AAXJ vs. ADIV

Last updated Jun 4, 2026

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and ADIV (SmartETFs Asia Pacific Dividend Builder ETF) are both Asia Pacific Equities funds. AAXJ is passively managed, while ADIV is actively managed. Over the past 5 years, AAXJ returned 7.04%/yr vs 6.49%/yr for ADIV. Their correlation of 0.87 suggests significant overlap in exposure. AAXJ charges 0.68%/yr vs 0.78%/yr for ADIV.

Performance

AAXJ vs. ADIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI All Country Asia ex-Japan ETF (AAXJ) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAXJ achieves a 31.17% return, which is significantly higher than ADIV's 8.00% return.

AAXJ

• 1D: -1.06%
• 1M: 10.65%
• YTD: 31.17%
• 6M: 33.71%
• 1Y: 59.00%
• 3Y*: 24.49%
• 5Y*: 7.04%
• 10Y*: 10.50%

ADIV

• 1D: -1.20%
• 1M: 4.12%
• YTD: 8.00%
• 6M: 7.65%
• 1Y: 19.14%
• 3Y*: 17.71%
• 5Y*: 6.49%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAXJ vs. ADIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AAXJ iShares MSCI All Country Asia ex-Japan ETF	31.17%	31.53%	10.41%	4.79%	-20.35%	-8.28%
ADIV SmartETFs Asia Pacific Dividend Builder ETF	8.00%	21.86%	14.47%	12.28%	-18.00%	1.50%

Correlation

The correlation between AAXJ and ADIV is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021	0.87

The correlation between AAXJ and ADIV has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

AAXJ vs. ADIV - Sectors Allocation Comparison

Sectors	AAXJ	ADIV
Technology	41.6%	25.5%
Financial Services	17.7%	32.4%
Consumer Cyclical	10.3%	16.3%
Industrials	8.3%	2.4%
Communication Services	6.9%	2.7%
Basic Materials	3.5%	-
Healthcare	3.0%	5.6%
Energy	2.7%	-
Consumer Defensive	2.4%	4.7%
Utilities	1.8%	2.5%
Real Estate	1.7%	7.9%

Return for Risk

AAXJ vs. ADIV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAXJ

AAXJ Risk / Return Rank: 84
AAXJ Sharpe Ratio Rank: 87
AAXJ Sortino Ratio Rank: 83
AAXJ Omega Ratio Rank: 85
AAXJ Calmar Ratio Rank: 82
AAXJ Martin Ratio Rank: 82

ADIV

ADIV Risk / Return Rank: 39
ADIV Sharpe Ratio Rank: 40
ADIV Sortino Ratio Rank: 39
ADIV Omega Ratio Rank: 39
ADIV Calmar Ratio Rank: 38
ADIV Martin Ratio Rank: 39

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.

AAXJ vs. ADIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI All Country Asia ex-Japan ETF (AAXJ) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). 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.

	AAXJ	ADIV	Difference
Sharpe ratio Return per unit of total volatility	2.93	1.43	+1.50
Sortino ratio Return per unit of downside risk	3.77	2.03	+1.74
Omega ratio Gain probability vs. loss probability	1.53	1.26	+0.27
Calmar ratio Return relative to maximum drawdown	4.34	1.89	+2.45
Martin ratio Return relative to average drawdown	16.76	6.27	+10.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAXJ vs. ADIV - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 2.93, which is higher than the ADIV Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of AAXJ and ADIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAXJ	ADIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	1.43	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.40	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.42	-0.13

Drawdowns

AAXJ vs. ADIV - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, which is greater than ADIV's maximum drawdown of -31.55%. Use the drawdown chart below to compare losses from any high point for AAXJ and ADIV.

Drawdown Indicators

	AAXJ	ADIV	Difference
Max Drawdown Largest peak-to-trough decline	-49.37%	-31.55%	-17.82%
Max Drawdown (1Y) Largest decline over 1 year	-13.66%	-10.15%	-3.51%
Max Drawdown (3Y) Largest decline over 3 years	-19.74%	-18.53%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-40.74%	-31.55%	-9.19%
Max Drawdown (10Y) Largest decline over 10 years	-44.52%	—	—
Current Drawdown Current decline from peak	-1.06%	-1.20%	+0.14%
Average Drawdown Average peak-to-trough decline	-14.03%	-8.45%	-5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	3.06%	+0.47%

Volatility

AAXJ vs. ADIV - Volatility Comparison

iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 8.93% compared to SmartETFs Asia Pacific Dividend Builder ETF (ADIV) at 4.35%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than ADIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAXJ	ADIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.93%	4.35%	+4.58%
Volatility (6M) Calculated over the trailing 6-month period	17.46%	10.54%	+6.92%
Volatility (1Y) Calculated over the trailing 1-year period	20.25%	13.49%	+6.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	16.48%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.25%	16.37%	+3.88%

AAXJ vs. ADIV - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is lower than ADIV's 0.78% expense ratio.

Dividends

AAXJ vs. ADIV - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.38%, less than ADIV's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAXJ iShares MSCI All Country Asia ex-Japan ETF	1.38%	1.81%	1.86%	1.95%	1.74%	2.21%	1.06%	1.83%	2.10%	1.99%	1.77%	2.44%
ADIV SmartETFs Asia Pacific Dividend Builder ETF	2.79%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAXJ and ADIV in my portfolio?

AAXJ and ADIV have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAXJ or ADIV?

AAXJ has higher volatility (8.93%) compared to ADIV (4.35%). In terms of maximum drawdown, AAXJ dropped -49.37% vs ADIV's -31.55%.

Which ETF is better, AAXJ or ADIV?

On 5-year performance, AAXJ leads with 7.04% vs 6.49% for ADIV. On fees, AAXJ is cheaper at 0.68% per year. On volatility, ADIV has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAXJ or ADIV?

Over the 5-year period, AAXJ has performed better with a 7.04% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAXJ or ADIV?

AAXJ is cheaper with a 0.68% expense ratio, compared with 0.78% for ADIV.

Which ETF pays a higher dividend yield, AAXJ or ADIV?

ADIV has the higher dividend yield at 2.79%, compared with 1.38% for AAXJ.

What is the main difference between AAXJ and ADIV?

They also come from different issuers: iShares and Guinness Atkinson Asset Management. Their fees differ too: 0.68% for AAXJ and 0.78% for ADIV.

Which has better risk-adjusted returns?

AAXJ currently has the higher Sharpe Ratio (2.93 vs 1.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.