INDA vs. AAXJ

Last updated Jul 14, 2026

INDA (iShares MSCI India ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both exchange-traded funds - INDA is a India Equities fund tracking the MSCI India 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, INDA returned 6.55%/yr vs 8.98%/yr for AAXJ. A 0.65 correlation means they provide meaningful diversification when combined. INDA charges 0.69%/yr vs 0.68%/yr for AAXJ.

Performance

INDA vs. AAXJ - Performance Comparison

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

Returns By Period

In the year-to-date period, INDA achieves a -9.73% return, which is significantly lower than AAXJ's 20.52% return. Over the past 10 years, INDA has underperformed AAXJ with an annualized return of 6.55%, while AAXJ has yielded a comparatively higher 8.98% annualized return.

INDA

• 1D: -1.03%
• 1M: 0.95%
• 6M: -8.63%
• YTD: -9.73%
• 1Y: -11.10%
• 3Y*: 3.55%
• 5Y*: 3.34%
• 10Y*: 6.55%

AAXJ

• 1D: -3.78%
• 1M: -4.70%
• 6M: 13.41%
• YTD: 20.52%
• 1Y: 37.36%
• 3Y*: 19.82%
• 5Y*: 5.93%
• 10Y*: 8.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

INDA vs. AAXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDA iShares MSCI India ETF	-9.73%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.83%	6.49%	-6.67%	36.08%
AAXJ iShares MSCI All Country Asia ex-Japan ETF	20.52%	31.53%	10.41%	4.79%	-20.35%	-5.73%	23.35%	17.93%	-15.04%	41.76%

Correlation

The correlation between INDA and AAXJ is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.65

The correlation between INDA and AAXJ shifts across timeframes, from 0.52 (3 years) to 0.65 (all time), reflecting how their relationship changes across market environments.

INDA vs. AAXJ - Sectors Allocation Comparison

Sectors	INDA	AAXJ
Financial Services	28.9%	15.8%
Consumer Cyclical	12.0%	8.9%
Industrials	10.6%	7.3%
Energy	9.1%	2.2%
Basic Materials	8.6%	3.1%
Technology	8.0%	49.4%
Healthcare	6.1%	2.6%
Consumer Defensive	5.8%	2.0%
Communication Services	5.1%	5.9%
Utilities	4.4%	1.6%
Real Estate	1.3%	1.4%

Return for Risk

INDA vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 4
INDA Martin Ratio Rank: 2

AAXJ

AAXJ Risk / Return Rank: 61
AAXJ Sharpe Ratio Rank: 58
AAXJ Sortino Ratio Rank: 52
AAXJ Omega Ratio Rank: 62
AAXJ Calmar Ratio Rank: 69
AAXJ Martin Ratio Rank: 65

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.

INDA vs. AAXJ - Risk-Adjusted Trends Comparison

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

	INDA	AAXJ	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	1.55	-2.29
Sortino ratio: Return per unit of downside risk	-1.00	2.05	-3.05
Omega ratio: Gain probability vs. loss probability	0.89	1.30	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.62	2.75	-3.37
Martin ratio: Return relative to average drawdown	-1.40	9.31	-10.71

INDA vs. AAXJ - Sharpe Ratio Comparison

The current INDA Sharpe Ratio is -0.74, which is lower than the AAXJ Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of INDA 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.

Drawdowns

INDA vs. AAXJ - Drawdown Comparison

The maximum INDA drawdown since its inception was -45.07%, smaller than the maximum AAXJ drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for INDA and AAXJ.

Drawdown Indicators

	INDA	AAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-45.07%	-49.37%	+4.30%
Max Drawdown (1Y) Largest decline over 1 year	-17.85%	-13.66%	-4.19%
Max Drawdown (3Y) Largest decline over 3 years	-22.72%	-19.74%	-2.98%
Max Drawdown (5Y) Largest decline over 5 years	-22.72%	-38.91%	+16.19%
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	-44.52%	-0.55%
Current Drawdown Current decline from peak	-16.99%	-9.97%	-7.02%
Average Drawdown Average peak-to-trough decline	-9.62%	-13.98%	+4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.92%	4.02%	+3.90%

Volatility

INDA vs. AAXJ - Volatility Comparison

The current volatility for iShares MSCI India ETF (INDA) is 4.48%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.97%. This indicates that INDA 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.

Volatility by Period

	INDA	AAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	11.97%	-7.49%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	22.14%	-9.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	24.32%	-9.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	20.82%	-5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	20.58%	+0.48%

INDA vs. AAXJ - Expense Ratio Comparison

INDA has a 0.69% expense ratio, which is higher than AAXJ's 0.68% expense ratio.

Dividends

INDA vs. AAXJ - Dividend Comparison

INDA has not paid dividends to shareholders, while AAXJ's dividend yield for the trailing twelve months is around 1.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAXJ iShares MSCI All Country Asia ex-Japan ETF	1.38%	1.81%	1.86%	1.95%	1.74%	2.21%	1.06%	1.83%	2.10%	1.99%	1.77%	2.44%
INDA iShares MSCI India ETF	0.00%	0.00%	0.76%	0.16%	0.00%	6.44%	0.27%	0.99%	0.94%	1.09%	0.90%	1.19%

Frequently Asked Questions

Can I hold both INDA and AAXJ in my portfolio?

INDA and AAXJ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDA or AAXJ?

AAXJ has higher volatility (11.97%) compared to INDA (4.48%). In terms of maximum drawdown, INDA dropped -45.07% vs AAXJ's -49.37%.

Which ETF is better, INDA or AAXJ?

On 10-year performance, AAXJ leads with 8.98% vs 6.55% for INDA. On fees, AAXJ is cheaper at 0.68% per year. On volatility, INDA has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDA or AAXJ?

Over the 10-year period, AAXJ has performed better with a 8.98% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDA or AAXJ?

AAXJ is cheaper with a 0.68% expense ratio, compared with 0.69% for INDA.

Which ETF pays a higher dividend yield, INDA or AAXJ?

AAXJ has the higher dividend yield at 1.38%, compared with 0.00% for INDA.

What is the main difference between INDA and AAXJ?

INDA is categorized as India Equities, while AAXJ is Asia Pacific Equities. INDA tracks MSCI India Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. Their fees differ too: 0.69% for INDA and 0.68% for AAXJ.

Which has better risk-adjusted returns?

AAXJ currently has the higher Sharpe Ratio (1.55 vs -0.74), 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.