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THD vs. AAXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

THD vs. AAXJ

Last updated Jun 23, 2026

THD (iShares MSCI Thailand ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both Asia Pacific Equities funds from iShares - THD tracks the MSCI Thailand Investable Market Index while AAXJ tracks the MSCI All Country Asia ex Japan Index. Both are passively managed. Over the past 10 years, THD returned 3.71%/yr vs 11.03%/yr for AAXJ. A 0.67 correlation means they provide meaningful diversification when combined. THD charges 0.59%/yr vs 0.68%/yr for AAXJ.

Performance

THD vs. AAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Thailand ETF (THD) 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, THD achieves a 22.58% return, which is significantly lower than AAXJ's 33.87% return. Over the past 10 years, THD has underperformed AAXJ with an annualized return of 3.71%, while AAXJ has yielded a comparatively higher 11.03% annualized return.

THD

1D
-1.18%
1M
0.76%
YTD
22.58%
6M
20.48%
1Y
51.99%
3Y*
6.45%
5Y*
1.30%
10Y*
3.71%

AAXJ

1D
0.74%
1M
9.27%
YTD
33.87%
6M
35.70%
1Y
58.69%
3Y*
26.00%
5Y*
7.94%
10Y*
11.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

THD vs. AAXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
THD
iShares MSCI Thailand ETF		22.58%2.36%-2.21%-12.63%1.22%1.87%-9.89%8.32%-8.25%31.45%
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		33.87%31.53%10.41%4.79%-20.35%-5.73%23.35%17.93%-15.04%41.76%

Correlation

The correlation between THD and AAXJ is 0.56, 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

0.56

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

0.56

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

0.59

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

0.63

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

0.67

The correlation between THD and AAXJ shifts across timeframes, from 0.56 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.

THD vs. AAXJ - Sectors Allocation Comparison

Sectors
THD
AAXJ

Industrials

31.1%
7.3%

Energy

13.5%
2.2%

Financial Services

11.1%
15.8%

Communication Services

9.8%
5.9%

Consumer Defensive

7.5%
2.0%

Utilities

7.0%
1.6%

Healthcare

6.1%
2.6%

Real Estate

5.0%
1.4%

Consumer Cyclical

4.7%
8.9%

Basic Materials

2.9%
3.1%

Technology

1.2%
49.4%

Industrials

THD
31.1%
AAXJ
7.3%

Energy

THD
13.5%
AAXJ
2.2%

Financial Services

THD
11.1%
AAXJ
15.8%

Communication Services

THD
9.8%
AAXJ
5.9%

Consumer Defensive

THD
7.5%
AAXJ
2.0%

Utilities

THD
7.0%
AAXJ
1.6%

Healthcare

THD
6.1%
AAXJ
2.6%

Real Estate

THD
5.0%
AAXJ
1.4%

Consumer Cyclical

THD
4.7%
AAXJ
8.9%

Basic Materials

THD
2.9%
AAXJ
3.1%

Technology

THD
1.2%
AAXJ
49.4%

Compare stocks, funds, or ETFs

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

iShares MSCI Thailand ETF

iShares MSCI All Country Asia ex-Japan ETF

Often compared with THD:
THD vs. VOOTHD vs. SSOTHD vs. GREKTHD vs. GQETXTHD vs. BRAZTHD vs. EPUTHD vs. SPY
Often compared with AAXJ:
AAXJ vs. VPLAAXJ vs. IEMGAAXJ vs. VWOAAXJ vs. BBAXAAXJ vs. EPPAAXJ vs. CQQQAAXJ vs. ACWI

Return for Risk

THD vs. AAXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
THD
THD Risk / Return Rank: 7070
Overall Rank
THD Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
THD Sortino Ratio Rank: 6969
Sortino Ratio Rank
THD Omega Ratio Rank: 6363
Omega Ratio Rank
THD Calmar Ratio Rank: 8080
Calmar Ratio Rank
THD Martin Ratio Rank: 6565
Martin Ratio Rank
AAXJ
AAXJ Risk / Return Rank: 8282
Overall Rank
AAXJ Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
AAXJ Sortino Ratio Rank: 7777
Sortino Ratio Rank
AAXJ Omega Ratio Rank: 8484
Omega Ratio Rank
AAXJ Calmar Ratio Rank: 8484
Calmar Ratio Rank
AAXJ Martin Ratio Rank: 8282
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.

