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AAXJ vs. IEUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AAXJ vs. IEUR

Last updated Jun 14, 2026

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, AAXJ returned 10.34%/yr vs 10.11%/yr for IEUR. A 0.70 correlation means they provide meaningful diversification when combined. AAXJ charges 0.68%/yr vs 0.09%/yr for IEUR.

Performance

AAXJ vs. IEUR - 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 Core MSCI Europe ETF (IEUR). 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 26.46% return, which is significantly higher than IEUR's 7.65% return. Both investments have delivered pretty close results over the past 10 years, with AAXJ having a 10.34% annualized return and IEUR not far behind at 10.11%.

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%

IEUR

1D
0.14%
1M
2.40%
YTD
7.65%
6M
9.78%
1Y
19.09%
3Y*
16.42%
5Y*
8.26%
10Y*
10.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AAXJ vs. IEUR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IEUR
iShares Core MSCI Europe ETF		7.65%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%

Correlation

The correlation between AAXJ and IEUR is 0.70, 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

0.70

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

0.68

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

0.69

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

0.70

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.70

The correlation between AAXJ and IEUR has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

AAXJ vs. IEUR - Sectors Allocation Comparison

Sectors
AAXJ
IEUR

Technology

49.4%
9.4%

Financial Services

15.8%
22.5%

Consumer Cyclical

8.9%
7.0%

Industrials

7.3%
20.3%

Communication Services

5.9%
3.9%

Basic Materials

3.1%
5.8%

Healthcare

2.6%
12.5%

Energy

2.2%
4.9%

Consumer Defensive

2.0%
7.7%

Utilities

1.6%
4.4%

Real Estate

1.4%
1.5%

Technology

AAXJ
49.4%
IEUR
9.4%

Financial Services

AAXJ
15.8%
IEUR
22.5%

Consumer Cyclical

AAXJ
8.9%
IEUR
7.0%

Industrials

AAXJ
7.3%
IEUR
20.3%

Communication Services

AAXJ
5.9%
IEUR
3.9%

Basic Materials

AAXJ
3.1%
IEUR
5.8%

Healthcare

AAXJ
2.6%
IEUR
12.5%

Energy

AAXJ
2.2%
IEUR
4.9%

Consumer Defensive

AAXJ
2.0%
IEUR
7.7%

Utilities

AAXJ
1.6%
IEUR
4.4%

Real Estate

AAXJ
1.4%
IEUR
1.5%

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 Core MSCI Europe ETF

Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. VWOAAXJ vs. BBAXAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD
Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. IMEU.LIEUR vs. FEZIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA

Return for Risk

AAXJ vs. IEUR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AAXJ
AAXJ Risk / Return Rank: 7575
Overall Rank
AAXJ Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 7070
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 7878
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 7676
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 7676
Martin Ratio Rank
IEUR
IEUR Risk / Return Rank: 3535
Overall Rank
IEUR Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 3535
Sortino Ratio Rank
IEUR Omega Ratio Rank: 3333
Omega Ratio Rank
IEUR Calmar Ratio Rank: 3333
Calmar Ratio Rank
IEUR Martin Ratio Rank: 3939
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. IEUR - 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 Core MSCI Europe ETF (IEUR). 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.

AAXJIEURDifference
Sharpe ratioReturn per unit of total volatility
2.11
1.10

+1.01

Sortino ratioReturn per unit of downside risk
2.73
1.64

+1.09

Omega ratioGain probability vs. loss probability

1.40

1.20

+0.20

Calmar ratioReturn relative to maximum drawdown

3.41

1.44

+1.97

Martin ratioReturn relative to average drawdown

12.55

5.40

+7.14

AAXJ vs. IEUR - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 2.11, which is higher than the IEUR Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of AAXJ and IEUR, 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. IEUR - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for AAXJ and IEUR.

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Drawdown Indicators

AAXJIEURDifference

Max Drawdown

Largest peak-to-trough decline

-49.37%

-36.96%

-12.41%

Max Drawdown (1Y)

Largest decline over 1 year

-13.66%

-12.04%

-1.62%

Max Drawdown (3Y)

Largest decline over 3 years

-19.74%

-14.25%

-5.49%

Max Drawdown (5Y)

Largest decline over 5 years

-40.64%

-32.75%

-7.89%

Max Drawdown (10Y)

Largest decline over 10 years

-44.52%

-36.96%

-7.56%

Current Drawdown

Current decline from peak

-4.62%

-0.44%

-4.18%

Average Drawdown

Average peak-to-trough decline

-14.01%

-8.21%

-5.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.71%

3.22%

+0.49%

Volatility

AAXJ vs. IEUR - Volatility Comparison

iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 11.46% compared to iShares Core MSCI Europe ETF (IEUR) at 5.70%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AAXJIEURDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.46%

5.70%

+5.76%

Volatility (6M)

Calculated over the trailing 6-month period

19.71%

13.31%

+6.40%

Volatility (1Y)

Calculated over the trailing 1-year period

22.12%

15.83%

+6.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.32%

17.81%

+2.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.42%

18.68%

+1.74%

AAXJ vs. IEUR - Expense Ratio Comparison

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

Dividends

AAXJ vs. IEUR - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.43%, less than IEUR's 2.76% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IEUR
iShares Core MSCI Europe ETF		2.76%2.97%3.54%3.17%3.05%2.88%2.13%3.26%3.76%2.64%3.19%2.79%

Frequently Asked Questions

AAXJ and IEUR have a correlation of 0.70, 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 IEUR (5.70%). In terms of maximum drawdown, AAXJ dropped -49.37% vs IEUR's -36.96%.

On 10-year performance, AAXJ leads with 10.34% vs 10.11% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 5.70%. 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 10.34% return vs 10.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

IEUR has the higher dividend yield at 2.76%, compared with 1.43% for AAXJ.

AAXJ is categorized as Asia Pacific Equities, while IEUR is Europe Equities. AAXJ tracks MSCI All Country Asia ex Japan Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.68% for AAXJ and 0.09% for IEUR.

AAXJ currently has the higher Sharpe Ratio (2.11 vs 1.10), 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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