This table here is an overview of various metrics of the MSCI Asia Pacific ex-Japan index.
In terms of index weight, financials, information technology, and consumer discretionary stocks make up a majority of the APAC ex-JP index.
Asia Pacific ex-Japan has a relatively high correlation with the S&P 500 index, however, at a sector level, there is more dispersion which provides diversification benefits. In particular, real estate, industrials, and utilities sectors within the APAC ex-Japan index have the lowest correlations relative to its S&P 500 counterpart.
The earnings outlook for APAC ex-Japan also looks varied between sectors while there is also dispersion in terms of valuations across different sectors.