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AAXJ vs. FLEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AAXJ vs. FLEU

Last updated Jun 9, 2026

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and FLEU (Franklin FTSE Eurozone ETF) are both exchange-traded funds - AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while FLEU is a Europe Equities fund tracking the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, AAXJ returned 5.97%/yr vs 11.54%/yr for FLEU. A 0.56 correlation means they provide meaningful diversification when combined. AAXJ charges 0.68%/yr vs 0.09%/yr for FLEU.

Performance

AAXJ vs. FLEU - 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 Franklin FTSE Eurozone ETF (FLEU). 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 22.87% return, which is significantly higher than FLEU's 5.56% return.

AAXJ

1D
2.12%
1M
-2.62%
YTD
22.87%
6M
24.43%
1Y
45.43%
3Y*
21.57%
5Y*
5.97%
10Y*
9.86%

FLEU

1D
0.64%
1M
0.13%
YTD
5.56%
6M
8.38%
1Y
16.68%
3Y*
16.55%
5Y*
11.54%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

AAXJ vs. FLEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		22.87%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%1.32%
FLEU
Franklin FTSE Eurozone ETF		5.56%41.56%2.26%16.21%-9.14%23.27%0.95%26.94%-8.54%-1.24%

Correlation

The correlation between AAXJ and FLEU is 0.67, 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

0.67

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

0.64

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

0.63

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2017

0.56

The correlation between AAXJ and FLEU shifts across timeframes, from 0.56 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

AAXJ vs. FLEU - Sectors Allocation Comparison

Sectors
AAXJ
FLEU

Technology

41.6%
14.7%

Financial Services

17.7%
24.8%

Consumer Cyclical

10.3%
8.4%

Industrials

8.3%
21.0%

Communication Services

6.9%
3.6%

Basic Materials

3.5%
4.3%

Healthcare

3.0%
5.8%

Energy

2.7%
4.0%

Consumer Defensive

2.4%
5.2%

Utilities

1.8%
7.1%

Real Estate

1.7%
1.2%

Technology

AAXJ
41.6%
FLEU
14.7%

Financial Services

AAXJ
17.7%
FLEU
24.8%

Consumer Cyclical

AAXJ
10.3%
FLEU
8.4%

Industrials

AAXJ
8.3%
FLEU
21.0%

Communication Services

AAXJ
6.9%
FLEU
3.6%

Basic Materials

AAXJ
3.5%
FLEU
4.3%

Healthcare

AAXJ
3.0%
FLEU
5.8%

Energy

AAXJ
2.7%
FLEU
4.0%

Consumer Defensive

AAXJ
2.4%
FLEU
5.2%

Utilities

AAXJ
1.8%
FLEU
7.1%

Real Estate

AAXJ
1.7%
FLEU
1.2%

Compare stocks, funds, or ETFs

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iShares MSCI All Country Asia ex-Japan ETF

Franklin FTSE Eurozone ETF

Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. AFTY
Often compared with FLEU:
FLEU vs. FLGRFLEU vs. VGKFLEU vs. FLEEFLEU vs. ARGFXFLEU vs. VEUFLEU vs. SPYFLEU vs. FLJH

Return for Risk

AAXJ vs. FLEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AAXJ
AAXJ Risk / Return Rank: 7272
Overall Rank
AAXJ Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 6565
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 7676
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 7373
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 7474
Martin Ratio Rank
FLEU
FLEU Risk / Return Rank: 3030
Overall Rank
FLEU Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
FLEU Sortino Ratio Rank: 3030
Sortino Ratio Rank
FLEU Omega Ratio Rank: 3030
Omega Ratio Rank
FLEU Calmar Ratio Rank: 2828
Calmar Ratio Rank
FLEU Martin Ratio Rank: 3333
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. FLEU - 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 Franklin FTSE Eurozone ETF (FLEU). 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.

AAXJFLEUDifference
Sharpe ratioReturn per unit of total volatility
2.11
0.97

+1.14

Sortino ratioReturn per unit of downside risk
2.70
1.47

+1.24

Omega ratioGain probability vs. loss probability

1.40

1.18

+0.22

Calmar ratioReturn relative to maximum drawdown

3.34

1.25

+2.09

Martin ratioReturn relative to average drawdown

12.62

4.53

+8.09

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. FLEU - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 2.11, which is higher than the FLEU Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of AAXJ and FLEU, 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

AAXJFLEUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.11

0.97

+1.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.30

0.71

-0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.56

-0.29

Drawdowns

AAXJ vs. FLEU - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, which is greater than FLEU's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for AAXJ and FLEU.

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Drawdown Indicators

AAXJFLEUDifference

Max Drawdown

Largest peak-to-trough decline

-49.37%

-33.94%

-15.43%

Max Drawdown (1Y)

Largest decline over 1 year

-13.66%

-13.41%

-0.25%

Max Drawdown (3Y)

Largest decline over 3 years

-19.74%

-15.67%

-4.07%

Max Drawdown (5Y)

Largest decline over 5 years

-40.64%

-18.67%

-21.97%

Max Drawdown (10Y)

Largest decline over 10 years

-44.52%

—

—

Current Drawdown

Current decline from peak

-7.32%

-2.16%

-5.16%

Average Drawdown

Average peak-to-trough decline

-14.02%

-4.70%

-9.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.61%

3.69%

-0.08%

Volatility

AAXJ vs. FLEU - Volatility Comparison

iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 11.44% compared to Franklin FTSE Eurozone ETF (FLEU) at 5.04%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than FLEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AAXJFLEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.44%

5.04%

+6.40%

Volatility (6M)

Calculated over the trailing 6-month period

19.19%

14.58%

+4.61%

Volatility (1Y)

Calculated over the trailing 1-year period

21.66%

17.22%

+4.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.22%

16.37%

+3.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.38%

18.26%

+2.12%

AAXJ vs. FLEU - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is higher than FLEU's 0.09% expense ratio.

Dividends

AAXJ vs. FLEU - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.47%, less than FLEU's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.47%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
FLEU
Franklin FTSE Eurozone ETF		2.10%2.22%3.18%3.25%21.45%3.03%1.94%6.06%12.17%0.07%0.00%0.00%

Frequently Asked Questions

AAXJ and FLEU have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (11.44%) compared to FLEU (5.04%). In terms of maximum drawdown, AAXJ dropped -49.37% vs FLEU's -33.94%.

On 5-year performance, FLEU leads with 11.54% vs 5.97% for AAXJ. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLEU has performed better with a 11.54% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLEU is cheaper with a 0.09% expense ratio, compared with 0.68% for AAXJ.

FLEU has the higher dividend yield at 2.10%, compared with 1.47% for AAXJ.

AAXJ is categorized as Asia Pacific Equities, while FLEU is Europe Equities. AAXJ tracks MSCI All Country Asia ex Japan Index, while FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.68% for AAXJ and 0.09% for FLEU.

AAXJ currently has the higher Sharpe Ratio (2.11 vs 0.97), 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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