AIA vs. AAXJ

Last updated Jun 4, 2026

AIA (iShares Asia 50 ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both Asia Pacific Equities funds from iShares - AIA tracks the S&P Asia 50 while AAXJ tracks the MSCI All Country Asia ex Japan Index. Both are passively managed. Over the past 10 years, AIA returned 15.48%/yr vs 10.50%/yr for AAXJ. With a 0.95 correlation, they move nearly in lockstep. AIA charges 0.50%/yr vs 0.68%/yr for AAXJ.

Performance

AIA vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Asia 50 ETF (AIA) and iShares MSCI All Country Asia ex-Japan ETF (AAXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIA achieves a 52.67% return, which is significantly higher than AAXJ's 31.17% return. Over the past 10 years, AIA has outperformed AAXJ with an annualized return of 15.48%, while AAXJ has yielded a comparatively lower 10.50% annualized return.

AIA

• 1D: -1.19%
• 1M: 18.04%
• YTD: 52.67%
• 6M: 57.46%
• 1Y: 100.69%
• 3Y*: 38.58%
• 5Y*: 12.42%
• 10Y*: 15.48%

AAXJ

• 1D: -1.06%
• 1M: 10.65%
• YTD: 31.17%
• 6M: 33.71%
• 1Y: 59.00%
• 3Y*: 24.49%
• 5Y*: 7.04%
• 10Y*: 10.50%

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

AIA vs. AAXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIA iShares Asia 50 ETF	52.67%	47.79%	20.26%	4.32%	-24.08%	-10.91%	33.73%	22.21%	-14.22%	45.00%
AAXJ iShares MSCI All Country Asia ex-Japan ETF	31.17%	31.53%	10.41%	4.79%	-20.35%	-5.73%	23.35%	17.93%	-15.04%	41.76%

Correlation

The correlation between AIA and AAXJ is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 18, 2008	0.95

The correlation between AIA and AAXJ has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

AIA vs. AAXJ - Sectors Allocation Comparison

Sectors	AIA	AAXJ
Technology	56.8%	41.6%
Financial Services	19.3%	17.7%
Consumer Cyclical	10.1%	10.3%
Communication Services	8.9%	6.9%
Industrials	2.6%	8.3%
Healthcare	0.9%	3.0%
Energy	0.7%	2.7%
Real Estate	0.6%	1.7%
Basic Materials	-	3.5%
Consumer Defensive	-	2.4%
Utilities	-	1.8%

Return for Risk

AIA vs. AAXJ — Risk / Return Rank

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

AIA

AIA Risk / Return Rank: 93
AIA Sharpe Ratio Rank: 95
AIA Sortino Ratio Rank: 92
AIA Omega Ratio Rank: 92
AIA Calmar Ratio Rank: 94
AIA Martin Ratio Rank: 94

AAXJ

AAXJ Risk / Return Rank: 84
AAXJ Sharpe Ratio Rank: 87
AAXJ Sortino Ratio Rank: 83
AAXJ Omega Ratio Rank: 85
AAXJ Calmar Ratio Rank: 82
AAXJ Martin Ratio Rank: 82

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.

AIA vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Asia 50 ETF (AIA) 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.

	AIA	AAXJ	Difference
Sharpe ratio: Return per unit of total volatility	3.94	2.93	+1.01
Sortino ratio: Return per unit of downside risk	4.57	3.77	+0.80
Omega ratio: Gain probability vs. loss probability	1.64	1.53	+0.11
Calmar ratio: Return relative to maximum drawdown	7.16	4.34	+2.82
Martin ratio: Return relative to average drawdown	26.55	16.76	+9.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIA vs. AAXJ - Sharpe Ratio Comparison

The current AIA Sharpe Ratio is 3.94, which is higher than the AAXJ Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of AIA 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.

Sharpe Ratios by Period

	AIA	AAXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.94	2.93	+1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.35	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.52	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.28	+0.04

Drawdowns

AIA vs. AAXJ - Drawdown Comparison

The maximum AIA drawdown since its inception was -60.89%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for AIA and AAXJ.

Drawdown Indicators

	AIA	AAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-60.89%	-49.37%	-11.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-13.66%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-21.64%	-19.74%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-50.17%	-40.74%	-9.43%
Max Drawdown (10Y) Largest decline over 10 years	-54.64%	-44.52%	-10.12%
Current Drawdown Current decline from peak	-1.19%	-1.06%	-0.13%
Average Drawdown Average peak-to-trough decline	-16.68%	-14.03%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.53%	+0.28%

Volatility

AIA vs. AAXJ - Volatility Comparison

iShares Asia 50 ETF (AIA) has a higher volatility of 11.22% compared to iShares MSCI All Country Asia ex-Japan ETF (AAXJ) at 8.93%. This indicates that AIA's price experiences larger fluctuations and is considered to be riskier than AAXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIA	AAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.22%	8.93%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	21.71%	17.46%	+4.25%
Volatility (1Y) Calculated over the trailing 1-year period	25.70%	20.25%	+5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.51%	19.94%	+5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.55%	20.25%	+3.30%

AIA vs. AAXJ - Expense Ratio Comparison

AIA has a 0.50% expense ratio, which is lower than AAXJ's 0.68% expense ratio.

Dividends

AIA vs. AAXJ - Dividend Comparison

AIA's dividend yield for the trailing twelve months is around 1.64%, more than AAXJ's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAXJ iShares MSCI All Country Asia ex-Japan ETF	1.38%	1.81%	1.86%	1.95%	1.74%	2.21%	1.06%	1.83%	2.10%	1.99%	1.77%	2.44%
AIA iShares Asia 50 ETF	1.64%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%

Frequently Asked Questions

Can I hold both AIA and AAXJ in my portfolio?

With a correlation of 0.97, AIA and AAXJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AIA or AAXJ?

AIA has higher volatility (11.22%) compared to AAXJ (8.93%). In terms of maximum drawdown, AIA dropped -60.89% vs AAXJ's -49.37%.

Which ETF is better, AIA or AAXJ?

On 10-year performance, AIA leads with 15.48% vs 10.50% for AAXJ. On fees, AIA is cheaper at 0.50% per year. On volatility, AAXJ has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIA or AAXJ?

Over the 10-year period, AIA has performed better with a 15.48% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIA or AAXJ?

AIA is cheaper with a 0.50% expense ratio, compared with 0.68% for AAXJ.

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

AIA has the higher dividend yield at 1.64%, compared with 1.38% for AAXJ.

What is the main difference between AIA and AAXJ?

AIA tracks S&P Asia 50, while AAXJ tracks MSCI All Country Asia ex Japan Index. Their fees differ too: 0.50% for AIA and 0.68% for AAXJ.

Which has better risk-adjusted returns?

AIA currently has the higher Sharpe Ratio (3.94 vs 2.93), 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.