AVES vs. AVEEX

Last updated Jun 4, 2026

AVES (Avantis Emerging Markets Value ETF) and AVEEX (Avantis Emerging Markets Equity Fund) are both funds - AVES is a Emerging Markets Equities fund actively managed by American Century, while AVEEX is a Emerging Markets Diversified fund managed by Avantis Investors. Over the past 3 years, AVES returned 20.73%/yr vs 25.40%/yr for AVEEX. Their correlation of 0.92 suggests significant overlap in exposure. AVES charges 0.36%/yr vs 0.33%/yr for AVEEX.

Performance

AVES vs. AVEEX - 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 Equity Fund (AVEEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVES achieves a 16.79% return, which is significantly lower than AVEEX's 26.68% return.

AVES

• 1D: -1.23%
• 1M: 4.98%
• YTD: 16.79%
• 6M: 19.15%
• 1Y: 37.50%
• 3Y*: 20.73%
• 5Y*: —
• 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)

AVES vs. AVEEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	16.79%	30.49%	4.50%	16.79%	-16.04%	1.32%
AVEEX Avantis Emerging Markets Equity Fund	26.68%	32.09%	7.68%	15.15%	-18.15%	-0.03%

Correlation

The correlation between AVES and AVEEX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.92

The correlation between AVES and AVEEX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

AVES vs. AVEEX — Risk / Return Rank

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

AVES

AVES Risk / Return Rank: 61
AVES Sharpe Ratio Rank: 64
AVES Sortino Ratio Rank: 60
AVES Omega Ratio Rank: 65
AVES Calmar Ratio Rank: 58
AVES Martin Ratio Rank: 60

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.

AVES vs. AVEEX - 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 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.

	AVES	AVEEX	Difference
Sharpe ratio Return per unit of total volatility	2.19	3.31	-1.12
Sortino ratio Return per unit of downside risk	2.90	4.23	-1.33
Omega ratio Gain probability vs. loss probability	1.40	1.61	-0.21
Calmar ratio Return relative to maximum drawdown	2.92	4.21	-1.29
Martin ratio Return relative to average drawdown	10.84	16.73	-5.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVES vs. AVEEX - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 2.19, which is lower than the AVEEX Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of AVES 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

	AVES	AVEEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	3.31	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.70	-0.09

Drawdowns

AVES vs. AVEEX - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum AVEEX drawdown of -36.45%. Use the drawdown chart below to compare losses from any high point for AVES and AVEEX.

Drawdown Indicators

	AVES	AVEEX	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-36.45%	+9.05%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-12.64%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-17.34%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.36%	0.00%	-1.36%
Average Drawdown Average peak-to-trough decline	-7.73%	-10.32%	+2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.17%	+0.30%

Volatility

AVES vs. AVEEX - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) and Avantis Emerging Markets Equity Fund (AVEEX) have volatilities of 6.93% and 6.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	AVEEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	6.80%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	13.49%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	16.07%	+1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	15.87%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	18.75%	-1.77%

AVES vs. AVEEX - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is higher than AVEEX's 0.33% expense ratio.

Dividends

AVES vs. AVEEX - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 2.81%, more 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%
AVES Avantis Emerging Markets Value ETF	2.81%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVES and AVEEX in my portfolio?

AVES and AVEEX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVES or AVEEX?

AVES has higher volatility (6.93%) compared to AVEEX (6.80%). In terms of maximum drawdown, AVES dropped -27.40% vs AVEEX's -36.45%.

Which has better risk-adjusted returns?

AVEEX currently has the higher Sharpe Ratio (3.31 vs 2.19), 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.