AVEE vs. DFEV

Last updated Jun 26, 2026

AVEE (Avantis Emerging Markets Small Cap Equity ETF) and DFEV (Dimensional Emerging Markets Value ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past year, AVEE returned 17.50% vs 46.60% for DFEV. Their correlation of 0.91 suggests significant overlap in exposure. AVEE charges 0.42%/yr vs 0.43%/yr for DFEV.

Performance

AVEE vs. DFEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Small Cap Equity ETF (AVEE) and Dimensional Emerging Markets Value ETF (DFEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVEE achieves a 10.25% return, which is significantly lower than DFEV's 27.12% return.

AVEE

• 1D: -0.55%
• 1M: -5.26%
• YTD: 10.25%
• 6M: 10.06%
• 1Y: 17.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFEV

• 1D: 0.76%
• 1M: -0.36%
• YTD: 27.12%
• 6M: 27.81%
• 1Y: 46.60%
• 3Y*: 24.76%
• 5Y*: —
• 10Y*: —

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

AVEE vs. DFEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	10.25%	19.80%	2.91%	6.15%
DFEV Dimensional Emerging Markets Value ETF	27.12%	32.54%	7.26%	8.27%

Correlation

The correlation between AVEE and DFEV is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	0.91

The correlation between AVEE and DFEV has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

AVEE vs. DFEV — Risk / Return Rank

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

AVEE

AVEE Risk / Return Rank: 32
AVEE Sharpe Ratio Rank: 29
AVEE Sortino Ratio Rank: 28
AVEE Omega Ratio Rank: 31
AVEE Calmar Ratio Rank: 37
AVEE Martin Ratio Rank: 37

DFEV

DFEV Risk / Return Rank: 84
DFEV Sharpe Ratio Rank: 85
DFEV Sortino Ratio Rank: 78
DFEV Omega Ratio Rank: 86
DFEV Calmar Ratio Rank: 85
DFEV Martin Ratio Rank: 83

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.

AVEE vs. DFEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Small Cap Equity ETF (AVEE) and Dimensional Emerging Markets Value ETF (DFEV). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVEE	DFEV	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.37	-1.41
Sortino ratio: Return per unit of downside risk	1.40	3.02	-1.63
Omega ratio: Gain probability vs. loss probability	1.19	1.45	-0.27
Calmar ratio: Return relative to maximum drawdown	1.65	4.12	-2.47
Martin ratio: Return relative to average drawdown	5.07	14.64	-9.56

AVEE vs. DFEV - Sharpe Ratio Comparison

The current AVEE Sharpe Ratio is 0.97, which is lower than the DFEV Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of AVEE and DFEV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVEE vs. DFEV - Drawdown Comparison

The maximum AVEE drawdown since its inception was -20.21%, which is greater than DFEV's maximum drawdown of -18.49%. Use the drawdown chart below to compare losses from any high point for AVEE and DFEV.

Drawdown Indicators

	AVEE	DFEV	Difference
Max Drawdown Largest peak-to-trough decline	-20.21%	-18.49%	-1.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-11.35%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.94%	—
Current Drawdown Current decline from peak	-5.62%	-4.07%	-1.55%
Average Drawdown Average peak-to-trough decline	-3.67%	-4.63%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	3.19%	+0.27%

Volatility

AVEE vs. DFEV - Volatility Comparison

The current volatility for Avantis Emerging Markets Small Cap Equity ETF (AVEE) is 8.63%, while Dimensional Emerging Markets Value ETF (DFEV) has a volatility of 10.80%. This indicates that AVEE experiences smaller price fluctuations and is considered to be less risky than DFEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEE	DFEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.63%	10.80%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	17.92%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	19.72%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	17.04%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	17.04%	+0.15%

AVEE vs. DFEV - Expense Ratio Comparison

AVEE has a 0.42% expense ratio, which is lower than DFEV's 0.43% expense ratio.

Dividends

AVEE vs. DFEV - Dividend Comparison

AVEE's dividend yield for the trailing twelve months is around 2.25%, more than DFEV's 2.02% yield.

Position	TTM	2025	2024	2023	2022
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.25%	2.25%	3.26%	0.39%	0.00%
DFEV Dimensional Emerging Markets Value ETF	2.02%	2.69%	3.17%	3.47%	3.35%

Frequently Asked Questions

Can I hold both AVEE and DFEV in my portfolio?

With a correlation of 0.91, AVEE and DFEV 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, AVEE or DFEV?

DFEV has higher volatility (10.80%) compared to AVEE (8.63%). In terms of maximum drawdown, AVEE dropped -20.21% vs DFEV's -18.49%.

Which ETF is better, AVEE or DFEV?

On 1-year performance, DFEV leads with 46.60% vs 17.50% for AVEE. On fees, AVEE is cheaper at 0.42% per year. On volatility, AVEE has been the lower-risk option at 8.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVEE or DFEV?

Over the 1-year period, DFEV has performed better with a 46.60% return vs 17.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVEE or DFEV?

AVEE is cheaper with a 0.42% expense ratio, compared with 0.43% for DFEV.

Which ETF pays a higher dividend yield, AVEE or DFEV?

AVEE has the higher dividend yield at 2.25%, compared with 2.02% for DFEV.

What is the main difference between AVEE and DFEV?

They also come from different issuers: Avantis and Dimensional. Their fees differ too: 0.42% for AVEE and 0.43% for DFEV.

Which has better risk-adjusted returns?

DFEV currently has the higher Sharpe Ratio (2.37 vs 0.97), 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.