AAXJ vs. ENB
AAXJ (iShares MSCI All Country Asia ex-Japan ETF) is Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while ENB (Enbridge Inc.) is a stock. Over the past 10 years, AAXJ returned 10.34%/yr vs 9.68%/yr for ENB. At a 0.43 correlation, their price movements are largely independent.
Performance
AAXJ vs. ENB - Performance Comparison
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Returns By Period
In the year-to-date period, AAXJ achieves a 26.46% return, which is significantly higher than ENB's 21.23% return. Over the past 10 years, AAXJ has outperformed ENB with an annualized return of 10.34%, while ENB has yielded a comparatively lower 9.68% annualized return.
AAXJ
- 1D
- 0.46%
- 1M
- 0.61%
- YTD
- 26.46%
- 6M
- 29.76%
- 1Y
- 48.69%
- 3Y*
- 22.11%
- 5Y*
- 6.41%
- 10Y*
- 10.34%
ENB
- 1D
- 0.07%
- 1M
- 2.15%
- YTD
- 21.23%
- 6M
- 21.95%
- 1Y
- 27.81%
- 3Y*
- 22.21%
- 5Y*
- 14.42%
- 10Y*
- 9.68%
AAXJ vs. ENB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AAXJ iShares MSCI All Country Asia ex-Japan ETF | 26.46% | 31.53% | 10.41% | 4.79% | -20.35% | -5.73% | 23.35% | 17.93% | -15.04% | 41.76% |
ENB Enbridge Inc. | 21.23% | 19.51% | 26.35% | -1.13% | 6.46% | 30.83% | -13.60% | 36.05% | -15.53% | -2.73% |
Correlation
The correlation between AAXJ and ENB is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2008 | 0.43 |
The correlation between AAXJ and ENB shifts across timeframes, from -0.03 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AAXJ vs. ENB — Risk / Return Rank
AAXJ
ENB
AAXJ vs. ENB - 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 Enbridge Inc. (ENB). 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.
| AAXJ | ENB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.30 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 3.03 | +0.38 |
| Martin ratioReturn relative to average drawdown | 12.55 | 7.64 | +4.90 |
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Drawdowns
AAXJ vs. ENB - Drawdown Comparison
The maximum AAXJ drawdown since its inception was -49.37%, which is greater than ENB's maximum drawdown of -46.35%. Use the drawdown chart below to compare losses from any high point for AAXJ and ENB.
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Drawdown Indicators
| AAXJ | ENB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.37% | -46.35% | -3.02% |
Max Drawdown (1Y)Largest decline over 1 year | -13.66% | -9.10% | -4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -19.74% | -15.29% | -4.45% |
Max Drawdown (5Y)Largest decline over 5 years | -40.64% | -28.32% | -12.32% |
Max Drawdown (10Y)Largest decline over 10 years | -44.52% | -44.07% | -0.45% |
Current DrawdownCurrent decline from peak | -4.62% | -2.65% | -1.97% |
Average DrawdownAverage peak-to-trough decline | -14.01% | -10.83% | -3.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 3.64% | +0.07% |
Volatility
AAXJ vs. ENB - Volatility Comparison
iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 11.46% compared to Enbridge Inc. (ENB) at 5.99%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than ENB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAXJ | ENB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.46% | 5.99% | +5.47% |
Volatility (6M)Calculated over the trailing 6-month period | 19.71% | 12.96% | +6.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.12% | 16.21% | +5.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.32% | 18.65% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.42% | 24.33% | -3.91% |
Dividends
AAXJ vs. ENB - Dividend Comparison
AAXJ's dividend yield for the trailing twelve months is around 1.43%, less than ENB's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAXJ iShares MSCI All Country Asia ex-Japan ETF | 1.43% | 1.81% | 1.86% | 1.95% | 1.74% | 2.21% | 1.06% | 1.83% | 2.10% | 1.99% | 1.77% | 2.44% |
ENB Enbridge Inc. | 4.91% | 5.66% | 6.28% | 7.31% | 6.80% | 6.85% | 7.55% | 5.58% | 6.68% | 4.71% | 4.13% | 4.71% |
Frequently Asked Questions
AAXJ and ENB have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAXJ has higher volatility (11.46%) compared to ENB (5.99%). In terms of maximum drawdown, AAXJ dropped -49.37% vs ENB's -46.35%.
AAXJ currently has the higher Sharpe Ratio (2.11 vs 1.71), 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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