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IVV vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IVV vs. AAXJ

Last updated Jun 14, 2026

IVV (iShares Core S&P 500 ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both exchange-traded funds - IVV is a S&P 500 fund tracking the S&P 500 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, IVV returned 15.47%/yr vs 10.34%/yr for AAXJ. A 0.72 correlation means they provide meaningful diversification when combined. IVV charges 0.03%/yr vs 0.68%/yr for AAXJ.

Performance

IVV vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P 500 ETF (IVV) 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, IVV achieves a 9.08% return, which is significantly lower than AAXJ's 26.46% return. Over the past 10 years, IVV has outperformed AAXJ with an annualized return of 15.47%, while AAXJ has yielded a comparatively lower 10.34% annualized return.

IVV

1D
0.55%
1M
0.36%
YTD
9.08%
6M
9.43%
1Y
25.77%
3Y*
20.95%
5Y*
13.42%
10Y*
15.47%

AAXJ

1D
0.46%
1M
4.42%
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)

IVV vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IVV
iShares Core S&P 500 ETF		9.08%17.85%24.93%26.31%-18.16%28.76%18.40%31.07%-4.49%21.75%
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 IVV and AAXJ is 0.74, 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

0.74

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

0.64

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

0.63

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

0.66

Correlation (All Time)
Calculated using the full available price history since Aug 15, 2008

0.72

The correlation between IVV and AAXJ shifts across timeframes, from 0.63 (5 years) to 0.74 (1 year), reflecting how their relationship changes across market environments.

IVV vs. AAXJ - Sectors Allocation Comparison

Sectors
IVV
AAXJ

Technology

39.0%
49.4%

Financial Services

11.1%
15.8%

Communication Services

10.6%
5.9%

Consumer Cyclical

9.9%
8.9%

Healthcare

8.3%
2.6%

Industrials

7.8%
7.3%

Consumer Defensive

4.5%
2.0%

Energy

3.1%
2.2%

Utilities

2.1%
1.6%

Real Estate

1.8%
1.4%

Basic Materials

1.7%
3.1%

Technology

IVV
39.0%
AAXJ
49.4%

Financial Services

IVV
11.1%
AAXJ
15.8%

Communication Services

IVV
10.6%
AAXJ
5.9%

Consumer Cyclical

IVV
9.9%
AAXJ
8.9%

Healthcare

IVV
8.3%
AAXJ
2.6%

Industrials

IVV
7.8%
AAXJ
7.3%

Consumer Defensive

IVV
4.5%
AAXJ
2.0%

Energy

IVV
3.1%
AAXJ
2.2%

Utilities

IVV
2.1%
AAXJ
1.6%

Real Estate

IVV
1.8%
AAXJ
1.4%

Basic Materials

IVV
1.7%
AAXJ
3.1%

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 S&P 500 ETF

iShares MSCI All Country Asia ex-Japan ETF

Often compared with IVV:
IVV vs. VOOIVV vs. SPYIVV vs. FXAIXIVV vs. QQQIVV vs. VTIIVV vs. IOOIVV vs. CSPX.L
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. VWOAAXJ vs. BBAXAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD

Return for Risk

IVV vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IVV
IVV Risk / Return Rank: 7070
Overall Rank
IVV Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
IVV Sortino Ratio Rank: 6969
Sortino Ratio Rank
IVV Omega Ratio Rank: 7171
Omega Ratio Rank
IVV Calmar Ratio Rank: 6363
Calmar Ratio Rank
IVV Martin Ratio Rank: 7676
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.

IVV vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 ETF (IVV) 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.

IVVAAXJDifference
Sharpe ratioReturn per unit of total volatility
2.00
2.11

-0.11

Sortino ratioReturn per unit of downside risk
2.70
2.73

-0.04

Omega ratioGain probability vs. loss probability

1.36

1.40

-0.04

Calmar ratioReturn relative to maximum drawdown

2.76

3.41

-0.66

Martin ratioReturn relative to average drawdown

12.43

12.55

-0.11

IVV vs. AAXJ - Sharpe Ratio Comparison

The current IVV Sharpe Ratio is 2.00, which is comparable to the AAXJ Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of IVV 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

IVV vs. AAXJ - Drawdown Comparison

The maximum IVV drawdown since its inception was -55.25%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for IVV and AAXJ.

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Drawdown Indicators

IVVAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-55.25%

-49.37%

-5.88%

Max Drawdown (1Y)

Largest decline over 1 year

-8.89%

-13.66%

+4.77%

Max Drawdown (3Y)

Largest decline over 3 years

-18.75%

-19.74%

+0.99%

Max Drawdown (5Y)

Largest decline over 5 years

-24.53%

-40.64%

+16.11%

Max Drawdown (10Y)

Largest decline over 10 years

-33.90%

-44.52%

+10.62%

Current Drawdown

Current decline from peak

-2.35%

-4.62%

+2.27%

Average Drawdown

Average peak-to-trough decline

-10.77%

-14.01%

+3.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

3.71%

-1.74%

Volatility

IVV vs. AAXJ - Volatility Comparison

The current volatility for iShares Core S&P 500 ETF (IVV) is 4.37%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.46%. This indicates that IVV 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.

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Volatility by Period

IVVAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

11.46%

-7.09%

Volatility (6M)

Calculated over the trailing 6-month period

9.59%

19.71%

-10.12%

Volatility (1Y)

Calculated over the trailing 1-year period

12.28%

22.12%

-9.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.95%

20.32%

-3.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.08%

20.42%

-2.34%

IVV vs. AAXJ - Expense Ratio Comparison

IVV has a 0.03% expense ratio, which is lower than AAXJ's 0.68% expense ratio.

Dividends

IVV vs. AAXJ - Dividend Comparison

IVV's dividend yield for the trailing twelve months is around 1.08%, less 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%
IVV
iShares Core S&P 500 ETF		1.08%1.17%1.30%1.44%1.66%1.20%1.57%1.85%2.21%1.75%2.01%2.27%

Frequently Asked Questions

IVV and AAXJ have a correlation of 0.74, 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 IVV (4.37%). In terms of maximum drawdown, IVV dropped -55.25% vs AAXJ's -49.37%.

On 10-year performance, IVV leads with 15.47% vs 10.34% for AAXJ. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IVV has performed better with a 15.47% return vs 10.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IVV is cheaper with a 0.03% expense ratio, compared with 0.68% for AAXJ.

AAXJ has the higher dividend yield at 1.43%, compared with 1.08% for IVV.

IVV is categorized as S&P 500, while AAXJ is Asia Pacific Equities. IVV tracks S&P 500 Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. Their fees differ too: 0.03% for IVV and 0.68% for AAXJ.

AAXJ currently has the higher Sharpe Ratio (2.11 vs 2.00), 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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