AXQE.DE vs. AE5A.DE

Last updated Jun 5, 2026

AXQE.DE (AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating) and AE5A.DE (Amundi Core MSCI Emerging Markets Swap UCITS ETF Dist) are both Emerging Markets Equities funds - AXQE.DE tracks the MSCI Emerging Markets ex China Climate Paris Aligned (EUR Hedged) while AE5A.DE tracks the MSCI Emerging Markets Index. Both are passively managed. Over the past year, AXQE.DE returned 68.61% vs 49.88% for AE5A.DE. A 0.80 correlation means they provide meaningful diversification when combined. AXQE.DE charges 0.30%/yr vs 0.14%/yr for AE5A.DE.

Performance

AXQE.DE vs. AE5A.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.DE) and Amundi Core MSCI Emerging Markets Swap UCITS ETF Dist (AE5A.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AXQE.DE achieves a 37.94% return, which is significantly higher than AE5A.DE's 27.41% return.

AXQE.DE

• 1D: -0.91%
• 1M: 6.45%
• YTD: 37.94%
• 6M: 42.42%
• 1Y: 68.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AE5A.DE

• 1D: -1.54%
• 1M: 6.05%
• YTD: 27.41%
• 6M: 29.44%
• 1Y: 49.88%
• 3Y*: 20.90%
• 5Y*: 8.49%
• 10Y*: 9.98%

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

AXQE.DE vs. AE5A.DE - Yearly Performance Comparison

	2026 (YTD)	2025
AXQE.DE AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating	37.94%	28.56%
AE5A.DE Amundi Core MSCI Emerging Markets Swap UCITS ETF Dist	27.41%	14.37%

Correlation

The correlation between AXQE.DE and AE5A.DE is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.80

The correlation between AXQE.DE and AE5A.DE has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

AXQE.DE vs. AE5A.DE — Risk / Return Rank

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

AXQE.DE

AXQE.DE Risk / Return Rank: 71
AXQE.DE Sharpe Ratio Rank: 64
AXQE.DE Sortino Ratio Rank: 62
AXQE.DE Omega Ratio Rank: 85
AXQE.DE Calmar Ratio Rank: 71
AXQE.DE Martin Ratio Rank: 75

AE5A.DE

AE5A.DE Risk / Return Rank: 85
AE5A.DE Sharpe Ratio Rank: 86
AE5A.DE Sortino Ratio Rank: 84
AE5A.DE Omega Ratio Rank: 85
AE5A.DE Calmar Ratio Rank: 86
AE5A.DE Martin Ratio Rank: 85

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.

AXQE.DE vs. AE5A.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.DE) and Amundi Core MSCI Emerging Markets Swap UCITS ETF Dist (AE5A.DE). 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.

	AXQE.DE	AE5A.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.79	-0.69
Sortino ratio: Return per unit of downside risk	2.85	3.72	-0.87
Omega ratio: Gain probability vs. loss probability	1.51	1.50	0.00
Calmar ratio: Return relative to maximum drawdown	3.48	4.80	-1.32
Martin ratio: Return relative to average drawdown	14.04	17.35	-3.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AXQE.DE vs. AE5A.DE - Sharpe Ratio Comparison

The current AXQE.DE Sharpe Ratio is 2.10, which is comparable to the AE5A.DE Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of AXQE.DE and AE5A.DE, 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

	AXQE.DE	AE5A.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.79	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	0.42	+1.39

Drawdowns

AXQE.DE vs. AE5A.DE - Drawdown Comparison

The maximum AXQE.DE drawdown since its inception was -19.63%, smaller than the maximum AE5A.DE drawdown of -36.16%. Use the drawdown chart below to compare losses from any high point for AXQE.DE and AE5A.DE.

Drawdown Indicators

	AXQE.DE	AE5A.DE	Difference
Max Drawdown Largest peak-to-trough decline	-19.63%	-36.16%	+16.53%
Max Drawdown (1Y) Largest decline over 1 year	-19.63%	-10.34%	-9.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.24%	—
Current Drawdown Current decline from peak	-2.54%	-2.56%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.70%	-9.72%	+7.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.87%	2.87%	+2.00%

Volatility

AXQE.DE vs. AE5A.DE - Volatility Comparison

AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.DE) has a higher volatility of 9.35% compared to Amundi Core MSCI Emerging Markets Swap UCITS ETF Dist (AE5A.DE) at 7.32%. This indicates that AXQE.DE's price experiences larger fluctuations and is considered to be riskier than AE5A.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AXQE.DE	AE5A.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.35%	7.32%	+2.03%
Volatility (6M) Calculated over the trailing 6-month period	30.41%	14.97%	+15.44%
Volatility (1Y) Calculated over the trailing 1-year period	32.57%	17.82%	+14.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.53%	17.23%	+13.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.53%	19.05%	+11.48%

AXQE.DE vs. AE5A.DE - Expense Ratio Comparison

AXQE.DE has a 0.30% expense ratio, which is higher than AE5A.DE's 0.14% expense ratio.

Dividends

AXQE.DE vs. AE5A.DE - Dividend Comparison

AXQE.DE has not paid dividends to shareholders, while AE5A.DE's dividend yield for the trailing twelve months is around 1.69%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AE5A.DE Amundi Core MSCI Emerging Markets Swap UCITS ETF Dist	1.69%	2.15%	3.38%	3.80%	2.44%	1.62%	1.71%	2.01%	2.17%
AXQE.DE AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AXQE.DE and AE5A.DE in my portfolio?

AXQE.DE and AE5A.DE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AXQE.DE or AE5A.DE?

On fees, AE5A.DE is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AXQE.DE or AE5A.DE?

AE5A.DE is cheaper with a 0.14% expense ratio, compared with 0.30% for AXQE.DE.

What is the main difference between AXQE.DE and AE5A.DE?

AXQE.DE tracks MSCI Emerging Markets ex China Climate Paris Aligned (EUR Hedged), while AE5A.DE tracks MSCI Emerging Markets Index. They also come from different issuers: AXA IM and Amundi. Their fees differ too: 0.30% for AXQE.DE and 0.14% for AE5A.DE.