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FLEU vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLEU vs. AAXJ

Last updated Jun 9, 2026

FLEU (Franklin FTSE Eurozone ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both exchange-traded funds - FLEU is a Europe Equities fund tracking the FTSE Developed Eurozone Index - Benchmark TR Net, while AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index. Both are passively managed. Over the past 5 years, FLEU returned 11.54%/yr vs 5.97%/yr for AAXJ. A 0.56 correlation means they provide meaningful diversification when combined. FLEU charges 0.09%/yr vs 0.68%/yr for AAXJ.

Performance

FLEU vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Eurozone ETF (FLEU) 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, FLEU achieves a 5.56% return, which is significantly lower than AAXJ's 22.87% return.

FLEU

1D
0.64%
1M
0.13%
YTD
5.56%
6M
8.38%
1Y
16.68%
3Y*
16.55%
5Y*
11.54%
10Y*
—

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)

FLEU vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLEU
Franklin FTSE Eurozone ETF		5.56%41.56%2.26%16.21%-9.14%23.27%0.95%26.94%-8.54%-1.24%
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%1.32%

Correlation

The correlation between FLEU and AAXJ is 0.67, 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

0.67

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

0.64

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

0.63

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2017

0.56

The correlation between FLEU and AAXJ shifts across timeframes, from 0.56 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

FLEU vs. AAXJ - Sectors Allocation Comparison

Sectors
FLEU
AAXJ

Financial Services

24.8%
17.7%

Industrials

21.0%
8.3%

Technology

14.7%
41.6%

Consumer Cyclical

8.4%
10.3%

Utilities

7.1%
1.8%

Healthcare

5.8%
3.0%

Consumer Defensive

5.2%
2.4%

Basic Materials

4.3%
3.5%

Energy

4.0%
2.7%

Communication Services

3.6%
6.9%

Real Estate

1.2%
1.7%

Financial Services

FLEU
24.8%
AAXJ
17.7%

Industrials

FLEU
21.0%
AAXJ
8.3%

Technology

FLEU
14.7%
AAXJ
41.6%

Consumer Cyclical

FLEU
8.4%
AAXJ
10.3%

Utilities

FLEU
7.1%
AAXJ
1.8%

Healthcare

FLEU
5.8%
AAXJ
3.0%

Consumer Defensive

FLEU
5.2%
AAXJ
2.4%

Basic Materials

FLEU
4.3%
AAXJ
3.5%

Energy

FLEU
4.0%
AAXJ
2.7%

Communication Services

FLEU
3.6%
AAXJ
6.9%

Real Estate

FLEU
1.2%
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.

Franklin FTSE Eurozone ETF

iShares MSCI All Country Asia ex-Japan ETF

Often compared with FLEU:
FLEU vs. FLGRFLEU vs. VGKFLEU vs. FLEEFLEU vs. ARGFXFLEU vs. VEUFLEU vs. SPYFLEU vs. FLJH
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. AFTY

Return for Risk

FLEU vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLEU
FLEU Risk / Return Rank: 3030
Overall Rank
FLEU Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
FLEU Sortino Ratio Rank: 3030
Sortino Ratio Rank
FLEU Omega Ratio Rank: 3030
Omega Ratio Rank
FLEU Calmar Ratio Rank: 2828
Calmar Ratio Rank
FLEU Martin Ratio Rank: 3333
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.

FLEU vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Eurozone ETF (FLEU) 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.

FLEUAAXJDifference
Sharpe ratioReturn per unit of total volatility
0.97
2.11

-1.14

Sortino ratioReturn per unit of downside risk
1.47
2.70

-1.24

Omega ratioGain probability vs. loss probability

1.18

1.40

-0.22

Calmar ratioReturn relative to maximum drawdown

1.25

3.34

-2.09

Martin ratioReturn relative to average drawdown

4.53

12.62

-8.09

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

FLEU vs. AAXJ - Sharpe Ratio Comparison

The current FLEU Sharpe Ratio is 0.97, which is lower than the AAXJ Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FLEU 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

FLEUAAXJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.97

2.11

-1.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.71

0.30

+0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.49

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.27

+0.29

Drawdowns

FLEU vs. AAXJ - Drawdown Comparison

The maximum FLEU drawdown since its inception was -33.94%, smaller than the maximum AAXJ drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for FLEU and AAXJ.

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Drawdown Indicators

FLEUAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-33.94%

-49.37%

+15.43%

Max Drawdown (1Y)

Largest decline over 1 year

-13.41%

-13.66%

+0.25%

Max Drawdown (3Y)

Largest decline over 3 years

-15.67%

-19.74%

+4.07%

Max Drawdown (5Y)

Largest decline over 5 years

-18.67%

-40.64%

+21.97%

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.52%

—

Current Drawdown

Current decline from peak

-2.16%

-7.32%

+5.16%

Average Drawdown

Average peak-to-trough decline

-4.70%

-14.02%

+9.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.69%

3.61%

+0.08%

Volatility

FLEU vs. AAXJ - Volatility Comparison

The current volatility for Franklin FTSE Eurozone ETF (FLEU) is 5.04%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.44%. This indicates that FLEU 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

FLEUAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.04%

11.44%

-6.40%

Volatility (6M)

Calculated over the trailing 6-month period

14.58%

19.19%

-4.61%

Volatility (1Y)

Calculated over the trailing 1-year period

17.22%

21.66%

-4.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.37%

20.22%

-3.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.26%

20.38%

-2.12%

FLEU vs. AAXJ - Expense Ratio Comparison

FLEU has a 0.09% expense ratio, which is lower than AAXJ's 0.68% expense ratio.

Dividends

FLEU vs. AAXJ - Dividend Comparison

FLEU's dividend yield for the trailing twelve months is around 2.10%, 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%
FLEU
Franklin FTSE Eurozone ETF		2.10%2.22%3.18%3.25%21.45%3.03%1.94%6.06%12.17%0.07%0.00%0.00%

Frequently Asked Questions

FLEU and AAXJ have a correlation of 0.67, 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 FLEU (5.04%). In terms of maximum drawdown, FLEU dropped -33.94% vs AAXJ's -49.37%.

On 5-year performance, FLEU leads with 11.54% vs 5.97% for AAXJ. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLEU has performed better with a 11.54% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLEU is cheaper with a 0.09% expense ratio, compared with 0.68% for AAXJ.

FLEU has the higher dividend yield at 2.10%, compared with 1.47% for AAXJ.

FLEU is categorized as Europe Equities, while AAXJ is Asia Pacific Equities. FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net, while AAXJ tracks MSCI All Country Asia ex Japan Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLEU and 0.68% for AAXJ.

AAXJ currently has the higher Sharpe Ratio (2.11 vs 0.97), 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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