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EPP vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPP vs. AAXJ

Last updated Jun 23, 2026

EPP (iShares MSCI Pacific ex Japan ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both Asia Pacific Equities funds from iShares - EPP tracks the MSCI Pacific ex-Japan Index while AAXJ tracks the MSCI All Country Asia ex Japan Index. Both are passively managed. Over the past 10 years, EPP returned 7.77%/yr vs 11.03%/yr for AAXJ. Their correlation of 0.82 suggests significant overlap in exposure. EPP charges 0.48%/yr vs 0.68%/yr for AAXJ.

Performance

EPP vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Pacific ex Japan ETF (EPP) 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, EPP achieves a 8.29% return, which is significantly lower than AAXJ's 33.87% return. Over the past 10 years, EPP has underperformed AAXJ with an annualized return of 7.77%, while AAXJ has yielded a comparatively higher 11.03% annualized return.

EPP

1D
-0.19%
1M
-0.60%
YTD
8.29%
6M
8.03%
1Y
16.65%
3Y*
13.17%
5Y*
5.00%
10Y*
7.77%

AAXJ

1D
0.74%
1M
9.27%
YTD
33.87%
6M
35.70%
1Y
58.69%
3Y*
26.00%
5Y*
7.94%
10Y*
11.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EPP vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPP
iShares MSCI Pacific ex Japan ETF		8.29%19.70%4.76%5.76%-6.59%4.26%6.04%18.30%-10.78%26.05%
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		33.87%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%41.76%

Correlation

The correlation between EPP and AAXJ is 0.70, 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

0.70

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

0.77

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

0.78

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

0.79

Correlation (All Time)
Calculated using the full available price history since Aug 15, 2008

0.82

The correlation between EPP and AAXJ shifts across timeframes, from 0.70 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

EPP vs. AAXJ - Sectors Allocation Comparison

Sectors
EPP
AAXJ

Financial Services

44.9%
15.8%

Basic Materials

17.0%
3.1%

Industrials

8.5%
7.3%

Real Estate

7.4%
1.4%

Consumer Cyclical

6.2%
8.9%

Utilities

3.5%
1.6%

Healthcare

3.3%
2.6%

Consumer Defensive

2.9%
2.0%

Energy

2.7%
2.2%

Communication Services

2.6%
5.9%

Technology

1.0%
49.4%

Financial Services

EPP
44.9%
AAXJ
15.8%

Basic Materials

EPP
17.0%
AAXJ
3.1%

Industrials

EPP
8.5%
AAXJ
7.3%

Real Estate

EPP
7.4%
AAXJ
1.4%

Consumer Cyclical

EPP
6.2%
AAXJ
8.9%

Utilities

EPP
3.5%
AAXJ
1.6%

Healthcare

EPP
3.3%
AAXJ
2.6%

Consumer Defensive

EPP
2.9%
AAXJ
2.0%

Energy

EPP
2.7%
AAXJ
2.2%

Communication Services

EPP
2.6%
AAXJ
5.9%

Technology

EPP
1.0%
AAXJ
49.4%

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 Pacific ex Japan ETF

iShares MSCI All Country Asia ex-Japan ETF

Often compared with EPP:
EPP vs. EWTEPP vs. BBAXEPP vs. EWHEPP vs. AIAEPP vs. EWYEPP vs. VPLEPP vs. EWJ
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. VWOAAXJ vs. BBAXAAXJ vs. CQQQAAXJ vs. THDAAXJ vs. ACWI

Return for Risk

EPP vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EPP
EPP Risk / Return Rank: 3434
Overall Rank
EPP Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
EPP Sortino Ratio Rank: 3030
Sortino Ratio Rank
EPP Omega Ratio Rank: 3030
Omega Ratio Rank
EPP Calmar Ratio Rank: 4040
Calmar Ratio Rank
EPP Martin Ratio Rank: 3737
Martin Ratio Rank
AAXJ
AAXJ Risk / Return Rank: 8282
Overall Rank
AAXJ Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 7777
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 8484
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 8484
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 8282
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.

EPP vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Pacific ex Japan ETF (EPP) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

EPPAAXJDifference
Sharpe ratioReturn per unit of total volatility
1.11
2.62

-1.51

Sortino ratioReturn per unit of downside risk
1.60
3.29

-1.69

Omega ratioGain probability vs. loss probability

1.20

1.49

-0.28

Calmar ratioReturn relative to maximum drawdown

1.90

4.32

-2.42

Martin ratioReturn relative to average drawdown

5.62

15.85

-10.23

EPP vs. AAXJ - Sharpe Ratio Comparison

The current EPP Sharpe Ratio is 1.11, which is lower than the AAXJ Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of EPP 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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Drawdowns

EPP vs. AAXJ - Drawdown Comparison

The maximum EPP drawdown since its inception was -66.01%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for EPP and AAXJ.

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Drawdown Indicators

EPPAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-66.01%

-49.37%

-16.64%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-13.66%

+4.87%

Max Drawdown (3Y)

Largest decline over 3 years

-19.29%

-19.74%

+0.45%

Max Drawdown (5Y)

Largest decline over 5 years

-24.79%

-40.64%

+15.85%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-44.52%

+5.22%

Current Drawdown

Current decline from peak

-3.93%

0.00%

-3.93%

Average Drawdown

Average peak-to-trough decline

-10.61%

-14.00%

+3.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

3.71%

-0.74%

Volatility

EPP vs. AAXJ - Volatility Comparison

The current volatility for iShares MSCI Pacific ex Japan ETF (EPP) is 5.22%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.68%. This indicates that EPP 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

EPPAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.22%

11.68%

-6.46%

Volatility (6M)

Calculated over the trailing 6-month period

12.75%

20.21%

-7.46%

Volatility (1Y)

Calculated over the trailing 1-year period

15.14%

22.59%

-7.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.51%

20.45%

-2.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.12%

20.48%

-1.36%

EPP vs. AAXJ - Expense Ratio Comparison

EPP has a 0.48% expense ratio, which is lower than AAXJ's 0.68% expense ratio.

Dividends

EPP vs. AAXJ - Dividend Comparison

EPP's dividend yield for the trailing twelve months is around 3.47%, more than AAXJ's 1.24% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.24%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
EPP
iShares MSCI Pacific ex Japan ETF		3.47%3.77%3.81%4.10%4.37%4.58%2.28%3.89%5.00%4.15%3.96%4.90%

Frequently Asked Questions

EPP and AAXJ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (11.68%) compared to EPP (5.22%). In terms of maximum drawdown, EPP dropped -66.01% vs AAXJ's -49.37%.

On 10-year performance, AAXJ leads with 11.03% vs 7.77% for EPP. On fees, EPP is cheaper at 0.48% per year. On volatility, EPP has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AAXJ has performed better with a 11.03% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EPP is cheaper with a 0.48% expense ratio, compared with 0.68% for AAXJ.

EPP has the higher dividend yield at 3.47%, compared with 1.24% for AAXJ.

EPP tracks MSCI Pacific ex-Japan Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. Their fees differ too: 0.48% for EPP and 0.68% for AAXJ.

AAXJ currently has the higher Sharpe Ratio (2.62 vs 1.11), 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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