AVDEX vs. AVNM

Last updated Jun 5, 2026

AVDEX (Avantis International Equity Fund) and AVNM (Avantis All International Markets Equity ETF) are both Foreign Large Cap Equities funds. Over the past year, AVDEX returned 27.13% vs 35.57% for AVNM. With a 0.96 correlation, they move nearly in lockstep. AVDEX charges 0.23%/yr vs 0.31%/yr for AVNM.

Performance

AVDEX vs. AVNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis International Equity Fund (AVDEX) and Avantis All International Markets Equity ETF (AVNM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVDEX achieves a 10.53% return, which is significantly lower than AVNM's 15.19% return.

AVDEX

• 1D: -0.87%
• 1M: 1.85%
• YTD: 10.53%
• 6M: 13.31%
• 1Y: 27.13%
• 3Y*: 19.93%
• 5Y*: 9.74%
• 10Y*: —

AVNM

• 1D: 0.33%
• 1M: 3.13%
• YTD: 15.19%
• 6M: 18.22%
• 1Y: 35.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVDEX vs. AVNM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVDEX Avantis International Equity Fund	10.53%	37.35%	4.89%	7.56%
AVNM Avantis All International Markets Equity ETF	15.19%	38.30%	5.52%	8.60%

Correlation

The correlation between AVDEX and AVNM is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.96

The correlation between AVDEX and AVNM has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

AVDEX vs. AVNM — Risk / Return Rank

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

AVDEX

AVDEX Risk / Return Rank: 43
AVDEX Sharpe Ratio Rank: 44
AVDEX Sortino Ratio Rank: 42
AVDEX Omega Ratio Rank: 42
AVDEX Calmar Ratio Rank: 40
AVDEX Martin Ratio Rank: 45

AVNM

AVNM Risk / Return Rank: 71
AVNM Sharpe Ratio Rank: 76
AVNM Sortino Ratio Rank: 73
AVNM Omega Ratio Rank: 75
AVNM Calmar Ratio Rank: 63
AVNM Martin Ratio Rank: 66

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.

AVDEX vs. AVNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis International Equity Fund (AVDEX) and Avantis All International Markets Equity ETF (AVNM). 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.

	AVDEX	AVNM	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.41	-0.46
Sortino ratio: Return per unit of downside risk	2.71	3.23	-0.52
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.09
Calmar ratio: Return relative to maximum drawdown	2.39	3.08	-0.69
Martin ratio: Return relative to average drawdown	9.34	12.04	-2.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVDEX vs. AVNM - Sharpe Ratio Comparison

The current AVDEX Sharpe Ratio is 1.95, which is comparable to the AVNM Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of AVDEX and AVNM, 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

	AVDEX	AVNM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.41	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.54	-0.92

Drawdowns

AVDEX vs. AVNM - Drawdown Comparison

The maximum AVDEX drawdown since its inception was -36.28%, which is greater than AVNM's maximum drawdown of -14.03%. Use the drawdown chart below to compare losses from any high point for AVDEX and AVNM.

Drawdown Indicators

	AVDEX	AVNM	Difference
Max Drawdown Largest peak-to-trough decline	-36.28%	-14.03%	-22.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	-11.59%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.73%	—	—
Current Drawdown Current decline from peak	-1.44%	-0.81%	-0.63%
Average Drawdown Average peak-to-trough decline	-6.36%	-2.55%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.96%	0.00%

Volatility

AVDEX vs. AVNM - Volatility Comparison

The current volatility for Avantis International Equity Fund (AVDEX) is 4.30%, while Avantis All International Markets Equity ETF (AVNM) has a volatility of 5.02%. This indicates that AVDEX experiences smaller price fluctuations and is considered to be less risky than AVNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVDEX	AVNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	5.02%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	11.76%	12.59%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	14.23%	14.81%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	14.85%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	14.85%	+3.76%

AVDEX vs. AVNM - Expense Ratio Comparison

AVDEX has a 0.23% expense ratio, which is lower than AVNM's 0.31% expense ratio.

Dividends

AVDEX vs. AVNM - Dividend Comparison

AVDEX's dividend yield for the trailing twelve months is around 2.88%, more than AVNM's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVDEX Avantis International Equity Fund	2.88%	3.19%	3.67%	3.17%	2.22%	3.46%	1.67%	0.10%
AVNM Avantis All International Markets Equity ETF	2.50%	2.76%	3.51%	1.69%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVDEX and AVNM in my portfolio?

With a correlation of 0.97, AVDEX and AVNM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AVDEX or AVNM?

AVNM has higher volatility (5.02%) compared to AVDEX (4.30%). In terms of maximum drawdown, AVDEX dropped -36.28% vs AVNM's -14.03%.

Which has better risk-adjusted returns?

AVNM currently has the higher Sharpe Ratio (2.41 vs 1.95), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.