AVEM vs. AVES

Last updated Jun 23, 2026

AVEM (Avantis Emerging Markets Equity ETF) and AVES (Avantis Emerging Markets Value ETF) are both Emerging Markets Equities funds from Avantis. Both are actively managed. Over the past 3 years, AVEM returned 27.06%/yr vs 20.96%/yr for AVES. With a 0.96 correlation, they move nearly in lockstep. AVEM charges 0.33%/yr vs 0.36%/yr for AVES.

Performance

AVEM vs. AVES - 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 Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVEM achieves a 30.91% return, which is significantly higher than AVES's 17.72% return.

AVEM

• 1D: 0.47%
• 1M: 8.28%
• YTD: 30.91%
• 6M: 32.11%
• 1Y: 55.80%
• 3Y*: 27.06%
• 5Y*: 10.91%
• 10Y*: —

AVES

• 1D: -0.38%
• 1M: 3.45%
• YTD: 17.72%
• 6M: 18.29%
• 1Y: 35.91%
• 3Y*: 20.96%
• 5Y*: —
• 10Y*: —

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

AVEM vs. AVES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVEM Avantis Emerging Markets Equity ETF	30.91%	34.48%	7.49%	15.30%	-18.15%	0.95%
AVES Avantis Emerging Markets Value ETF	17.72%	30.49%	4.50%	16.79%	-16.04%	0.95%

Correlation

The correlation between AVEM and AVES is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.96

The correlation between AVEM and AVES has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

AVEM vs. AVES — 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: 84
AVEM Sortino Ratio Rank: 78
AVEM Omega Ratio Rank: 84
AVEM Calmar Ratio Rank: 83
AVEM Martin Ratio Rank: 83

AVES

AVES Risk / Return Rank: 59
AVES Sharpe Ratio Rank: 61
AVES Sortino Ratio Rank: 56
AVES Omega Ratio Rank: 63
AVES Calmar Ratio Rank: 58
AVES Martin Ratio Rank: 59

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. AVES - 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 Value ETF (AVES). 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.

	AVEM	AVES	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.95	+0.66
Sortino ratio: Return per unit of downside risk	3.30	2.60	+0.70
Omega ratio: Gain probability vs. loss probability	1.48	1.37	+0.11
Calmar ratio: Return relative to maximum drawdown	4.27	2.80	+1.47
Martin ratio: Return relative to average drawdown	16.25	10.12	+6.13

AVEM vs. AVES - Sharpe Ratio Comparison

The current AVEM Sharpe Ratio is 2.61, which is higher than the AVES Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of AVEM and AVES, 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

AVEM vs. AVES - Drawdown Comparison

The maximum AVEM drawdown since its inception was -36.05%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for AVEM and AVES.

Drawdown Indicators

	AVEM	AVES	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-27.40%	-8.65%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-12.90%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	-18.50%	+0.48%
Max Drawdown (5Y) Largest decline over 5 years	-33.88%	—	—
Current Drawdown Current decline from peak	0.00%	-0.96%	+0.96%
Average Drawdown Average peak-to-trough decline	-10.05%	-7.68%	-2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.56%	-0.12%

Volatility

AVEM vs. AVES - Volatility Comparison

Avantis Emerging Markets Equity ETF (AVEM) has a higher volatility of 11.02% compared to Avantis Emerging Markets Value ETF (AVES) at 8.92%. This indicates that AVEM's price experiences larger fluctuations and is considered to be riskier than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEM	AVES	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.02%	8.92%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	19.22%	16.21%	+3.01%
Volatility (1Y) Calculated over the trailing 1-year period	21.54%	18.53%	+3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.82%	17.25%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	17.25%	+3.56%

AVEM vs. AVES - Expense Ratio Comparison

AVEM has a 0.33% expense ratio, which is lower than AVES's 0.36% expense ratio.

Dividends

AVEM vs. AVES - Dividend Comparison

AVEM's dividend yield for the trailing twelve months is around 2.47%, less than AVES's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVEM Avantis Emerging Markets Equity ETF	2.47%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%
AVES Avantis Emerging Markets Value ETF	3.46%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVEM and AVES in my portfolio?

With a correlation of 0.94, AVEM and AVES 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 AVES?

AVEM has higher volatility (11.02%) compared to AVES (8.92%). In terms of maximum drawdown, AVEM dropped -36.05% vs AVES's -27.40%.

Which ETF is better, AVEM or AVES?

On 3-year performance, AVEM leads with 27.06% vs 20.96% for AVES. On fees, AVEM is cheaper at 0.33% per year. On volatility, AVES has been the lower-risk option at 8.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVEM or AVES?

Over the 3-year period, AVEM has performed better with a 27.06% return vs 20.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVEM or AVES?

AVEM is cheaper with a 0.33% expense ratio, compared with 0.36% for AVES.

Which ETF pays a higher dividend yield, AVEM or AVES?

AVES has the higher dividend yield at 3.46%, compared with 2.47% for AVEM.

What is the main difference between AVEM and AVES?

Their fees differ too: 0.33% for AVEM and 0.36% for AVES.

Which has better risk-adjusted returns?

AVEM currently has the higher Sharpe Ratio (2.61 vs 1.95), 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.