AVES vs. ESGE

Last updated Jun 4, 2026

AVES (Avantis Emerging Markets Value ETF) and ESGE (iShares ESG Aware MSCI EM ETF) are both Emerging Markets Equities funds. AVES is actively managed, while ESGE is passively managed. Over the past 3 years, AVES returned 20.73%/yr vs 24.13%/yr for ESGE. Their correlation of 0.92 suggests significant overlap in exposure. AVES charges 0.36%/yr vs 0.25%/yr for ESGE.

Performance

AVES vs. ESGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Value ETF (AVES) and iShares ESG Aware MSCI EM ETF (ESGE). 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 ESGE's 26.85% return.

AVES

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

ESGE

• 1D: -1.23%
• 1M: 9.37%
• YTD: 26.85%
• 6M: 29.21%
• 1Y: 55.02%
• 3Y*: 24.13%
• 5Y*: 6.83%
• 10Y*: —

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

AVES vs. ESGE - 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%
ESGE iShares ESG Aware MSCI EM ETF	26.85%	35.86%	6.63%	9.51%	-22.41%	-2.09%

Correlation

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

The correlation between AVES and ESGE has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

AVES vs. ESGE - Sectors Allocation Comparison

Sectors	AVES	ESGE
Financial Services	25.3%	20.9%
Technology	21.4%	43.4%
Industrials	13.3%	4.7%
Basic Materials	9.8%	4.1%
Consumer Cyclical	9.6%	8.3%
Communication Services	5.3%	7.2%
Energy	4.0%	2.2%
Consumer Defensive	3.2%	2.1%
Real Estate	2.4%	1.1%
Healthcare	2.1%	2.4%
Utilities	1.7%	1.5%

Return for Risk

AVES vs. ESGE — 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

ESGE

ESGE Risk / Return Rank: 80
ESGE Sharpe Ratio Rank: 83
ESGE Sortino Ratio Rank: 78
ESGE Omega Ratio Rank: 82
ESGE Calmar Ratio Rank: 77
ESGE Martin Ratio Rank: 79

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. ESGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and iShares ESG Aware MSCI EM ETF (ESGE). 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	ESGE	Difference
Sharpe ratio Return per unit of total volatility	2.19	2.75	-0.56
Sortino ratio Return per unit of downside risk	2.90	3.56	-0.66
Omega ratio Gain probability vs. loss probability	1.40	1.50	-0.10
Calmar ratio Return relative to maximum drawdown	2.92	3.98	-1.06
Martin ratio Return relative to average drawdown	10.84	15.51	-4.67
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. ESGE - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 2.19, which is comparable to the ESGE Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of AVES and ESGE, 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	ESGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.75	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.50	+0.11

Drawdowns

AVES vs. ESGE - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum ESGE drawdown of -41.07%. Use the drawdown chart below to compare losses from any high point for AVES and ESGE.

Drawdown Indicators

	AVES	ESGE	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-41.07%	+13.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-13.90%	+1.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-16.71%	-1.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-39.23%	—
Current Drawdown Current decline from peak	-1.36%	-1.23%	-0.13%
Average Drawdown Average peak-to-trough decline	-7.73%	-14.47%	+6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.56%	-0.09%

Volatility

AVES vs. ESGE - Volatility Comparison

The current volatility for Avantis Emerging Markets Value ETF (AVES) is 6.93%, while iShares ESG Aware MSCI EM ETF (ESGE) has a volatility of 8.56%. This indicates that AVES experiences smaller price fluctuations and is considered to be less risky than ESGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	ESGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	8.56%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	17.46%	-3.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	20.10%	-2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	19.11%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	19.94%	-2.96%

AVES vs. ESGE - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is higher than ESGE's 0.25% expense ratio.

Dividends

AVES vs. ESGE - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 2.81%, more than ESGE's 1.97% 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%
ESGE iShares ESG Aware MSCI EM ETF	1.97%	2.50%	2.41%	2.64%	2.68%	2.66%	1.31%	2.59%	2.19%	1.86%	0.27%

Frequently Asked Questions

Can I hold both AVES and ESGE in my portfolio?

AVES and ESGE have a correlation of 0.89, 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 ESGE?

ESGE has higher volatility (8.56%) compared to AVES (6.93%). In terms of maximum drawdown, AVES dropped -27.40% vs ESGE's -41.07%.

Which ETF is better, AVES or ESGE?

On 3-year performance, ESGE leads with 24.13% vs 20.73% for AVES. On fees, ESGE is cheaper at 0.25% 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 ESGE?

Over the 3-year period, ESGE has performed better with a 24.13% 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 ESGE?

ESGE is cheaper with a 0.25% expense ratio, compared with 0.36% for AVES.

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

AVES has the higher dividend yield at 2.81%, compared with 1.97% for ESGE.

What is the main difference between AVES and ESGE?

They also come from different issuers: American Century and iShares. Their fees differ too: 0.36% for AVES and 0.25% for ESGE.

Which has better risk-adjusted returns?

ESGE currently has the higher Sharpe Ratio (2.75 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.