AVEM vs. ZTIP.TO

Last updated Jun 13, 2026

AVEM (Avantis Emerging Markets Equity ETF) and ZTIP.TO (BMO Short-Term US TIPS Index ETF) are both exchange-traded funds - AVEM is a Emerging Markets Equities fund actively managed by Avantis, while ZTIP.TO is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. AVEM is actively managed, while ZTIP.TO is passively managed. Over the past 5 years, AVEM returned 9.66%/yr vs 3.29%/yr for ZTIP.TO. At a correlation of -0.19, they often move in opposite directions. AVEM charges 0.33%/yr vs 0.17%/yr for ZTIP.TO.

Performance

AVEM vs. ZTIP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Equity ETF (AVEM) and BMO Short-Term US TIPS Index ETF (ZTIP.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AVEM is traded in USD, while ZTIP.TO is traded in CAD. To make them comparable, the ZTIP.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AVEM achieves a 25.08% return, which is significantly higher than ZTIP.TO's 1.43% return.

AVEM

• 1D: 0.42%
• 1M: 1.30%
• YTD: 25.08%
• 6M: 27.86%
• 1Y: 47.18%
• 3Y*: 24.04%
• 5Y*: 9.66%
• 10Y*: —

ZTIP.TO

• 1D: -0.32%
• 1M: -0.54%
• YTD: 1.43%
• 6M: 1.78%
• 1Y: 4.31%
• 3Y*: 5.09%
• 5Y*: 3.29%
• 10Y*: —

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

AVEM vs. ZTIP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVEM Avantis Emerging Markets Equity ETF	25.08%	34.48%	7.49%	15.30%	-18.15%	-2.70%
ZTIP.TO BMO Short-Term US TIPS Index ETF	1.53%	5.95%	4.95%	4.41%	-2.24%	4.41%

Correlation

The correlation between AVEM and ZTIP.TO is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (5Y) Calculated over the trailing 5-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021	-0.19

Return for Risk

AVEM vs. ZTIP.TO — Risk / Return Rank

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

AVEM

AVEM Risk / Return Rank: 77
AVEM Sharpe Ratio Rank: 78
AVEM Sortino Ratio Rank: 72
AVEM Omega Ratio Rank: 79
AVEM Calmar Ratio Rank: 77
AVEM Martin Ratio Rank: 79

ZTIP.TO

ZTIP.TO Risk / Return Rank: 47
ZTIP.TO Sharpe Ratio Rank: 48
ZTIP.TO Sortino Ratio Rank: 47
ZTIP.TO Omega Ratio Rank: 63
ZTIP.TO Calmar Ratio Rank: 40
ZTIP.TO Martin Ratio Rank: 35

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. ZTIP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Equity ETF (AVEM) and BMO Short-Term US TIPS Index ETF (ZTIP.TO). 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	ZTIP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.15	0.75	+1.40
Sortino ratio: Return per unit of downside risk	2.78	1.15	+1.63
Omega ratio: Gain probability vs. loss probability	1.40	1.14	+0.27
Calmar ratio: Return relative to maximum drawdown	3.46	2.48	+0.98
Martin ratio: Return relative to average drawdown	13.15	7.40	+5.75

AVEM vs. ZTIP.TO - Sharpe Ratio Comparison

The current AVEM Sharpe Ratio is 2.15, which is higher than the ZTIP.TO Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of AVEM and ZTIP.TO, 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. ZTIP.TO - Drawdown Comparison

The maximum AVEM drawdown since its inception was -36.05%, which is greater than ZTIP.TO's maximum drawdown of -6.85%. Use the drawdown chart below to compare losses from any high point for AVEM and ZTIP.TO.

Drawdown Indicators

	AVEM	ZTIP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-6.85%	-29.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-1.75%	-11.38%
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	-2.38%	-15.64%
Max Drawdown (5Y) Largest decline over 5 years	-33.88%	-6.85%	-27.03%
Current Drawdown Current decline from peak	-3.33%	-0.78%	-2.55%
Average Drawdown Average peak-to-trough decline	-10.07%	-1.58%	-8.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	0.58%	+2.87%

Volatility

AVEM vs. ZTIP.TO - Volatility Comparison

Avantis Emerging Markets Equity ETF (AVEM) has a higher volatility of 10.91% compared to BMO Short-Term US TIPS Index ETF (ZTIP.TO) at 1.06%. This indicates that AVEM's price experiences larger fluctuations and is considered to be riskier than ZTIP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEM	ZTIP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.91%	1.06%	+9.85%
Volatility (6M) Calculated over the trailing 6-month period	18.79%	3.94%	+14.85%
Volatility (1Y) Calculated over the trailing 1-year period	21.17%	5.79%	+15.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.71%	7.81%	+10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	7.78%	+12.98%

AVEM vs. ZTIP.TO - Expense Ratio Comparison

AVEM has a 0.33% expense ratio, which is higher than ZTIP.TO's 0.17% expense ratio.

Dividends

AVEM vs. ZTIP.TO - Dividend Comparison

AVEM's dividend yield for the trailing twelve months is around 2.59%, less than ZTIP.TO's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVEM Avantis Emerging Markets Equity ETF	2.59%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%
ZTIP.TO BMO Short-Term US TIPS Index ETF	3.42%	3.63%	3.63%	4.91%	4.93%	0.38%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVEM and ZTIP.TO in my portfolio?

AVEM and ZTIP.TO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AVEM or ZTIP.TO?

On fees, ZTIP.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AVEM or ZTIP.TO?

ZTIP.TO is cheaper with a 0.17% expense ratio, compared with 0.33% for AVEM.

What is the main difference between AVEM and ZTIP.TO?

AVEM is categorized as Emerging Markets Equities, while ZTIP.TO is Inflation-Protected Bonds. They also come from different issuers: Avantis and BMO. Their fees differ too: 0.33% for AVEM and 0.17% for ZTIP.TO.