XUSE.AS vs. CPXJ.AS

Last updated Jun 5, 2026

XUSE.AS (iShares MSCI World ex-USA UCITS ETF) and CPXJ.AS (iShares Core MSCI Pacific ex Japan UCITS ETF) are both exchange-traded funds - XUSE.AS is a Global Equities fund tracking the MSCI World ex USA Index, while CPXJ.AS is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD. Both are passively managed. Over the past year, XUSE.AS returned 22.53% vs 16.20% for CPXJ.AS. A 0.80 correlation means they provide meaningful diversification when combined. XUSE.AS charges 0.25%/yr vs 0.20%/yr for CPXJ.AS.

Performance

XUSE.AS vs. CPXJ.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI World ex-USA UCITS ETF (XUSE.AS) and iShares Core MSCI Pacific ex Japan UCITS ETF (CPXJ.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XUSE.AS is traded in USD, while CPXJ.AS is traded in EUR. To make them comparable, the CPXJ.AS values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with XUSE.AS having a 8.38% return and CPXJ.AS slightly higher at 8.41%.

XUSE.AS

• 1D: 0.27%
• 1M: 2.67%
• YTD: 8.38%
• 6M: 11.28%
• 1Y: 22.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPXJ.AS

• 1D: -0.87%
• 1M: -0.56%
• YTD: 8.41%
• 6M: 10.24%
• 1Y: 16.20%
• 3Y*: 13.43%
• 5Y*: 4.87%
• 10Y*: 7.73%

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

XUSE.AS vs. CPXJ.AS - Yearly Performance Comparison

	2026 (YTD)	2025
XUSE.AS iShares MSCI World ex-USA UCITS ETF	8.38%	25.69%
CPXJ.AS iShares Core MSCI Pacific ex Japan UCITS ETF	8.41%	16.40%

Correlation

The correlation between XUSE.AS and CPXJ.AS is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	0.80

The correlation between XUSE.AS and CPXJ.AS has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

XUSE.AS vs. CPXJ.AS — Risk / Return Rank

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

XUSE.AS

XUSE.AS Risk / Return Rank: 45
XUSE.AS Sharpe Ratio Rank: 44
XUSE.AS Sortino Ratio Rank: 47
XUSE.AS Omega Ratio Rank: 45
XUSE.AS Calmar Ratio Rank: 43
XUSE.AS Martin Ratio Rank: 47

CPXJ.AS

CPXJ.AS Risk / Return Rank: 39
CPXJ.AS Sharpe Ratio Rank: 35
CPXJ.AS Sortino Ratio Rank: 36
CPXJ.AS Omega Ratio Rank: 33
CPXJ.AS Calmar Ratio Rank: 46
CPXJ.AS Martin Ratio Rank: 42

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.

XUSE.AS vs. CPXJ.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World ex-USA UCITS ETF (XUSE.AS) and iShares Core MSCI Pacific ex Japan UCITS ETF (CPXJ.AS). 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.

	XUSE.AS	CPXJ.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.20	+0.32
Sortino ratio: Return per unit of downside risk	2.30	1.83	+0.47
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	2.11	1.85	+0.26
Martin ratio: Return relative to average drawdown	7.72	5.79	+1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XUSE.AS vs. CPXJ.AS - Sharpe Ratio Comparison

The current XUSE.AS Sharpe Ratio is 1.52, which is comparable to the CPXJ.AS Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of XUSE.AS and CPXJ.AS, 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

	XUSE.AS	CPXJ.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	1.20	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	0.29	+1.28

Drawdowns

XUSE.AS vs. CPXJ.AS - Drawdown Comparison

The maximum XUSE.AS drawdown since its inception was -12.97%, smaller than the maximum CPXJ.AS drawdown of -38.90%. Use the drawdown chart below to compare losses from any high point for XUSE.AS and CPXJ.AS.

Drawdown Indicators

	XUSE.AS	CPXJ.AS	Difference
Max Drawdown Largest peak-to-trough decline	-12.97%	-38.90%	+25.93%
Max Drawdown (1Y) Largest decline over 1 year	-10.54%	-8.63%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.90%	—
Current Drawdown Current decline from peak	-1.23%	-3.40%	+2.17%
Average Drawdown Average peak-to-trough decline	-1.72%	-8.51%	+6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.78%	+0.12%

Volatility

XUSE.AS vs. CPXJ.AS - Volatility Comparison

iShares MSCI World ex-USA UCITS ETF (XUSE.AS) has a higher volatility of 4.32% compared to iShares Core MSCI Pacific ex Japan UCITS ETF (CPXJ.AS) at 3.67%. This indicates that XUSE.AS's price experiences larger fluctuations and is considered to be riskier than CPXJ.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUSE.AS	CPXJ.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	3.67%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	12.35%	10.76%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	14.62%	13.36%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	16.98%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.45%	17.78%	-1.33%

XUSE.AS vs. CPXJ.AS - Expense Ratio Comparison

XUSE.AS has a 0.25% expense ratio, which is higher than CPXJ.AS's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XUSE.AS vs. CPXJ.AS - Dividend Comparison

Neither XUSE.AS nor CPXJ.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XUSE.AS and CPXJ.AS in my portfolio?

XUSE.AS and CPXJ.AS have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XUSE.AS or CPXJ.AS?

On fees, CPXJ.AS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XUSE.AS or CPXJ.AS?

CPXJ.AS is cheaper with a 0.20% expense ratio, compared with 0.25% for XUSE.AS.

What is the main difference between XUSE.AS and CPXJ.AS?

XUSE.AS is categorized as Global Equities, while CPXJ.AS is Asia Pacific Equities. XUSE.AS tracks MSCI World ex USA Index, while CPXJ.AS tracks MSCI Pacific Ex Japan NR USD. Their fees differ too: 0.25% for XUSE.AS and 0.20% for CPXJ.AS.