%

2.73%

+0.58%

Volatility (6M)

Calculated over the trailing 6-month period

10.99%

10.98%

+0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

12.52%

12.72%

-0.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.14%

13.31%

-1.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.77%

14.78%

-2.01%

Dividends

IVE.AX vs. IEU.AX - Dividend Comparison

IVE.AX's dividend yield for the trailing twelve months is around 3.65%, less than IEU.AX's 7.41% yield.

PositionTTM20252024202320222021202020192018201720162015
IEU.AX
iShares Europe ETF (AU)		7.41%1.98%1.92%3.38%3.95%2.93%2.07%4.52%3.95%2.04%1.88%2.34%
IVE.AX
iShares MSCI EAFE ETF (AU)		3.65%3.54%1.59%2.76%3.74%3.49%2.53%4.82%3.37%1.17%0.00%0.00%

Frequently Asked Questions

IVE.AX and IEU.AX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IVE.AX is categorized as Global Equities, while IEU.AX is Europe Equities. IVE.AX tracks iShares MSCI EAFE Index, while IEU.AX tracks iShares Europe Index.

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