MKOR vs. AAXJ

Last updated Jun 4, 2026

MKOR (Matthews Korea Active ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both Asia Pacific Equities funds. MKOR is actively managed, while AAXJ is passively managed. Over the past year, MKOR returned 187.66% vs 59.00% for AAXJ. A 0.74 correlation means they provide meaningful diversification when combined. MKOR charges 0.79%/yr vs 0.68%/yr for AAXJ.

Performance

MKOR vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Korea Active ETF (MKOR) 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, MKOR achieves a 96.84% return, which is significantly higher than AAXJ's 31.17% return.

MKOR

• 1D: -0.99%
• 1M: 16.82%
• YTD: 96.84%
• 6M: 107.34%
• 1Y: 187.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAXJ

• 1D: -1.06%
• 1M: 10.65%
• YTD: 31.17%
• 6M: 33.71%
• 1Y: 59.00%
• 3Y*: 24.49%
• 5Y*: 7.04%
• 10Y*: 10.50%

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

MKOR vs. AAXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKOR Matthews Korea Active ETF	96.84%	70.33%	-15.76%	-2.16%
AAXJ iShares MSCI All Country Asia ex-Japan ETF	31.17%	31.53%	10.41%	-1.71%

Correlation

The correlation between MKOR and AAXJ is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.74

The correlation between MKOR and AAXJ has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

MKOR vs. AAXJ - Sectors Allocation Comparison

Sectors	MKOR	AAXJ
Technology	56.1%	41.6%
Industrials	15.0%	8.3%
Financial Services	8.0%	17.7%
Consumer Cyclical	7.0%	10.3%
Communication Services	2.1%	6.9%
Consumer Defensive	1.7%	2.4%
Healthcare	1.5%	3.0%
Basic Materials	0.8%	3.5%
Energy	0.6%	2.7%
Utilities	0.6%	1.8%
Real Estate	-	1.7%

Return for Risk

MKOR vs. AAXJ — Risk / Return Rank

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

MKOR

MKOR Risk / Return Rank: 96
MKOR Sharpe Ratio Rank: 97
MKOR Sortino Ratio Rank: 94
MKOR Omega Ratio Rank: 94
MKOR Calmar Ratio Rank: 96
MKOR Martin Ratio Rank: 96

AAXJ

AAXJ Risk / Return Rank: 84
AAXJ Sharpe Ratio Rank: 87
AAXJ Sortino Ratio Rank: 83
AAXJ Omega Ratio Rank: 85
AAXJ Calmar Ratio Rank: 82
AAXJ Martin Ratio Rank: 82

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.

MKOR vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Korea Active ETF (MKOR) 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.

	MKOR	AAXJ	Difference
Sharpe ratio: Return per unit of total volatility	5.08	2.93	+2.16
Sortino ratio: Return per unit of downside risk	4.94	3.77	+1.17
Omega ratio: Gain probability vs. loss probability	1.70	1.53	+0.17
Calmar ratio: Return relative to maximum drawdown	9.16	4.34	+4.82
Martin ratio: Return relative to average drawdown	35.31	16.76	+18.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MKOR vs. AAXJ - Sharpe Ratio Comparison

The current MKOR Sharpe Ratio is 5.08, which is higher than the AAXJ Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of MKOR 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

	MKOR	AAXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.08	2.93	+2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	0.28	+1.29

Drawdowns

MKOR vs. AAXJ - Drawdown Comparison

The maximum MKOR drawdown since its inception was -22.09%, smaller than the maximum AAXJ drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for MKOR and AAXJ.

Drawdown Indicators

	MKOR	AAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-22.09%	-49.37%	+27.28%
Max Drawdown (1Y) Largest decline over 1 year	-20.62%	-13.66%	-6.96%
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	-2.27%	-1.06%	-1.21%
Average Drawdown Average peak-to-trough decline	-6.22%	-14.03%	+7.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.34%	3.53%	+1.81%

Volatility

MKOR vs. AAXJ - Volatility Comparison

Matthews Korea Active ETF (MKOR) has a higher volatility of 17.87% compared to iShares MSCI All Country Asia ex-Japan ETF (AAXJ) at 8.93%. This indicates that MKOR'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.

Volatility by Period

	MKOR	AAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	8.93%	+8.94%
Volatility (6M) Calculated over the trailing 6-month period	33.29%	17.46%	+15.83%
Volatility (1Y) Calculated over the trailing 1-year period	37.15%	20.25%	+16.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.06%	19.94%	+7.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.06%	20.25%	+6.81%

MKOR vs. AAXJ - Expense Ratio Comparison

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

Dividends

MKOR vs. AAXJ - Dividend Comparison

MKOR's dividend yield for the trailing twelve months is around 1.33%, less than AAXJ's 1.38% yield.

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%
MKOR Matthews Korea Active ETF	1.33%	2.62%	5.28%	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 MKOR and AAXJ in my portfolio?

MKOR and AAXJ have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKOR or AAXJ?

MKOR has higher volatility (17.87%) compared to AAXJ (8.93%). In terms of maximum drawdown, MKOR dropped -22.09% vs AAXJ's -49.37%.

Which ETF is better, MKOR or AAXJ?

On 1-year performance, MKOR leads with 187.66% vs 59.00% for AAXJ. On fees, AAXJ is cheaper at 0.68% per year. On volatility, AAXJ has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKOR or AAXJ?

Over the 1-year period, MKOR has performed better with a 187.66% return vs 59.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKOR or AAXJ?

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

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

AAXJ has the higher dividend yield at 1.38%, compared with 1.33% for MKOR.

What is the main difference between MKOR and AAXJ?

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

Which has better risk-adjusted returns?

MKOR currently has the higher Sharpe Ratio (5.08 vs 2.93), 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.