AAXJ — iShares MSCI All Country Asia ex Japan ETF

AAXJ Price Performance — Growth of $10,000

Value of a $10,000 investment in AAXJ over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

AAXJ Drawdown

The "underwater" chart: AAXJ's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The iShares MSCI All Country Asia ex Japan ETF is an International Developed fund issued by iShares with $3.96 billion in assets under management. It holds a C grade and ranks 19th out of 22 peers in its category, placing it in the lower tier of similar funds. The expense ratio of 0.72% is significantly higher than the category median of 0.165%, reflecting a cost disadvantage. Income generation is also below average, with a dividend yield of 1.45% compared to the median 3.12%. The fund’s portfolio is concentrated, with the top ten holdings representing 45.0% of assets and Taiwan Semiconductor Manufacturing Company Limited accounting for 17.2%.

The fund’s recent performance shows a divergence between short-term weakness and longer-term gains, with a 1-month decline of 9.23% contrasting against a 1-year return of 16.26%. Year-to-date, the ETF has gained 11.20%, while the 3-year return stands at 81.66%. Despite these longer-term figures, the 1-year return of 16.26% trails the category median of 13.09% by a modest margin. The share price of $106.40 sits at 49.9% of its 52-week range, indicating it is near the midpoint of its recent trading band. The rating was downgraded from B to C on 2026-10-14, and price history is available for only 3.0 years.

With a beta of 1.02, the ETF moves in line with the broader market, exhibiting a volatility of 26.16% which is labeled as High. This elevated risk profile is accompanied by a Sharpe ratio of 0.43, suggesting modest risk-adjusted returns relative to the volatility experienced. The maximum drawdown of -19.74% highlights the potential for significant temporary losses during market downturns. Liquidity is supported by an average daily volume of 478,171 shares, providing adequate trading activity for investors.

AI-generated summary based on the data on this page.

AAXJ Top Holdings

Holdings as of 2026-07-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 45.0% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how AAXJ's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With AAXJ

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with AAXJ's top 10 — IEMG overlaps most, holding 7 of the same companies as AAXJ's top 10 (42.9% of AAXJ's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

Trade-Weighted US Dollar Index: 121.40 (as of 2026-10-16) — Measures the US dollar’s strength against major trading-partner currencies — dollar moves directly affect the US-dollar value of this fund’s international holdings.

AAXJ Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 478K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $3.96B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: AAXJ is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

AAXJ Performance History

How AAXJ Compares to Other International Developed ETFs