AAXJ vs. AIA

Last updated Jun 4, 2026

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and AIA (iShares Asia 50 ETF) are both Asia Pacific Equities funds from iShares - AAXJ tracks the MSCI All Country Asia ex Japan Index while AIA tracks the S&P Asia 50. Both are passively managed. Over the past 10 years, AAXJ returned 10.50%/yr vs 15.48%/yr for AIA. With a 0.95 correlation, they move nearly in lockstep. AAXJ charges 0.68%/yr vs 0.50%/yr for AIA.

Performance

AAXJ vs. AIA - 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 iShares Asia 50 ETF (AIA). 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 lower than AIA's 52.67% return. Over the past 10 years, AAXJ has underperformed AIA with an annualized return of 10.50%, while AIA has yielded a comparatively higher 15.48% annualized 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%

AIA

• 1D: -1.19%
• 1M: 18.04%
• YTD: 52.67%
• 6M: 57.46%
• 1Y: 100.69%
• 3Y*: 38.58%
• 5Y*: 12.42%
• 10Y*: 15.48%

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

AAXJ vs. AIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAXJ iShares MSCI All Country Asia ex-Japan ETF	31.17%	31.53%	10.41%	4.79%	-20.35%	-5.73%	23.35%	17.93%	-15.04%	41.76%
AIA iShares Asia 50 ETF	52.67%	47.79%	20.26%	4.32%	-24.08%	-10.91%	33.73%	22.21%	-14.22%	45.00%

Correlation

The correlation between AAXJ and AIA is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 18, 2008	0.95

The correlation between AAXJ and AIA has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

AAXJ vs. AIA - Sectors Allocation Comparison

Sectors	AAXJ	AIA
Technology	41.6%	56.8%
Financial Services	17.7%	19.3%
Consumer Cyclical	10.3%	10.1%
Industrials	8.3%	2.6%
Communication Services	6.9%	8.9%
Basic Materials	3.5%	-
Healthcare	3.0%	0.9%
Energy	2.7%	0.7%
Consumer Defensive	2.4%	-
Utilities	1.8%	-
Real Estate	1.7%	0.6%

Return for Risk

AAXJ vs. AIA — 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

AIA

AIA Risk / Return Rank: 93
AIA Sharpe Ratio Rank: 95
AIA Sortino Ratio Rank: 92
AIA Omega Ratio Rank: 92
AIA Calmar Ratio Rank: 94
AIA Martin Ratio Rank: 94

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. AIA - 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 iShares Asia 50 ETF (AIA). 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	AIA	Difference
Sharpe ratio: Return per unit of total volatility	2.93	3.94	-1.01
Sortino ratio: Return per unit of downside risk	3.77	4.57	-0.80
Omega ratio: Gain probability vs. loss probability	1.53	1.64	-0.11
Calmar ratio: Return relative to maximum drawdown	4.34	7.16	-2.82
Martin ratio: Return relative to average drawdown	16.76	26.55	-9.78
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. AIA - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 2.93, which is comparable to the AIA Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of AAXJ and AIA, 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	AIA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	3.94	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.49	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.66	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.32	-0.04

Drawdowns

AAXJ vs. AIA - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, smaller than the maximum AIA drawdown of -60.89%. Use the drawdown chart below to compare losses from any high point for AAXJ and AIA.

Drawdown Indicators

	AAXJ	AIA	Difference
Max Drawdown Largest peak-to-trough decline	-49.37%	-60.89%	+11.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.66%	-14.15%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-19.74%	-21.64%	+1.90%
Max Drawdown (5Y) Largest decline over 5 years	-40.74%	-50.17%	+9.43%
Max Drawdown (10Y) Largest decline over 10 years	-44.52%	-54.64%	+10.12%
Current Drawdown Current decline from peak	-1.06%	-1.19%	+0.13%
Average Drawdown Average peak-to-trough decline	-14.03%	-16.68%	+2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	3.81%	-0.28%

Volatility

AAXJ vs. AIA - Volatility Comparison

The current volatility for iShares MSCI All Country Asia ex-Japan ETF (AAXJ) is 8.93%, while iShares Asia 50 ETF (AIA) has a volatility of 11.22%. This indicates that AAXJ experiences smaller price fluctuations and is considered to be less risky than AIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAXJ	AIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.93%	11.22%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	17.46%	21.71%	-4.25%
Volatility (1Y) Calculated over the trailing 1-year period	20.25%	25.70%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	25.51%	-5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.25%	23.55%	-3.30%

AAXJ vs. AIA - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is higher than AIA's 0.50% expense ratio.

Dividends

AAXJ vs. AIA - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.38%, less than AIA's 1.64% 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%
AIA iShares Asia 50 ETF	1.64%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%

Frequently Asked Questions

Can I hold both AAXJ and AIA in my portfolio?

With a correlation of 0.97, AAXJ and AIA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AAXJ or AIA?

AIA has higher volatility (11.22%) compared to AAXJ (8.93%). In terms of maximum drawdown, AAXJ dropped -49.37% vs AIA's -60.89%.

Which ETF is better, AAXJ or AIA?

On 10-year performance, AIA leads with 15.48% vs 10.50% for AAXJ. On fees, AIA is cheaper at 0.50% per year. On volatility, AAXJ has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAXJ or AIA?

Over the 10-year period, AIA has performed better with a 15.48% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAXJ or AIA?

AIA is cheaper with a 0.50% expense ratio, compared with 0.68% for AAXJ.

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

AIA has the higher dividend yield at 1.64%, compared with 1.38% for AAXJ.

What is the main difference between AAXJ and AIA?

AAXJ tracks MSCI All Country Asia ex Japan Index, while AIA tracks S&P Asia 50. Their fees differ too: 0.68% for AAXJ and 0.50% for AIA.

Which has better risk-adjusted returns?

AIA currently has the higher Sharpe Ratio (3.94 vs 2.93), 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.