AVES vs. IAUM

Last updated Jun 13, 2026

AVES (Avantis Emerging Markets Value ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while IAUM is a Gold fund tracking the LBMA Gold Price PM. AVES is actively managed, while IAUM is passively managed. Over the past 3 years, AVES returned 19.19%/yr vs 29.28%/yr for IAUM. At a 0.36 correlation, their price movements are largely independent. AVES charges 0.36%/yr vs 0.09%/yr for IAUM.

Performance

AVES vs. IAUM - 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 Micro (IAUM). 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 IAUM's -2.40% return.

AVES

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

IAUM

• 1D: 0.10%
• 1M: -9.51%
• YTD: -2.40%
• 6M: -2.08%
• 1Y: 22.55%
• 3Y*: 29.28%
• 5Y*: —
• 10Y*: —

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

AVES vs. IAUM - 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%
IAUM iShares Gold Trust Micro	-2.40%	64.27%	27.04%	13.12%	-0.49%	6.09%

Correlation

The correlation between AVES and IAUM 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

AVES vs. IAUM - Sectors Allocation Comparison

Sectors	AVES	IAUM
Financial Services	25.3%	-
Technology	21.4%	-
Industrials	13.3%	-
Basic Materials	9.8%	-
Consumer Cyclical	9.6%	-
Communication Services	5.3%	-
Energy	4.0%	-
Consumer Defensive	3.2%	-
Real Estate	2.4%	100.0%
Healthcare	2.1%	-
Utilities	1.7%	-

Return for Risk

AVES vs. IAUM — 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

IAUM

IAUM Risk / Return Rank: 27
IAUM Sharpe Ratio Rank: 28
IAUM Sortino Ratio Rank: 25
IAUM Omega Ratio Rank: 31
IAUM Calmar Ratio Rank: 24
IAUM Martin Ratio Rank: 25

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. IAUM - 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 Micro (IAUM). 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	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	1.64	0.90	+0.74
Sortino ratio: Return per unit of downside risk	2.22	1.26	+0.95
Omega ratio: Gain probability vs. loss probability	1.31	1.19	+0.13
Calmar ratio: Return relative to maximum drawdown	2.32	1.00	+1.33
Martin ratio: Return relative to average drawdown	8.40	2.87	+5.53

AVES vs. IAUM - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.64, which is higher than the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of AVES and IAUM, 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. IAUM - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, which is greater than IAUM's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for AVES and IAUM.

Drawdown Indicators

	AVES	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-24.37%	-3.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-24.37%	+11.47%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-24.37%	+5.87%
Current Drawdown Current decline from peak	-2.45%	-21.99%	+19.54%
Average Drawdown Average peak-to-trough decline	-7.70%	-5.38%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	8.46%	-4.90%

Volatility

AVES vs. IAUM - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.89% compared to iShares Gold Trust Micro (IAUM) at 7.71%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.89%	7.71%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	23.82%	-7.94%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	27.06%	-8.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	18.05%	-0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	18.05%	-0.85%

AVES vs. IAUM - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is higher than IAUM's 0.09% expense ratio.

Dividends

AVES vs. IAUM - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 3.53%, while IAUM 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%
IAUM iShares Gold Trust Micro	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVES and IAUM in my portfolio?

AVES and IAUM 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 IAUM?

AVES has higher volatility (8.89%) compared to IAUM (7.71%). In terms of maximum drawdown, AVES dropped -27.40% vs IAUM's -24.37%.

Which ETF is better, AVES or IAUM?

On 3-year performance, IAUM leads with 29.28% vs 19.19% for AVES. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVES or IAUM?

Over the 3-year period, IAUM has performed better with a 29.28% 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 IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.36% for AVES.

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

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

What is the main difference between AVES and IAUM?

AVES is categorized as Emerging Markets Equities, while IAUM is Gold. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.36% for AVES and 0.09% for IAUM.

Which has better risk-adjusted returns?

AVES currently has the higher Sharpe Ratio (1.64 vs 0.90), 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.