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AAXJ vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AAXJ vs. EWH

Last updated Jun 4, 2026

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - AAXJ tracks the MSCI All Country Asia ex Japan Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, AAXJ returned 10.50%/yr vs 4.93%/yr for EWH. Their correlation of 0.81 suggests significant overlap in exposure. AAXJ charges 0.68%/yr vs 0.49%/yr for EWH.

Performance

AAXJ vs. EWH - 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 MSCI Hong Kong ETF (EWH). 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 31.17% return, which is significantly higher than EWH's 7.34% return. Over the past 10 years, AAXJ has outperformed EWH with an annualized return of 10.50%, while EWH has yielded a comparatively lower 4.93% 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%

EWH

1D
-1.55%
1M
-2.69%
YTD
7.34%
6M
5.91%
1Y
24.11%
3Y*
9.92%
5Y*
0.04%
10Y*
4.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AAXJ vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWH
iShares MSCI Hong Kong ETF		7.34%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%

Correlation

The correlation between AAXJ and EWH is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.73

Correlation (10Y)
Calculated over the trailing 10-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Aug 18, 2008

0.81

The correlation between AAXJ and EWH shifts across timeframes, from 0.65 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

AAXJ vs. EWH - Sectors Allocation Comparison

Sectors
AAXJ
EWH

Technology

41.6%

-

Financial Services

17.7%
45.4%

Consumer Cyclical

10.3%
3.7%

Industrials

8.3%
16.6%

Communication Services

6.9%
1.7%

Basic Materials

3.5%

-

Healthcare

3.0%

-

Energy

2.7%

-

Consumer Defensive

2.4%
2.7%

Utilities

1.8%
11.2%

Real Estate

1.7%
18.7%

Technology

AAXJ
41.6%
EWH

-

Financial Services

AAXJ
17.7%
EWH
45.4%

Consumer Cyclical

AAXJ
10.3%
EWH
3.7%

Industrials

AAXJ
8.3%
EWH
16.6%

Communication Services

AAXJ
6.9%
EWH
1.7%

Basic Materials

AAXJ
3.5%
EWH

-

Healthcare

AAXJ
3.0%
EWH

-

Energy

AAXJ
2.7%
EWH

-

Consumer Defensive

AAXJ
2.4%
EWH
2.7%

Utilities

AAXJ
1.8%
EWH
11.2%

Real Estate

AAXJ
1.7%
EWH
18.7%

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

iShares MSCI Hong Kong ETF

Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. AFTY
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

AAXJ vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AAXJ
AAXJ Risk / Return Rank: 8484
Overall Rank
AAXJ Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 8383
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 8585
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 8282
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 8282
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 4646
Overall Rank
EWH Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 4141
Sortino Ratio Rank
EWH Omega Ratio Rank: 3939
Omega Ratio Rank
EWH Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWH Martin Ratio Rank: 4747
Martin Ratio Rank
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. EWH - 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 MSCI Hong Kong ETF (EWH). 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.

AAXJEWHDifference
Sharpe ratioReturn per unit of total volatility
2.93
1.49

+1.44

Sortino ratioReturn per unit of downside risk
3.77
2.13

+1.64

Omega ratioGain probability vs. loss probability

1.53

1.26

+0.27

Calmar ratioReturn relative to maximum drawdown

4.34

3.10

+1.24

Martin ratioReturn relative to average drawdown

16.76

7.81

+8.95

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. EWH - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 2.93, which is higher than the EWH Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of AAXJ and EWH, 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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Sharpe Ratios by Period

AAXJEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.93

1.49

+1.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.00

+0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.25

+0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.18

+0.11

Drawdowns

AAXJ vs. EWH - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for AAXJ and EWH.

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Drawdown Indicators

AAXJEWHDifference

Max Drawdown

Largest peak-to-trough decline

-49.37%

-66.44%

+17.07%

Max Drawdown (1Y)

Largest decline over 1 year

-13.66%

-7.81%

-5.85%

Max Drawdown (3Y)

Largest decline over 3 years

-19.74%

-24.93%

+5.19%

Max Drawdown (5Y)

Largest decline over 5 years

-40.74%

-41.46%

+0.72%

Max Drawdown (10Y)

Largest decline over 10 years

-44.52%

-42.71%

-1.81%

Current Drawdown

Current decline from peak

-1.06%

-7.09%

+6.03%

Average Drawdown

Average peak-to-trough decline

-14.03%

-19.48%

+5.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.53%

3.09%

+0.44%

Volatility

AAXJ vs. EWH - Volatility Comparison

iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 8.93% compared to iShares MSCI Hong Kong ETF (EWH) at 5.00%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than EWH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AAXJEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.93%

5.00%

+3.93%

Volatility (6M)

Calculated over the trailing 6-month period

17.46%

11.71%

+5.75%

Volatility (1Y)

Calculated over the trailing 1-year period

20.25%

16.26%

+3.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.94%

20.00%

-0.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.25%

19.55%

+0.70%

AAXJ vs. EWH - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

AAXJ vs. EWH - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.38%, less than EWH's 4.84% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWH
iShares MSCI Hong Kong ETF		4.84%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%

Frequently Asked Questions

AAXJ and EWH have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (8.93%) compared to EWH (5.00%). In terms of maximum drawdown, AAXJ dropped -49.37% vs EWH's -66.44%.

On 10-year performance, AAXJ leads with 10.50% vs 4.93% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 5.00%. 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 10.50% return vs 4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWH is cheaper with a 0.49% expense ratio, compared with 0.68% for AAXJ.

EWH has the higher dividend yield at 4.84%, compared with 1.38% for AAXJ.

AAXJ tracks MSCI All Country Asia ex Japan Index, while EWH tracks MSCI Hong Kong Index. Their fees differ too: 0.68% for AAXJ and 0.49% for EWH.

AAXJ currently has the higher Sharpe Ratio (2.93 vs 1.49), 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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