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JPYUSD=X vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility

JPYUSD=X vs. AAXJ

Last updated Jun 15, 2026

JPYUSD=X (JPY/USD) is a currency, while AAXJ (iShares MSCI All Country Asia ex-Japan ETF) is Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index. Over the past 10 years, JPYUSD=X returned -4.19%/yr vs 10.34%/yr for AAXJ. At a correlation of -0.12, they often move in opposite directions.

Performance

JPYUSD=X vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPY/USD (JPYUSD=X) 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, JPYUSD=X achieves a -2.12% return, which is significantly lower than AAXJ's 26.46% return. Over the past 10 years, JPYUSD=X has underperformed AAXJ with an annualized return of -4.19%, while AAXJ has yielded a comparatively higher 10.34% annualized return.

JPYUSD=X

1D
0.10%
1M
-0.82%
YTD
-2.12%
6M
-3.07%
1Y
-9.99%
3Y*
-4.30%
5Y*
-7.22%
10Y*
-4.19%

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)

JPYUSD=X vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPYUSD=X
JPY/USD		-2.12%0.33%-10.26%-7.04%-12.23%-10.24%5.18%0.86%2.82%3.91%
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 JPYUSD=X and AAXJ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

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

0.19

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

0.14

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

0.02

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

-0.12

The correlation between JPYUSD=X and AAXJ shifts across timeframes, from -0.12 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

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JPY/USD

iShares MSCI All Country Asia ex-Japan ETF

Often compared with JPYUSD=X:
JPYUSD=X vs. BTC-USDJPYUSD=X vs. EWJJPYUSD=X vs. YCSJPYUSD=X vs. EURUSD=XJPYUSD=X vs. SPYJPYUSD=X vs. DXJJPYUSD=X vs. ^TNX
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. VWOAAXJ vs. BBAXAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD

Return for Risk

JPYUSD=X vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JPYUSD=X
JPYUSD=X Risk / Return Rank: 88
Overall Rank
JPYUSD=X Sharpe Ratio Rank: 88
Sharpe Ratio Rank
JPYUSD=X Sortino Ratio Rank: 88
Sortino Ratio Rank
JPYUSD=X Omega Ratio Rank: 88
Omega Ratio Rank
JPYUSD=X Calmar Ratio Rank: 33
Calmar Ratio Rank
JPYUSD=X Martin Ratio Rank: 1414
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.

JPYUSD=X vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) 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.

JPYUSD=XAAXJDifference
Sharpe ratioReturn per unit of total volatility
-1.09
2.11

-3.19

Sortino ratioReturn per unit of downside risk
-1.60
2.73

-4.33

Omega ratioGain probability vs. loss probability

0.82

1.40

-0.57

Calmar ratioReturn relative to maximum drawdown

-0.76

3.41

-4.17

Martin ratioReturn relative to average drawdown

-1.11

12.55

-13.66

JPYUSD=X vs. AAXJ - Sharpe Ratio Comparison

The current JPYUSD=X Sharpe Ratio is -1.09, which is lower than the AAXJ Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of JPYUSD=X 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

JPYUSD=X vs. AAXJ - Drawdown Comparison

The maximum JPYUSD=X drawdown since its inception was -52.96%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and AAXJ.

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Drawdown Indicators

JPYUSD=XAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-52.96%

-49.37%

-3.59%

Max Drawdown (1Y)

Largest decline over 1 year

-10.68%

-13.66%

+2.98%

Max Drawdown (3Y)

Largest decline over 3 years

-14.63%

-19.74%

+5.11%

Max Drawdown (5Y)

Largest decline over 5 years

-32.59%

-40.64%

+8.05%

Max Drawdown (10Y)

Largest decline over 10 years

-38.21%

-44.52%

+6.31%

Current Drawdown

Current decline from peak

-52.47%

-4.62%

-47.85%

Average Drawdown

Average peak-to-trough decline

-26.92%

-14.01%

-12.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.18%

3.71%

+2.47%

Volatility

JPYUSD=X vs. AAXJ - Volatility Comparison

The current volatility for JPY/USD (JPYUSD=X) is 0.69%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.46%. This indicates that JPYUSD=X 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

JPYUSD=XAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.69%

11.46%

-10.77%

Volatility (6M)

Calculated over the trailing 6-month period

5.48%

19.71%

-14.23%

Volatility (1Y)

Calculated over the trailing 1-year period

7.50%

22.12%

-14.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.56%

20.32%

-10.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.90%

20.42%

-11.52%

Frequently Asked Questions

JPYUSD=X and AAXJ have a correlation of 0.28, 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 JPYUSD=X (0.69%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs AAXJ's -49.37%.

AAXJ currently has the higher Sharpe Ratio (2.11 vs -1.09), 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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