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WVOL.AX vs. IHEB.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

WVOL.AX vs. IHEB.AX

Last updated Jul 18, 2026
Documentation

WVOL.AX (iShares MSCI World ex Australia Minimum Volatility ETF) and IHEB.AX (iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF) are both exchange-traded funds - WVOL.AX is a Global Equities fund tracking the iShares MSCI World ex Australia Minimum Volatility Index, while IHEB.AX is a Total Bond Market fund tracking the iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index. Both are passively managed. Over the past 5 years, WVOL.AX returned 8.03%/yr vs 1.52%/yr for IHEB.AX. At a 0.12 correlation, their price movements are largely independent.

Performance

WVOL.AX vs. IHEB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares MSCI World ex Australia Minimum Volatility ETF (WVOL.AX) and iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.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, WVOL.AX achieves a 1.65% return, which is significantly higher than IHEB.AX's 0.96% return.

WVOL.AX

1D
0.07%
1M
0.46%
6M
0.11%
YTD
1.65%
1Y
5.37%
3Y*
11.49%
5Y*
8.03%
10Y*
—

IHEB.AX

1D
-0.30%
1M
-1.10%
6M
1.00%
YTD
0.96%
1Y
9.05%
3Y*
8.33%
5Y*
1.52%
10Y*
3.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

WVOL.AX vs. IHEB.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
WVOL.AX
iShares MSCI World ex Australia Minimum Volatility ETF		1.65%10.13%20.75%5.37%-3.23%21.37%-6.48%23.83%5.64%9.58%
IHEB.AX
iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF		0.96%13.46%6.18%9.22%-17.76%-1.00%7.74%18.63%-7.42%12.01%

Correlation

The correlation between WVOL.AX and IHEB.AX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.01

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

0.03

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

0.14

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

0.12

The correlation between WVOL.AX and IHEB.AX shifts across timeframes, from -0.01 (1 year) to 0.14 (5 years), reflecting how their relationship changes across market environments.

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iShares MSCI World ex Australia Minimum Volatility ETF

iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF

Often compared with WVOL.AX:
WVOL.AX vs. ISEC.AXWVOL.AX vs. USD.AXWVOL.AX vs. AUMF.AXWVOL.AX vs. BILL.AXWVOL.AX vs. CORE.AXWVOL.AX vs. ESGI.AXWVOL.AX vs. ESTX.AX
Often compared with IHEB.AX:
IHEB.AX vs. BNDS.AXIHEB.AX vs. BOND.AXIHEB.AX vs. IAF.AXIHEB.AX vs. IHHY.AXIHEB.AX vs. IVV.AXIHEB.AX vs. QPON.AXIHEB.AX vs. VAF.AX

Return for Risk

WVOL.AX vs. IHEB.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
WVOL.AX
WVOL.AX Risk / Return Rank: 2424
Overall Rank
WVOL.AX Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
WVOL.AX Sortino Ratio Rank: 2424
Sortino Ratio Rank
WVOL.AX Omega Ratio Rank: 2222
Omega Ratio Rank
WVOL.AX Calmar Ratio Rank: 2626
Calmar Ratio Rank
WVOL.AX Martin Ratio Rank: 2525
Martin Ratio Rank
IHEB.AX
IHEB.AX Risk / Return Rank: 6060
Overall Rank
IHEB.AX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
IHEB.AX Sortino Ratio Rank: 6363
Sortino Ratio Rank
IHEB.AX Omega Ratio Rank: 6666
Omega Ratio Rank
IHEB.AX Calmar Ratio Rank: 5050
Calmar Ratio Rank
IHEB.AX Martin Ratio Rank: 5656
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.

WVOL.AX vs. IHEB.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World ex Australia Minimum Volatility ETF (WVOL.AX) and iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.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.

WVOL.AXIHEB.AXDifference
Sharpe ratioReturn per unit of total volatility
0.67
1.55

-0.88

Sortino ratioReturn per unit of downside risk
1.03
2.23

-1.20

Omega ratioGain probability vs. loss probability

1.12

1.30

-0.18

Calmar ratioReturn relative to maximum drawdown

0.94

1.92

-0.98

Martin ratioReturn relative to average drawdown

2.36

7.25

-4.89

WVOL.AX vs. IHEB.AX - Sharpe Ratio Comparison

The current WVOL.AX Sharpe Ratio is 0.67, which is lower than the IHEB.AX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of WVOL.AX and IHEB.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

WVOL.AX vs. IHEB.AX - Drawdown Comparison

The maximum WVOL.AX drawdown since its inception was -21.05%, smaller than the maximum IHEB.AX drawdown of -31.64%. Use the drawdown chart below to compare losses from any high point for WVOL.AX and IHEB.AX.

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Drawdown Indicators

WVOL.AXIHEB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-21.05%

-31.64%

+10.59%

Max Drawdown (1Y)

Largest decline over 1 year

-5.56%

-4.64%

-0.92%

Max Drawdown (3Y)

Largest decline over 3 years

-5.92%

-7.51%

+1.59%

Max Drawdown (5Y)

Largest decline over 5 years

-12.52%

-27.90%

+15.38%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.64%

—

Current Drawdown

Current decline from peak

-1.77%

-1.10%

-0.67%

Average Drawdown

Average peak-to-trough decline

-3.70%

-6.27%

+2.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

1.24%

+1.01%

Volatility

WVOL.AX vs. IHEB.AX - Volatility Comparison

iShares MSCI World ex Australia Minimum Volatility ETF (WVOL.AX) has a higher volatility of 2.19% compared to iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) at 1.11%. This indicates that WVOL.AX's price experiences larger fluctuations and is considered to be riskier than IHEB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

WVOL.AXIHEB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.19%

1.11%

+1.08%

Volatility (6M)

Calculated over the trailing 6-month period

6.21%

4.83%

+1.38%

Volatility (1Y)

Calculated over the trailing 1-year period

7.86%

5.76%

+2.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.41%

10.72%

-1.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.62%

12.04%

-0.42%

Dividends

WVOL.AX vs. IHEB.AX - Dividend Comparison

WVOL.AX's dividend yield for the trailing twelve months is around 1.46%, less than IHEB.AX's 6.03% yield.

PositionTTM202520242023202220212020201920182017
IHEB.AX
iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF		6.03%5.74%9.24%5.17%8.58%6.14%9.71%6.51%3.59%6.82%
WVOL.AX
iShares MSCI World ex Australia Minimum Volatility ETF		1.46%3.09%3.43%2.19%2.62%1.75%2.36%2.37%4.62%1.43%

Frequently Asked Questions

WVOL.AX and IHEB.AX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

WVOL.AX is categorized as Global Equities, while IHEB.AX is Total Bond Market. WVOL.AX tracks iShares MSCI World ex Australia Minimum Volatility Index, while IHEB.AX tracks iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index.

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