AVEE vs. FEMS
AVEE (Avantis Emerging Markets Small Cap Equity ETF) and FEMS (First Trust Emerging Markets Small Cap AlphaDEX Fund) are both exchange-traded funds - AVEE is a Emerging Markets Diversified fund actively managed by Avantis, while FEMS is a Emerging Markets Equities fund tracking the NASDAQ AlphaDEX EM Small Cap Index. AVEE is actively managed, while FEMS is passively managed. Over the past year, AVEE returned 27.40% vs 25.95% for FEMS. A 0.79 correlation means they provide meaningful diversification when combined. AVEE charges 0.42%/yr vs 0.80%/yr for FEMS.
Performance
AVEE vs. FEMS - Performance Comparison
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Returns By Period
In the year-to-date period, AVEE achieves a 15.61% return, which is significantly higher than FEMS's 12.92% return.
AVEE
- 1D
- -0.10%
- 1M
- 2.28%
- YTD
- 15.61%
- 6M
- 16.08%
- 1Y
- 27.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FEMS
- 1D
- 0.48%
- 1M
- 0.93%
- YTD
- 12.92%
- 6M
- 13.60%
- 1Y
- 25.95%
- 3Y*
- 14.00%
- 5Y*
- 5.02%
- 10Y*
- 9.75%
AVEE vs. FEMS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AVEE Avantis Emerging Markets Small Cap Equity ETF | 15.61% | 19.80% | 2.91% | 6.15% |
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund | 12.92% | 16.48% | 1.88% | 4.30% |
Correlation
The correlation between AVEE and FEMS is 0.83, 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 | 0.83 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023 | 0.79 |
The correlation between AVEE and FEMS has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.
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Return for Risk
AVEE vs. FEMS — Risk / Return Rank
AVEE
FEMS
AVEE vs. FEMS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Small Cap Equity ETF (AVEE) and First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS). 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 | FEMS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.90 | -0.32 |
| Martin ratioReturn relative to average drawdown | 8.06 | 7.35 | +0.71 |
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Drawdowns
AVEE vs. FEMS - Drawdown Comparison
The maximum AVEE drawdown since its inception was -20.21%, smaller than the maximum FEMS drawdown of -47.85%. Use the drawdown chart below to compare losses from any high point for AVEE and FEMS.
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Drawdown Indicators
| AVEE | FEMS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.21% | -47.85% | +27.64% |
Max Drawdown (1Y)Largest decline over 1 year | -10.65% | -8.98% | -1.67% |
Max Drawdown (3Y)Largest decline over 3 years | — | -21.09% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.85% | — |
Current DrawdownCurrent decline from peak | -1.03% | -4.23% | +3.20% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -17.37% | +13.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 3.54% | -0.13% |
Volatility
AVEE vs. FEMS - Volatility Comparison
Avantis Emerging Markets Small Cap Equity ETF (AVEE) has a higher volatility of 8.27% compared to First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) at 7.07%. This indicates that AVEE's price experiences larger fluctuations and is considered to be riskier than FEMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVEE | FEMS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.27% | 7.07% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 15.58% | 14.11% | +1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.89% | 16.55% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.04% | 17.83% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 20.02% | -2.98% |
AVEE vs. FEMS - Expense Ratio Comparison
AVEE has a 0.42% expense ratio, which is lower than FEMS's 0.80% expense ratio.
Dividends
AVEE vs. FEMS - Dividend Comparison
AVEE's dividend yield for the trailing twelve months is around 2.66%, less than FEMS's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVEE Avantis Emerging Markets Small Cap Equity ETF | 2.66% | 2.25% | 3.26% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund | 4.25% | 4.27% | 3.97% | 4.65% | 4.55% | 6.25% | 2.90% | 4.37% | 4.68% | 3.39% | 2.42% | 3.28% |
Frequently Asked Questions
AVEE and FEMS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVEE has higher volatility (8.27%) compared to FEMS (7.07%). In terms of maximum drawdown, AVEE dropped -20.21% vs FEMS's -47.85%.
On 1-year performance, AVEE leads with 27.40% vs 25.95% for FEMS. On fees, AVEE is cheaper at 0.42% per year. On volatility, FEMS has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AVEE has performed better with a 27.40% return vs 25.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AVEE is cheaper with a 0.42% expense ratio, compared with 0.80% for FEMS.
FEMS has the higher dividend yield at 4.25%, compared with 2.66% for AVEE.
AVEE is categorized as Emerging Markets Diversified, while FEMS is Emerging Markets Equities. They also come from different issuers: Avantis and First Trust. Their fees differ too: 0.42% for AVEE and 0.80% for FEMS.
FEMS currently has the higher Sharpe Ratio (1.58 vs 1.54), 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.
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