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EFV vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFV vs. AAXJ

Last updated Jun 9, 2026

EFV (iShares MSCI EAFE Value ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both exchange-traded funds - EFV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Value 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, EFV returned 9.94%/yr vs 9.86%/yr for AAXJ. A 0.74 correlation means they provide meaningful diversification when combined. EFV charges 0.39%/yr vs 0.68%/yr for AAXJ.

Performance

EFV vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE Value ETF (EFV) 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, EFV achieves a 8.07% return, which is significantly lower than AAXJ's 22.87% return. Both investments have delivered pretty close results over the past 10 years, with EFV having a 9.94% annualized return and AAXJ not far behind at 9.86%.

EFV

1D
0.35%
1M
-1.10%
YTD
8.07%
6M
12.00%
1Y
25.73%
3Y*
21.26%
5Y*
11.92%
10Y*
9.94%

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)

EFV vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFV
iShares MSCI EAFE Value ETF		8.07%42.22%5.35%18.85%-5.22%11.08%-2.97%15.80%-14.67%21.22%
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 EFV and AAXJ is 0.62, 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

0.62

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

0.65

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

0.67

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

0.69

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

0.74

The correlation between EFV and AAXJ shifts across timeframes, from 0.62 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

EFV vs. AAXJ - Sectors Allocation Comparison

Sectors
EFV
AAXJ

Financial Services

37.3%
17.7%

Industrials

9.6%
8.3%

Consumer Defensive

9.5%
2.4%

Healthcare

7.4%
3.0%

Energy

6.8%
2.7%

Basic Materials

6.5%
3.5%

Consumer Cyclical

6.0%
10.3%

Utilities

5.7%
1.8%

Communication Services

4.4%
6.9%

Technology

3.2%
41.6%

Real Estate

2.7%
1.7%

Financial Services

EFV
37.3%
AAXJ
17.7%

Industrials

EFV
9.6%
AAXJ
8.3%

Consumer Defensive

EFV
9.5%
AAXJ
2.4%

Healthcare

EFV
7.4%
AAXJ
3.0%

Energy

EFV
6.8%
AAXJ
2.7%

Basic Materials

EFV
6.5%
AAXJ
3.5%

Consumer Cyclical

EFV
6.0%
AAXJ
10.3%

Utilities

EFV
5.7%
AAXJ
1.8%

Communication Services

EFV
4.4%
AAXJ
6.9%

Technology

EFV
3.2%
AAXJ
41.6%

Real Estate

EFV
2.7%
AAXJ
1.7%

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 EAFE Value ETF

iShares MSCI All Country Asia ex-Japan ETF

Often compared with EFV:
EFV vs. VEAEFV vs. EFAVEFV vs. DFIVXEFV vs. FIVAEFV vs. VOOEFV vs. VTRIXEFV vs. SCHF
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. AFTY

Return for Risk

EFV vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFV
EFV Risk / Return Rank: 5757
Overall Rank
EFV Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EFV Sortino Ratio Rank: 5959
Sortino Ratio Rank
EFV Omega Ratio Rank: 5959
Omega Ratio Rank
EFV Calmar Ratio Rank: 5353
Calmar Ratio Rank
EFV Martin Ratio Rank: 5555
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.

EFV vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Value ETF (EFV) 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.

EFVAAXJDifference
Sharpe ratioReturn per unit of total volatility
1.80
2.11

-0.31

Sortino ratioReturn per unit of downside risk
2.50
2.70

-0.20

Omega ratioGain probability vs. loss probability

1.32

1.40

-0.07

Calmar ratioReturn relative to maximum drawdown

2.37

3.34

-0.97

Martin ratioReturn relative to average drawdown

8.79

12.62

-3.82

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

EFV vs. AAXJ - Sharpe Ratio Comparison

The current EFV Sharpe Ratio is 1.80, which is comparable to the AAXJ Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of EFV 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

EFVAAXJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.80

2.11

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.75

0.30

+0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.49

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.27

0.00

Drawdowns

EFV vs. AAXJ - Drawdown Comparison

The maximum EFV drawdown since its inception was -63.94%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for EFV and AAXJ.

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Drawdown Indicators

EFVAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-63.94%

-49.37%

-14.57%

Max Drawdown (1Y)

Largest decline over 1 year

-10.90%

-13.66%

+2.76%

Max Drawdown (3Y)

Largest decline over 3 years

-13.72%

-19.74%

+6.02%

Max Drawdown (5Y)

Largest decline over 5 years

-25.84%

-40.64%

+14.80%

Max Drawdown (10Y)

Largest decline over 10 years

-43.16%

-44.52%

+1.36%

Current Drawdown

Current decline from peak

-3.47%

-7.32%

+3.85%

Average Drawdown

Average peak-to-trough decline

-14.82%

-14.02%

-0.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

3.61%

-0.68%

Volatility

EFV vs. AAXJ - Volatility Comparison

The current volatility for iShares MSCI EAFE Value ETF (EFV) is 3.81%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.44%. This indicates that EFV 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

EFVAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.81%

11.44%

-7.63%

Volatility (6M)

Calculated over the trailing 6-month period

11.74%

19.19%

-7.45%

Volatility (1Y)

Calculated over the trailing 1-year period

14.35%

21.66%

-7.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.98%

20.22%

-4.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.87%

20.38%

-2.51%

EFV vs. AAXJ - Expense Ratio Comparison

EFV has a 0.39% expense ratio, which is lower than AAXJ's 0.68% expense ratio.

Dividends

EFV vs. AAXJ - Dividend Comparison

EFV's dividend yield for the trailing twelve months is around 3.85%, more 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%
EFV
iShares MSCI EAFE Value ETF		3.85%4.16%4.66%4.36%4.17%4.07%2.42%4.62%4.56%3.56%3.28%3.59%

Frequently Asked Questions

EFV and AAXJ 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 (11.44%) compared to EFV (3.81%). In terms of maximum drawdown, EFV dropped -63.94% vs AAXJ's -49.37%.

On 10-year performance, EFV leads with 9.94% vs 9.86% for AAXJ. On fees, EFV is cheaper at 0.39% per year. On volatility, EFV has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EFV has performed better with a 9.94% return vs 9.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFV is cheaper with a 0.39% expense ratio, compared with 0.68% for AAXJ.

EFV has the higher dividend yield at 3.85%, compared with 1.47% for AAXJ.

EFV is categorized as Foreign Large Cap Equities, while AAXJ is Asia Pacific Equities. EFV tracks MSCI EAFE Value Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. Their fees differ too: 0.39% for EFV and 0.68% for AAXJ.

AAXJ currently has the higher Sharpe Ratio (2.11 vs 1.80), 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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