IVV.AX vs. IOZ.AX

Last updated Jun 5, 2026

IVV.AX (iShares S&P 500 ETF) and IOZ.AX (Ishares Core S&P/ASX 200 ETF) are both exchange-traded funds - IVV.AX is a S&P 500 fund tracking the S&P 500 Net TR Index (AUD), while IOZ.AX is a Large Cap Blend Equities fund tracking the S&P/ASX 200 Index. Both are passively managed. Over the past 10 years, IVV.AX returned 15.60%/yr vs 8.98%/yr for IOZ.AX. At a 0.44 correlation, their price movements are largely independent. IVV.AX charges 0.04%/yr vs 0.05%/yr for IOZ.AX.

Performance

IVV.AX vs. IOZ.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares S&P 500 ETF (IVV.AX) and Ishares Core S&P/ASX 200 ETF (IOZ.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVV.AX achieves a 3.12% return, which is significantly higher than IOZ.AX's 1.18% return. Over the past 10 years, IVV.AX has outperformed IOZ.AX with an annualized return of 15.60%, while IOZ.AX has yielded a comparatively lower 8.98% annualized return.

IVV.AX

• 1D: -0.49%
• 1M: 4.78%
• YTD: 3.12%
• 6M: 2.47%
• 1Y: 15.40%
• 3Y*: 18.99%
• 5Y*: 15.43%
• 10Y*: 15.60%

IOZ.AX

• 1D: -1.21%
• 1M: 0.46%
• YTD: 1.18%
• 6M: 2.55%
• 1Y: 5.04%
• 3Y*: 10.11%
• 5Y*: 7.52%
• 10Y*: 8.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IVV.AX vs. IOZ.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVV.AX iShares S&P 500 ETF	3.12%	9.42%	37.34%	24.97%	-12.54%	37.17%	6.91%	32.27%	4.55%	12.89%
IOZ.AX Ishares Core S&P/ASX 200 ETF	1.18%	10.22%	11.35%	12.19%	-0.91%	16.90%	1.35%	23.29%	-2.99%	11.57%

Correlation

The correlation between IVV.AX and IOZ.AX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010	0.44

The correlation between IVV.AX and IOZ.AX shifts across timeframes, from 0.41 (3 years) to 0.51 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

IVV.AX vs. IOZ.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IVV.AX

IVV.AX Risk / Return Rank: 36
IVV.AX Sharpe Ratio Rank: 43
IVV.AX Sortino Ratio Rank: 41
IVV.AX Omega Ratio Rank: 43
IVV.AX Calmar Ratio Rank: 28
IVV.AX Martin Ratio Rank: 27

IOZ.AX

IOZ.AX Risk / Return Rank: 16
IOZ.AX Sharpe Ratio Rank: 16
IOZ.AX Sortino Ratio Rank: 15
IOZ.AX Omega Ratio Rank: 15
IOZ.AX Calmar Ratio Rank: 16
IOZ.AX Martin Ratio Rank: 17

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.

IVV.AX vs. IOZ.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 ETF (IVV.AX) and Ishares Core S&P/ASX 200 ETF (IOZ.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.

	IVV.AX	IOZ.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.42	+1.06
Sortino ratio: Return per unit of downside risk	2.05	0.68	+1.37
Omega ratio: Gain probability vs. loss probability	1.27	1.08	+0.19
Calmar ratio: Return relative to maximum drawdown	1.35	0.59	+0.76
Martin ratio: Return relative to average drawdown	3.71	1.51	+2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVV.AX vs. IOZ.AX - Sharpe Ratio Comparison

The current IVV.AX Sharpe Ratio is 1.48, which is higher than the IOZ.AX Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of IVV.AX and IOZ.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.

Sharpe Ratios by Period

	IVV.AX	IOZ.AX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	0.42	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	0.58	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	0.62	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.55	+0.17

Drawdowns

IVV.AX vs. IOZ.AX - Drawdown Comparison

The maximum IVV.AX drawdown since its inception was -38.40%, which is greater than IOZ.AX's maximum drawdown of -35.75%. Use the drawdown chart below to compare losses from any high point for IVV.AX and IOZ.AX.

Drawdown Indicators

	IVV.AX	IOZ.AX	Difference
Max Drawdown Largest peak-to-trough decline	-38.40%	-35.75%	-2.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-8.45%	-2.89%
Max Drawdown (3Y) Largest decline over 3 years	-17.38%	-13.35%	-4.03%
Max Drawdown (5Y) Largest decline over 5 years	-20.55%	-14.92%	-5.63%
Max Drawdown (10Y) Largest decline over 10 years	-23.90%	-35.75%	+11.85%
Current Drawdown Current decline from peak	-0.49%	-4.57%	+4.08%
Average Drawdown Average peak-to-trough decline	-9.93%	-4.68%	-5.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	3.32%	+0.81%

Volatility

IVV.AX vs. IOZ.AX - Volatility Comparison

The current volatility for iShares S&P 500 ETF (IVV.AX) is 2.02%, while Ishares Core S&P/ASX 200 ETF (IOZ.AX) has a volatility of 4.32%. This indicates that IVV.AX experiences smaller price fluctuations and is considered to be less risky than IOZ.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVV.AX	IOZ.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	4.32%	-2.30%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	9.64%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	11.87%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.79%	12.85%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.47%	14.38%	+0.09%

IVV.AX vs. IOZ.AX - Expense Ratio Comparison

IVV.AX has a 0.04% expense ratio, which is lower than IOZ.AX's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVV.AX vs. IOZ.AX - Dividend Comparison

IVV.AX's dividend yield for the trailing twelve months is around 0.97%, less than IOZ.AX's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOZ.AX Ishares Core S&P/ASX 200 ETF	3.56%	3.39%	3.47%	3.73%	6.11%	3.32%	2.40%	4.62%	4.27%	3.90%	4.89%	7.69%
IVV.AX iShares S&P 500 ETF	0.97%	1.03%	1.28%	1.08%	1.42%	1.04%	1.53%	2.18%	1.34%	1.73%	1.89%	2.14%

Frequently Asked Questions

Can I hold both IVV.AX and IOZ.AX in my portfolio?

IVV.AX and IOZ.AX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IVV.AX or IOZ.AX?

On fees, IVV.AX is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVV.AX or IOZ.AX?

IVV.AX is cheaper with a 0.04% expense ratio, compared with 0.05% for IOZ.AX.

What is the main difference between IVV.AX and IOZ.AX?

IVV.AX is categorized as S&P 500, while IOZ.AX is Large Cap Blend Equities. IVV.AX tracks S&P 500 Net TR Index (AUD), while IOZ.AX tracks S&P/ASX 200 Index. Their fees differ too: 0.04% for IVV.AX and 0.05% for IOZ.AX.