AVES vs. DBEM

Last updated Jun 24, 2026

AVES (Avantis Emerging Markets Value ETF) and DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) are both Emerging Markets Equities funds. AVES is actively managed, while DBEM is passively managed. Over the past 3 years, AVES returned 19.21%/yr vs 24.78%/yr for DBEM. Their correlation of 0.86 suggests significant overlap in exposure. AVES charges 0.36%/yr vs 0.66%/yr for DBEM.

Performance

AVES vs. DBEM - Performance Comparison

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

Returns By Period

In the year-to-date period, AVES achieves a 12.71% return, which is significantly lower than DBEM's 27.92% return.

AVES

• 1D: -4.26%
• 1M: -0.95%
• YTD: 12.71%
• 6M: 12.82%
• 1Y: 29.26%
• 3Y*: 19.21%
• 5Y*: —
• 10Y*: —

DBEM

• 1D: -5.21%
• 1M: 2.97%
• YTD: 27.92%
• 6M: 28.44%
• 1Y: 54.61%
• 3Y*: 24.78%
• 5Y*: 9.17%
• 10Y*: 10.69%

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

AVES vs. DBEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	12.71%	30.49%	4.50%	16.79%	-16.04%	0.95%
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	27.92%	30.42%	10.61%	10.53%	-17.00%	-0.53%

Correlation

The correlation between AVES and DBEM is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.86

The correlation between AVES and DBEM has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

Return for Risk

AVES vs. DBEM — Risk / Return Rank

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

AVES

AVES Risk / Return Rank: 47
AVES Sharpe Ratio Rank: 46
AVES Sortino Ratio Rank: 43
AVES Omega Ratio Rank: 49
AVES Calmar Ratio Rank: 48
AVES Martin Ratio Rank: 50

DBEM

DBEM Risk / Return Rank: 87
DBEM Sharpe Ratio Rank: 87
DBEM Sortino Ratio Rank: 80
DBEM Omega Ratio Rank: 86
DBEM Calmar Ratio Rank: 90
DBEM Martin Ratio Rank: 90

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. DBEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM). 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	DBEM	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.65	-1.11
Sortino ratio: Return per unit of downside risk	2.09	3.28	-1.19
Omega ratio: Gain probability vs. loss probability	1.30	1.49	-0.19
Calmar ratio: Return relative to maximum drawdown	2.28	5.22	-2.95
Martin ratio: Return relative to average drawdown	8.21	19.15	-10.94

AVES vs. DBEM - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.55, which is lower than the DBEM Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of AVES and DBEM, 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. DBEM - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum DBEM drawdown of -33.51%. Use the drawdown chart below to compare losses from any high point for AVES and DBEM.

Drawdown Indicators

	AVES	DBEM	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-33.51%	+6.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-10.51%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-15.12%	-3.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.51%	—
Current Drawdown Current decline from peak	-5.18%	-5.21%	+0.03%
Average Drawdown Average peak-to-trough decline	-7.67%	-11.66%	+3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	2.86%	+0.71%

Volatility

AVES vs. DBEM - Volatility Comparison

The current volatility for Avantis Emerging Markets Value ETF (AVES) is 9.99%, while Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) has a volatility of 11.58%. This indicates that AVES experiences smaller price fluctuations and is considered to be less risky than DBEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	DBEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.99%	11.58%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	16.81%	18.66%	-1.85%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	20.69%	-1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	17.70%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	17.39%	-0.03%

AVES vs. DBEM - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is lower than DBEM's 0.66% expense ratio.

Dividends

AVES vs. DBEM - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 3.62%, more than DBEM's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVES Avantis Emerging Markets Value ETF	3.62%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	2.06%	1.84%	2.48%	2.55%	2.65%	1.77%	1.74%	2.59%	2.85%	1.51%	1.59%	3.49%

Frequently Asked Questions

Can I hold both AVES and DBEM in my portfolio?

AVES and DBEM have a correlation of 0.83, 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 DBEM?

DBEM has higher volatility (11.58%) compared to AVES (9.99%). In terms of maximum drawdown, AVES dropped -27.40% vs DBEM's -33.51%.

Which ETF is better, AVES or DBEM?

On 3-year performance, DBEM leads with 24.78% vs 19.21% for AVES. On fees, AVES is cheaper at 0.36% per year. On volatility, AVES has been the lower-risk option at 9.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVES or DBEM?

Over the 3-year period, DBEM has performed better with a 24.78% return vs 19.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVES or DBEM?

AVES is cheaper with a 0.36% expense ratio, compared with 0.66% for DBEM.

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

AVES has the higher dividend yield at 3.62%, compared with 2.06% for DBEM.

What is the main difference between AVES and DBEM?

They also come from different issuers: Avantis and Deutsche Bank. Their fees differ too: 0.36% for AVES and 0.66% for DBEM.

Which has better risk-adjusted returns?

DBEM currently has the higher Sharpe Ratio (2.65 vs 1.55), 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.