AVES vs. EMGF

Last updated Jun 4, 2026

AVES (Avantis Emerging Markets Value ETF) and EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) are both Emerging Markets Equities funds. AVES is actively managed, while EMGF is passively managed. Over the past 3 years, AVES returned 20.73%/yr vs 26.88%/yr for EMGF. Their correlation of 0.93 suggests significant overlap in exposure. AVES charges 0.36%/yr vs 0.45%/yr for EMGF.

Performance

AVES vs. EMGF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Value ETF (AVES) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). 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 EMGF's 30.01% return.

AVES

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

EMGF

• 1D: -1.20%
• 1M: 9.65%
• YTD: 30.01%
• 6M: 32.52%
• 1Y: 55.31%
• 3Y*: 26.88%
• 5Y*: 10.38%
• 10Y*: 11.48%

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

AVES vs. EMGF - 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%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	30.01%	31.41%	9.06%	10.86%	-16.55%	0.91%

Correlation

The correlation between AVES and EMGF is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.93

The correlation between AVES and EMGF has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

AVES vs. EMGF - Sectors Allocation Comparison

Sectors	AVES	EMGF
Financial Services	25.3%	19.2%
Technology	21.4%	34.7%
Industrials	13.3%	7.8%
Basic Materials	9.8%	5.8%
Consumer Cyclical	9.6%	10.4%
Communication Services	5.3%	7.4%
Energy	4.0%	4.3%
Consumer Defensive	3.2%	3.8%
Real Estate	2.4%	1.1%
Healthcare	2.1%	2.9%
Utilities	1.7%	2.5%

Return for Risk

AVES vs. EMGF — 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

EMGF

EMGF Risk / Return Rank: 81
EMGF Sharpe Ratio Rank: 84
EMGF Sortino Ratio Rank: 80
EMGF Omega Ratio Rank: 83
EMGF Calmar Ratio Rank: 79
EMGF Martin Ratio Rank: 80

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. EMGF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). 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	EMGF	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.78	-0.59
Sortino ratio: Return per unit of downside risk	2.90	3.62	-0.72
Omega ratio: Gain probability vs. loss probability	1.40	1.51	-0.10
Calmar ratio: Return relative to maximum drawdown	2.92	4.11	-1.18
Martin ratio: Return relative to average drawdown	10.84	15.84	-5.00
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. EMGF - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 2.19, which is comparable to the EMGF Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of AVES and EMGF, 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	EMGF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.78	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.57	+0.04

Drawdowns

AVES vs. EMGF - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum EMGF drawdown of -40.23%. Use the drawdown chart below to compare losses from any high point for AVES and EMGF.

Drawdown Indicators

	AVES	EMGF	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-40.23%	+12.83%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-13.54%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-17.65%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.23%	—
Current Drawdown Current decline from peak	-1.36%	-1.20%	-0.16%
Average Drawdown Average peak-to-trough decline	-7.73%	-10.05%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.50%	-0.03%

Volatility

AVES vs. EMGF - Volatility Comparison

The current volatility for Avantis Emerging Markets Value ETF (AVES) is 6.93%, while iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a volatility of 9.20%. This indicates that AVES experiences smaller price fluctuations and is considered to be less risky than EMGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	EMGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	9.20%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	17.50%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	19.99%	-2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	17.69%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	19.48%	-2.50%

AVES vs. EMGF - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is lower than EMGF's 0.45% expense ratio.

Dividends

AVES vs. EMGF - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 2.81%, more than EMGF's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AVES Avantis Emerging Markets Value ETF	2.81%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	1.94%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%

Frequently Asked Questions

Can I hold both AVES and EMGF in my portfolio?

With a correlation of 0.91, AVES and EMGF 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 EMGF?

EMGF has higher volatility (9.20%) compared to AVES (6.93%). In terms of maximum drawdown, AVES dropped -27.40% vs EMGF's -40.23%.

Which ETF is better, AVES or EMGF?

On 3-year performance, EMGF leads with 26.88% vs 20.73% for AVES. On fees, AVES is cheaper at 0.36% 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 EMGF?

Over the 3-year period, EMGF has performed better with a 26.88% 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 EMGF?

AVES is cheaper with a 0.36% expense ratio, compared with 0.45% for EMGF.

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

AVES has the higher dividend yield at 2.81%, compared with 1.94% for EMGF.

What is the main difference between AVES and EMGF?

They also come from different issuers: Avantis and iShares. Their fees differ too: 0.36% for AVES and 0.45% for EMGF.

Which has better risk-adjusted returns?

EMGF currently has the higher Sharpe Ratio (2.78 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.