AAXJ vs SPEM: Holdings Overlap
AAXJiShares MSCI All Country Asia ex Japan ETF
iShares · 916 holdings · $3.8B · as of 2026-04-30
SPEMState Street® SPDR® Portfolio Emerging Markets ETF
State Street (SPDR) · 2776 holdings · $17.4B · as of 2026-08-06
Holdings snapshots are 98 days apart (AAXJ: 2026-04-30, SPEM: 2026-08-06). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are AAXJ and SPEM?
iShares MSCI All Country Asia ex Japan ETF (AAXJ, by iShares) holds 916 positions; State Street® SPDR® Portfolio Emerging Markets ETF (SPEM, by State Street (SPDR)) holds 2776. They have 573 holdings in common, and by portfolio weight the two funds are 53.9% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 53.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 573AAXJ holds 916 · SPEM holds 2776
- Weight in Shared Holdings
- AAXJ 64%·SPEM 64%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in AAXJ
343 of 916 positions (36.1% of the fund) are not held by SPEM. Showing the top 30 by weight.
Sector Breakdown
| Sector | AAXJ | SPEM |
|---|---|---|
| Information Technology | 39.6% | 25.3% |
| Financials | 13.9% | 15.1% |
| Consumer Discretionary | 8.1% | 7.0% |
| Communication Services | 6.4% | 5.4% |
| Materials | 1.5% | 3.8% |
| Other Sectors | 10.1% | 8.7% |
| Unclassified | 20.0% | 43.5% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (20% of AAXJ, 40% of SPEM).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| AAXJ | -0.6% | +22.4% | +35.6% | +20.9% | +7.3% | +8.9% | 1.36% |
| SPEM | +2.8% | +13.1% | +22.8% | +17.3% | +7.2% | +8.6% | 2.48% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in AAXJ vs SPEM →
Shared Holdings(573)
The top 10 shared positions account for 47% of the overlap, led by TSMWF, 700 and 9988.
 TSMWFTaiwan Semiconductor Manufacturing Co Ltd | 16.28% | 14.02% | 14.02% |
|---|---|---|---|
 700Tencent Holdings Ltd. | 3.70% | 3.01% | 3.01% |
 9988Alibaba Group Holding Ltd | 2.70% | 2.36% | 2.36% |
 2454MediaTek Inc | 1.21% | 1.64% | 1.21% |
 2308Delta Electronics Inc | 1.30% | 0.95% | 0.95% |
 C6TChina Construction Bank Corp | 1.03% | 0.88% | 0.88% |
 HNHAFHon Hai Precision Industry Co Ltd | 0.85% | 0.96% | 0.85% |
 HDFCBHDFC Bank Ltd | 0.88% | 0.75% | 0.75% |
 ICKIndustrial & Commercial Bank of China Ltd | 0.55% | 0.55% | 0.55% |
 PDDPDD Holdings Inc. SPONSORED ADS | 0.67% | 0.54% | 0.54% |
 3711ASE Technology Holding Co Ltd | 0.50% | 0.70% | 0.50% |
 BHARTIBharti Airtel Ltd | 0.48% | 0.55% | 0.48% |
 3690Meituan, B Shares | 0.51% | 0.48% | 0.48% |
 1810Xiaomi Corp | 0.62% | 0.47% | 0.47% |
 W8VBank of China Ltd | 0.43% | 0.43% | 0.43% |
 2318RUBPing An Insurance Group Co of China Ltd | 0.51% | 0.40% | 0.40% |
 9999NetEase Inc | 0.39% | 0.41% | 0.39% |
 2383Elite Material Co Ltd | 0.42% | 0.38% | 0.38% |
 3037Unimicron Technology Corp | 0.35% | 0.44% | 0.35% |
 9618JD.com Inc | 0.35% | 0.37% | 0.35% |
 1211RUBBYD Co Ltd | 0.46% | 0.33% | 0.33% |
 AXSBAxis Bank Ltd | 0.29% | 0.30% | 0.29% |
 BAFBajaj Finance Ltd | 0.27% | 0.33% | 0.27% |
 9888Baidu, Inc., A Shares | 0.33% | 0.27% | 0.27% |
 CHLChina Life Insurance Co Ltd | 0.26% | 0.28% | 0.26% |
Showing the top 250 of 573 shared holdings by overlap weight.
Frequently Asked Questions
How much do AAXJ and SPEM overlap?
AAXJ and SPEM overlap by 53.9% of portfolio weight. They share 573 holdings (AAXJ holds 916 positions and SPEM holds 2776), based on each fund's latest SEC-reported holdings.
Is it redundant to own both AAXJ and SPEM?
The two portfolios are 53.9% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of AAXJ and SPEM?
The largest positions held by both funds are TSMWF, 700, 9988, 2454 and 2308. Together the top 10 shared positions account for 47% of the total overlap.
What does AAXJ own that SPEM doesn't?
343 positions (36.1% of AAXJ) are unique to AAXJ, led by 005930, 000660 and 1299. In the other direction, 2203 positions (44.9% of SPEM) are unique to SPEM.