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AAXJ vs. KBA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AAXJ vs. KBA

Last updated Aug 5, 2026
Documentation

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and KBA (KraneShares Bosera MSCI China A Share ETF) are both exchange-traded funds - AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while KBA is a China Equities fund tracking the MSCI China A Index. Both are passively managed. Over the past 10 years, AAXJ returned 8.92%/yr vs 9.36%/yr for KBA. Their 0.64 correlation means they have sometimes moved together and sometimes differently. AAXJ charges 0.68%/yr vs 0.60%/yr for KBA.

Performance

AAXJ vs. KBA - 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 KraneShares Bosera MSCI China A Share ETF (KBA). 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 23.07% return, which is significantly higher than KBA's 7.51% return. Both investments have delivered pretty close results over the past 10 years, with AAXJ having a 8.92% annualized return and KBA not far ahead at 9.36%.

AAXJ

1D
2.58%
1M
0.22%
6M
13.71%
YTD
23.07%
1Y
38.45%
3Y*
21.08%
5Y*
7.14%
10Y*
8.92%
ALL TIME*
6.55%

KBA

1D
1.22%
1M
1.47%
6M
9.64%
YTD
7.51%
1Y
33.17%
3Y*
12.50%
5Y*
6.68%
10Y*
9.36%
ALL TIME*
9.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

AAXJ

iShares MSCI All Country Asia ex-Japan ETF
$46.72M$64.51M$77.70M

KBA

KraneShares Bosera MSCI China A Share ETF
$840.48K$865.25K$2.10M

AAXJ vs. KBA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		23.07%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%41.76%
KBA
KraneShares Bosera MSCI China A Share ETF		7.51%33.88%15.73%-16.77%-3.49%3.17%41.62%35.44%-26.28%30.69%

Correlation

The correlation between AAXJ and KBA is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.62

Correlation (3Y)
Balances recent behavior with more history.

0.62

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.67

Correlation (10Y)
Provides a long-term view across more market conditions.

0.69

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2014

0.64

The correlation between AAXJ and KBA has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.

AAXJ vs. KBA - Sectors Allocation Comparison

Sectors
AAXJ
KBA

Technology

51.1%
37.5%

Financial Services

16.1%
16.9%

Consumer Cyclical

7.8%
4.1%

Industrials

6.8%
14.4%

Communication Services

5.9%
1.2%

Basic Materials

2.9%
10.1%

Healthcare

2.6%
4.0%

Energy

2.1%
2.4%

Consumer Defensive

1.9%
5.8%

Utilities

1.5%
3.2%

Real Estate

1.3%
0.4%

Technology

AAXJ
51.1%
KBA
37.5%

Financial Services

AAXJ
16.1%
KBA
16.9%

Consumer Cyclical

AAXJ
7.8%
KBA
4.1%

Industrials

AAXJ
6.8%
KBA
14.4%

Communication Services

AAXJ
5.9%
KBA
1.2%

Basic Materials

AAXJ
2.9%
KBA
10.1%

Healthcare

AAXJ
2.6%
KBA
4.0%

Energy

AAXJ
2.1%
KBA
2.4%

Consumer Defensive

AAXJ
1.9%
KBA
5.8%

Utilities

AAXJ
1.5%
KBA
3.2%

Real Estate

AAXJ
1.3%
KBA
0.4%

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

KraneShares Bosera MSCI China A Share ETF

Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD
Often compared with KBA:
KBA vs. ASHRKBA vs. CNYAKBA vs. KGRNKBA vs. EWTKBA vs. MCHIKBA vs. HEZUKBA vs. ASHS

Return for Risk

AAXJ vs. KBA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
AAXJ
AAXJ Risk / Return Rank: 5858
Overall Rank
AAXJ Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 5151
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 5959
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 6666
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 6060
Martin Ratio Rank
KBA
KBA Risk / Return Rank: 6666
Overall Rank
KBA Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
KBA Sortino Ratio Rank: 5858
Sortino Ratio Rank
KBA Omega Ratio Rank: 5757
Omega Ratio Rank
KBA Calmar Ratio Rank: 8989
Calmar Ratio Rank
KBA Martin Ratio Rank: 6969
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAXJ vs. KBA - 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 KraneShares Bosera MSCI China A Share ETF (KBA). 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.

AAXJKBADifference
Sharpe ratioReturn per unit of total volatility
1.53
1.60

-0.07

Sortino ratioReturn per unit of downside risk
2.05
2.23

-0.19

Omega ratioGain probability vs. loss probability

1.29

1.28

+0.01

Calmar ratioReturn relative to maximum drawdown

2.59

4.00

-1.41

Martin ratioReturn relative to average drawdown

7.99

9.42

-1.43

AAXJ vs. KBA - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 1.53, which is comparable to the KBA Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of AAXJ and KBA, 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. KBA - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, smaller than the maximum KBA drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for AAXJ and KBA.

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Drawdown Indicators

AAXJKBADifference

Max Drawdown

Largest peak-to-trough decline

-49.37%

-53.24%

+3.87%

Max Drawdown (1Y)

Largest decline over 1 year

-14.94%

-8.33%

-6.61%

Max Drawdown (3Y)

Largest decline over 3 years

-19.74%

-31.23%

+11.49%

Max Drawdown (5Y)

Largest decline over 5 years

-37.74%

-39.76%

+2.02%

Max Drawdown (10Y)

Largest decline over 10 years

-44.52%

-45.32%

+0.80%

Current Drawdown

Current decline from peak

-8.07%

-6.16%

-1.91%

Average Drawdown

Average peak-to-trough decline

-13.96%

-25.52%

+11.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.83%

3.53%

+1.30%

Volatility

AAXJ vs. KBA - Volatility Comparison

iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 9.20% compared to KraneShares Bosera MSCI China A Share ETF (KBA) at 7.84%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than KBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AAXJKBADifference

Volatility (1M)

Calculated over the trailing 1-month period

9.20%

7.84%

+1.36%

Volatility (6M)

Calculated over the trailing 6-month period

23.06%

16.42%

+6.64%

Volatility (1Y)

Calculated over the trailing 1-year period

25.30%

20.86%

+4.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.95%

27.34%

-6.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.71%

25.51%

-4.80%

AAXJ vs. KBA - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is higher than KBA's 0.60% expense ratio.

Dividends

AAXJ vs. KBA - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.35%, less than KBA's 1.45% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.35%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
KBA
KraneShares Bosera MSCI China A Share ETF		1.45%1.56%2.18%2.34%49.05%9.07%0.65%1.53%3.77%1.46%6.62%29.08%

Frequently Asked Questions

AAXJ and KBA have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (9.20%) compared to KBA (7.84%). In terms of maximum drawdown, AAXJ dropped -49.37% vs KBA's -53.24%.

On 10-year performance, KBA leads with 9.36% vs 8.92% for AAXJ. On fees, KBA is cheaper at 0.60% per year. On volatility, KBA has been the lower-risk option at 7.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KBA has performed better with a 9.36% return vs 8.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KBA is cheaper with a 0.60% expense ratio, compared with 0.68% for AAXJ.

KBA has the higher dividend yield at 1.45%, compared with 1.35% for AAXJ.

AAXJ is categorized as Asia Pacific Equities, while KBA is China Equities. AAXJ tracks MSCI All Country Asia ex Japan Index, while KBA tracks MSCI China A Index. They also come from different issuers: iShares and CICC. Their fees differ too: 0.68% for AAXJ and 0.60% for KBA.

KBA currently has the higher Sharpe Ratio (1.60 vs 1.53), 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.

Portfolio Optimizer

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