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AAXJ vs. FPA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AAXJ vs. FPA

Last updated Jun 24, 2026

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) are both Asia Pacific Equities funds - AAXJ tracks the MSCI All Country Asia ex Japan Index while FPA tracks the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. Both are passively managed. Over the past 10 years, AAXJ returned 10.35%/yr vs 10.87%/yr for FPA. A 0.68 correlation means they provide meaningful diversification when combined. AAXJ charges 0.68%/yr vs 0.80%/yr for FPA.

Performance

AAXJ vs. FPA - 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 First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). 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 25.79% return, which is significantly lower than FPA's 43.37% return. Over the past 10 years, AAXJ has underperformed FPA with an annualized return of 10.35%, while FPA has yielded a comparatively higher 10.87% annualized return.

AAXJ

1D
-6.03%
1M
2.68%
YTD
25.79%
6M
26.97%
1Y
47.85%
3Y*
23.41%
5Y*
6.42%
10Y*
10.35%

FPA

1D
-6.12%
1M
-0.38%
YTD
43.37%
6M
43.73%
1Y
57.04%
3Y*
30.61%
5Y*
12.24%
10Y*
10.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AAXJ vs. FPA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		25.79%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%41.76%
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		43.37%43.16%3.95%9.97%-14.55%2.98%13.43%8.91%-21.91%35.81%

Correlation

The correlation between AAXJ and FPA is 0.76, 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

0.76

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

0.71

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

0.63

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

0.68

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2011

0.68

The correlation between AAXJ and FPA shifts across timeframes, from 0.63 (5 years) to 0.76 (1 year), reflecting how their relationship changes across market environments.

AAXJ vs. FPA - Sectors Allocation Comparison

Sectors
AAXJ
FPA

Technology

49.4%
25.2%

Financial Services

15.8%
8.6%

Consumer Cyclical

8.9%
9.3%

Industrials

7.3%
32.7%

Communication Services

5.9%
2.6%

Basic Materials

3.1%
4.2%

Healthcare

2.6%
0.8%

Energy

2.2%
5.4%

Consumer Defensive

2.0%
2.7%

Utilities

1.6%
5.1%

Real Estate

1.4%
6.2%

Technology

AAXJ
49.4%
FPA
25.2%

Financial Services

AAXJ
15.8%
FPA
8.6%

Consumer Cyclical

AAXJ
8.9%
FPA
9.3%

Industrials

AAXJ
7.3%
FPA
32.7%

Communication Services

AAXJ
5.9%
FPA
2.6%

Basic Materials

AAXJ
3.1%
FPA
4.2%

Healthcare

AAXJ
2.6%
FPA
0.8%

Energy

AAXJ
2.2%
FPA
5.4%

Consumer Defensive

AAXJ
2.0%
FPA
2.7%

Utilities

AAXJ
1.6%
FPA
5.1%

Real Estate

AAXJ
1.4%
FPA
6.2%

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

First Trust Asia Pacific ex-Japan AlphaDEX Fund

Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. VWOAAXJ vs. BBAXAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD
Often compared with FPA:
FPA vs. FSEAXFPA vs. VPLFPA vs. EPPFPA vs. ADIVFPA vs. EWSFPA vs. EWYFPA vs. FICS

Return for Risk

AAXJ vs. FPA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AAXJ
AAXJ Risk / Return Rank: 6868
Overall Rank
AAXJ Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 5858
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 7070
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 7373
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 7272
Martin Ratio Rank
FPA
FPA Risk / Return Rank: 6868
Overall Rank
FPA Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
FPA Sortino Ratio Rank: 5959
Sortino Ratio Rank
FPA Omega Ratio Rank: 6464
Omega Ratio Rank
FPA Calmar Ratio Rank: 7777
Calmar Ratio Rank
FPA Martin Ratio Rank: 7373
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. FPA - 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 First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA). 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.

AAXJFPADifference
Sharpe ratioReturn per unit of total volatility
2.06
1.99

+0.07

Sortino ratioReturn per unit of downside risk
2.62
2.58

+0.04

Omega ratioGain probability vs. loss probability

1.39

1.36

+0.03

Calmar ratioReturn relative to maximum drawdown

3.52

3.73

-0.21

Martin ratioReturn relative to average drawdown

12.86

12.70

+0.15

AAXJ vs. FPA - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 2.06, which is comparable to the FPA Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of AAXJ and FPA, 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. FPA - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, smaller than the maximum FPA drawdown of -52.91%. Use the drawdown chart below to compare losses from any high point for AAXJ and FPA.

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Drawdown Indicators

AAXJFPADifference

Max Drawdown

Largest peak-to-trough decline

-49.37%

-52.91%

+3.54%

Max Drawdown (1Y)

Largest decline over 1 year

-13.66%

-15.37%

+1.71%

Max Drawdown (3Y)

Largest decline over 3 years

-19.74%

-20.66%

+0.92%

Max Drawdown (5Y)

Largest decline over 5 years

-40.64%

-34.38%

-6.26%

Max Drawdown (10Y)

Largest decline over 10 years

-44.52%

-52.91%

+8.39%

Current Drawdown

Current decline from peak

-6.03%

-9.25%

+3.22%

Average Drawdown

Average peak-to-trough decline

-14.00%

-13.46%

-0.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.73%

4.50%

-0.77%

Volatility

AAXJ vs. FPA - Volatility Comparison

The current volatility for iShares MSCI All Country Asia ex-Japan ETF (AAXJ) is 13.43%, while First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a volatility of 16.46%. This indicates that AAXJ experiences smaller price fluctuations and is considered to be less risky than FPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AAXJFPADifference

Volatility (1M)

Calculated over the trailing 1-month period

13.43%

16.46%

-3.03%

Volatility (6M)

Calculated over the trailing 6-month period

21.20%

26.05%

-4.85%

Volatility (1Y)

Calculated over the trailing 1-year period

23.39%

28.94%

-5.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.63%

24.79%

-4.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.51%

22.76%

-2.25%

AAXJ vs. FPA - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is lower than FPA's 0.80% expense ratio.

Dividends

AAXJ vs. FPA - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.32%, less than FPA's 3.72% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.32%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		3.72%4.71%3.40%3.02%4.22%5.12%1.59%3.90%2.81%3.15%2.42%1.74%

Frequently Asked Questions

AAXJ and FPA have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FPA has higher volatility (16.46%) compared to AAXJ (13.43%). In terms of maximum drawdown, AAXJ dropped -49.37% vs FPA's -52.91%.

On 10-year performance, FPA leads with 10.87% vs 10.35% for AAXJ. On fees, AAXJ is cheaper at 0.68% per year. On volatility, AAXJ has been the lower-risk option at 13.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FPA has performed better with a 10.87% return vs 10.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AAXJ is cheaper with a 0.68% expense ratio, compared with 0.80% for FPA.

FPA has the higher dividend yield at 3.72%, compared with 1.32% for AAXJ.

AAXJ tracks MSCI All Country Asia ex Japan Index, while FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.68% for AAXJ and 0.80% for FPA.

AAXJ currently has the higher Sharpe Ratio (2.06 vs 1.99), 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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