AVEE vs. EMDV

Last updated Aug 2, 2026

AVEE (Avantis Emerging Markets Small Cap Equity ETF) and EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) are both Emerging Markets Equities funds - AVEE tracks the MSCI Emerging Markets Small Cap Index while EMDV tracks the MSCI Emerging Markets Dividend Masters Index. Both are passively managed. Over the past year, AVEE returned 8.02% vs 6.10% for EMDV. Their 0.75 correlation means they have sometimes moved together and sometimes differently. AVEE charges 0.42%/yr vs 0.60%/yr for EMDV.

Performance

AVEE vs. EMDV - Performance Comparison

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

Returns By Period

In the year-to-date period, AVEE achieves a 2.14% return, which is significantly higher than EMDV's 1.51% return.

AVEE

• 1D: -0.36%
• 1M: -7.56%
• 6M: -3.22%
• YTD: 2.14%
• 1Y: 8.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.24%

EMDV

• 1D: -0.18%
• 1M: 4.30%
• 6M: 0.72%
• YTD: 1.51%
• 1Y: 6.10%
• 3Y*: 1.66%
• 5Y*: -1.50%
• 10Y*: 1.95%
• ALL TIME*: 4.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVEE Avantis Emerging Markets Small Cap Equity ETF	$1.25M	$1.05M	$861.76K
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	$3.04K	$6.93K	$10.37K

AVEE vs. EMDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.14%	19.80%	2.91%	6.15%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	1.51%	11.90%	0.06%	3.13%

Correlation

The correlation between AVEE and EMDV is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	0.75

The correlation between AVEE and EMDV has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

AVEE vs. EMDV - Sectors Allocation Comparison

Sectors	AVEE	EMDV
Technology	24.8%	22.8%
Industrials	19.4%	6.7%
Consumer Cyclical	11.6%	6.7%
Basic Materials	9.8%	2.5%
Financial Services	9.7%	24.0%
Healthcare	7.0%	8.4%
Consumer Defensive	5.3%	14.4%
Real Estate	4.3%	-
Communication Services	3.7%	5.8%
Utilities	2.8%	8.8%
Energy	1.9%	-

Return for Risk

AVEE vs. EMDV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVEE

AVEE Risk / Return Rank: 21
AVEE Sharpe Ratio Rank: 20
AVEE Sortino Ratio Rank: 20
AVEE Omega Ratio Rank: 20
AVEE Calmar Ratio Rank: 21
AVEE Martin Ratio Rank: 24

EMDV

EMDV Risk / Return Rank: 23
EMDV Sharpe Ratio Rank: 23
EMDV Sortino Ratio Rank: 22
EMDV Omega Ratio Rank: 22
EMDV Calmar Ratio Rank: 26
EMDV Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVEE vs. EMDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Small Cap Equity ETF (AVEE) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). 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	EMDV	Difference
Sharpe ratio: Return per unit of total volatility	0.41	0.50	-0.10
Sortino ratio: Return per unit of downside risk	0.68	0.79	-0.11
Omega ratio: Gain probability vs. loss probability	1.09	1.10	-0.01
Calmar ratio: Return relative to maximum drawdown	0.56	0.81	-0.25
Martin ratio: Return relative to average drawdown	1.79	1.92	-0.13

AVEE vs. EMDV - Sharpe Ratio Comparison

The current AVEE Sharpe Ratio is 0.41, which is comparable to the EMDV Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of AVEE and EMDV, 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. EMDV - Drawdown Comparison

The maximum AVEE drawdown since its inception was -20.21%, smaller than the maximum EMDV drawdown of -39.20%. Use the drawdown chart below to compare losses from any high point for AVEE and EMDV.

Drawdown Indicators

	AVEE	EMDV	Difference
Max Drawdown Largest peak-to-trough decline	-20.21%	-39.20%	+18.99%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-7.24%	-6.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.20%	—
Current Drawdown Current decline from peak	-12.56%	-14.51%	+1.95%
Average Drawdown Average peak-to-trough decline	-3.83%	-13.59%	+9.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	3.04%	+1.29%

Volatility

AVEE vs. EMDV - Volatility Comparison

Avantis Emerging Markets Small Cap Equity ETF (AVEE) has a higher volatility of 6.24% compared to ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) at 3.09%. This indicates that AVEE's price experiences larger fluctuations and is considered to be riskier than EMDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEE	EMDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	3.09%	+3.15%
Volatility (6M) Calculated over the trailing 6-month period	17.15%	9.93%	+7.22%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	11.68%	+7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	15.41%	+1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	17.99%	-0.64%

AVEE vs. EMDV - Expense Ratio Comparison

AVEE has a 0.42% expense ratio, which is lower than EMDV's 0.60% expense ratio.

Dividends

AVEE vs. EMDV - Dividend Comparison

AVEE's dividend yield for the trailing twelve months is around 2.43%, more than EMDV's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.43%	2.25%	3.26%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	1.90%	2.46%	2.79%	1.88%	3.68%	2.12%	3.12%	2.38%	1.27%	2.09%	2.87%

Frequently Asked Questions

Can I hold both AVEE and EMDV in my portfolio?

AVEE and EMDV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVEE or EMDV?

AVEE has higher volatility (6.24%) compared to EMDV (3.09%). In terms of maximum drawdown, AVEE dropped -20.21% vs EMDV's -39.20%.

Which ETF is better, AVEE or EMDV?

On 1-year performance, AVEE leads with 8.02% vs 6.10% for EMDV. On fees, AVEE is cheaper at 0.42% per year. On volatility, EMDV has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVEE or EMDV?

Over the 1-year period, AVEE has performed better with a 8.02% return vs 6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVEE or EMDV?

AVEE is cheaper with a 0.42% expense ratio, compared with 0.60% for EMDV.

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

AVEE has the higher dividend yield at 2.43%, compared with 1.90% for EMDV.

What is the main difference between AVEE and EMDV?

AVEE tracks MSCI Emerging Markets Small Cap Index, while EMDV tracks MSCI Emerging Markets Dividend Masters Index. They also come from different issuers: Avantis and ProShares. Their fees differ too: 0.42% for AVEE and 0.60% for EMDV.

Which has better risk-adjusted returns?

EMDV currently has the higher Sharpe Ratio (0.50 vs 0.41), 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.