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

IVE.AX vs. IHWL.AX

Last updated Jul 18, 2026
Documentation

IVE.AX (iShares MSCI EAFE ETF (AU)) and IHWL.AX (iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF) are both Global Equities funds from iShares - IVE.AX tracks the iShares MSCI EAFE Index while IHWL.AX tracks the iShares Core MSCI World ex Australia ESG (AUD Hedged) Index. Both are passively managed. Over the past 10 years, IVE.AX returned 9.87%/yr vs 12.38%/yr for IHWL.AX. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

IVE.AX vs. IHWL.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 Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.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 lower than IHWL.AX's 8.01% return. Over the past 10 years, IVE.AX has underperformed IHWL.AX with an annualized return of 9.87%, while IHWL.AX has yielded a comparatively higher 12.38% 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%

IHWL.AX

1D
-1.30%
1M
-0.53%
6M
6.33%
YTD
8.01%
1Y
20.04%
3Y*
17.75%
5Y*
11.11%
10Y*
12.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IVE.AX vs. IHWL.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%
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		8.01%17.85%20.95%26.93%-21.57%31.44%7.65%24.82%-8.18%19.90%

Correlation

The correlation between IVE.AX and IHWL.AX is 0.60, 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

0.60

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

0.56

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

0.60

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

0.54

Correlation (All Time)
Calculated using the full available price history since Apr 22, 2016

0.53

The correlation between IVE.AX and IHWL.AX has been stable across timeframes, ranging from 0.53 to 0.60 - a consistent structural relationship.

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iShares MSCI EAFE ETF (AU)

iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF

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 IHWL.AX:
IHWL.AX vs. AUMF.AXIHWL.AX vs. ISEC.AXIHWL.AX vs. BILL.AXIHWL.AX vs. F100.AXIHWL.AX vs. HJPN.AXIHWL.AX vs. OOO.AXIHWL.AX vs. VDCO.AX

Return for Risk

IVE.AX vs. IHWL.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
IHWL.AX
IHWL.AX Risk / Return Rank: 5555
Overall Rank
IHWL.AX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
IHWL.AX Sortino Ratio Rank: 5353
Sortino Ratio Rank
IHWL.AX Omega Ratio Rank: 5656
Omega Ratio Rank
IHWL.AX Calmar Ratio Rank: 4949
Calmar Ratio Rank
IHWL.AX Martin Ratio Rank: 6161
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. IHWL.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 Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.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.AXIHWL.AXDifference
Sharpe ratioReturn per unit of total volatility
0.85
1.38

-0.53

Sortino ratioReturn per unit of downside risk
1.26
1.98

-0.72

Omega ratioGain probability vs. loss probability

1.17

1.26

-0.09

Calmar ratioReturn relative to maximum drawdown

0.99

1.89

-0.90

Martin ratioReturn relative to average drawdown

3.36

7.98

-4.63

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

The current IVE.AX Sharpe Ratio is 0.85, which is lower than the IHWL.AX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of IVE.AX and IHWL.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. IHWL.AX - Drawdown Comparison

The maximum IVE.AX drawdown since its inception was -45.63%, which is greater than IHWL.AX's maximum drawdown of -39.03%. Use the drawdown chart below to compare losses from any high point for IVE.AX and IHWL.AX.

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Drawdown Indicators

IVE.AXIHWL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-45.63%

-39.03%

-6.60%

Max Drawdown (1Y)

Largest decline over 1 year

-10.66%

-10.16%

-0.50%

Max Drawdown (3Y)

Largest decline over 3 years

-10.66%

-19.96%

+9.30%

Max Drawdown (5Y)

Largest decline over 5 years

-19.28%

-27.41%

+8.13%

Max Drawdown (10Y)

Largest decline over 10 years

-24.20%

-39.03%

+14.83%

Current Drawdown

Current decline from peak

-3.35%

-1.30%

-2.05%

Average Drawdown

Average peak-to-trough decline

-13.68%

-5.15%

-8.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.18%

2.44%

+0.74%

Volatility

IVE.AX vs. IHWL.AX - Volatility Comparison

iShares MSCI EAFE ETF (AU) (IVE.AX) has a higher volatility of 3.31% compared to iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX) at 2.78%. This indicates that IVE.AX's price experiences larger fluctuations and is considered to be riskier than IHWL.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.AXIHWL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.31%

2.78%

+0.53%

Volatility (6M)

Calculated over the trailing 6-month period

10.99%

11.53%

-0.54%

Volatility (1Y)

Calculated over the trailing 1-year period

12.52%

13.91%

-1.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.14%

17.51%

-5.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.77%

17.30%

-4.53%

Dividends

IVE.AX vs. IHWL.AX - Dividend Comparison

IVE.AX's dividend yield for the trailing twelve months is around 3.65%, less than IHWL.AX's 5.28% yield.

PositionTTM202520242023202220212020201920182017
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		5.28%0.98%1.11%3.06%0.77%11.16%0.00%0.00%2.35%1.07%
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%

Frequently Asked Questions

IVE.AX and IHWL.AX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IVE.AX tracks iShares MSCI EAFE Index, while IHWL.AX tracks iShares Core MSCI World ex Australia ESG (AUD Hedged) Index.

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