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FPA vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPA vs. AAXJ

Last updated Aug 2, 2026
Documentation

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both Asia Pacific Equities funds - FPA tracks the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index while AAXJ tracks the MSCI All Country Asia ex Japan Index. Both are passively managed. Over the past 10 years, FPA returned 7.79%/yr vs 8.75%/yr for AAXJ. Their 0.68 correlation means they have sometimes moved together and sometimes differently. FPA charges 0.80%/yr vs 0.68%/yr for AAXJ.

Performance

FPA vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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, FPA achieves a 20.38% return, which is significantly higher than AAXJ's 19.33% return. Over the past 10 years, FPA has underperformed AAXJ with an annualized return of 7.79%, while AAXJ has yielded a comparatively higher 8.75% annualized return.

FPA

1D
-1.70%
1M
-12.59%
6M
3.07%
YTD
20.38%
1Y
31.34%
3Y*
20.19%
5Y*
9.35%
10Y*
7.79%
ALL TIME*
5.65%

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

FPA

First Trust Asia Pacific ex-Japan AlphaDEX Fund
$239.16K$447.30K$694.81K

FPA vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		20.38%43.16%3.95%9.97%-14.55%2.98%13.43%8.91%-21.91%35.81%
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 FPA and AAXJ is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.78

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

0.71

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

0.64

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

0.68

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2011

0.68

The correlation between FPA and AAXJ shifts across timeframes, from 0.64 (5 years) to 0.78 (1 year), reflecting how their relationship changes across market environments.

FPA vs. AAXJ - Sectors Allocation Comparison

Sectors
FPA
AAXJ

Industrials

32.9%
6.8%

Technology

27.9%
51.1%

Financial Services

8.8%
16.1%

Consumer Cyclical

7.5%
7.8%

Real Estate

6.2%
1.3%

Energy

4.9%
2.1%

Utilities

4.6%
1.5%

Basic Materials

3.7%
2.9%

Consumer Defensive

2.8%
1.9%

Communication Services

2.6%
5.9%

Healthcare

0.8%
2.6%

Industrials

FPA
32.9%
AAXJ
6.8%

Technology

FPA
27.9%
AAXJ
51.1%

Financial Services

FPA
8.8%
AAXJ
16.1%

Consumer Cyclical

FPA
7.5%
AAXJ
7.8%

Real Estate

FPA
6.2%
AAXJ
1.3%

Energy

FPA
4.9%
AAXJ
2.1%

Utilities

FPA
4.6%
AAXJ
1.5%

Basic Materials

FPA
3.7%
AAXJ
2.9%

Consumer Defensive

FPA
2.8%
AAXJ
1.9%

Communication Services

FPA
2.6%
AAXJ
5.9%

Healthcare

FPA
0.8%
AAXJ
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Asia Pacific ex-Japan AlphaDEX Fund

iShares MSCI All Country Asia ex-Japan ETF

Often compared with FPA:
FPA vs. FSEAXFPA vs. VPLFPA vs. EPPFPA vs. ADIVFPA vs. FICSFPA vs. EWSFPA vs. FLKR
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. BBAXAAXJ vs. VWOAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD

Return for Risk

FPA vs. AAXJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FPA
FPA Risk / Return Rank: 3939
Overall Rank
FPA Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
FPA Sortino Ratio Rank: 3939
Sortino Ratio Rank
FPA Omega Ratio Rank: 4141
Omega Ratio Rank
FPA Calmar Ratio Rank: 3434
Calmar Ratio Rank
FPA Martin Ratio Rank: 3939
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.

FPA vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.

FPAAAXJDifference
Sharpe ratioReturn per unit of total volatility
0.99
1.37

-0.38

Sortino ratioReturn per unit of downside risk
1.47
1.87

-0.40

Omega ratioGain probability vs. loss probability

1.20

1.26

-0.07

Calmar ratioReturn relative to maximum drawdown

1.18

2.31

-1.13

Martin ratioReturn relative to average drawdown

4.12

7.25

-3.13

FPA vs. AAXJ - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 0.99, which is comparable to the AAXJ Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FPA 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

FPA vs. AAXJ - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for FPA and AAXJ.

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Drawdown Indicators

FPAAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-52.91%

-49.37%

-3.54%

Max Drawdown (1Y)

Largest decline over 1 year

-25.40%

-14.94%

-10.46%

Max Drawdown (3Y)

Largest decline over 3 years

-25.40%

-19.74%

-5.66%

Max Drawdown (5Y)

Largest decline over 5 years

-31.92%

-37.74%

+5.82%

Max Drawdown (10Y)

Largest decline over 10 years

-52.91%

-44.52%

-8.39%

Current Drawdown

Current decline from peak

-23.80%

-10.86%

-12.94%

Average Drawdown

Average peak-to-trough decline

-13.48%

-13.97%

+0.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.28%

4.76%

+2.52%

Volatility

FPA vs. AAXJ - Volatility Comparison

First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 10.93% compared to iShares MSCI All Country Asia ex-Japan ETF (AAXJ) at 9.50%. This indicates that FPA's price experiences larger fluctuations and is considered to be riskier 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

FPAAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.93%

9.50%

+1.43%

Volatility (6M)

Calculated over the trailing 6-month period

28.24%

23.01%

+5.23%

Volatility (1Y)

Calculated over the trailing 1-year period

30.44%

25.22%

+5.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.27%

20.92%

+4.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.98%

20.69%

+2.29%

FPA vs. AAXJ - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is higher than AAXJ's 0.68% expense ratio.

Dividends

FPA vs. AAXJ - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 4.03%, 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%
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		4.03%4.71%3.40%3.02%4.22%5.12%1.59%3.90%2.81%3.15%2.42%1.74%

Frequently Asked Questions

FPA and AAXJ have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FPA has higher volatility (10.93%) compared to AAXJ (9.50%). In terms of maximum drawdown, FPA dropped -52.91% vs AAXJ's -49.37%.

On 10-year performance, AAXJ leads with 8.75% vs 7.79% for FPA. On fees, AAXJ is cheaper at 0.68% per year. On volatility, AAXJ has been the lower-risk option at 9.50%. 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 7.79%. 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 0.80% for FPA.

FPA has the higher dividend yield at 4.03%, compared with 1.40% for AAXJ.

FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FPA and 0.68% for AAXJ.

AAXJ currently has the higher Sharpe Ratio (1.37 vs 0.99), 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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