AAXJ vs. JPYUSD=X
AAXJ (iShares MSCI All Country Asia ex-Japan ETF) is Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while JPYUSD=X (JPY/USD) is a currency. Over the past 10 years, AAXJ returned 10.34%/yr vs -4.19%/yr for JPYUSD=X. At a correlation of -0.12, they often move in opposite directions.
Performance
AAXJ vs. JPYUSD=X - Performance Comparison
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Returns By Period
In the year-to-date period, AAXJ achieves a 26.46% return, which is significantly higher than JPYUSD=X's -2.12% return. Over the past 10 years, AAXJ has outperformed JPYUSD=X with an annualized return of 10.34%, while JPYUSD=X has yielded a comparatively lower -4.19% 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%
JPYUSD=X
- 1D
- 0.10%
- 1M
- -0.82%
- YTD
- -2.12%
- 6M
- -3.07%
- 1Y
- -9.99%
- 3Y*
- -4.30%
- 5Y*
- -7.22%
- 10Y*
- -4.19%
AAXJ vs. JPYUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
JPYUSD=X JPY/USD | -2.12% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
Correlation
The correlation between AAXJ and JPYUSD=X is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2008 | -0.12 |
The correlation between AAXJ and JPYUSD=X shifts across timeframes, from -0.12 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AAXJ vs. JPYUSD=X — Risk / Return Rank
AAXJ
JPYUSD=X
AAXJ vs. JPYUSD=X - 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 JPY/USD (JPYUSD=X). 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.
| AAXJ | JPYUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.19 | ||
| Sortino ratioReturn per unit of downside risk | +4.33 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.82 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | -0.76 | +4.17 |
| Martin ratioReturn relative to average drawdown | 12.55 | -1.11 | +13.66 |
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Drawdowns
AAXJ vs. JPYUSD=X - Drawdown Comparison
The maximum AAXJ drawdown since its inception was -49.37%, smaller than the maximum JPYUSD=X drawdown of -52.96%. Use the drawdown chart below to compare losses from any high point for AAXJ and JPYUSD=X.
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Drawdown Indicators
| AAXJ | JPYUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.37% | -52.96% | +3.59% |
Max Drawdown (1Y)Largest decline over 1 year | -13.66% | -10.68% | -2.98% |
Max Drawdown (3Y)Largest decline over 3 years | -19.74% | -14.63% | -5.11% |
Max Drawdown (5Y)Largest decline over 5 years | -40.64% | -32.59% | -8.05% |
Max Drawdown (10Y)Largest decline over 10 years | -44.52% | -38.21% | -6.31% |
Current DrawdownCurrent decline from peak | -4.62% | -52.47% | +47.85% |
Average DrawdownAverage peak-to-trough decline | -14.01% | -26.92% | +12.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 6.18% | -2.47% |
Volatility
AAXJ vs. JPYUSD=X - Volatility Comparison
iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 11.46% compared to JPY/USD (JPYUSD=X) at 0.69%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than JPYUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAXJ | JPYUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.46% | 0.69% | +10.77% |
Volatility (6M)Calculated over the trailing 6-month period | 19.71% | 5.48% | +14.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.12% | 7.50% | +14.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.32% | 9.56% | +10.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.42% | 8.90% | +11.52% |
Frequently Asked Questions
AAXJ and JPYUSD=X have a correlation of 0.28, 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 JPYUSD=X (0.69%). In terms of maximum drawdown, AAXJ dropped -49.37% vs JPYUSD=X's -52.96%.
AAXJ currently has the higher Sharpe Ratio (2.11 vs -1.09), 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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