THD vs. AAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Thailand ETF (THD) 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.

THDAAXJDifference
Sharpe ratioReturn per unit of total volatility
2.28
2.62

-0.33

Sortino ratioReturn per unit of downside risk
3.03
3.29

-0.26

Omega ratioGain probability vs. loss probability

1.37

1.49

-0.11

Calmar ratioReturn relative to maximum drawdown

3.98

4.32

-0.34

Martin ratioReturn relative to average drawdown

11.60

15.85

-4.25

THD vs. AAXJ - Sharpe Ratio Comparison

The current THD Sharpe Ratio is 2.28, which is comparable to the AAXJ Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of THD 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

THD vs. AAXJ - Drawdown Comparison

The maximum THD drawdown since its inception was -64.22%, which is greater than AAXJ's maximum drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for THD and AAXJ.

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Drawdown Indicators

THDAAXJDifference

Max Drawdown

Largest peak-to-trough decline

-64.22%

-49.37%

-14.85%

Max Drawdown (1Y)

Largest decline over 1 year

-13.12%

-13.66%

+0.54%

Max Drawdown (3Y)

Largest decline over 3 years

-34.11%

-19.74%

-14.37%

Max Drawdown (5Y)

Largest decline over 5 years

-40.24%

-40.64%

+0.40%

Max Drawdown (10Y)

Largest decline over 10 years

-49.32%

-44.52%

-4.80%

Current Drawdown

Current decline from peak

-9.99%

0.00%

-9.99%

Average Drawdown

Average peak-to-trough decline

-18.25%

-14.00%

-4.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.50%

3.71%

+0.79%

Volatility

THD vs. AAXJ - Volatility Comparison

The current volatility for iShares MSCI Thailand ETF (THD) is 5.56%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.68%. This indicates that THD 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

THDAAXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.56%

11.68%

-6.12%

Volatility (6M)

Calculated over the trailing 6-month period

18.67%

20.21%

-1.54%

Volatility (1Y)

Calculated over the trailing 1-year period

22.92%

22.59%

+0.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.90%

20.45%

-0.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.61%

20.48%

+1.13%

THD vs. AAXJ - Expense Ratio Comparison

THD has a 0.59% expense ratio, which is lower than AAXJ's 0.68% expense ratio.

Dividends

THD vs. AAXJ - Dividend Comparison

THD's dividend yield for the trailing twelve months is around 3.54%, more than AAXJ's 1.24% yield.

PositionTTM20252024202320222021202020192018201720162015
AAXJ
iShares MSCI All Country Asia ex-Japan ETF		1.24%1.81%1.86%1.95%1.74%2.21%1.06%1.83%2.10%1.99%1.77%2.44%
THD
iShares MSCI Thailand ETF		3.54%3.36%3.15%2.92%2.41%3.16%2.31%2.42%2.57%2.16%2.61%3.58%

Frequently Asked Questions

THD and AAXJ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AAXJ has higher volatility (11.68%) compared to THD (5.56%). In terms of maximum drawdown, THD dropped -64.22% vs AAXJ's -49.37%.

On 10-year performance, AAXJ leads with 11.03% vs 3.71% for THD. On fees, THD is cheaper at 0.59% per year. On volatility, THD has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AAXJ has performed better with a 11.03% return vs 3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

THD is cheaper with a 0.59% expense ratio, compared with 0.68% for AAXJ.

THD has the higher dividend yield at 3.54%, compared with 1.24% for AAXJ.

THD tracks MSCI Thailand Investable Market Index, while AAXJ tracks MSCI All Country Asia ex Japan Index. Their fees differ too: 0.59% for THD and 0.68% for AAXJ.

AAXJ currently has the higher Sharpe Ratio (2.62 vs 2.28), 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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