AVEE vs. FMQQ

Last updated Jul 14, 2026

AVEE (Avantis Emerging Markets Small Cap Equity ETF) and FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) are both Emerging Markets Diversified funds - AVEE tracks the MSCI Emerging Markets Small Cap Index while FMQQ tracks the FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net. Both are passively managed. Over the past year, AVEE returned 13.66% vs -16.17% for FMQQ. A 0.63 correlation means they provide meaningful diversification when combined. AVEE charges 0.42%/yr vs 0.86%/yr for FMQQ.

Performance

AVEE vs. FMQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, AVEE achieves a 8.49% return, which is significantly higher than FMQQ's -11.66% return.

AVEE

• 1D: -2.38%
• 1M: -4.92%
• 6M: 5.50%
• YTD: 8.49%
• 1Y: 13.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMQQ

• 1D: -0.93%
• 1M: 8.36%
• 6M: -11.51%
• YTD: -11.66%
• 1Y: -16.17%
• 3Y*: 3.23%
• 5Y*: —
• 10Y*: —

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

AVEE vs. FMQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	8.49%	19.80%	2.91%	6.15%
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	-11.66%	10.77%	12.45%	9.15%

Correlation

The correlation between AVEE and FMQQ is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	0.63

The correlation between AVEE and FMQQ has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.

Return for Risk

AVEE vs. FMQQ — Risk / Return Rank

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

AVEE

AVEE Risk / Return Rank: 28
AVEE Sharpe Ratio Rank: 25
AVEE Sortino Ratio Rank: 24
AVEE Omega Ratio Rank: 25
AVEE Calmar Ratio Rank: 32
AVEE Martin Ratio Rank: 32

FMQQ

FMQQ Risk / Return Rank: 4
FMQQ Sharpe Ratio Rank: 3
FMQQ Sortino Ratio Rank: 3
FMQQ Omega Ratio Rank: 3
FMQQ Calmar Ratio Rank: 5
FMQQ Martin Ratio Rank: 5

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. FMQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Small Cap Equity ETF (AVEE) and FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ). 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	FMQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.74	-0.84	+1.58
Sortino ratio: Return per unit of downside risk	1.11	-1.13	+2.24
Omega ratio: Gain probability vs. loss probability	1.15	0.87	+0.27
Calmar ratio: Return relative to maximum drawdown	1.29	-0.53	+1.81
Martin ratio: Return relative to average drawdown	3.75	-0.94	+4.70

AVEE vs. FMQQ - Sharpe Ratio Comparison

The current AVEE Sharpe Ratio is 0.74, which is higher than the FMQQ Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of AVEE and FMQQ, 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. FMQQ - Drawdown Comparison

The maximum AVEE drawdown since its inception was -20.21%, smaller than the maximum FMQQ drawdown of -64.51%. Use the drawdown chart below to compare losses from any high point for AVEE and FMQQ.

Drawdown Indicators

	AVEE	FMQQ	Difference
Max Drawdown Largest peak-to-trough decline	-20.21%	-64.51%	+44.30%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-30.82%	+20.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.82%	—
Current Drawdown Current decline from peak	-7.12%	-52.24%	+45.12%
Average Drawdown Average peak-to-trough decline	-3.71%	-49.45%	+45.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	17.17%	-13.52%

Volatility

AVEE vs. FMQQ - Volatility Comparison

Avantis Emerging Markets Small Cap Equity ETF (AVEE) has a higher volatility of 8.06% compared to FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) at 4.92%. This indicates that AVEE's price experiences larger fluctuations and is considered to be riskier than FMQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEE	FMQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	4.92%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	16.65%	16.29%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	19.25%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	24.72%	-7.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	24.72%	-7.45%

AVEE vs. FMQQ - Expense Ratio Comparison

AVEE has a 0.42% expense ratio, which is lower than FMQQ's 0.86% expense ratio.

Dividends

AVEE vs. FMQQ - Dividend Comparison

AVEE's dividend yield for the trailing twelve months is around 2.29%, more than FMQQ's 0.69% yield.

Position	TTM	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.29%	2.25%	3.26%	0.39%
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	0.69%	0.61%	0.45%	0.11%

Frequently Asked Questions

Can I hold both AVEE and FMQQ in my portfolio?

AVEE and FMQQ have a correlation of 0.68, 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 FMQQ?

AVEE has higher volatility (8.06%) compared to FMQQ (4.92%). In terms of maximum drawdown, AVEE dropped -20.21% vs FMQQ's -64.51%.

Which ETF is better, AVEE or FMQQ?

On 1-year performance, AVEE leads with 13.66% vs -16.17% for FMQQ. On fees, AVEE is cheaper at 0.42% per year. On volatility, FMQQ has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVEE or FMQQ?

Over the 1-year period, AVEE has performed better with a 13.66% return vs -16.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVEE or FMQQ?

AVEE is cheaper with a 0.42% expense ratio, compared with 0.86% for FMQQ.

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

AVEE has the higher dividend yield at 2.29%, compared with 0.69% for FMQQ.

What is the main difference between AVEE and FMQQ?

AVEE tracks MSCI Emerging Markets Small Cap Index, while FMQQ tracks FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net. They also come from different issuers: Avantis and EMQQ. Their fees differ too: 0.42% for AVEE and 0.86% for FMQQ.

Which has better risk-adjusted returns?

AVEE currently has the higher Sharpe Ratio (0.74 vs -0.84), 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.