AVES vs. DXJ

Last updated Jun 9, 2026

AVES (Avantis Emerging Markets Value ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. AVES is actively managed, while DXJ is passively managed. Over the past 3 years, AVES returned 18.05%/yr vs 31.77%/yr for DXJ. At a 0.48 correlation, their price movements are largely independent. AVES charges 0.36%/yr vs 0.48%/yr for DXJ.

Performance

AVES vs. DXJ - Performance Comparison

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

Returns By Period

In the year-to-date period, AVES achieves a 11.39% return, which is significantly lower than DXJ's 17.86% return.

AVES

• 1D: 0.64%
• 1M: -4.21%
• YTD: 11.39%
• 6M: 13.83%
• 1Y: 28.23%
• 3Y*: 18.05%
• 5Y*: —
• 10Y*: —

DXJ

• 1D: 0.39%
• 1M: 2.00%
• YTD: 17.86%
• 6M: 21.01%
• 1Y: 51.36%
• 3Y*: 31.77%
• 5Y*: 25.93%
• 10Y*: 18.23%

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

AVES vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	11.39%	30.49%	4.50%	16.79%	-16.04%	0.95%
DXJ WisdomTree Japan Hedged Equity Fund	17.86%	32.78%	29.83%	42.04%	5.96%	-1.16%

Correlation

The correlation between AVES and DXJ is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.48

AVES vs. DXJ - Sectors Allocation Comparison

Sectors	AVES	DXJ
Financial Services	25.3%	18.3%
Technology	21.4%	12.9%
Industrials	13.3%	27.4%
Basic Materials	9.8%	8.5%
Consumer Cyclical	9.6%	15.6%
Communication Services	5.3%	2.7%
Energy	4.0%	1.7%
Consumer Defensive	3.2%	4.7%
Real Estate	2.4%	-
Healthcare	2.1%	6.8%
Utilities	1.7%	0.1%

Return for Risk

AVES vs. DXJ — Risk / Return Rank

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

AVES

AVES Risk / Return Rank: 50
AVES Sharpe Ratio Rank: 51
AVES Sortino Ratio Rank: 48
AVES Omega Ratio Rank: 53
AVES Calmar Ratio Rank: 49
AVES Martin Ratio Rank: 52

DXJ

DXJ Risk / Return Rank: 90
DXJ Sharpe Ratio Rank: 92
DXJ Sortino Ratio Rank: 91
DXJ Omega Ratio Rank: 90
DXJ Calmar Ratio Rank: 88
DXJ Martin Ratio Rank: 89

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. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and WisdomTree Japan Hedged Equity Fund (DXJ). 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	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.94	-1.35
Sortino ratio: Return per unit of downside risk	2.12	3.96	-1.84
Omega ratio: Gain probability vs. loss probability	1.30	1.53	-0.23
Calmar ratio: Return relative to maximum drawdown	2.20	4.70	-2.50
Martin ratio: Return relative to average drawdown	8.06	18.34	-10.28
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. DXJ - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.59, which is lower than the DXJ Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of AVES and DXJ, 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	DXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	2.94	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.42	+0.12

Drawdowns

AVES vs. DXJ - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum DXJ drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for AVES and DXJ.

Drawdown Indicators

	AVES	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-49.63%	+22.23%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-10.98%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-22.19%	+3.69%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.14%	—
Current Drawdown Current decline from peak	-5.93%	-2.06%	-3.87%
Average Drawdown Average peak-to-trough decline	-7.72%	-14.33%	+6.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	2.81%	+0.70%

Volatility

AVES vs. DXJ - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.21% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 4.19%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.21%	4.19%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	13.33%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.90%	17.58%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	19.00%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	20.19%	-3.07%

AVES vs. DXJ - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is lower than DXJ's 0.48% expense ratio.

Dividends

AVES vs. DXJ - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 2.95%, more than DXJ's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVES Avantis Emerging Markets Value ETF	2.95%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DXJ WisdomTree Japan Hedged Equity Fund	1.10%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%

Frequently Asked Questions

Can I hold both AVES and DXJ in my portfolio?

AVES and DXJ have a correlation of 0.47, 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 DXJ?

AVES has higher volatility (8.21%) compared to DXJ (4.19%). In terms of maximum drawdown, AVES dropped -27.40% vs DXJ's -49.63%.

Which ETF is better, AVES or DXJ?

On 3-year performance, DXJ leads with 31.77% vs 18.05% for AVES. On fees, AVES is cheaper at 0.36% per year. On volatility, DXJ has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVES or DXJ?

Over the 3-year period, DXJ has performed better with a 31.77% return vs 18.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVES or DXJ?

AVES is cheaper with a 0.36% expense ratio, compared with 0.48% for DXJ.

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

AVES has the higher dividend yield at 2.95%, compared with 1.10% for DXJ.

What is the main difference between AVES and DXJ?

AVES is categorized as Emerging Markets Equities, while DXJ is Japan Equities. They also come from different issuers: Avantis and WisdomTree. Their fees differ too: 0.36% for AVES and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (2.94 vs 1.59), 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.