AVEE vs. XCNY

Last updated Apr 2, 2026

Compare and contrast key facts about Avantis Emerging Markets Small Cap Equity ETF (AVEE) and SPDR S&P Emerging Markets ex-China ETF (XCNY).

AVEE and XCNY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AVEE is an actively managed fund by Avantis. It was launched on Nov 7, 2023. XCNY is a passively managed fund by State Street that tracks the performance of the S&P Emerging ex-China BMI. It was launched on Sep 4, 2024.

Performance

AVEE vs. XCNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Small Cap Equity ETF (AVEE) and SPDR S&P Emerging Markets ex-China ETF (XCNY). The values are adjusted to include any dividend payments, if applicable.

AVEE vs. XCNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.78%	19.80%	-1.37%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.91%	20.42%	-3.51%

Returns By Period

The year-to-date returns for both investments are quite close, with AVEE having a 2.78% return and XCNY slightly higher at 2.91%.

AVEE

• 1D: 1.07%
• 1M: -5.03%
• YTD: 2.78%
• 6M: 1.05%
• 1Y: 24.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XCNY

• 1D: 0.45%
• 1M: -5.62%
• YTD: 2.91%
• 6M: 7.19%
• 1Y: 27.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVEE vs. XCNY - Expense Ratio Comparison

AVEE has a 0.42% expense ratio, which is higher than XCNY's 0.15% expense ratio.

AVEE

Avantis Emerging Markets Small Cap Equity ETF

XCNY

SPDR S&P Emerging Markets ex-China ETF

Return for Risk

AVEE vs. XCNY — Risk / Return Rank

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

AVEE

AVEE Risk / Return Rank: 72
AVEE Sharpe Ratio Rank: 75
AVEE Sortino Ratio Rank: 72
AVEE Omega Ratio Rank: 70
AVEE Calmar Ratio Rank: 75
AVEE Martin Ratio Rank: 69

XCNY

XCNY Risk / Return Rank: 76
XCNY Sharpe Ratio Rank: 76
XCNY Sortino Ratio Rank: 78
XCNY Omega Ratio Rank: 76
XCNY Calmar Ratio Rank: 75
XCNY Martin Ratio Rank: 75

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. XCNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Small Cap Equity ETF (AVEE) and SPDR S&P Emerging Markets ex-China ETF (XCNY). 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.

	AVEE	XCNY	Difference
Sharpe ratio Return per unit of total volatility	1.40	1.46	-0.06
Sortino ratio Return per unit of downside risk	1.88	2.12	-0.24
Omega ratio Gain probability vs. loss probability	1.27	1.30	-0.04
Calmar ratio Return relative to maximum drawdown	2.06	2.32	-0.27
Martin ratio Return relative to average drawdown	7.31	8.97	-1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVEE vs. XCNY - Sharpe Ratio Comparison

The current AVEE Sharpe Ratio is 1.40, which is comparable to the XCNY Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of AVEE and XCNY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AVEE	XCNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.46	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.71	+0.15

Correlation

The correlation between AVEE and XCNY is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

AVEE vs. XCNY - Dividend Comparison

AVEE's dividend yield for the trailing twelve months is around 2.25%, less than XCNY's 2.61% yield.

	TTM	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.25%	2.25%	3.26%	0.39%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.61%	2.68%	1.07%	0.00%

Drawdowns

AVEE vs. XCNY - Drawdown Comparison

The maximum AVEE drawdown since its inception was -20.21%, roughly equal to the maximum XCNY drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for AVEE and XCNY.

Drawdown Indicators

	AVEE	XCNY	Difference
Max Drawdown Largest peak-to-trough decline	-20.21%	-19.70%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-11.86%	-0.28%
Current Drawdown Current decline from peak	-7.32%	-8.34%	+1.02%
Average Drawdown Average peak-to-trough decline	-3.78%	-4.39%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	3.07%	+0.34%

Volatility

AVEE vs. XCNY - Volatility Comparison

The current volatility for Avantis Emerging Markets Small Cap Equity ETF (AVEE) is 7.59%, while SPDR S&P Emerging Markets ex-China ETF (XCNY) has a volatility of 8.18%. This indicates that AVEE experiences smaller price fluctuations and is considered to be less risky than XCNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEE	XCNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.59%	8.18%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	12.38%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	17.26%	18.81%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	17.12%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.02%	17.12%	-1.10%