AAXJ vs. SOXX

Last updated Jun 5, 2026

AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, AAXJ returned 10.24%/yr vs 35.54%/yr for SOXX. A 0.66 correlation means they provide meaningful diversification when combined. AAXJ charges 0.68%/yr vs 0.34%/yr for SOXX.

Performance

AAXJ vs. SOXX - 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 Semiconductor ETF (SOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAXJ achieves a 29.50% return, which is significantly lower than SOXX's 100.26% return. Over the past 10 years, AAXJ has underperformed SOXX with an annualized return of 10.24%, while SOXX has yielded a comparatively higher 35.54% annualized return.

AAXJ

• 1D: -1.28%
• 1M: 7.11%
• YTD: 29.50%
• 6M: 32.24%
• 1Y: 54.70%
• 3Y*: 24.06%
• 5Y*: 6.77%
• 10Y*: 10.24%

SOXX

• 1D: -2.10%
• 1M: 24.86%
• YTD: 100.26%
• 6M: 97.20%
• 1Y: 179.78%
• 3Y*: 57.09%
• 5Y*: 33.93%
• 10Y*: 35.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAXJ vs. SOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAXJ iShares MSCI All Country Asia ex-Japan ETF	29.50%	31.53%	10.41%	4.79%	-20.35%	-5.73%	23.35%	17.93%	-15.04%	41.76%
SOXX iShares Semiconductor ETF	100.26%	40.74%	12.92%	67.12%	-35.09%	44.09%	52.72%	62.42%	-6.49%	39.79%

Correlation

The correlation between AAXJ and SOXX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Aug 18, 2008	0.66

The correlation between AAXJ and SOXX has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

AAXJ vs. SOXX - Sectors Allocation Comparison

Sectors	AAXJ	SOXX
Technology	41.6%	100.0%
Financial Services	17.7%	-
Consumer Cyclical	10.3%	-
Industrials	8.3%	-
Communication Services	6.9%	-
Basic Materials	3.5%	-
Healthcare	3.0%	-
Energy	2.7%	-
Consumer Defensive	2.4%	-
Utilities	1.8%	-
Real Estate	1.7%	-

Return for Risk

AAXJ vs. SOXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAXJ

AAXJ Risk / Return Rank: 81
AAXJ Sharpe Ratio Rank: 84
AAXJ Sortino Ratio Rank: 80
AAXJ Omega Ratio Rank: 83
AAXJ Calmar Ratio Rank: 79
AAXJ Martin Ratio Rank: 80

SOXX

SOXX Risk / Return Rank: 96
SOXX Sharpe Ratio Rank: 98
SOXX Sortino Ratio Rank: 95
SOXX Omega Ratio Rank: 95
SOXX Calmar Ratio Rank: 97
SOXX Martin Ratio Rank: 97

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. SOXX - 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 Semiconductor ETF (SOXX). 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.

	AAXJ	SOXX	Difference
Sharpe ratio: Return per unit of total volatility	2.71	5.29	-2.58
Sortino ratio: Return per unit of downside risk	3.54	5.16	-1.62
Omega ratio: Gain probability vs. loss probability	1.49	1.71	-0.22
Calmar ratio: Return relative to maximum drawdown	4.02	11.48	-7.45
Martin ratio: Return relative to average drawdown	15.52	43.90	-28.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAXJ vs. SOXX - Sharpe Ratio Comparison

The current AAXJ Sharpe Ratio is 2.71, which is lower than the SOXX Sharpe Ratio of 5.29. The chart below compares the historical Sharpe Ratios of AAXJ and SOXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAXJ	SOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	5.29	-2.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.94	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	1.07	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.44	-0.16

Drawdowns

AAXJ vs. SOXX - Drawdown Comparison

The maximum AAXJ drawdown since its inception was -49.37%, smaller than the maximum SOXX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for AAXJ and SOXX.

Drawdown Indicators

	AAXJ	SOXX	Difference
Max Drawdown Largest peak-to-trough decline	-49.37%	-70.21%	+20.84%
Max Drawdown (1Y) Largest decline over 1 year	-13.66%	-15.77%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.74%	-41.36%	+21.62%
Max Drawdown (5Y) Largest decline over 5 years	-40.74%	-45.75%	+5.01%
Max Drawdown (10Y) Largest decline over 10 years	-44.52%	-45.75%	+1.23%
Current Drawdown Current decline from peak	-2.32%	-2.10%	-0.22%
Average Drawdown Average peak-to-trough decline	-14.03%	-19.97%	+5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	4.11%	-0.58%

Volatility

AAXJ vs. SOXX - Volatility Comparison

The current volatility for iShares MSCI All Country Asia ex-Japan ETF (AAXJ) is 8.95%, while iShares Semiconductor ETF (SOXX) has a volatility of 14.08%. This indicates that AAXJ experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAXJ	SOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.95%	14.08%	-5.13%
Volatility (6M) Calculated over the trailing 6-month period	17.53%	27.45%	-9.92%
Volatility (1Y) Calculated over the trailing 1-year period	20.30%	34.20%	-13.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.95%	36.11%	-16.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.25%	33.43%	-13.18%

AAXJ vs. SOXX - Expense Ratio Comparison

AAXJ has a 0.68% expense ratio, which is higher than SOXX's 0.34% expense ratio.

Dividends

AAXJ vs. SOXX - Dividend Comparison

AAXJ's dividend yield for the trailing twelve months is around 1.40%, more than SOXX's 0.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAXJ iShares MSCI All Country Asia ex-Japan ETF	1.40%	1.81%	1.86%	1.95%	1.74%	2.21%	1.06%	1.83%	2.10%	1.99%	1.77%	2.44%
SOXX iShares Semiconductor ETF	0.28%	0.57%	0.67%	0.78%	1.26%	0.64%	0.81%	1.23%	1.37%	0.90%	1.08%	1.29%

Frequently Asked Questions

Can I hold both AAXJ and SOXX in my portfolio?

AAXJ and SOXX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAXJ or SOXX?

SOXX has higher volatility (14.08%) compared to AAXJ (8.95%). In terms of maximum drawdown, AAXJ dropped -49.37% vs SOXX's -70.21%.

Which ETF is better, AAXJ or SOXX?

On 10-year performance, SOXX leads with 35.54% vs 10.24% for AAXJ. On fees, SOXX is cheaper at 0.34% per year. On volatility, AAXJ has been the lower-risk option at 8.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAXJ or SOXX?

Over the 10-year period, SOXX has performed better with a 35.54% return vs 10.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAXJ or SOXX?

SOXX is cheaper with a 0.34% expense ratio, compared with 0.68% for AAXJ.

Which ETF pays a higher dividend yield, AAXJ or SOXX?

AAXJ has the higher dividend yield at 1.40%, compared with 0.28% for SOXX.

What is the main difference between AAXJ and SOXX?

AAXJ is categorized as Asia Pacific Equities, while SOXX is Semiconductors. AAXJ tracks MSCI All Country Asia ex Japan Index, while SOXX tracks NYSE Semiconductor Index. Their fees differ too: 0.68% for AAXJ and 0.34% for SOXX.

Which has better risk-adjusted returns?

SOXX currently has the higher Sharpe Ratio (5.29 vs 2.71), 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.