UTEN vs. AAXJ
UTEN (US Treasury 10 Year Note ETF) and AAXJ (iShares MSCI All Country Asia ex-Japan ETF) are both exchange-traded funds - UTEN is a Government Bonds fund tracking the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index. Both are passively managed. Over the past 3 years, UTEN returned 2.29%/yr vs 22.11%/yr for AAXJ. At a 0.15 correlation, their price movements are largely independent. UTEN charges 0.15%/yr vs 0.68%/yr for AAXJ.
Performance
UTEN vs. AAXJ - Performance Comparison
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Returns By Period
In the year-to-date period, UTEN achieves a -0.49% return, which is significantly lower than AAXJ's 26.46% return.
UTEN
- 1D
- -0.21%
- 1M
- 0.36%
- YTD
- -0.49%
- 6M
- -0.13%
- 1Y
- 3.90%
- 3Y*
- 2.29%
- 5Y*
- —
- 10Y*
- —
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%
UTEN vs. AAXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | -0.49% | 7.82% | -1.67% | 3.18% | -7.81% |
AAXJ iShares MSCI All Country Asia ex-Japan ETF | 26.46% | 31.53% | 10.41% | 4.79% | -3.49% |
Correlation
The correlation between UTEN and AAXJ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.15 |
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Return for Risk
UTEN vs. AAXJ — Risk / Return Rank
UTEN
AAXJ
UTEN vs. AAXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 10 Year Note ETF (UTEN) 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.
| UTEN | AAXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.40 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 3.41 | -2.65 |
| Martin ratioReturn relative to average drawdown | 2.16 | 12.55 | -10.39 |
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Drawdowns
UTEN vs. AAXJ - Drawdown Comparison
The maximum UTEN drawdown since its inception was -13.36%, smaller than the maximum AAXJ drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for UTEN and AAXJ.
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Drawdown Indicators
| UTEN | AAXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -49.37% | +36.01% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -13.66% | +9.09% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -19.74% | +11.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.52% | — |
Current DrawdownCurrent decline from peak | -2.85% | -4.62% | +1.77% |
Average DrawdownAverage peak-to-trough decline | -4.81% | -14.01% | +9.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 3.71% | -2.11% |
Volatility
UTEN vs. AAXJ - Volatility Comparison
The current volatility for US Treasury 10 Year Note ETF (UTEN) is 1.79%, while iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a volatility of 11.46%. This indicates that UTEN 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
| UTEN | AAXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 11.46% | -9.67% |
Volatility (6M)Calculated over the trailing 6-month period | 3.74% | 19.71% | -15.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.18% | 22.12% | -16.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.04% | 20.32% | -12.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.04% | 20.42% | -12.38% |
UTEN vs. AAXJ - Expense Ratio Comparison
UTEN has a 0.15% expense ratio, which is lower than AAXJ's 0.68% expense ratio.
Dividends
UTEN vs. AAXJ - Dividend Comparison
UTEN's dividend yield for the trailing twelve months is around 4.04%, more than AAXJ's 1.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UTEN US Treasury 10 Year Note ETF | 4.04% | 4.11% | 4.13% | 3.62% | 1.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UTEN and AAXJ have a correlation of 0.24, 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 UTEN (1.79%). In terms of maximum drawdown, UTEN dropped -13.36% vs AAXJ's -49.37%.
On 3-year performance, AAXJ leads with 22.11% vs 2.29% for UTEN. On fees, UTEN is cheaper at 0.15% per year. On volatility, UTEN has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AAXJ has performed better with a 22.11% return vs 2.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTEN is cheaper with a 0.15% expense ratio, compared with 0.68% for AAXJ.
UTEN has the higher dividend yield at 4.04%, compared with 1.43% for AAXJ.
UTEN is categorized as Government Bonds, while AAXJ is Asia Pacific Equities. UTEN tracks ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while AAXJ tracks MSCI All Country Asia ex Japan Index. They also come from different issuers: US Benchmark Series and iShares. Their fees differ too: 0.15% for UTEN and 0.68% for AAXJ.
AAXJ currently has the higher Sharpe Ratio (2.11 vs 0.67), 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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