INDH vs. AAXJ

Last updated Jun 3, 2026

INDH (WisdomTree India Hedged Equity Fund) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both Asia Pacific Equities funds - INDH tracks the WisdomTree India Hedged Equity Index while AAXJ tracks the MSCI All Country Asia ex Japan Index. Both are passively managed. Over the past year, INDH returned -4.13% vs 60.93% for AAXJ. At a 0.44 correlation, their price movements are largely independent. INDH charges 0.64%/yr vs 0.68%/yr for AAXJ.

Performance

INDH vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree India Hedged Equity Fund (INDH) 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, INDH achieves a -8.09% return, which is significantly lower than AAXJ's 32.58% return.

INDH

• 1D: 0.17%
• 1M: -2.41%
• YTD: -8.09%
• 6M: -7.79%
• 1Y: -4.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAXJ

• 1D: 0.96%
• 1M: 12.09%
• YTD: 32.58%
• 6M: 35.11%
• 1Y: 60.93%
• 3Y*: 24.93%
• 5Y*: 7.46%
• 10Y*: 10.62%

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

INDH vs. AAXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
INDH WisdomTree India Hedged Equity Fund	-8.09%	6.76%	5.05%
AAXJ iShares MSCI All Country Asia ex-Japan ETF	32.58%	31.53%	4.04%

Correlation

The correlation between INDH and AAXJ is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 10, 2024	0.44

INDH vs. AAXJ - Sectors Allocation Comparison

Sectors	INDH	AAXJ
Financial Services	23.5%	17.7%
Energy	13.0%	2.7%
Consumer Cyclical	12.9%	10.3%
Technology	10.0%	41.6%
Basic Materials	9.1%	3.5%
Consumer Defensive	7.6%	2.4%
Industrials	7.4%	8.3%
Utilities	5.8%	1.8%
Healthcare	5.6%	3.0%
Communication Services	4.8%	6.9%
Real Estate	0.4%	1.7%

Return for Risk

INDH vs. AAXJ — Risk / Return Rank

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

INDH

INDH Risk / Return Rank: 5
INDH Sharpe Ratio Rank: 6
INDH Sortino Ratio Rank: 5
INDH Omega Ratio Rank: 5
INDH Calmar Ratio Rank: 6
INDH Martin Ratio Rank: 4

AAXJ

AAXJ Risk / Return Rank: 86
AAXJ Sharpe Ratio Rank: 89
AAXJ Sortino Ratio Rank: 85
AAXJ Omega Ratio Rank: 88
AAXJ Calmar Ratio Rank: 84
AAXJ Martin Ratio Rank: 85

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.

INDH vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree India Hedged Equity Fund (INDH) 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.

	INDH	AAXJ	Difference
Sharpe ratio Return per unit of total volatility	-0.32	3.03	-3.35
Sortino ratio Return per unit of downside risk	-0.37	3.88	-4.25
Omega ratio Gain probability vs. loss probability	0.95	1.55	-0.60
Calmar ratio Return relative to maximum drawdown	-0.31	4.58	-4.89
Martin ratio Return relative to average drawdown	-0.86	17.71	-18.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDH vs. AAXJ - Sharpe Ratio Comparison

The current INDH Sharpe Ratio is -0.32, which is lower than the AAXJ Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of INDH 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.

Sharpe Ratios by Period

	INDH	AAXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	3.03	-3.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.29	-0.18

Drawdowns

INDH vs. AAXJ - Drawdown Comparison

The maximum INDH drawdown since its inception was -15.05%, smaller than the maximum AAXJ drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for INDH and AAXJ.

Drawdown Indicators

	INDH	AAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-15.05%	-49.37%	+34.32%
Max Drawdown (1Y) Largest decline over 1 year	-12.94%	-13.66%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.52%	—
Current Drawdown Current decline from peak	-10.14%	0.00%	-10.14%
Average Drawdown Average peak-to-trough decline	-5.66%	-14.03%	+8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.64%	3.53%	+1.11%

Volatility

INDH vs. AAXJ - Volatility Comparison

The current volatility for WisdomTree India Hedged Equity Fund (INDH) is 3.98%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 8.78%. This indicates that INDH 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

	INDH	AAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	8.78%	-4.80%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	17.42%	-5.92%
Volatility (1Y) Calculated over the trailing 1-year period	12.90%	20.23%	-7.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.43%	19.94%	-5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.43%	20.25%	-5.82%

INDH vs. AAXJ - Expense Ratio Comparison

INDH has a 0.64% expense ratio, which is lower than AAXJ's 0.68% expense ratio.

Dividends

INDH vs. AAXJ - Dividend Comparison

INDH's dividend yield for the trailing twelve months is around 5.71%, more than AAXJ's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAXJ iShares MSCI All Country Asia ex-Japan ETF	1.36%	1.81%	1.86%	1.95%	1.74%	2.21%	1.06%	1.83%	2.10%	1.99%	1.77%	2.44%
INDH WisdomTree India Hedged Equity Fund	5.71%	5.25%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDH and AAXJ in my portfolio?

INDH and AAXJ have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDH or AAXJ?

AAXJ has higher volatility (8.78%) compared to INDH (3.98%). In terms of maximum drawdown, INDH dropped -15.05% vs AAXJ's -49.37%.

Which ETF is better, INDH or AAXJ?

On 1-year performance, AAXJ leads with 60.93% vs -4.13% for INDH. On fees, INDH is cheaper at 0.64% per year. On volatility, INDH has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDH or AAXJ?

Over the 1-year period, AAXJ has performed better with a 60.93% return vs -4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDH or AAXJ?

INDH is cheaper with a 0.64% expense ratio, compared with 0.68% for AAXJ.

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

INDH has the higher dividend yield at 5.71%, compared with 1.36% for AAXJ.

What is the main difference between INDH and AAXJ?

INDH tracks WisdomTree India Hedged Equity Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.64% for INDH and 0.68% for AAXJ.

Which has better risk-adjusted returns?

AAXJ currently has the higher Sharpe Ratio (3.03 vs -0.32), 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.