PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
MVOL.AX vs. IOZ.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MVOL.AX vs. IOZ.AX

Last updated Jul 16, 2026
Documentation

MVOL.AX (iShares Edge MSCI Australia Minimum Volatility ETF) and IOZ.AX (Ishares Core S&P/ASX 200 ETF) are both exchange-traded funds - MVOL.AX is a Global Equities fund tracking the iShares Edge MSCI Australia Minimum Volatility Index, while IOZ.AX is a Australia Equities fund tracking the S&P/ASX 200 Index. Both are passively managed. Over the past 5 years, MVOL.AX returned 7.29%/yr vs 7.72%/yr for IOZ.AX. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

MVOL.AX vs. IOZ.AX - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, MVOL.AX achieves a 1.32% return, which is significantly lower than IOZ.AX's 3.07% return.

MVOL.AX

1D
0.00%
1M
-0.25%
6M
2.42%
YTD
1.32%
1Y
3.33%
3Y*
9.58%
5Y*
7.29%
10Y*
—

IOZ.AX

1D
0.11%
1M
-0.68%
6M
1.81%
YTD
3.07%
1Y
5.71%
3Y*
10.31%
5Y*
7.72%
10Y*
8.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
MVOL.AX
iShares Edge MSCI Australia Minimum Volatility ETF		1.32%12.17%12.96%9.32%-4.40%17.33%-2.46%19.75%-1.61%11.61%
IOZ.AX
Ishares Core S&P/ASX 200 ETF		3.07%10.22%11.35%12.19%-0.91%16.90%1.35%23.29%-2.99%11.59%

Correlation

The correlation between MVOL.AX and IOZ.AX is 0.66, 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

0.66

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

0.57

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

0.59

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2016

0.64

The correlation between MVOL.AX and IOZ.AX has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Edge MSCI Australia Minimum Volatility ETF

Ishares Core S&P/ASX 200 ETF

Often compared with IOZ.AX:
IOZ.AX vs. NDQ.AXIOZ.AX vs. IOOIOZ.AX vs. IVVIOZ.AX vs. A200.AXIOZ.AX vs. GLDN.AXIOZ.AX vs. AUDUSD=XIOZ.AX vs. LYP6.DE

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MVOL.AX
MVOL.AX Risk / Return Rank: 1616
Overall Rank
MVOL.AX Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
MVOL.AX Sortino Ratio Rank: 1414
Sortino Ratio Rank
MVOL.AX Omega Ratio Rank: 1515
Omega Ratio Rank
MVOL.AX Calmar Ratio Rank: 1616
Calmar Ratio Rank
MVOL.AX Martin Ratio Rank: 1717
Martin Ratio Rank
IOZ.AX
IOZ.AX Risk / Return Rank: 1919
Overall Rank
IOZ.AX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
IOZ.AX Sortino Ratio Rank: 1818
Sortino Ratio Rank
IOZ.AX Omega Ratio Rank: 1818
Omega Ratio Rank
IOZ.AX Calmar Ratio Rank: 2020
Calmar Ratio Rank
IOZ.AX Martin Ratio Rank: 2020
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Australia Minimum Volatility ETF (MVOL.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.

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.

MVOL.AXIOZ.AXDifference
Sharpe ratioReturn per unit of total volatility
0.39
0.53

-0.14

Sortino ratioReturn per unit of downside risk
0.60
0.83

-0.23

Omega ratioGain probability vs. loss probability

1.08

1.10

-0.02

Calmar ratioReturn relative to maximum drawdown

0.52

0.75

-0.23

Martin ratioReturn relative to average drawdown

1.32

1.80

-0.48

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

The current MVOL.AX Sharpe Ratio is 0.39, which is comparable to the IOZ.AX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of MVOL.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.

Loading charts...

Drawdowns

MVOL.AX vs. IOZ.AX - Drawdown Comparison

The maximum MVOL.AX drawdown since its inception was -33.22%, smaller than the maximum IOZ.AX drawdown of -35.75%. Use the drawdown chart below to compare losses from any high point for MVOL.AX and IOZ.AX.

Loading charts...

Drawdown Indicators

MVOL.AXIOZ.AXDifference

Max Drawdown

Largest peak-to-trough decline

-33.22%

-35.75%

+2.53%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-8.45%

+0.87%

Max Drawdown (3Y)

Largest decline over 3 years

-7.83%

-13.35%

+5.52%

Max Drawdown (5Y)

Largest decline over 5 years

-14.01%

-14.92%

+0.91%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.75%

—

Current Drawdown

Current decline from peak

-1.38%

-2.78%

+1.40%

Average Drawdown

Average peak-to-trough decline

-4.10%

-4.70%

+0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

3.61%

-0.58%

Volatility

MVOL.AX vs. IOZ.AX - Volatility Comparison

iShares Edge MSCI Australia Minimum Volatility ETF (MVOL.AX) has a higher volatility of 2.66% compared to Ishares Core S&P/ASX 200 ETF (IOZ.AX) at 2.34%. This indicates that MVOL.AX's price experiences larger fluctuations and is considered to be riskier than IOZ.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

MVOL.AXIOZ.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.66%

2.34%

+0.32%

Volatility (6M)

Calculated over the trailing 6-month period

8.63%

9.91%

-1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

10.19%

12.17%

-1.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.11%

12.86%

-1.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.78%

14.28%

-1.50%

Dividends

MVOL.AX vs. IOZ.AX - Dividend Comparison

MVOL.AX's dividend yield for the trailing twelve months is around 1.30%, less than IOZ.AX's 3.42% yield.

PositionTTM20252024202320222021202020192018201720162015
IOZ.AX
Ishares Core S&P/ASX 200 ETF		3.42%3.39%3.47%3.73%6.11%3.32%2.40%4.62%4.27%3.90%4.89%7.69%
MVOL.AX
iShares Edge MSCI Australia Minimum Volatility ETF		1.30%4.16%4.80%5.19%3.72%2.71%2.67%2.95%7.87%2.08%0.00%0.00%

Frequently Asked Questions

MVOL.AX and IOZ.AX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MVOL.AX is categorized as Global Equities, while IOZ.AX is Australia Equities. MVOL.AX tracks iShares Edge MSCI Australia Minimum Volatility Index, while IOZ.AX tracks S&P/ASX 200 Index.

Portfolio Optimizer

Find the right allocation for MVOL.AX and IOZ.AX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer