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ACWI vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ACWI vs. AAXJ

Last updated Jun 9, 2026

ACWI (iShares MSCI ACWI ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index. Both are passively managed. Over the past 10 years, ACWI returned 12.71%/yr vs 9.86%/yr for AAXJ. Their correlation of 0.81 suggests significant overlap in exposure. ACWI charges 0.32%/yr vs 0.68%/yr for AAXJ.

Performance

ACWI vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ETF (ACWI) and iShares MSCI All Country Asia ex-Japan ETF (AAXJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ACWI achieves a 9.49% return, which is significantly lower than AAXJ's 22.87% return. Over the past 10 years, ACWI has outperformed AAXJ with an annualized return of 12.71%, while AAXJ has yielded a comparatively lower 9.86% annualized return.

ACWI

1D
0.34%
1M
-0.30%
YTD
9.49%
6M
10.24%
1Y
25.23%
3Y*
19.98%
5Y*
10.81%
10Y*
12.71%

AAXJ

1D
2.12%
1M
-2.62%
YTD
22.87%
6M
24.43%
1Y
45.43%
3Y*
21.57%
5Y*
5.97%
10Y*
9.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWI vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ACWI
iShares MSCI ACWI ETF		9.49%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		22.87%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%41.76%

Correlation

The correlation between ACWI and AAXJ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.82

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

0.76

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

0.75

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

0.78

Correlation (All Time)
Calculated using the full available price history since Aug 18, 2008

0.81

The correlation between ACWI and AAXJ has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

ACWI vs. AAXJ - Sectors Allocation Comparison

Sectors
ACWI
AAXJ

Technology

29.4%
41.6%

Financial Services

16.1%
17.7%

Industrials

10.9%
8.3%

Consumer Cyclical

9.3%
10.3%

Communication Services

9.0%
6.9%

Healthcare

8.1%
3.0%

Consumer Defensive

5.0%
2.4%

Energy

4.2%
2.7%

Basic Materials

3.7%
3.5%

Utilities

2.6%
1.8%

Real Estate

1.8%
1.7%

Technology

ACWI
29.4%
AAXJ
41.6%

Financial Services

ACWI
16.1%
AAXJ
17.7%

Industrials

ACWI
10.9%
AAXJ
8.3%

Consumer Cyclical

ACWI
9.3%
AAXJ
10.3%

Communication Services

ACWI
9.0%
AAXJ
6.9%

Healthcare

ACWI
8.1%
AAXJ
3.0%

Consumer Defensive

ACWI
5.0%
AAXJ
2.4%

Energy

ACWI
4.2%
AAXJ
2.7%

Basic Materials

ACWI
3.7%
AAXJ
3.5%

Utilities

ACWI
2.6%
AAXJ
1.8%

Real Estate

ACWI
1.8%
AAXJ
1.7%

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iShares MSCI ACWI ETF

iShares MSCI All Country Asia ex-Japan ETF

Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. AFTY

Return for Risk

ACWI vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ACWI
ACWI Risk / Return Rank: 6464
Overall Rank
ACWI Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6363
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6565
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5858
Calmar Ratio Rank
ACWI Martin Ratio Rank: 6969
Martin Ratio Rank
AAXJ
AAXJ Risk / Return Rank: 7272
Overall Rank
AAXJ Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 6565
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 7676
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 7373
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 7474
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.

ACWI vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and iShares MSCI All Country Asia ex-Japan ETF (AAXJ). 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.

ACWIAAXJDifference
Sharpe ratioReturn per unit of total volatility
1.93
2.11

-0.18

Sortino ratioReturn per unit of downside risk
2.64
2.70

-0.06

Omega ratioGain probability vs. loss probability

1.35

1.40

-0.05

Calmar ratioReturn relative to maximum drawdown

2.61

3.34

-0.74

Martin ratioReturn relative to average drawdown

11.58

12.62

-1.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACWI vs. AAXJ - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 1.93, which is comparable to the AAXJ Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of ACWI and AAXJ, 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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Sharpe Ratios by Period

ACWIAAXJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

2.11

-0.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.30

+0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

0.49

+0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.27

+0.15

Drawdowns

ACWI vs. AAXJ - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for ACWI and AAXJ.

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Drawdown Indicators

ACWIAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-56.00%

-49.37%

-6.63%

Max Drawdown (1Y)

Largest decline over 1 year

-9.73%

-13.66%

+3.93%

Max Drawdown (3Y)

Largest decline over 3 years

-16.55%

-19.74%

+3.19%

Max Drawdown (5Y)

Largest decline over 5 years

-26.42%

-40.64%

+14.22%

Max Drawdown (10Y)

Largest decline over 10 years

-33.53%

-44.52%

+10.99%

Current Drawdown

Current decline from peak

-3.16%

-7.32%

+4.16%

Average Drawdown

Average peak-to-trough decline

-8.61%

-14.02%

+5.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.18%

3.61%

-1.43%

Volatility

ACWI vs. AAXJ - Volatility Comparison

The current volatility for iShares MSCI ACWI ETF (ACWI) is 4.50%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.44%. This indicates that ACWI experiences smaller price fluctuations and is considered to be less risky than AAXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ACWIAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.50%

11.44%

-6.94%

Volatility (6M)

Calculated over the trailing 6-month period

10.76%

19.19%

-8.43%

Volatility (1Y)

Calculated over the trailing 1-year period

13.16%

21.66%

-8.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.11%

20.22%

-4.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.14%

20.38%

-3.24%

ACWI vs. AAXJ - Expense Ratio Comparison

ACWI has a 0.32% expense ratio, which is lower than AAXJ's 0.68% expense ratio.

Dividends

ACWI vs. AAXJ - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.42%, less than AAXJ's 1.47% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.47%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
ACWI
iShares MSCI ACWI ETF		1.42%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%

Frequently Asked Questions

ACWI and AAXJ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (11.44%) compared to ACWI (4.50%). In terms of maximum drawdown, ACWI dropped -56.00% vs AAXJ's -49.37%.

On 10-year performance, ACWI leads with 12.71% vs 9.86% for AAXJ. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ACWI has performed better with a 12.71% return vs 9.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ACWI is cheaper with a 0.32% expense ratio, compared with 0.68% for AAXJ.

AAXJ has the higher dividend yield at 1.47%, compared with 1.42% for ACWI.

ACWI is categorized as Global Equities, while AAXJ is Asia Pacific Equities. ACWI tracks MSCI All Country World Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. Their fees differ too: 0.32% for ACWI and 0.68% for AAXJ.

AAXJ currently has the higher Sharpe Ratio (2.11 vs 1.93), 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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