IBC4.DE vs. AXQE.DE
IBC4.DE (iShares MSCI South Africa UCITS ETF USD (Acc)) and AXQE.DE (AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating) are both Emerging Markets Equities funds - IBC4.DE tracks the MSCI South Africa Capped Index while AXQE.DE tracks the MSCI Emerging Markets ex China Climate Paris Aligned (EUR Hedged). Both are passively managed. Over the past year, IBC4.DE returned 28.54% vs 46.18% for AXQE.DE. A 0.57 correlation means they provide meaningful diversification when combined. IBC4.DE charges 0.65%/yr vs 0.30%/yr for AXQE.DE.
Performance
IBC4.DE vs. AXQE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IBC4.DE achieves a -5.68% return, which is significantly lower than AXQE.DE's 27.54% return.
IBC4.DE
- 1D
- -1.35%
- 1M
- -8.25%
- 6M
- -11.48%
- YTD
- -5.68%
- 1Y
- 28.54%
- 3Y*
- 19.22%
- 5Y*
- 10.87%
- 10Y*
- 5.91%
AXQE.DE
- 1D
- 0.00%
- 1M
- -9.83%
- 6M
- 20.68%
- YTD
- 27.54%
- 1Y
- 46.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBC4.DE vs. AXQE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBC4.DE iShares MSCI South Africa UCITS ETF USD (Acc) | -5.68% | 43.91% |
AXQE.DE AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating | 27.54% | 32.15% |
Correlation
The correlation between IBC4.DE and AXQE.DE is 0.59, 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 | 0.59 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2025 | 0.57 |
The correlation between IBC4.DE and AXQE.DE has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.
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Return for Risk
IBC4.DE vs. AXQE.DE — Risk / Return Rank
IBC4.DE
AXQE.DE
IBC4.DE vs. AXQE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa UCITS ETF USD (Acc) (IBC4.DE) and AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.DE). 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.
| IBC4.DE | AXQE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.32 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 2.34 | -1.02 |
| Martin ratioReturn relative to average drawdown | 2.88 | 8.47 | -5.60 |
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Drawdowns
IBC4.DE vs. AXQE.DE - Drawdown Comparison
The maximum IBC4.DE drawdown since its inception was -55.48%, which is greater than AXQE.DE's maximum drawdown of -19.63%. Use the drawdown chart below to compare losses from any high point for IBC4.DE and AXQE.DE.
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Drawdown Indicators
| IBC4.DE | AXQE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.48% | -19.63% | -35.85% |
Max Drawdown (1Y)Largest decline over 1 year | -21.54% | -19.63% | -1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -21.54% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -55.48% | — | — |
Current DrawdownCurrent decline from peak | -19.74% | -11.90% | -7.84% |
Average DrawdownAverage peak-to-trough decline | -17.45% | -2.89% | -14.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.90% | 5.44% | +4.46% |
Volatility
IBC4.DE vs. AXQE.DE - Volatility Comparison
The current volatility for iShares MSCI South Africa UCITS ETF USD (Acc) (IBC4.DE) is 6.20%, while AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.DE) has a volatility of 9.82%. This indicates that IBC4.DE experiences smaller price fluctuations and is considered to be less risky than AXQE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBC4.DE | AXQE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 9.82% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 25.07% | 32.60% | -7.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.95% | 34.58% | -4.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.64% | 32.08% | -6.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.80% | 32.08% | -4.28% |
IBC4.DE vs. AXQE.DE - Expense Ratio Comparison
IBC4.DE has a 0.65% expense ratio, which is higher than AXQE.DE's 0.30% expense ratio.
Dividends
IBC4.DE vs. AXQE.DE - Dividend Comparison
Neither IBC4.DE nor AXQE.DE has paid dividends to shareholders.
Frequently Asked Questions
IBC4.DE and AXQE.DE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AXQE.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AXQE.DE is cheaper with a 0.30% expense ratio, compared with 0.65% for IBC4.DE.
IBC4.DE tracks MSCI South Africa Capped Index, while AXQE.DE tracks MSCI Emerging Markets ex China Climate Paris Aligned (EUR Hedged). They also come from different issuers: iShares and AXA IM. Their fees differ too: 0.65% for IBC4.DE and 0.30% for AXQE.DE.
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