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EWM vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWM vs. AAXJ

Last updated Aug 2, 2026
Documentation

EWM (iShares MSCI Malaysia ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both Asia Pacific Equities funds from iShares - EWM tracks the MSCI Malaysia Index while AAXJ tracks the MSCI All Country Asia ex Japan Index. Both are passively managed. Over the past 10 years, EWM returned 2.61%/yr vs 8.75%/yr for AAXJ. Their 0.68 correlation means they have sometimes moved together and sometimes differently. EWM charges 0.49%/yr vs 0.68%/yr for AAXJ.

Performance

EWM vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Malaysia ETF (EWM) 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, EWM achieves a 4.76% return, which is significantly lower than AAXJ's 19.33% return. Over the past 10 years, EWM has underperformed AAXJ with an annualized return of 2.61%, while AAXJ has yielded a comparatively higher 8.75% annualized return.

EWM

1D
-0.64%
1M
4.12%
6M
-1.77%
YTD
4.76%
1Y
21.43%
3Y*
13.17%
5Y*
6.56%
10Y*
2.61%
ALL TIME*
1.91%

AAXJ

1D
0.80%
1M
-2.83%
6M
10.80%
YTD
19.33%
1Y
35.70%
3Y*
18.95%
5Y*
6.77%
10Y*
8.75%
ALL TIME*
6.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

AAXJ

iShares MSCI All Country Asia ex-Japan ETF
$47.53M$66.28M$77.79M

EWM

iShares MSCI Malaysia ETF
$7.66M$6.48M$7.51M

EWM vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWM
iShares MSCI Malaysia ETF		4.76%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		19.33%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%41.76%

Correlation

The correlation between EWM and AAXJ is 0.49, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.49

Correlation (3Y)
Balances recent behavior with more history.

0.50

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.50

Correlation (10Y)
Provides a long-term view across more market conditions.

0.59

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

0.68

The correlation between EWM and AAXJ shifts across timeframes, from 0.49 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

EWM vs. AAXJ - Sectors Allocation Comparison

Sectors
EWM
AAXJ

Financial Services

51.8%
16.1%

Utilities

10.8%
1.5%

Industrials

9.9%
6.8%

Basic Materials

8.8%
2.9%

Consumer Defensive

7.3%
1.9%

Communication Services

5.3%
5.9%

Healthcare

3.1%
2.6%

Energy

2.9%
2.1%

Consumer Cyclical

1.1%
7.8%

Real Estate

-

1.3%

Technology

-

51.1%

Financial Services

EWM
51.8%
AAXJ
16.1%

Utilities

EWM
10.8%
AAXJ
1.5%

Industrials

EWM
9.9%
AAXJ
6.8%

Basic Materials

EWM
8.8%
AAXJ
2.9%

Consumer Defensive

EWM
7.3%
AAXJ
1.9%

Communication Services

EWM
5.3%
AAXJ
5.9%

Healthcare

EWM
3.1%
AAXJ
2.6%

Energy

EWM
2.9%
AAXJ
2.1%

Consumer Cyclical

EWM
1.1%
AAXJ
7.8%

Real Estate

EWM

-

AAXJ
1.3%

Technology

EWM

-

AAXJ
51.1%

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 Malaysia ETF

iShares MSCI All Country Asia ex-Japan ETF

Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. VOOEWM vs. SCHDEWM vs. QQQ
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD

Return for Risk

EWM vs. AAXJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWM
EWM Risk / Return Rank: 6767
Overall Rank
EWM Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWM Omega Ratio Rank: 6969
Omega Ratio Rank
EWM Calmar Ratio Rank: 6565
Calmar Ratio Rank
EWM Martin Ratio Rank: 5151
Martin Ratio Rank
AAXJ
AAXJ Risk / Return Rank: 6060
Overall Rank
AAXJ Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 5454
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 6161
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 6767
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 6161
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWM vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Malaysia ETF (EWM) 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.

EWMAAXJDifference
Sharpe ratioReturn per unit of total volatility
1.69
1.37

+0.32

Sortino ratioReturn per unit of downside risk
2.38
1.87

+0.51

Omega ratioGain probability vs. loss probability

1.29

1.26

+0.03

Calmar ratioReturn relative to maximum drawdown

2.27

2.31

-0.04

Martin ratioReturn relative to average drawdown

6.02

7.25

-1.23

EWM vs. AAXJ - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.69, which is comparable to the AAXJ Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of EWM 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

EWM vs. AAXJ - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for EWM and AAXJ.

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Drawdown Indicators

EWMAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-89.19%

-49.37%

-39.82%

Max Drawdown (1Y)

Largest decline over 1 year

-10.61%

-14.94%

+4.33%

Max Drawdown (3Y)

Largest decline over 3 years

-21.31%

-19.74%

-1.57%

Max Drawdown (5Y)

Largest decline over 5 years

-22.76%

-37.74%

+14.98%

Max Drawdown (10Y)

Largest decline over 10 years

-43.81%

-44.52%

+0.71%

Current Drawdown

Current decline from peak

-7.42%

-10.86%

+3.44%

Average Drawdown

Average peak-to-trough decline

-31.70%

-13.97%

-17.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.99%

4.76%

-0.77%

Volatility

EWM vs. AAXJ - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 3.73%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 9.50%. This indicates that EWM 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

EWMAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

9.50%

-5.77%

Volatility (6M)

Calculated over the trailing 6-month period

10.74%

23.01%

-12.27%

Volatility (1Y)

Calculated over the trailing 1-year period

14.33%

25.22%

-10.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.79%

20.92%

-7.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.16%

20.69%

-4.53%

EWM vs. AAXJ - Expense Ratio Comparison

EWM has a 0.49% expense ratio, which is lower than AAXJ's 0.68% expense ratio.

Dividends

EWM vs. AAXJ - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.55%, 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%
EWM
iShares MSCI Malaysia ETF		3.55%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%

Frequently Asked Questions

EWM and AAXJ have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (9.50%) compared to EWM (3.73%). In terms of maximum drawdown, EWM dropped -89.19% vs AAXJ's -49.37%.

On 10-year performance, AAXJ leads with 8.75% vs 2.61% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 3.73%. 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 8.75% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM is cheaper with a 0.49% expense ratio, compared with 0.68% for AAXJ.

EWM has the higher dividend yield at 3.55%, compared with 1.40% for AAXJ.

EWM tracks MSCI Malaysia Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. Their fees differ too: 0.49% for EWM and 0.68% for AAXJ.

EWM currently has the higher Sharpe Ratio (1.69 vs 1.37), 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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