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AAXJ vs. ASEA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AAXJ vs. ASEA

Last updated Aug 5, 2026
Documentation

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and ASEA (Global X FTSE Southeast Asia ETF) are both Asia Pacific Equities funds - AAXJ tracks the MSCI All Country Asia ex Japan Index while ASEA tracks the FTSE/ASEAN 40 Index. Both are passively managed. Over the past 10 years, AAXJ returned 8.92%/yr vs 7.77%/yr for ASEA. Their 0.70 correlation means they have sometimes moved together and sometimes differently. AAXJ charges 0.68%/yr vs 0.65%/yr for ASEA.

Performance

AAXJ vs. ASEA - 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 Global X FTSE Southeast Asia ETF (ASEA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AAXJ achieves a 23.07% return, which is significantly higher than ASEA's 18.80% return. Over the past 10 years, AAXJ has outperformed ASEA with an annualized return of 8.92%, while ASEA has yielded a comparatively lower 7.77% annualized return.

AAXJ

1D
2.58%
1M
0.22%
6M
13.71%
YTD
23.07%
1Y
38.45%
3Y*
21.08%
5Y*
7.14%
10Y*
8.92%
ALL TIME*
6.55%

ASEA

1D
0.78%
1M
8.03%
6M
11.04%
YTD
18.80%
1Y
32.71%
3Y*
16.17%
5Y*
13.02%
10Y*
7.77%
ALL TIME*
5.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

AAXJ

iShares MSCI All Country Asia ex-Japan ETF
$46.72M$64.51M$77.70M

ASEA

Global X FTSE Southeast Asia ETF
$388.39K$548.25K$592.09K

AAXJ vs. ASEA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		23.07%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%41.76%
ASEA
Global X FTSE Southeast Asia ETF		18.80%19.80%9.82%4.88%5.24%4.66%-7.88%8.34%-7.58%35.06%

Correlation

The correlation between AAXJ and ASEA is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.56

Correlation (3Y)
Balances recent behavior with more history.

0.57

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.62

Correlation (10Y)
Provides a long-term view across more market conditions.

0.63

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2011

0.70

The correlation between AAXJ and ASEA shifts across timeframes, from 0.56 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

AAXJ vs. ASEA - Sectors Allocation Comparison

Sectors
AAXJ
ASEA

Technology

51.1%

-

Financial Services

16.1%
60.3%

Consumer Cyclical

7.8%
0.7%

Industrials

6.8%
15.6%

Communication Services

5.9%
8.0%

Basic Materials

2.9%
1.5%

Healthcare

2.6%
2.2%

Energy

2.1%
3.2%

Consumer Defensive

1.9%
2.1%

Utilities

1.5%
4.3%

Real Estate

1.3%
2.8%

Technology

AAXJ
51.1%
ASEA

-

Financial Services

AAXJ
16.1%
ASEA
60.3%

Consumer Cyclical

AAXJ
7.8%
ASEA
0.7%

Industrials

AAXJ
6.8%
ASEA
15.6%

Communication Services

AAXJ
5.9%
ASEA
8.0%

Basic Materials

AAXJ
2.9%
ASEA
1.5%

Healthcare

AAXJ
2.6%
ASEA
2.2%

Energy

AAXJ
2.1%
ASEA
3.2%

Consumer Defensive

AAXJ
1.9%
ASEA
2.1%

Utilities

AAXJ
1.5%
ASEA
4.3%

Real Estate

AAXJ
1.3%
ASEA
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI All Country Asia ex-Japan ETF

Global X FTSE Southeast Asia ETF

Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD
Often compared with ASEA:
ASEA vs. ASIAASEA vs. EWSASEA vs. EIDOASEA vs. FLLAASEA vs. VWOASEA vs. EPIASEA vs. VTI

Return for Risk

AAXJ vs. ASEA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
AAXJ
AAXJ Risk / Return Rank: 5858
Overall Rank
AAXJ Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 5151
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 5959
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 6666
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 6060
Martin Ratio Rank
ASEA
ASEA Risk / Return Rank: 8585
Overall Rank
ASEA Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ASEA Sortino Ratio Rank: 8888
Sortino Ratio Rank
ASEA Omega Ratio Rank: 8686
Omega Ratio Rank
ASEA Calmar Ratio Rank: 8989
Calmar Ratio Rank
ASEA Martin Ratio Rank: 7575
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAXJ vs. ASEA - 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 Global X FTSE Southeast Asia ETF (ASEA). 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.

AAXJASEADifference
Sharpe ratioReturn per unit of total volatility
1.53
2.29

-0.77

Sortino ratioReturn per unit of downside risk
2.05
3.26

-1.21

Omega ratioGain probability vs. loss probability

1.29

1.41

-0.12

Calmar ratioReturn relative to maximum drawdown

2.59

3.97

-1.38

Martin ratioReturn relative to average drawdown

7.99

10.59

-2.60

AAXJ vs. ASEA - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 1.53, which is lower than the ASEA Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of AAXJ and ASEA, 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

AAXJ vs. ASEA - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, which is greater than ASEA's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for AAXJ and ASEA.

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Drawdown Indicators

AAXJASEADifference

Max Drawdown

Largest peak-to-trough decline

-49.37%

-44.16%

-5.21%

Max Drawdown (1Y)

Largest decline over 1 year

-14.94%

-8.28%

-6.66%

Max Drawdown (3Y)

Largest decline over 3 years

-19.74%

-22.20%

+2.46%

Max Drawdown (5Y)

Largest decline over 5 years

-37.74%

-22.20%

-15.54%

Max Drawdown (10Y)

Largest decline over 10 years

-44.52%

-44.16%

-0.36%

Current Drawdown

Current decline from peak

-8.07%

0.00%

-8.07%

Average Drawdown

Average peak-to-trough decline

-13.96%

-10.56%

-3.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.83%

3.10%

+1.73%

Volatility

AAXJ vs. ASEA - Volatility Comparison

iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 9.20% compared to Global X FTSE Southeast Asia ETF (ASEA) at 2.90%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than ASEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AAXJASEADifference

Volatility (1M)

Calculated over the trailing 1-month period

9.20%

2.90%

+6.30%

Volatility (6M)

Calculated over the trailing 6-month period

23.06%

11.36%

+11.70%

Volatility (1Y)

Calculated over the trailing 1-year period

25.30%

14.36%

+10.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.95%

14.71%

+6.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.71%

17.49%

+3.22%

AAXJ vs. ASEA - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is higher than ASEA's 0.65% expense ratio.

Dividends

AAXJ vs. ASEA - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.35%, less than ASEA's 3.64% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.35%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
ASEA
Global X FTSE Southeast Asia ETF		3.64%3.95%3.61%3.76%2.23%4.19%2.27%2.51%3.08%1.59%2.78%3.64%

Frequently Asked Questions

AAXJ and ASEA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (9.20%) compared to ASEA (2.90%). In terms of maximum drawdown, AAXJ dropped -49.37% vs ASEA's -44.16%.

On 10-year performance, AAXJ leads with 8.92% vs 7.77% for ASEA. On fees, ASEA is cheaper at 0.65% per year. On volatility, ASEA has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AAXJ has performed better with a 8.92% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ASEA is cheaper with a 0.65% expense ratio, compared with 0.68% for AAXJ.

ASEA has the higher dividend yield at 3.64%, compared with 1.35% for AAXJ.

AAXJ tracks MSCI All Country Asia ex Japan Index, while ASEA tracks FTSE/ASEAN 40 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.68% for AAXJ and 0.65% for ASEA.

ASEA currently has the higher Sharpe Ratio (2.29 vs 1.53), 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.

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