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AAXJ vs. IXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AAXJ vs. IXJ

Last updated Jun 14, 2026

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and IXJ (iShares Global Healthcare ETF) are both exchange-traded funds - AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while IXJ is a Health & Biotech Equities fund tracking the S&P Global Healthcare Sector Index. Both are passively managed. Over the past 10 years, AAXJ returned 10.34%/yr vs 8.43%/yr for IXJ. A 0.55 correlation means they provide meaningful diversification when combined. AAXJ charges 0.68%/yr vs 0.46%/yr for IXJ.

Performance

AAXJ vs. IXJ - 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 Global Healthcare ETF (IXJ). 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 IXJ's -1.18% return. Over the past 10 years, AAXJ has outperformed IXJ with an annualized return of 10.34%, while IXJ has yielded a comparatively lower 8.43% annualized return.

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%

IXJ

1D
-0.24%
1M
3.58%
YTD
-1.18%
6M
-0.09%
1Y
11.25%
3Y*
5.65%
5Y*
4.37%
10Y*
8.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AAXJ vs. IXJ - 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%
IXJ
iShares Global Healthcare ETF		-1.18%14.99%0.55%3.62%-4.94%19.60%12.74%23.23%2.83%20.44%

Correlation

The correlation between AAXJ and IXJ is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.32

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

0.38

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

0.47

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

0.55

Over the past year, the correlation between AAXJ and IXJ has dropped to 0.29 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

AAXJ vs. IXJ - Sectors Allocation Comparison

Sectors
AAXJ
IXJ

Technology

49.4%

-

Financial Services

15.8%

-

Consumer Cyclical

8.9%

-

Industrials

7.3%

-

Communication Services

5.9%

-

Basic Materials

3.1%

-

Healthcare

2.6%
98.9%

Energy

2.2%

-

Consumer Defensive

2.0%
0.5%

Utilities

1.6%

-

Real Estate

1.4%

-

Technology

AAXJ
49.4%
IXJ

-

Financial Services

AAXJ
15.8%
IXJ

-

Consumer Cyclical

AAXJ
8.9%
IXJ

-

Industrials

AAXJ
7.3%
IXJ

-

Communication Services

AAXJ
5.9%
IXJ

-

Basic Materials

AAXJ
3.1%
IXJ

-

Healthcare

AAXJ
2.6%
IXJ
98.9%

Energy

AAXJ
2.2%
IXJ

-

Consumer Defensive

AAXJ
2.0%
IXJ
0.5%

Utilities

AAXJ
1.6%
IXJ

-

Real Estate

AAXJ
1.4%
IXJ

-

Compare stocks, funds, or ETFs

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iShares MSCI All Country Asia ex-Japan ETF

iShares Global Healthcare ETF

Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. VWOAAXJ vs. BBAXAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD
Often compared with IXJ:
IXJ vs. XLVIXJ vs. VHTIXJ vs. IHIIXJ vs. XDWH.LIXJ vs. FHLCIXJ vs. IVVIXJ vs. HLTH.L

Return for Risk

AAXJ vs. IXJ — 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
IXJ
IXJ Risk / Return Rank: 2222
Overall Rank
IXJ Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
IXJ Sortino Ratio Rank: 2323
Sortino Ratio Rank
IXJ Omega Ratio Rank: 2121
Omega Ratio Rank
IXJ Calmar Ratio Rank: 2323
Calmar Ratio Rank
IXJ Martin Ratio Rank: 2121
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. IXJ - 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 Global Healthcare ETF (IXJ). 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.

AAXJIXJDifference
Sharpe ratioReturn per unit of total volatility
2.11
0.69

+1.42

Sortino ratioReturn per unit of downside risk
2.73
1.14

+1.60

Omega ratioGain probability vs. loss probability

1.40

1.13

+0.27

Calmar ratioReturn relative to maximum drawdown

3.41

0.95

+2.47

Martin ratioReturn relative to average drawdown

12.55

2.29

+10.26

AAXJ vs. IXJ - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 2.11, which is higher than the IXJ Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of AAXJ and IXJ, 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. IXJ - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, which is greater than IXJ's maximum drawdown of -40.60%. Use the drawdown chart below to compare losses from any high point for AAXJ and IXJ.

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Drawdown Indicators

AAXJIXJDifference

Max Drawdown

Largest peak-to-trough decline

-49.37%

-40.60%

-8.77%

Max Drawdown (1Y)

Largest decline over 1 year

-13.66%

-10.78%

-2.88%

Max Drawdown (3Y)

Largest decline over 3 years

-19.74%

-18.14%

-1.60%

Max Drawdown (5Y)

Largest decline over 5 years

-40.64%

-18.14%

-22.50%

Max Drawdown (10Y)

Largest decline over 10 years

-44.52%

-27.35%

-17.17%

Current Drawdown

Current decline from peak

-4.62%

-5.37%

+0.75%

Average Drawdown

Average peak-to-trough decline

-14.01%

-6.92%

-7.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.71%

4.52%

-0.81%

Volatility

AAXJ vs. IXJ - Volatility Comparison

iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 11.46% compared to iShares Global Healthcare ETF (IXJ) at 4.81%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than IXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AAXJIXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.46%

4.81%

+6.65%

Volatility (6M)

Calculated over the trailing 6-month period

19.71%

10.46%

+9.25%

Volatility (1Y)

Calculated over the trailing 1-year period

22.12%

14.92%

+7.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.32%

14.26%

+6.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.42%

15.70%

+4.72%

AAXJ vs. IXJ - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is higher than IXJ's 0.46% expense ratio.

Dividends

AAXJ vs. IXJ - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.43%, more than IXJ's 1.41% 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%
IXJ
iShares Global Healthcare ETF		1.41%1.40%1.50%1.38%1.17%1.12%1.27%1.42%2.11%1.46%1.73%2.85%

Frequently Asked Questions

AAXJ and IXJ have a correlation of 0.29, 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 IXJ (4.81%). In terms of maximum drawdown, AAXJ dropped -49.37% vs IXJ's -40.60%.

On 10-year performance, AAXJ leads with 10.34% vs 8.43% for IXJ. On fees, IXJ is cheaper at 0.46% per year. On volatility, IXJ has been the lower-risk option at 4.81%. 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 8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IXJ is cheaper with a 0.46% expense ratio, compared with 0.68% for AAXJ.

AAXJ has the higher dividend yield at 1.43%, compared with 1.41% for IXJ.

AAXJ is categorized as Asia Pacific Equities, while IXJ is Health & Biotech Equities. AAXJ tracks MSCI All Country Asia ex Japan Index, while IXJ tracks S&P Global Healthcare Sector Index. Their fees differ too: 0.68% for AAXJ and 0.46% for IXJ.

AAXJ currently has the higher Sharpe Ratio (2.11 vs 0.69), 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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