AVES vs. GNR
AVES (Avantis Emerging Markets Value ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while GNR is a Natural Resources fund tracking the S&P Global Natural Resources Index. AVES is actively managed, while GNR is passively managed. Over the past 3 years, AVES returned 16.57%/yr vs 11.51%/yr for GNR. A 0.68 correlation means they provide meaningful diversification when combined. AVES charges 0.36%/yr vs 0.40%/yr for GNR.
Performance
AVES vs. GNR - Performance Comparison
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Returns By Period
In the year-to-date period, AVES achieves a 9.94% return, which is significantly lower than GNR's 14.65% return.
AVES
- 1D
- 2.25%
- 1M
- -6.96%
- 6M
- 5.23%
- YTD
- 9.94%
- 1Y
- 18.59%
- 3Y*
- 16.57%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.56%
GNR
- 1D
- 1.76%
- 1M
- 1.29%
- 6M
- 6.86%
- YTD
- 14.65%
- 1Y
- 30.46%
- 3Y*
- 11.51%
- 5Y*
- 10.49%
- 10Y*
- 9.85%
- ALL TIME*
- 5.29%
AVES vs. GNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AVES Avantis Emerging Markets Value ETF | 9.94% | 30.49% | 4.50% | 16.79% | -16.04% | 0.95% |
GNR SPDR S&P Global Natural Resources ETF | 14.65% | 28.68% | -8.27% | 2.95% | 10.20% | 7.43% |
Correlation
The correlation between AVES and GNR is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.68 |
The correlation between AVES and GNR shifts across timeframes, from 0.57 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AVES vs. GNR — Risk / Return Rank
AVES
GNR
AVES vs. GNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and SPDR S&P Global Natural Resources ETF (GNR). 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 | GNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.31 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 2.78 | -1.34 |
| Martin ratioReturn relative to average drawdown | 4.69 | 8.88 | -4.20 |
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Drawdowns
AVES vs. GNR - Drawdown Comparison
The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum GNR drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for AVES and GNR.
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Drawdown Indicators
| AVES | GNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.40% | -51.37% | +23.97% |
Max Drawdown (1Y)Largest decline over 1 year | -12.90% | -10.99% | -1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -18.50% | -21.15% | +2.65% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.59% | — |
Current DrawdownCurrent decline from peak | -7.50% | -6.11% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -7.65% | -14.89% | +7.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.97% | 3.44% | +0.53% |
Volatility
AVES vs. GNR - Volatility Comparison
Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 7.21% compared to SPDR S&P Global Natural Resources ETF (GNR) at 4.48%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than GNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVES | GNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.21% | 4.48% | +2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 17.55% | 14.02% | +3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.59% | 17.19% | +2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.42% | 20.19% | -2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.42% | 21.77% | -4.35% |
AVES vs. GNR - Expense Ratio Comparison
AVES has a 0.36% expense ratio, which is lower than GNR's 0.40% expense ratio.
Dividends
AVES vs. GNR - Dividend Comparison
AVES's dividend yield for the trailing twelve months is around 2.54%, less than GNR's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVES Avantis Emerging Markets Value ETF | 2.54% | 3.17% | 4.09% | 3.96% | 3.70% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GNR SPDR S&P Global Natural Resources ETF | 2.59% | 2.76% | 4.73% | 3.37% | 4.37% | 3.44% | 2.78% | 3.84% | 3.51% | 2.40% | 2.06% | 4.59% |
Frequently Asked Questions
AVES and GNR have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVES has higher volatility (7.21%) compared to GNR (4.48%). In terms of maximum drawdown, AVES dropped -27.40% vs GNR's -51.37%.
On 3-year performance, AVES leads with 16.57% vs 11.51% for GNR. On fees, AVES is cheaper at 0.36% per year. On volatility, GNR has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AVES has performed better with a 16.57% return vs 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AVES is cheaper with a 0.36% expense ratio, compared with 0.40% for GNR.
GNR has the higher dividend yield at 2.59%, compared with 2.54% for AVES.
AVES is categorized as Emerging Markets Equities, while GNR is Natural Resources. They also come from different issuers: Avantis and State Street. Their fees differ too: 0.36% for AVES and 0.40% for GNR.
GNR currently has the higher Sharpe Ratio (1.78 vs 0.95), 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.
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