AVEM vs. EMSF

Last updated Aug 4, 2026

AVEM (Avantis Emerging Markets Equity ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both Emerging Markets Equities funds. Both are actively managed. Over the past year, AVEM returned 34.54% vs 44.16% for EMSF. Their correlation of 0.91 means they have usually moved in the same direction. AVEM charges 0.33%/yr vs 0.79%/yr for EMSF.

Performance

AVEM vs. EMSF - Performance Comparison

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

Returns By Period

In the year-to-date period, AVEM achieves a 17.91% return, which is significantly lower than EMSF's 32.23% return.

AVEM

• 1D: 0.80%
• 1M: -2.39%
• 6M: 8.89%
• YTD: 17.91%
• 1Y: 34.54%
• 3Y*: 21.03%
• 5Y*: 9.17%
• 10Y*: —
• ALL TIME*: 11.68%

EMSF

• 1D: 1.15%
• 1M: -7.30%
• 6M: 18.36%
• YTD: 32.23%
• 1Y: 44.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVEM Avantis Emerging Markets Equity ETF	$187.25M	$189.91M	$183.19M
EMSF Matthews Emerging Markets Sustainable Future Active ETF	$153.53K	$123.94K	$184.31K

AVEM vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVEM Avantis Emerging Markets Equity ETF	17.91%	34.48%	7.49%	8.98%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	32.23%	19.20%	-3.09%	0.98%

Correlation

The correlation between AVEM and EMSF is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.91

The correlation between AVEM and EMSF has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

AVEM vs. EMSF - Sectors Allocation Comparison

Sectors	AVEM	EMSF
Technology	41.9%	52.8%
Financial Services	18.9%	15.0%
Industrials	7.9%	11.0%
Consumer Cyclical	7.3%	6.3%
Basic Materials	6.4%	-
Communication Services	4.9%	1.7%
Energy	3.9%	-
Consumer Defensive	2.7%	3.6%
Healthcare	2.6%	6.0%
Utilities	2.2%	2.1%
Real Estate	1.4%	1.6%

Return for Risk

AVEM vs. EMSF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVEM

AVEM Risk / Return Rank: 62
AVEM Sharpe Ratio Rank: 61
AVEM Sortino Ratio Rank: 56
AVEM Omega Ratio Rank: 64
AVEM Calmar Ratio Rank: 69
AVEM Martin Ratio Rank: 63

EMSF

EMSF Risk / Return Rank: 58
EMSF Sharpe Ratio Rank: 58
EMSF Sortino Ratio Rank: 54
EMSF Omega Ratio Rank: 58
EMSF Calmar Ratio Rank: 61
EMSF Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVEM vs. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Equity ETF (AVEM) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). 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	EMSF	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.48	-0.02
Sortino ratio: Return per unit of downside risk	1.97	1.98	-0.01
Omega ratio: Gain probability vs. loss probability	1.28	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.43	2.28	+0.15
Martin ratio: Return relative to average drawdown	7.71	7.54	+0.16

AVEM vs. EMSF - Sharpe Ratio Comparison

The current AVEM Sharpe Ratio is 1.45, which is comparable to the EMSF Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of AVEM and EMSF, 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. EMSF - Drawdown Comparison

The maximum AVEM drawdown since its inception was -36.05%, which is greater than EMSF's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for AVEM and EMSF.

Drawdown Indicators

	AVEM	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-24.75%	-11.30%
Max Drawdown (1Y) Largest decline over 1 year	-14.28%	-19.49%	+5.21%
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.81%	—	—
Current Drawdown Current decline from peak	-9.93%	-14.65%	+4.72%
Average Drawdown Average peak-to-trough decline	-10.02%	-5.92%	-4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	5.87%	-1.38%

Volatility

AVEM vs. EMSF - Volatility Comparison

The current volatility for Avantis Emerging Markets Equity ETF (AVEM) is 8.83%, while Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a volatility of 10.75%. This indicates that AVEM experiences smaller price fluctuations and is considered to be less risky than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEM	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	10.75%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	21.75%	26.52%	-4.77%
Volatility (1Y) Calculated over the trailing 1-year period	23.93%	30.13%	-6.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	24.39%	-5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	24.39%	-3.33%

AVEM vs. EMSF - Expense Ratio Comparison

AVEM has a 0.33% expense ratio, which is lower than EMSF's 0.79% expense ratio.

Dividends

AVEM vs. EMSF - Dividend Comparison

AVEM's dividend yield for the trailing twelve months is around 1.94%, more than EMSF's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVEM Avantis Emerging Markets Equity ETF	1.94%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.42%	1.88%	3.29%	0.02%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVEM and EMSF in my portfolio?

With a correlation of 0.95, AVEM and EMSF 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 EMSF?

EMSF has higher volatility (10.75%) compared to AVEM (8.83%). In terms of maximum drawdown, AVEM dropped -36.05% vs EMSF's -24.75%.

Which ETF is better, AVEM or EMSF?

On 1-year performance, EMSF leads with 44.16% vs 34.54% for AVEM. On fees, AVEM is cheaper at 0.33% per year. On volatility, AVEM has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVEM or EMSF?

Over the 1-year period, EMSF has performed better with a 44.16% return vs 34.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVEM or EMSF?

AVEM is cheaper with a 0.33% expense ratio, compared with 0.79% for EMSF.

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

AVEM has the higher dividend yield at 1.94%, compared with 1.42% for EMSF.

What is the main difference between AVEM and EMSF?

They also come from different issuers: Avantis and Matthews. Their fees differ too: 0.33% for AVEM and 0.79% for EMSF.

Which has better risk-adjusted returns?

EMSF currently has the higher Sharpe Ratio (1.48 vs 1.45), 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.