AVES vs. AVSE

Last updated Jun 4, 2026

AVES (Avantis Emerging Markets Value ETF) and AVSE (Avantis Responsible Emerging Markets Equity ETF) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by American Century, while AVSE is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index. AVES is actively managed, while AVSE is passively managed. Over the past 3 years, AVES returned 20.73%/yr vs 25.55%/yr for AVSE. Their correlation of 0.95 suggests significant overlap in exposure. AVES charges 0.36%/yr vs 0.33%/yr for AVSE.

Performance

AVES vs. AVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Value ETF (AVES) and Avantis Responsible Emerging Markets Equity ETF (AVSE). 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 AVSE's 26.92% return.

AVES

• 1D: -1.23%
• 1M: 4.98%
• YTD: 16.79%
• 6M: 19.15%
• 1Y: 37.50%
• 3Y*: 20.73%
• 5Y*: —
• 10Y*: —

AVSE

• 1D: -1.45%
• 1M: 9.75%
• YTD: 26.92%
• 6M: 28.98%
• 1Y: 52.22%
• 3Y*: 25.55%
• 5Y*: —
• 10Y*: —

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

AVES vs. AVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AVES Avantis Emerging Markets Value ETF	16.79%	30.49%	4.50%	16.79%	-14.11%
AVSE Avantis Responsible Emerging Markets Equity ETF	26.92%	32.54%	8.29%	16.01%	-13.85%

Correlation

The correlation between AVES and AVSE is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	0.95

The correlation between AVES and AVSE has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

AVES vs. AVSE - Sectors Allocation Comparison

Sectors	AVES	AVSE
Financial Services	25.3%	24.2%
Technology	21.4%	34.8%
Industrials	13.3%	8.2%
Basic Materials	9.8%	3.3%
Consumer Cyclical	9.6%	12.3%
Communication Services	5.3%	6.5%
Energy	4.0%	0.1%
Consumer Defensive	3.2%	2.7%
Real Estate	2.4%	2.6%
Healthcare	2.1%	3.9%
Utilities	1.7%	1.3%

Return for Risk

AVES vs. AVSE — 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

AVSE

AVSE Risk / Return Rank: 78
AVSE Sharpe Ratio Rank: 82
AVSE Sortino Ratio Rank: 78
AVSE Omega Ratio Rank: 80
AVSE Calmar Ratio Rank: 74
AVSE Martin Ratio Rank: 77

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. AVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and Avantis Responsible Emerging Markets Equity ETF (AVSE). 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	AVSE	Difference
Sharpe ratio Return per unit of total volatility	2.19	2.69	-0.50
Sortino ratio Return per unit of downside risk	2.90	3.53	-0.63
Omega ratio Gain probability vs. loss probability	1.40	1.48	-0.08
Calmar ratio Return relative to maximum drawdown	2.92	3.70	-0.78
Martin ratio Return relative to average drawdown	10.84	14.74	-3.89
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. AVSE - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 2.19, which is comparable to the AVSE Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of AVES and AVSE, 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	AVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.69	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.86	-0.25

Drawdowns

AVES vs. AVSE - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, roughly equal to the maximum AVSE drawdown of -26.28%. Use the drawdown chart below to compare losses from any high point for AVES and AVSE.

Drawdown Indicators

	AVES	AVSE	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-26.28%	-1.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-14.17%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-17.68%	-0.82%
Current Drawdown Current decline from peak	-1.36%	-1.45%	+0.09%
Average Drawdown Average peak-to-trough decline	-7.73%	-6.82%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.55%	-0.08%

Volatility

AVES vs. AVSE - Volatility Comparison

The current volatility for Avantis Emerging Markets Value ETF (AVES) is 6.93%, while Avantis Responsible Emerging Markets Equity ETF (AVSE) has a volatility of 8.65%. This indicates that AVES experiences smaller price fluctuations and is considered to be less risky than AVSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	AVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	8.65%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	16.79%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	19.53%	-2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	18.03%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	18.03%	-1.05%

AVES vs. AVSE - Expense Ratio Comparison

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

Dividends

AVES vs. AVSE - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 2.81%, more than AVSE's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	2.81%	3.17%	4.09%	3.96%	3.70%	0.62%
AVSE Avantis Responsible Emerging Markets Equity ETF	2.18%	2.68%	3.03%	3.20%	1.27%	0.00%

Frequently Asked Questions

Can I hold both AVES and AVSE in my portfolio?

With a correlation of 0.93, AVES and AVSE 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 AVSE?

AVSE has higher volatility (8.65%) compared to AVES (6.93%). In terms of maximum drawdown, AVES dropped -27.40% vs AVSE's -26.28%.

Which ETF is better, AVES or AVSE?

On 3-year performance, AVSE leads with 25.55% vs 20.73% for AVES. On fees, AVSE is cheaper at 0.33% per year. On volatility, AVES has been the lower-risk option at 6.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVES or AVSE?

Over the 3-year period, AVSE has performed better with a 25.55% return vs 20.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVES or AVSE?

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

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

AVES has the higher dividend yield at 2.81%, compared with 2.18% for AVSE.

What is the main difference between AVES and AVSE?

AVES is categorized as Emerging Markets Equities, while AVSE is Emerging Markets Diversified. They also come from different issuers: American Century and Avantis. Their fees differ too: 0.36% for AVES and 0.33% for AVSE.

Which has better risk-adjusted returns?

AVSE currently has the higher Sharpe Ratio (2.69 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.