Symptoms

The Fix/Affected Versions is not sorted accordingly (by its name) on a search result when querying JQL with ASC or DESC sort order. See the following screenshots:

For ASC sort order:

For DESC sort order:

Cause

In the Project > Project Settings > Versions page, the version is not sorted as well:

Resolution

Rearrange the versions accordingly by drag and drop it into the correct order:

Fix/Affected Version should be sorted accordingly.

For ASC sort order:

For DESC sort order: