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VCF.AX vs. IHCB.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VCF.AX vs. IHCB.AX

Last updated Jul 16, 2026
Documentation

VCF.AX (Vanguard International Credit Securities Index (Hedged) ETF) and IHCB.AX (iShares Core Global Corporate Bond (AUD Hedged) ETF) are both Corporate Bonds funds - VCF.AX tracks the Vanguard International Credit Securities Index (Hedged) Index while IHCB.AX tracks the iShares Core Global Corporate Bond (AUD Hedged) Index. Both are passively managed. Over the past 10 years, VCF.AX returned 1.42%/yr vs 1.31%/yr for IHCB.AX. At a 0.47 correlation, their price movements are largely independent.

Performance

VCF.AX vs. IHCB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard International Credit Securities Index (Hedged) ETF (VCF.AX) and iShares Core Global Corporate Bond (AUD Hedged) ETF (IHCB.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, VCF.AX achieves a 0.11% return, which is significantly lower than IHCB.AX's 0.35% return. Over the past 10 years, VCF.AX has outperformed IHCB.AX with an annualized return of 1.42%, while IHCB.AX has yielded a comparatively lower 1.31% annualized return.

VCF.AX

1D
0.19%
1M
-0.36%
6M
0.65%
YTD
0.11%
1Y
2.71%
3Y*
3.99%
5Y*
-0.67%
10Y*
1.42%

IHCB.AX

1D
0.10%
1M
-0.62%
6M
0.19%
YTD
0.35%
1Y
3.71%
3Y*
4.52%
5Y*
-0.68%
10Y*
1.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VCF.AX vs. IHCB.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VCF.AX
Vanguard International Credit Securities Index (Hedged) ETF		0.11%5.14%2.46%6.18%-14.76%-1.74%5.75%9.70%-0.19%4.93%
IHCB.AX
iShares Core Global Corporate Bond (AUD Hedged) ETF		0.35%6.31%2.34%6.23%-15.93%-1.45%5.96%10.36%-2.80%5.67%

Correlation

The correlation between VCF.AX and IHCB.AX is 0.72, 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

0.72

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

0.71

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

0.70

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

0.50

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2015

0.47

Over the past year, VCF.AX and IHCB.AX have become more correlated (0.72) than their long-term average of 0.47, meaning their price movements have been converging.

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Vanguard International Credit Securities Index (Hedged) ETF

iShares Core Global Corporate Bond (AUD Hedged) ETF

Return for Risk

VCF.AX vs. IHCB.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VCF.AX
VCF.AX Risk / Return Rank: 1818
Overall Rank
VCF.AX Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
VCF.AX Sortino Ratio Rank: 1515
Sortino Ratio Rank
VCF.AX Omega Ratio Rank: 1919
Omega Ratio Rank
VCF.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
VCF.AX Martin Ratio Rank: 1919
Martin Ratio Rank
IHCB.AX
IHCB.AX Risk / Return Rank: 2828
Overall Rank
IHCB.AX Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
IHCB.AX Sortino Ratio Rank: 2525
Sortino Ratio Rank
IHCB.AX Omega Ratio Rank: 2525
Omega Ratio Rank
IHCB.AX Calmar Ratio Rank: 3030
Calmar Ratio Rank
IHCB.AX Martin Ratio Rank: 3333
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.

VCF.AX vs. IHCB.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International Credit Securities Index (Hedged) ETF (VCF.AX) and iShares Core Global Corporate Bond (AUD Hedged) ETF (IHCB.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.

VCF.AXIHCB.AXDifference
Sharpe ratioReturn per unit of total volatility
0.40
0.84

-0.44

Sortino ratioReturn per unit of downside risk
0.64
1.22

-0.58

Omega ratioGain probability vs. loss probability

1.11

1.15

-0.04

Calmar ratioReturn relative to maximum drawdown

0.68

1.28

-0.60

Martin ratioReturn relative to average drawdown

1.60

3.95

-2.35

VCF.AX vs. IHCB.AX - Sharpe Ratio Comparison

The current VCF.AX Sharpe Ratio is 0.40, which is lower than the IHCB.AX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of VCF.AX and IHCB.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

VCF.AX vs. IHCB.AX - Drawdown Comparison

The maximum VCF.AX drawdown since its inception was -19.89%, smaller than the maximum IHCB.AX drawdown of -21.96%. Use the drawdown chart below to compare losses from any high point for VCF.AX and IHCB.AX.

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Drawdown Indicators

VCF.AXIHCB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-19.89%

-21.96%

+2.07%

Max Drawdown (1Y)

Largest decline over 1 year

-3.98%

-2.75%

-1.23%

Max Drawdown (3Y)

Largest decline over 3 years

-3.98%

-5.96%

+1.98%

Max Drawdown (5Y)

Largest decline over 5 years

-19.78%

-21.96%

+2.18%

Max Drawdown (10Y)

Largest decline over 10 years

-19.89%

-21.96%

+2.07%

Current Drawdown

Current decline from peak

-4.09%

-4.16%

+0.07%

Average Drawdown

Average peak-to-trough decline

-5.07%

-5.67%

+0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.70%

0.90%

+0.80%

Volatility

VCF.AX vs. IHCB.AX - Volatility Comparison

The current volatility for Vanguard International Credit Securities Index (Hedged) ETF (VCF.AX) is 0.80%, while iShares Core Global Corporate Bond (AUD Hedged) ETF (IHCB.AX) has a volatility of 0.88%. This indicates that VCF.AX experiences smaller price fluctuations and is considered to be less risky than IHCB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VCF.AXIHCB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.80%

0.88%

-0.08%

Volatility (6M)

Calculated over the trailing 6-month period

6.37%

3.56%

+2.81%

Volatility (1Y)

Calculated over the trailing 1-year period

6.77%

4.19%

+2.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.73%

7.42%

-1.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.49%

8.48%

-1.99%

Dividends

VCF.AX vs. IHCB.AX - Dividend Comparison

VCF.AX's dividend yield for the trailing twelve months is around 8.92%, more than IHCB.AX's 4.24% yield.

PositionTTM2025202420232022202120202019201820172016
IHCB.AX
iShares Core Global Corporate Bond (AUD Hedged) ETF		4.24%4.46%4.47%3.22%1.19%3.35%2.49%1.40%1.77%3.91%0.45%
VCF.AX
Vanguard International Credit Securities Index (Hedged) ETF		8.92%3.10%2.57%2.36%2.37%9.24%6.57%2.02%3.80%9.48%4.16%

Frequently Asked Questions

VCF.AX and IHCB.AX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VCF.AX tracks Vanguard International Credit Securities Index (Hedged) Index, while IHCB.AX tracks iShares Core Global Corporate Bond (AUD Hedged) Index. They also come from different issuers: Vanguard and iShares.

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