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EUM vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EUM vs. AAXJ

Last updated Jun 5, 2026

EUM (ProShares Short MSCI Emerging Markets) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both exchange-traded funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), 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, EUM returned -10.22%/yr vs 10.24%/yr for AAXJ. At a correlation of -0.96, they often move in opposite directions. EUM charges 0.95%/yr vs 0.68%/yr for AAXJ.

Performance

EUM vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) 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, EUM achieves a -21.40% return, which is significantly lower than AAXJ's 29.50% return. Over the past 10 years, EUM has underperformed AAXJ with an annualized return of -10.22%, while AAXJ has yielded a comparatively higher 10.24% annualized return.

EUM

1D
1.09%
1M
-5.64%
YTD
-21.40%
6M
-22.97%
1Y
-32.85%
3Y*
-15.90%
5Y*
-5.09%
10Y*
-10.22%

AAXJ

1D
-1.28%
1M
7.11%
YTD
29.50%
6M
32.24%
1Y
54.70%
3Y*
24.06%
5Y*
6.77%
10Y*
10.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EUM vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUM
ProShares Short MSCI Emerging Markets		-21.40%-22.61%-0.83%-3.89%21.11%-1.32%-24.37%-15.27%14.60%-28.08%
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		29.50%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%41.76%

Correlation

The correlation between EUM and AAXJ is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.98

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

-0.98

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

-0.98

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

-0.97

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

-0.96

The correlation between EUM and AAXJ has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.

EUM vs. AAXJ - Sectors Allocation Comparison

Sectors
EUM
AAXJ

Financial Services

47.1%
17.7%

Basic Materials

-

3.5%

Communication Services

-

6.9%

Consumer Cyclical

-

10.3%

Consumer Defensive

-

2.4%

Energy

-

2.7%

Healthcare

-

3.0%

Industrials

-

8.3%

Real Estate

-

1.7%

Technology

-

41.6%

Utilities

-

1.8%

Financial Services

EUM
47.1%
AAXJ
17.7%

Basic Materials

EUM

-

AAXJ
3.5%

Communication Services

EUM

-

AAXJ
6.9%

Consumer Cyclical

EUM

-

AAXJ
10.3%

Consumer Defensive

EUM

-

AAXJ
2.4%

Energy

EUM

-

AAXJ
2.7%

Healthcare

EUM

-

AAXJ
3.0%

Industrials

EUM

-

AAXJ
8.3%

Real Estate

EUM

-

AAXJ
1.7%

Technology

EUM

-

AAXJ
41.6%

Utilities

EUM

-

AAXJ
1.8%

Compare stocks, funds, or ETFs

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ProShares Short MSCI Emerging Markets

iShares MSCI All Country Asia ex-Japan ETF

Often compared with EUM:
EUM vs. QQQEUM vs. SPYEUM vs. MSFDEUM vs. DOGEUM vs. TQQQEUM vs. CARDEUM vs. MSTZ
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. AFTY

Return for Risk

EUM vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EUM
EUM Risk / Return Rank: 00
Overall Rank
EUM Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EUM Sortino Ratio Rank: 00
Sortino Ratio Rank
EUM Omega Ratio Rank: 00
Omega Ratio Rank
EUM Calmar Ratio Rank: 11
Calmar Ratio Rank
EUM Martin Ratio Rank: 00
Martin Ratio Rank
AAXJ
AAXJ Risk / Return Rank: 8181
Overall Rank
AAXJ Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 8080
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 8383
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 7979
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 8080
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.

EUM vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.

EUMAAXJDifference
Sharpe ratioReturn per unit of total volatility
-1.61
2.71

-4.33

Sortino ratioReturn per unit of downside risk
-2.42
3.54

-5.96

Omega ratioGain probability vs. loss probability

0.72

1.49

-0.77

Calmar ratioReturn relative to maximum drawdown

-0.96

4.02

-4.99

Martin ratioReturn relative to average drawdown

-1.91

15.52

-17.43

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

EUM vs. AAXJ - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.61, which is lower than the AAXJ Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of EUM 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

EUMAAXJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.61

2.71

-4.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.27

0.34

-0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.50

0.51

-1.01

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.36

0.28

-0.64

Drawdowns

EUM vs. AAXJ - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.07%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for EUM and AAXJ.

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Drawdown Indicators

EUMAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-93.07%

-49.37%

-43.70%

Max Drawdown (1Y)

Largest decline over 1 year

-34.25%

-13.66%

-20.59%

Max Drawdown (3Y)

Largest decline over 3 years

-47.06%

-19.74%

-27.32%

Max Drawdown (5Y)

Largest decline over 5 years

-50.02%

-40.74%

-9.28%

Max Drawdown (10Y)

Largest decline over 10 years

-68.27%

-44.52%

-23.75%

Current Drawdown

Current decline from peak

-92.91%

-2.32%

-90.59%

Average Drawdown

Average peak-to-trough decline

-77.17%

-14.03%

-63.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.41%

3.53%

+13.88%

Volatility

EUM vs. AAXJ - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) and iShares MSCI All Country Asia ex-Japan ETF (AAXJ) have volatilities of 8.73% and 8.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EUMAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.73%

8.95%

-0.22%

Volatility (6M)

Calculated over the trailing 6-month period

17.94%

17.53%

+0.41%

Volatility (1Y)

Calculated over the trailing 1-year period

20.45%

20.30%

+0.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.14%

19.95%

-0.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.54%

20.25%

+0.29%

EUM vs. AAXJ - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is higher than AAXJ's 0.68% expense ratio.

Dividends

EUM vs. AAXJ - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.54%, more than AAXJ's 1.40% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.40%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
EUM
ProShares Short MSCI Emerging Markets		4.54%3.98%4.22%3.86%0.82%0.00%0.15%1.35%0.88%0.00%0.00%0.00%

Frequently Asked Questions

EUM and AAXJ have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (8.95%) compared to EUM (8.73%). In terms of maximum drawdown, EUM dropped -93.07% vs AAXJ's -49.37%.

On 10-year performance, AAXJ leads with 10.24% vs -10.22% for EUM. On fees, AAXJ is cheaper at 0.68% per year. On volatility, EUM has been the lower-risk option at 8.73%. 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 10.24% return vs -10.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AAXJ is cheaper with a 0.68% expense ratio, compared with 0.95% for EUM.

EUM has the higher dividend yield at 4.54%, compared with 1.40% for AAXJ.

EUM is categorized as Inverse Equities, while AAXJ is Asia Pacific Equities. EUM tracks MSCI Emerging Markets Index (-100%), while AAXJ tracks MSCI All Country Asia ex Japan Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EUM and 0.68% for AAXJ.

AAXJ currently has the higher Sharpe Ratio (2.71 vs -1.61), 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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