AVEM vs. AVEEX

Last updated Jun 4, 2026

AVEM (Avantis Emerging Markets Equity ETF) and AVEEX (Avantis Emerging Markets Equity Fund) are both funds - AVEM is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets Index, while AVEEX is a Emerging Markets Diversified fund managed by Avantis Investors. Over the past 5 years, AVEM returned 9.92%/yr vs 9.64%/yr for AVEEX. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.33% expense ratio.

Performance

AVEM vs. AVEEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Equity ETF (AVEM) and Avantis Emerging Markets Equity Fund (AVEEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AVEM having a 27.59% return and AVEEX slightly lower at 26.68%.

AVEM

• 1D: -1.39%
• 1M: 8.65%
• YTD: 27.59%
• 6M: 29.75%
• 1Y: 55.00%
• 3Y*: 26.07%
• 5Y*: 9.92%
• 10Y*: —

AVEEX

• 1D: 0.59%
• 1M: 9.10%
• YTD: 26.68%
• 6M: 28.92%
• 1Y: 52.45%
• 3Y*: 25.40%
• 5Y*: 9.64%
• 10Y*: —

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

AVEM vs. AVEEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AVEM Avantis Emerging Markets Equity ETF	27.59%	34.48%	7.49%	15.30%	-18.15%	5.16%	14.39%	7.76%
AVEEX Avantis Emerging Markets Equity Fund	26.68%	32.09%	7.68%	15.15%	-18.15%	5.21%	15.72%	7.38%

Correlation

The correlation between AVEM and AVEEX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 5, 2019	0.95

The correlation between AVEM and AVEEX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

AVEM vs. AVEEX — Risk / Return Rank

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

AVEM

AVEM Risk / Return Rank: 82
AVEM Sharpe Ratio Rank: 85
AVEM Sortino Ratio Rank: 80
AVEM Omega Ratio Rank: 83
AVEM Calmar Ratio Rank: 80
AVEM Martin Ratio Rank: 82

AVEEX

AVEEX Risk / Return Rank: 89
AVEEX Sharpe Ratio Rank: 94
AVEEX Sortino Ratio Rank: 88
AVEEX Omega Ratio Rank: 88
AVEEX Calmar Ratio Rank: 87
AVEEX Martin Ratio Rank: 87

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.

AVEM vs. AVEEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Equity ETF (AVEM) and Avantis Emerging Markets Equity Fund (AVEEX). 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.

	AVEM	AVEEX	Difference
Sharpe ratio: Return per unit of total volatility	2.84	3.31	-0.47
Sortino ratio: Return per unit of downside risk	3.65	4.23	-0.58
Omega ratio: Gain probability vs. loss probability	1.51	1.61	-0.10
Calmar ratio: Return relative to maximum drawdown	4.21	4.21	0.00
Martin ratio: Return relative to average drawdown	16.70	16.73	-0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVEM vs. AVEEX - Sharpe Ratio Comparison

The current AVEM Sharpe Ratio is 2.84, which is comparable to the AVEEX Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of AVEM and AVEEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AVEM	AVEEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	3.31	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.61	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.70	-0.04

Drawdowns

AVEM vs. AVEEX - Drawdown Comparison

The maximum AVEM drawdown since its inception was -36.05%, roughly equal to the maximum AVEEX drawdown of -36.45%. Use the drawdown chart below to compare losses from any high point for AVEM and AVEEX.

Drawdown Indicators

	AVEM	AVEEX	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-36.45%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-12.64%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	-17.34%	-0.68%
Max Drawdown (5Y) Largest decline over 5 years	-34.00%	-33.72%	-0.28%
Current Drawdown Current decline from peak	-1.39%	0.00%	-1.39%
Average Drawdown Average peak-to-trough decline	-10.09%	-10.32%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.17%	+0.13%

Volatility

AVEM vs. AVEEX - Volatility Comparison

Avantis Emerging Markets Equity ETF (AVEM) has a higher volatility of 8.33% compared to Avantis Emerging Markets Equity Fund (AVEEX) at 6.80%. This indicates that AVEM's price experiences larger fluctuations and is considered to be riskier than AVEEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEM	AVEEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.33%	6.80%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	16.72%	13.49%	+3.23%
Volatility (1Y) Calculated over the trailing 1-year period	19.45%	16.07%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	15.87%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	18.75%	+1.80%

AVEM vs. AVEEX - Expense Ratio Comparison

Both AVEM and AVEEX have an expense ratio of 0.33%.

Dividends

AVEM vs. AVEEX - Dividend Comparison

AVEM's dividend yield for the trailing twelve months is around 1.98%, less than AVEEX's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVEEX Avantis Emerging Markets Equity Fund	2.76%	3.50%	2.93%	3.51%	3.48%	1.92%	1.52%	0.26%
AVEM Avantis Emerging Markets Equity ETF	1.98%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%

Frequently Asked Questions

Can I hold both AVEM and AVEEX in my portfolio?

With a correlation of 0.92, AVEM and AVEEX 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, AVEM or AVEEX?

AVEM has higher volatility (8.33%) compared to AVEEX (6.80%). In terms of maximum drawdown, AVEM dropped -36.05% vs AVEEX's -36.45%.

Which has better risk-adjusted returns?

AVEEX currently has the higher Sharpe Ratio (3.31 vs 2.84), 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.