PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IEUR vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEUR vs. AAXJ

Last updated Jun 14, 2026

IEUR (iShares Core MSCI Europe ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both exchange-traded funds - IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index, 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, IEUR returned 10.11%/yr vs 10.34%/yr for AAXJ. A 0.70 correlation means they provide meaningful diversification when combined. IEUR charges 0.09%/yr vs 0.68%/yr for AAXJ.

Performance

IEUR vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Europe ETF (IEUR) and iShares MSCI All Country Asia ex-Japan ETF (AAXJ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, IEUR achieves a 7.65% return, which is significantly lower than AAXJ's 26.46% return. Both investments have delivered pretty close results over the past 10 years, with IEUR having a 10.11% annualized return and AAXJ not far ahead at 10.34%.

IEUR

1D
0.14%
1M
2.40%
YTD
7.65%
6M
9.78%
1Y
19.09%
3Y*
16.42%
5Y*
8.26%
10Y*
10.11%

AAXJ

1D
0.46%
1M
0.61%
YTD
26.46%
6M
29.76%
1Y
48.69%
3Y*
22.11%
5Y*
6.41%
10Y*
10.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEUR vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEUR
iShares Core MSCI Europe ETF		7.65%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		26.46%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%41.76%

Correlation

The correlation between IEUR and AAXJ is 0.70, 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

0.70

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

0.68

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

0.69

Correlation (10Y)
Calculated over the trailing 10-year period

0.70

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.70

The correlation between IEUR and AAXJ has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

IEUR vs. AAXJ - Sectors Allocation Comparison

Sectors
IEUR
AAXJ

Financial Services

22.5%
15.8%

Industrials

20.3%
7.3%

Healthcare

12.5%
2.6%

Technology

9.4%
49.4%

Consumer Defensive

7.7%
2.0%

Consumer Cyclical

7.0%
8.9%

Basic Materials

5.8%
3.1%

Energy

4.9%
2.2%

Utilities

4.4%
1.6%

Communication Services

3.9%
5.9%

Real Estate

1.5%
1.4%

Financial Services

IEUR
22.5%
AAXJ
15.8%

Industrials

IEUR
20.3%
AAXJ
7.3%

Healthcare

IEUR
12.5%
AAXJ
2.6%

Technology

IEUR
9.4%
AAXJ
49.4%

Consumer Defensive

IEUR
7.7%
AAXJ
2.0%

Consumer Cyclical

IEUR
7.0%
AAXJ
8.9%

Basic Materials

IEUR
5.8%
AAXJ
3.1%

Energy

IEUR
4.9%
AAXJ
2.2%

Utilities

IEUR
4.4%
AAXJ
1.6%

Communication Services

IEUR
3.9%
AAXJ
5.9%

Real Estate

IEUR
1.5%
AAXJ
1.4%

Compare stocks, funds, or ETFs

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

iShares Core MSCI Europe ETF

iShares MSCI All Country Asia ex-Japan ETF

Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. IMEU.LIEUR vs. FEZIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. VWOAAXJ vs. BBAXAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD

Return for Risk

IEUR vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEUR
IEUR Risk / Return Rank: 3535
Overall Rank
IEUR Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 3535
Sortino Ratio Rank
IEUR Omega Ratio Rank: 3333
Omega Ratio Rank
IEUR Calmar Ratio Rank: 3333
Calmar Ratio Rank
IEUR Martin Ratio Rank: 3939
Martin Ratio Rank
AAXJ
AAXJ Risk / Return Rank: 7575
Overall Rank
AAXJ Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 7070
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 7878
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 7676
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 7676
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.

IEUR vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) 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.

IEURAAXJDifference
Sharpe ratioReturn per unit of total volatility
1.10
2.11

-1.01

Sortino ratioReturn per unit of downside risk
1.64
2.73

-1.09

Omega ratioGain probability vs. loss probability

1.20

1.40

-0.20

Calmar ratioReturn relative to maximum drawdown

1.44

3.41

-1.97

Martin ratioReturn relative to average drawdown

5.40

12.55

-7.14

IEUR vs. AAXJ - Sharpe Ratio Comparison

The current IEUR Sharpe Ratio is 1.10, which is lower than the AAXJ Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of IEUR 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.

Loading charts...

Drawdowns

IEUR vs. AAXJ - Drawdown Comparison

The maximum IEUR drawdown since its inception was -36.96%, smaller than the maximum AAXJ drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for IEUR and AAXJ.

Loading charts...

Drawdown Indicators

IEURAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-36.96%

-49.37%

+12.41%

Max Drawdown (1Y)

Largest decline over 1 year

-12.04%

-13.66%

+1.62%

Max Drawdown (3Y)

Largest decline over 3 years

-14.25%

-19.74%

+5.49%

Max Drawdown (5Y)

Largest decline over 5 years

-32.75%

-40.64%

+7.89%

Max Drawdown (10Y)

Largest decline over 10 years

-36.96%

-44.52%

+7.56%

Current Drawdown

Current decline from peak

-0.44%

-4.62%

+4.18%

Average Drawdown

Average peak-to-trough decline

-8.21%

-14.01%

+5.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

3.71%

-0.49%

Volatility

IEUR vs. AAXJ - Volatility Comparison

The current volatility for iShares Core MSCI Europe ETF (IEUR) is 5.70%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.46%. This indicates that IEUR 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.

Loading charts...

Volatility by Period

IEURAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.70%

11.46%

-5.76%

Volatility (6M)

Calculated over the trailing 6-month period

13.31%

19.71%

-6.40%

Volatility (1Y)

Calculated over the trailing 1-year period

15.83%

22.12%

-6.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.81%

20.32%

-2.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.68%

20.42%

-1.74%

IEUR vs. AAXJ - Expense Ratio Comparison

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

Dividends

IEUR vs. AAXJ - Dividend Comparison

IEUR's dividend yield for the trailing twelve months is around 2.76%, more than AAXJ's 1.43% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.43%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
IEUR
iShares Core MSCI Europe ETF		2.76%2.97%3.54%3.17%3.05%2.88%2.13%3.26%3.76%2.64%3.19%2.79%

Frequently Asked Questions

IEUR and AAXJ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (11.46%) compared to IEUR (5.70%). In terms of maximum drawdown, IEUR dropped -36.96% vs AAXJ's -49.37%.

On 10-year performance, AAXJ leads with 10.34% vs 10.11% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 5.70%. 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 10.34% return vs 10.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

IEUR has the higher dividend yield at 2.76%, compared with 1.43% for AAXJ.

IEUR is categorized as Europe Equities, while AAXJ is Asia Pacific Equities. IEUR tracks MSCI Europe Investable Market Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. Their fees differ too: 0.09% for IEUR and 0.68% for AAXJ.

AAXJ currently has the higher Sharpe Ratio (2.11 vs 1.10), 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.

Portfolio Optimizer

Find the right allocation for IEUR and AAXJ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer