AVES vs. AVEE

Last updated Jun 23, 2026

AVES (Avantis Emerging Markets Value ETF) and AVEE (Avantis Emerging Markets Small Cap Equity ETF) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while AVEE is a Emerging Markets Diversified fund actively managed by Avantis. Both are actively managed. Over the past year, AVES returned 35.91% vs 27.40% for AVEE. Their correlation of 0.93 suggests significant overlap in exposure. AVES charges 0.36%/yr vs 0.42%/yr for AVEE.

Performance

AVES vs. AVEE - Performance Comparison

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

Returns By Period

In the year-to-date period, AVES achieves a 17.72% return, which is significantly higher than AVEE's 15.61% return.

AVES

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

AVEE

• 1D: -0.10%
• 1M: 2.28%
• YTD: 15.61%
• 6M: 16.08%
• 1Y: 27.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVES vs. AVEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVES Avantis Emerging Markets Value ETF	17.72%	30.49%	4.50%	9.10%
AVEE Avantis Emerging Markets Small Cap Equity ETF	15.61%	19.80%	2.91%	6.15%

Correlation

The correlation between AVES and AVEE 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 (All Time) Calculated using the full available price history since Nov 9, 2023	0.93

The correlation between AVES and AVEE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

AVES vs. AVEE — Risk / Return Rank

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

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

AVEE

AVEE Risk / Return Rank: 47
AVEE Sharpe Ratio Rank: 46
AVEE Sortino Ratio Rank: 43
AVEE Omega Ratio Rank: 46
AVEE Calmar Ratio Rank: 54
AVEE Martin Ratio Rank: 49

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.

AVES vs. AVEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and Avantis Emerging Markets Small Cap Equity ETF (AVEE). 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.

	AVES	AVEE	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.54	+0.41
Sortino ratio: Return per unit of downside risk	2.60	2.13	+0.47
Omega ratio: Gain probability vs. loss probability	1.37	1.29	+0.08
Calmar ratio: Return relative to maximum drawdown	2.80	2.59	+0.21
Martin ratio: Return relative to average drawdown	10.12	8.06	+2.06

AVES vs. AVEE - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.95, which is comparable to the AVEE Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of AVES and AVEE, 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

AVES vs. AVEE - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, which is greater than AVEE's maximum drawdown of -20.21%. Use the drawdown chart below to compare losses from any high point for AVES and AVEE.

Drawdown Indicators

	AVES	AVEE	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-20.21%	-7.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-10.65%	-2.25%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	—	—
Current Drawdown Current decline from peak	-0.96%	-1.03%	+0.07%
Average Drawdown Average peak-to-trough decline	-7.68%	-3.67%	-4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.41%	+0.15%

Volatility

AVES vs. AVEE - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.92% compared to Avantis Emerging Markets Small Cap Equity ETF (AVEE) at 8.27%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than AVEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	AVEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.92%	8.27%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	16.21%	15.58%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	17.89%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	17.04%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.25%	17.04%	+0.21%

AVES vs. AVEE - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is lower than AVEE's 0.42% expense ratio.

Dividends

AVES vs. AVEE - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 3.46%, more than AVEE's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.66%	2.25%	3.26%	0.39%	0.00%	0.00%
AVES Avantis Emerging Markets Value ETF	3.46%	3.17%	4.09%	3.96%	3.70%	0.62%

Frequently Asked Questions

Can I hold both AVES and AVEE in my portfolio?

With a correlation of 0.94, AVES and AVEE 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, AVES or AVEE?

AVES has higher volatility (8.92%) compared to AVEE (8.27%). In terms of maximum drawdown, AVES dropped -27.40% vs AVEE's -20.21%.

Which ETF is better, AVES or AVEE?

On 1-year performance, AVES leads with 35.91% vs 27.40% for AVEE. On fees, AVES is cheaper at 0.36% per year. On volatility, AVEE has been the lower-risk option at 8.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVES or AVEE?

Over the 1-year period, AVES has performed better with a 35.91% return vs 27.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVES or AVEE?

AVES is cheaper with a 0.36% expense ratio, compared with 0.42% for AVEE.

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

AVES has the higher dividend yield at 3.46%, compared with 2.66% for AVEE.

What is the main difference between AVES and AVEE?

AVES is categorized as Emerging Markets Equities, while AVEE is Emerging Markets Diversified. Their fees differ too: 0.36% for AVES and 0.42% for AVEE.

Which has better risk-adjusted returns?

AVES currently has the higher Sharpe Ratio (1.95 vs 1.54), 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.