AVES vs. IAU

Last updated Jun 14, 2026

AVES (Avantis Emerging Markets Value ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while IAU is a Gold fund tracking the LBMA Gold Price. AVES is actively managed, while IAU is passively managed. Over the past 3 years, AVES returned 19.19%/yr vs 29.07%/yr for IAU. At a 0.36 correlation, their price movements are largely independent. AVES charges 0.36%/yr vs 0.25%/yr for IAU.

Performance

AVES vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Value ETF (AVES) and iShares Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVES achieves a 15.51% return, which is significantly higher than IAU's -2.44% return.

AVES

• 1D: 0.32%
• 1M: 0.12%
• YTD: 15.51%
• 6M: 18.20%
• 1Y: 31.51%
• 3Y*: 19.19%
• 5Y*: —
• 10Y*: —

IAU

• 1D: 0.08%
• 1M: -9.54%
• YTD: -2.44%
• 6M: -2.22%
• 1Y: 22.32%
• 3Y*: 29.07%
• 5Y*: 17.23%
• 10Y*: 12.31%

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

AVES vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	15.51%	30.49%	4.50%	16.79%	-16.04%	0.95%
IAU iShares Gold Trust	-2.44%	63.95%	26.85%	12.84%	-0.63%	5.97%

Correlation

The correlation between AVES and IAU is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.36

Return for Risk

AVES vs. IAU — Risk / Return Rank

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

AVES

AVES Risk / Return Rank: 54
AVES Sharpe Ratio Rank: 55
AVES Sortino Ratio Rank: 52
AVES Omega Ratio Rank: 58
AVES Calmar Ratio Rank: 53
AVES Martin Ratio Rank: 55

IAU

IAU Risk / Return Rank: 26
IAU Sharpe Ratio Rank: 28
IAU Sortino Ratio Rank: 25
IAU Omega Ratio Rank: 30
IAU Calmar Ratio Rank: 24
IAU Martin Ratio Rank: 24

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. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and iShares Gold Trust (IAU). 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	IAU	Difference
Sharpe ratio: Return per unit of total volatility	1.64	0.89	+0.75
Sortino ratio: Return per unit of downside risk	2.22	1.25	+0.97
Omega ratio: Gain probability vs. loss probability	1.31	1.19	+0.13
Calmar ratio: Return relative to maximum drawdown	2.32	0.99	+1.34
Martin ratio: Return relative to average drawdown	8.40	2.83	+5.56

AVES vs. IAU - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.64, which is higher than the IAU Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of AVES and IAU, 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. IAU - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for AVES and IAU.

Drawdown Indicators

	AVES	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-45.14%	+17.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-24.40%	+11.50%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-24.40%	+5.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.40%	—
Current Drawdown Current decline from peak	-2.45%	-22.03%	+19.58%
Average Drawdown Average peak-to-trough decline	-7.70%	-15.97%	+8.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	8.47%	-4.91%

Volatility

AVES vs. IAU - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.89% compared to iShares Gold Trust (IAU) at 7.70%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.89%	7.70%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	23.94%	-8.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	27.17%	-8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	18.16%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	16.02%	+1.18%

AVES vs. IAU - Expense Ratio Comparison

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

Dividends

AVES vs. IAU - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 3.53%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	3.53%	3.17%	4.09%	3.96%	3.70%	0.62%
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVES and IAU in my portfolio?

AVES and IAU have a correlation of 0.39, 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 IAU?

AVES has higher volatility (8.89%) compared to IAU (7.70%). In terms of maximum drawdown, AVES dropped -27.40% vs IAU's -45.14%.

Which ETF is better, AVES or IAU?

On 3-year performance, IAU leads with 29.07% vs 19.19% for AVES. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 7.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVES or IAU?

Over the 3-year period, IAU has performed better with a 29.07% return vs 19.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVES or IAU?

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

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

AVES has the higher dividend yield at 3.53%, compared with 0.00% for IAU.

What is the main difference between AVES and IAU?

AVES is categorized as Emerging Markets Equities, while IAU is Gold. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.36% for AVES and 0.25% for IAU.

Which has better risk-adjusted returns?

AVES currently has the higher Sharpe Ratio (1.64 vs 0.89), 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.