EUM vs. AAXJ

Last updated Jul 18, 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 -9.04%/yr vs 8.81%/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.

Returns By Period

In the year-to-date period, EUM achieves a -15.62% return, which is significantly lower than AAXJ's 18.35% return. Over the past 10 years, EUM has underperformed AAXJ with an annualized return of -9.04%, while AAXJ has yielded a comparatively higher 8.81% annualized return.

EUM

• 1D: 1.39%
• 1M: 7.64%
• 6M: -10.87%
• YTD: -15.62%
• 1Y: -23.61%
• 3Y*: -12.97%
• 5Y*: -4.45%
• 10Y*: -9.04%

AAXJ

• 1D: -1.35%
• 1M: -7.75%
• 6M: 11.61%
• YTD: 18.35%
• 1Y: 31.90%
• 3Y*: 19.48%
• 5Y*: 5.64%
• 10Y*: 8.81%

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

EUM vs. AAXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	-15.62%	-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	18.35%	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	-0.98
Correlation (All Time) Calculated using the full available price history since Aug 15, 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	31.5%	15.8%
Basic Materials	-	3.1%
Communication Services	-	5.9%
Consumer Cyclical	-	8.9%
Consumer Defensive	-	2.0%
Energy	-	2.2%
Healthcare	-	2.6%
Industrials	-	7.3%
Real Estate	-	1.4%
Technology	-	49.4%
Utilities	-	1.6%

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: 2
EUM Sharpe Ratio Rank: 2
EUM Sortino Ratio Rank: 2
EUM Omega Ratio Rank: 2
EUM Calmar Ratio Rank: 4
EUM Martin Ratio Rank: 2

AAXJ

AAXJ Risk / Return Rank: 51
AAXJ Sharpe Ratio Rank: 46
AAXJ Sortino Ratio Rank: 42
AAXJ Omega Ratio Rank: 50
AAXJ Calmar Ratio Rank: 59
AAXJ Martin Ratio Rank: 56

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.

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.

	EUM	AAXJ	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	1.31	-2.29
Sortino ratio: Return per unit of downside risk	-1.41	1.79	-3.20
Omega ratio: Gain probability vs. loss probability	0.84	1.26	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.71	2.35	-3.06
Martin ratio: Return relative to average drawdown	-1.32	7.60	-8.92

EUM vs. AAXJ - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -0.98, which is lower than the AAXJ Sharpe Ratio of 1.31. 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.

Drawdowns

EUM vs. AAXJ - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, 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.

Drawdown Indicators

	EUM	AAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-49.37%	-43.82%
Max Drawdown (1Y) Largest decline over 1 year	-33.23%	-13.66%	-19.57%
Max Drawdown (3Y) Largest decline over 3 years	-47.97%	-19.74%	-28.23%
Max Drawdown (5Y) Largest decline over 5 years	-50.87%	-38.16%	-12.71%
Max Drawdown (10Y) Largest decline over 10 years	-66.12%	-44.52%	-21.60%
Current Drawdown Current decline from peak	-92.39%	-11.59%	-80.80%
Average Drawdown Average peak-to-trough decline	-77.25%	-13.97%	-63.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.92%	4.21%	+13.71%

Volatility

EUM vs. AAXJ - Volatility Comparison

The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 9.79%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 10.76%. This indicates that EUM 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.

Volatility by Period

	EUM	AAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	10.76%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	21.97%	22.33%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	24.15%	24.48%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	20.85%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	20.60%	+0.16%

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 4.00%, more than AAXJ's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAXJ iShares MSCI All Country Asia ex-Japan ETF	1.41%	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	4.00%	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

Can I hold both EUM and AAXJ in my portfolio?

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.

Which is riskier, EUM or AAXJ?

AAXJ has higher volatility (10.76%) compared to EUM (9.79%). In terms of maximum drawdown, EUM dropped -93.19% vs AAXJ's -49.37%.

Which ETF is better, EUM or AAXJ?

On 10-year performance, AAXJ leads with 8.81% vs -9.04% for EUM. On fees, AAXJ is cheaper at 0.68% per year. On volatility, EUM has been the lower-risk option at 9.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or AAXJ?

Over the 10-year period, AAXJ has performed better with a 8.81% return vs -9.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or AAXJ?

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

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

EUM has the higher dividend yield at 4.00%, compared with 1.41% for AAXJ.

What is the main difference between EUM and 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.

Which has better risk-adjusted returns?

AAXJ currently has the higher Sharpe Ratio (1.31 vs -0.98), 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.