XBAK.DE vs. AXQE.DE
XBAK.DE (Xtrackers MSCI Pakistan Swap UCITS ETF (Acc)) and AXQE.DE (AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating) are both Emerging Markets Equities funds - XBAK.DE tracks the MSCI Pakistan Investable Market Index while AXQE.DE tracks the MSCI Emerging Markets ex China Climate Paris Aligned (EUR Hedged). Both are passively managed. Over the past year, XBAK.DE returned 23.81% vs 46.18% for AXQE.DE. At a 0.21 correlation, their price movements are largely independent. XBAK.DE charges 0.85%/yr vs 0.30%/yr for AXQE.DE.
Performance
XBAK.DE vs. AXQE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XBAK.DE achieves a 1.30% return, which is significantly lower than AXQE.DE's 27.54% return.
XBAK.DE
- 1D
- -0.64%
- 1M
- -1.27%
- 6M
- -5.45%
- YTD
- 1.30%
- 1Y
- 23.81%
- 3Y*
- 41.68%
- 5Y*
- 10.04%
- 10Y*
- -1.95%
AXQE.DE
- 1D
- 0.00%
- 1M
- -9.83%
- 6M
- 20.68%
- YTD
- 27.54%
- 1Y
- 46.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XBAK.DE vs. AXQE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XBAK.DE Xtrackers MSCI Pakistan Swap UCITS ETF (Acc) | 1.30% | 26.23% |
AXQE.DE AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating | 27.54% | 32.15% |
Correlation
The correlation between XBAK.DE and AXQE.DE is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2025 | 0.21 |
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Return for Risk
XBAK.DE vs. AXQE.DE — Risk / Return Rank
XBAK.DE
AXQE.DE
XBAK.DE vs. AXQE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Pakistan Swap UCITS ETF (Acc) (XBAK.DE) and AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.DE). 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.
| XBAK.DE | AXQE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.32 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 2.34 | -1.34 |
| Martin ratioReturn relative to average drawdown | 2.56 | 8.47 | -5.91 |
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Drawdowns
XBAK.DE vs. AXQE.DE - Drawdown Comparison
The maximum XBAK.DE drawdown since its inception was -79.30%, which is greater than AXQE.DE's maximum drawdown of -19.63%. Use the drawdown chart below to compare losses from any high point for XBAK.DE and AXQE.DE.
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Drawdown Indicators
| XBAK.DE | AXQE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.30% | -19.63% | -59.67% |
Max Drawdown (1Y)Largest decline over 1 year | -23.67% | -19.63% | -4.04% |
Max Drawdown (3Y)Largest decline over 3 years | -23.67% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -48.44% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -79.30% | — | — |
Current DrawdownCurrent decline from peak | -35.00% | -11.90% | -23.10% |
Average DrawdownAverage peak-to-trough decline | -37.82% | -2.89% | -34.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.27% | 5.44% | +3.83% |
Volatility
XBAK.DE vs. AXQE.DE - Volatility Comparison
The current volatility for Xtrackers MSCI Pakistan Swap UCITS ETF (Acc) (XBAK.DE) is 7.76%, while AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.DE) has a volatility of 9.82%. This indicates that XBAK.DE experiences smaller price fluctuations and is considered to be less risky than AXQE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XBAK.DE | AXQE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.76% | 9.82% | -2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 24.65% | 32.60% | -7.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.58% | 34.58% | -6.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.70% | 32.08% | -7.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.61% | 32.08% | -7.47% |
XBAK.DE vs. AXQE.DE - Expense Ratio Comparison
XBAK.DE has a 0.85% expense ratio, which is higher than AXQE.DE's 0.30% expense ratio.
Dividends
XBAK.DE vs. AXQE.DE - Dividend Comparison
Neither XBAK.DE nor AXQE.DE has paid dividends to shareholders.
Frequently Asked Questions
XBAK.DE and AXQE.DE have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AXQE.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AXQE.DE is cheaper with a 0.30% expense ratio, compared with 0.85% for XBAK.DE.
XBAK.DE tracks MSCI Pakistan Investable Market Index, while AXQE.DE tracks MSCI Emerging Markets ex China Climate Paris Aligned (EUR Hedged). They also come from different issuers: Xtrackers and AXA IM. Their fees differ too: 0.85% for XBAK.DE and 0.30% for AXQE.DE.
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