IHVV ETF: The Hedge That Adds Risk Instead of Removing It

Two funds listed on the ASX own an identical portfolio. Over the twelve months to 31 July 2026 the IHVV ETF returned 18.17% and its unhedged twin IVV returned 9.42%. No manager picked a stock. The 8.75 percentage point gap is pure Australian dollar, and the mechanism behind it has quietly made the hedged fund the more volatile of the pair.

One index, two wrappers

BlackRock runs both. IVV, the iShares S&P 500 ETF, held A$14.27 billion at 31 July 2026 and charges 0.04% a year. . .