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USD.AX vs. IKO.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USD.AX vs. IKO.AX

Last updated Jul 16, 2026
Documentation

USD.AX (BetaShares U.S. Dollar ETF) and IKO.AX (iShares MSCI South Korea ETF (AU)) are both Global Equities funds - USD.AX tracks the BetaShares U.S. Dollar Index while IKO.AX tracks the iShares MSCI South Korea Index. Both are passively managed. Over the past 10 years, USD.AX returned 2.72%/yr vs 14.97%/yr for IKO.AX. At a correlation of -0.17, they often move in opposite directions.

Performance

USD.AX vs. IKO.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares U.S. Dollar ETF (USD.AX) and iShares MSCI South Korea ETF (AU) (IKO.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, USD.AX achieves a -2.48% return, which is significantly lower than IKO.AX's 64.31% return. Over the past 10 years, USD.AX has underperformed IKO.AX with an annualized return of 2.72%, while IKO.AX has yielded a comparatively higher 14.97% annualized return.

USD.AX

1D
-0.07%
1M
1.54%
6M
-2.68%
YTD
-2.48%
1Y
-3.06%
3Y*
3.39%
5Y*
4.46%
10Y*
2.72%

IKO.AX

1D
-7.36%
1M
-17.70%
6M
49.12%
YTD
64.31%
1Y
119.84%
3Y*
37.01%
5Y*
16.67%
10Y*
14.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD.AX vs. IKO.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD.AX
BetaShares U.S. Dollar ETF		-2.48%-3.37%15.22%3.37%8.32%5.76%-8.86%2.76%11.63%-7.20%
IKO.AX
iShares MSCI South Korea ETF (AU)		64.31%80.87%-12.63%16.96%-20.13%-2.25%29.64%7.29%-11.42%30.24%

Correlation

The correlation between USD.AX and IKO.AX is -0.39, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.39

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

-0.27

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

-0.26

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

-0.21

Correlation (All Time)
Calculated using the full available price history since Jan 31, 2011

-0.17

Over the past year, the inverse relationship between USD.AX and IKO.AX has strengthened: their correlation has moved from -0.17 to -0.39, meaning they now move in opposite directions more often than their long-term average.

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BetaShares U.S. Dollar ETF

iShares MSCI South Korea ETF (AU)

Return for Risk

USD.AX vs. IKO.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USD.AX
USD.AX Risk / Return Rank: 66
Overall Rank
USD.AX Sharpe Ratio Rank: 66
Sharpe Ratio Rank
USD.AX Sortino Ratio Rank: 66
Sortino Ratio Rank
USD.AX Omega Ratio Rank: 66
Omega Ratio Rank
USD.AX Calmar Ratio Rank: 66
Calmar Ratio Rank
USD.AX Martin Ratio Rank: 66
Martin Ratio Rank
IKO.AX
IKO.AX Risk / Return Rank: 8787
Overall Rank
IKO.AX Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IKO.AX Sortino Ratio Rank: 7878
Sortino Ratio Rank
IKO.AX Omega Ratio Rank: 8484
Omega Ratio Rank
IKO.AX Calmar Ratio Rank: 9393
Calmar Ratio Rank
IKO.AX Martin Ratio Rank: 8989
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.

USD.AX vs. IKO.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares U.S. Dollar ETF (USD.AX) and iShares MSCI South Korea ETF (AU) (IKO.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.

USD.AXIKO.AXDifference
Sharpe ratioReturn per unit of total volatility
-0.36
2.52

-2.88

Sortino ratioReturn per unit of downside risk
-0.42
2.80

-3.22

Omega ratioGain probability vs. loss probability

0.95

1.40

-0.45

Calmar ratioReturn relative to maximum drawdown

-0.34

5.18

-5.53

Martin ratioReturn relative to average drawdown

-0.62

15.73

-16.35

USD.AX vs. IKO.AX - Sharpe Ratio Comparison

The current USD.AX Sharpe Ratio is -0.36, which is lower than the IKO.AX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of USD.AX and IKO.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

USD.AX vs. IKO.AX - Drawdown Comparison

The maximum USD.AX drawdown since its inception was -30.05%, smaller than the maximum IKO.AX drawdown of -57.74%. Use the drawdown chart below to compare losses from any high point for USD.AX and IKO.AX.

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Drawdown Indicators

USD.AXIKO.AXDifference

Max Drawdown

Largest peak-to-trough decline

-30.05%

-57.74%

+27.69%

Max Drawdown (1Y)

Largest decline over 1 year

-9.84%

-22.15%

+12.31%

Max Drawdown (3Y)

Largest decline over 3 years

-14.54%

-22.15%

+7.61%

Max Drawdown (5Y)

Largest decline over 5 years

-14.54%

-39.03%

+24.49%

Max Drawdown (10Y)

Largest decline over 10 years

-30.05%

-39.50%

+9.45%

Current Drawdown

Current decline from peak

-10.73%

-22.11%

+11.38%

Average Drawdown

Average peak-to-trough decline

-9.62%

-17.29%

+7.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.49%

7.43%

-1.94%

Volatility

USD.AX vs. IKO.AX - Volatility Comparison

The current volatility for BetaShares U.S. Dollar ETF (USD.AX) is 1.70%, while iShares MSCI South Korea ETF (AU) (IKO.AX) has a volatility of 21.99%. This indicates that USD.AX experiences smaller price fluctuations and is considered to be less risky than IKO.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USD.AXIKO.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.70%

21.99%

-20.29%

Volatility (6M)

Calculated over the trailing 6-month period

7.36%

42.47%

-35.11%

Volatility (1Y)

Calculated over the trailing 1-year period

9.46%

45.53%

-36.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.02%

27.00%

-15.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.56%

23.38%

-12.82%

Dividends

USD.AX vs. IKO.AX - Dividend Comparison

USD.AX has not paid dividends to shareholders, while IKO.AX's dividend yield for the trailing twelve months is around 5.85%.

PositionTTM20252024202320222021202020192018201720162015
IKO.AX
iShares MSCI South Korea ETF (AU)		5.85%0.93%3.03%1.08%1.86%0.87%1.84%1.44%0.00%0.75%1.85%1.07%
USD.AX
BetaShares U.S. Dollar ETF		0.00%2.53%3.89%3.39%0.00%0.00%1.19%2.37%0.76%0.17%0.08%0.00%

Frequently Asked Questions

USD.AX and IKO.AX have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USD.AX tracks BetaShares U.S. Dollar Index, while IKO.AX tracks iShares MSCI South Korea Index. They also come from different issuers: BetaShares and iShares.

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