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AAXJ vs. EWT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AAXJ vs. EWT

Last updated Aug 5, 2026
Documentation

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and EWT (iShares MSCI Taiwan ETF) are both exchange-traded funds - AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while EWT is a Taiwan Equities fund tracking the MSCI Taiwan 25/50 Index. Both are passively managed. Over the past 10 years, AAXJ returned 8.92%/yr vs 18.42%/yr for EWT. Their correlation of 0.83 means they have usually moved in the same direction. AAXJ charges 0.68%/yr vs 0.59%/yr for EWT.

Performance

AAXJ vs. EWT - 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 Taiwan ETF (EWT). 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 lower than EWT's 60.88% return. Over the past 10 years, AAXJ has underperformed EWT with an annualized return of 8.92%, while EWT has yielded a comparatively higher 18.42% 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%

EWT

1D
4.32%
1M
-2.53%
6M
48.50%
YTD
60.88%
1Y
81.69%
3Y*
38.52%
5Y*
17.68%
10Y*
18.42%
ALL TIME*
7.23%
*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

EWT

iShares MSCI Taiwan ETF
$552.78M$665.70M$671.36M

AAXJ vs. EWT - 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%
EWT
iShares MSCI Taiwan ETF		60.88%28.38%16.11%29.00%-28.90%26.18%31.50%33.36%-9.90%26.81%

Correlation

The correlation between AAXJ and EWT is 0.87, meaning they have usually moved in the same direction, including during past declines.

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

0.87

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

0.81

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

0.79

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

0.82

Correlation (All Time)
Calculated using the full available price history since Aug 15, 2008

0.83

The correlation between AAXJ and EWT has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

AAXJ vs. EWT - Sectors Allocation Comparison

Sectors
AAXJ
EWT

Technology

51.1%
71.6%

Financial Services

16.1%
14.6%

Consumer Cyclical

7.8%
0.4%

Industrials

6.8%
4.3%

Communication Services

5.9%
1.8%

Basic Materials

2.9%
3.9%

Healthcare

2.6%
1.3%

Energy

2.1%

-

Consumer Defensive

1.9%
1.1%

Utilities

1.5%

-

Real Estate

1.3%

-

Technology

AAXJ
51.1%
EWT
71.6%

Financial Services

AAXJ
16.1%
EWT
14.6%

Consumer Cyclical

AAXJ
7.8%
EWT
0.4%

Industrials

AAXJ
6.8%
EWT
4.3%

Communication Services

AAXJ
5.9%
EWT
1.8%

Basic Materials

AAXJ
2.9%
EWT
3.9%

Healthcare

AAXJ
2.6%
EWT
1.3%

Energy

AAXJ
2.1%
EWT

-

Consumer Defensive

AAXJ
1.9%
EWT
1.1%

Utilities

AAXJ
1.5%
EWT

-

Real Estate

AAXJ
1.3%
EWT

-

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 Taiwan ETF

Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD
Often compared with EWT:
EWT vs. EWYEWT vs. FLTWEWT vs. VTEWT vs. QQQEWT vs. EWSEWT vs. EWHEWT vs. EWX

Return for Risk

AAXJ vs. EWT — 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
EWT
EWT Risk / Return Rank: 9090
Overall Rank
EWT Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EWT Sortino Ratio Rank: 8585
Sortino Ratio Rank
EWT Omega Ratio Rank: 8888
Omega Ratio Rank
EWT Calmar Ratio Rank: 9090
Calmar Ratio Rank
EWT Martin Ratio Rank: 9191
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. EWT - 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 Taiwan ETF (EWT). 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.

AAXJEWTDifference
Sharpe ratioReturn per unit of total volatility
1.53
2.64

-1.12

Sortino ratioReturn per unit of downside risk
2.05
3.11

-1.07

Omega ratioGain probability vs. loss probability

1.29

1.43

-0.14

Calmar ratioReturn relative to maximum drawdown

2.59

4.14

-1.56

Martin ratioReturn relative to average drawdown

7.99

16.64

-8.65

AAXJ vs. EWT - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 1.53, which is lower than the EWT Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of AAXJ and EWT, 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. EWT - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, smaller than the maximum EWT drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for AAXJ and EWT.

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Drawdown Indicators

AAXJEWTDifference

Max Drawdown

Largest peak-to-trough decline

-49.37%

-64.37%

+15.00%

Max Drawdown (1Y)

Largest decline over 1 year

-14.94%

-19.83%

+4.89%

Max Drawdown (3Y)

Largest decline over 3 years

-19.74%

-25.66%

+5.92%

Max Drawdown (5Y)

Largest decline over 5 years

-37.74%

-38.88%

+1.14%

Max Drawdown (10Y)

Largest decline over 10 years

-44.52%

-38.88%

-5.64%

Current Drawdown

Current decline from peak

-8.07%

-8.36%

+0.29%

Average Drawdown

Average peak-to-trough decline

-13.96%

-19.09%

+5.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.83%

4.93%

-0.10%

Volatility

AAXJ vs. EWT - Volatility Comparison

The current volatility for iShares MSCI All Country Asia ex-Japan ETF (AAXJ) is 9.20%, while iShares MSCI Taiwan ETF (EWT) has a volatility of 14.05%. This indicates that AAXJ experiences smaller price fluctuations and is considered to be less risky than EWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AAXJEWTDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.20%

14.05%

-4.85%

Volatility (6M)

Calculated over the trailing 6-month period

23.06%

27.71%

-4.65%

Volatility (1Y)

Calculated over the trailing 1-year period

25.30%

31.07%

-5.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.95%

24.03%

-3.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.71%

22.23%

-1.52%

AAXJ vs. EWT - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is higher than EWT's 0.59% expense ratio.

Dividends

AAXJ vs. EWT - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.35%, less than EWT's 2.76% 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%
EWT
iShares MSCI Taiwan ETF		2.76%4.43%3.32%12.01%18.82%0.55%1.83%2.49%3.16%2.81%2.39%3.12%

Frequently Asked Questions

AAXJ and EWT have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWT has higher volatility (14.05%) compared to AAXJ (9.20%). In terms of maximum drawdown, AAXJ dropped -49.37% vs EWT's -64.37%.

On 10-year performance, EWT leads with 18.42% vs 8.92% for AAXJ. On fees, EWT is cheaper at 0.59% per year. On volatility, AAXJ has been the lower-risk option at 9.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWT has performed better with a 18.42% return vs 8.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWT is cheaper with a 0.59% expense ratio, compared with 0.68% for AAXJ.

EWT has the higher dividend yield at 2.76%, compared with 1.35% for AAXJ.

AAXJ is categorized as Asia Pacific Equities, while EWT is Taiwan Equities. AAXJ tracks MSCI All Country Asia ex Japan Index, while EWT tracks MSCI Taiwan 25/50 Index. Their fees differ too: 0.68% for AAXJ and 0.59% for EWT.

EWT currently has the higher Sharpe Ratio (2.64 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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