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MINV vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MINV vs. AAXJ

Last updated Jun 24, 2026

MINV (Matthews Asia Innovators Active ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both Asia Pacific Equities funds. MINV is actively managed, while AAXJ is passively managed. Over the past 3 years, MINV returned 33.92%/yr vs 23.41%/yr for AAXJ. Their correlation of 0.91 suggests significant overlap in exposure. MINV charges 0.79%/yr vs 0.68%/yr for AAXJ.

Performance

MINV vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia Innovators Active ETF (MINV) 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, MINV achieves a 55.42% return, which is significantly higher than AAXJ's 25.79% return.

MINV

1D
-7.65%
1M
4.13%
YTD
55.42%
6M
56.47%
1Y
84.63%
3Y*
33.92%
5Y*
—
10Y*
—

AAXJ

1D
-6.03%
1M
2.68%
YTD
25.79%
6M
26.97%
1Y
47.85%
3Y*
23.41%
5Y*
6.42%
10Y*
10.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MINV vs. AAXJ - Yearly Performance Comparison

2026 (YTD)2025202420232022
MINV
Matthews Asia Innovators Active ETF		55.42%30.85%17.32%-2.66%-2.87%
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		25.79%31.53%10.41%4.79%-2.08%

Correlation

The correlation between MINV and AAXJ is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.91

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

0.91

Correlation (All Time)
Calculated using the full available price history since Jul 14, 2022

0.91

The correlation between MINV and AAXJ has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

MINV vs. AAXJ - Sectors Allocation Comparison

Sectors
MINV
AAXJ

Technology

67.2%
49.4%

Industrials

19.2%
7.3%

Healthcare

4.6%
2.6%

Consumer Cyclical

3.7%
8.9%

Communication Services

2.3%
5.9%

Energy

1.7%
2.2%

Financial Services

1.4%
15.8%

Basic Materials

0.8%
3.1%

Consumer Defensive

-

2.0%

Real Estate

-

1.4%

Utilities

-

1.6%

Technology

MINV
67.2%
AAXJ
49.4%

Industrials

MINV
19.2%
AAXJ
7.3%

Healthcare

MINV
4.6%
AAXJ
2.6%

Consumer Cyclical

MINV
3.7%
AAXJ
8.9%

Communication Services

MINV
2.3%
AAXJ
5.9%

Energy

MINV
1.7%
AAXJ
2.2%

Financial Services

MINV
1.4%
AAXJ
15.8%

Basic Materials

MINV
0.8%
AAXJ
3.1%

Consumer Defensive

MINV

-

AAXJ
2.0%

Real Estate

MINV

-

AAXJ
1.4%

Utilities

MINV

-

AAXJ
1.6%

Compare stocks, funds, or ETFs

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

Matthews Asia Innovators Active ETF

iShares MSCI All Country Asia ex-Japan ETF

Often compared with MINV:
MINV vs. ADVEMINV vs. MATFXMINV vs. ^NDXMINV vs. EMSFMINV vs. DXJMINV vs. ASIAMINV vs. MEM
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. VWOAAXJ vs. BBAXAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. THD

Return for Risk

MINV vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MINV
MINV Risk / Return Rank: 9090
Overall Rank
MINV Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
MINV Sortino Ratio Rank: 8484
Sortino Ratio Rank
MINV Omega Ratio Rank: 8888
Omega Ratio Rank
MINV Calmar Ratio Rank: 9696
Calmar Ratio Rank
MINV Martin Ratio Rank: 9191
Martin Ratio Rank
AAXJ
AAXJ Risk / Return Rank: 6868
Overall Rank
AAXJ Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 5858
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 7070
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 7373
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 7272
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.

MINV vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Innovators Active ETF (MINV) 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.

MINVAAXJDifference
Sharpe ratioReturn per unit of total volatility
2.93
2.06

+0.87

Sortino ratioReturn per unit of downside risk
3.44
2.62

+0.82

Omega ratioGain probability vs. loss probability

1.51

1.39

+0.12

Calmar ratioReturn relative to maximum drawdown

7.80

3.52

+4.28

Martin ratioReturn relative to average drawdown

19.55

12.86

+6.70

MINV vs. AAXJ - Sharpe Ratio Comparison

The current MINV Sharpe Ratio is 2.93, which is higher than the AAXJ Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of MINV 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

MINV vs. AAXJ - Drawdown Comparison

The maximum MINV drawdown since its inception was -23.49%, smaller than the maximum AAXJ drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for MINV and AAXJ.

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Drawdown Indicators

MINVAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-23.49%

-49.37%

+25.88%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-13.66%

+2.75%

Max Drawdown (3Y)

Largest decline over 3 years

-19.82%

-19.74%

-0.08%

Max Drawdown (5Y)

Largest decline over 5 years

—

-40.64%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.52%

—

Current Drawdown

Current decline from peak

-7.65%

-6.03%

-1.62%

Average Drawdown

Average peak-to-trough decline

-8.03%

-14.00%

+5.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.34%

3.73%

+0.61%

Volatility

MINV vs. AAXJ - Volatility Comparison

Matthews Asia Innovators Active ETF (MINV) has a higher volatility of 16.99% compared to iShares MSCI All Country Asia ex-Japan ETF (AAXJ) at 13.43%. This indicates that MINV's price experiences larger fluctuations and is considered to be riskier 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

MINVAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.99%

13.43%

+3.56%

Volatility (6M)

Calculated over the trailing 6-month period

25.92%

21.20%

+4.72%

Volatility (1Y)

Calculated over the trailing 1-year period

29.06%

23.39%

+5.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.78%

20.63%

+4.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.78%

20.51%

+4.27%

MINV vs. AAXJ - Expense Ratio Comparison

MINV has a 0.79% expense ratio, which is higher than AAXJ's 0.68% expense ratio.

Dividends

MINV vs. AAXJ - Dividend Comparison

MINV's dividend yield for the trailing twelve months is around 0.97%, less than AAXJ's 1.32% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.32%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
MINV
Matthews Asia Innovators Active ETF		0.97%1.51%0.25%1.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.91, MINV and AAXJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

MINV has higher volatility (16.99%) compared to AAXJ (13.43%). In terms of maximum drawdown, MINV dropped -23.49% vs AAXJ's -49.37%.

On 3-year performance, MINV leads with 33.92% vs 23.41% for AAXJ. On fees, AAXJ is cheaper at 0.68% per year. On volatility, AAXJ has been the lower-risk option at 13.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, MINV has performed better with a 33.92% return vs 23.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AAXJ is cheaper with a 0.68% expense ratio, compared with 0.79% for MINV.

AAXJ has the higher dividend yield at 1.32%, compared with 0.97% for MINV.

They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for MINV and 0.68% for AAXJ.

MINV currently has the higher Sharpe Ratio (2.93 vs 2.06), 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

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