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AVES vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AVES vs. IEFA

Last updated Jun 9, 2026

AVES (Avantis Emerging Markets Value ETF) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). AVES is actively managed, while IEFA is passively managed. Over the past 3 years, AVES returned 18.05%/yr vs 16.13%/yr for IEFA. A 0.77 correlation means they provide meaningful diversification when combined. AVES charges 0.36%/yr vs 0.07%/yr for IEFA.

Performance

AVES vs. IEFA - Performance Comparison

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

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Returns By Period

In the year-to-date period, AVES achieves a 11.39% return, which is significantly higher than IEFA's 7.49% return.

AVES

1D
0.64%
1M
-4.21%
YTD
11.39%
6M
13.83%
1Y
28.23%
3Y*
18.05%
5Y*
—
10Y*
—

IEFA

1D
0.63%
1M
-1.17%
YTD
7.49%
6M
10.04%
1Y
19.61%
3Y*
16.13%
5Y*
7.82%
10Y*
9.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AVES vs. IEFA - Yearly Performance Comparison

2026 (YTD)20252024202320222021
AVES
Avantis Emerging Markets Value ETF		11.39%30.49%4.50%16.79%-16.04%0.95%
IEFA
iShares Core MSCI EAFE ETF		7.49%32.08%3.26%17.95%-15.24%2.10%

Correlation

The correlation between AVES and IEFA is 0.76, 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

0.76

Correlation (3Y)
Calculated over the trailing 3-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2021

0.77

The correlation between AVES and IEFA has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

AVES vs. IEFA - Sectors Allocation Comparison

Sectors
AVES
IEFA

Financial Services

25.3%
22.5%

Technology

21.4%
10.8%

Industrials

13.3%
20.1%

Basic Materials

9.8%
7.0%

Consumer Cyclical

9.6%
8.0%

Communication Services

5.3%
4.4%

Energy

4.0%
3.8%

Consumer Defensive

3.2%
6.6%

Real Estate

2.4%
3.0%

Healthcare

2.1%
9.5%

Utilities

1.7%
3.6%

Financial Services

AVES
25.3%
IEFA
22.5%

Technology

AVES
21.4%
IEFA
10.8%

Industrials

AVES
13.3%
IEFA
20.1%

Basic Materials

AVES
9.8%
IEFA
7.0%

Consumer Cyclical

AVES
9.6%
IEFA
8.0%

Communication Services

AVES
5.3%
IEFA
4.4%

Energy

AVES
4.0%
IEFA
3.8%

Consumer Defensive

AVES
3.2%
IEFA
6.6%

Real Estate

AVES
2.4%
IEFA
3.0%

Healthcare

AVES
2.1%
IEFA
9.5%

Utilities

AVES
1.7%
IEFA
3.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Avantis Emerging Markets Value ETF

iShares Core MSCI EAFE ETF

Often compared with AVES:
AVES vs. AVEMAVES vs. AVEEAVES vs. VWOAVES vs. DFEVAVES vs. DGSAVES vs. FNDEAVES vs. DFEVX
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

AVES vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AVES
AVES Risk / Return Rank: 5050
Overall Rank
AVES Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
AVES Sortino Ratio Rank: 4848
Sortino Ratio Rank
AVES Omega Ratio Rank: 5353
Omega Ratio Rank
AVES Calmar Ratio Rank: 4949
Calmar Ratio Rank
AVES Martin Ratio Rank: 5252
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4040
Overall Rank
IEFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4040
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4040
Omega Ratio Rank
IEFA Calmar Ratio Rank: 3838
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4343
Martin Ratio Rank
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. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and iShares Core MSCI EAFE ETF (IEFA). 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.

AVESIEFADifference
Sharpe ratioReturn per unit of total volatility
1.59
1.30

+0.29

Sortino ratioReturn per unit of downside risk
2.12
1.88

+0.24

Omega ratioGain probability vs. loss probability

1.30

1.24

+0.06

Calmar ratioReturn relative to maximum drawdown

2.20

1.71

+0.48

Martin ratioReturn relative to average drawdown

8.06

6.52

+1.54

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. IEFA - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.59, which is comparable to the IEFA Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of AVES and IEFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

AVESIEFADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.59

1.30

+0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.47

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.54

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.50

+0.04

Drawdowns

AVES vs. IEFA - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum IEFA drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for AVES and IEFA.

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Drawdown Indicators

AVESIEFADifference

Max Drawdown

Largest peak-to-trough decline

-27.40%

-34.78%

+7.38%

Max Drawdown (1Y)

Largest decline over 1 year

-12.90%

-11.50%

-1.40%

Max Drawdown (3Y)

Largest decline over 3 years

-18.50%

-13.76%

-4.74%

Max Drawdown (5Y)

Largest decline over 5 years

—

-30.41%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.78%

—

Current Drawdown

Current decline from peak

-5.93%

-2.44%

-3.49%

Average Drawdown

Average peak-to-trough decline

-7.72%

-6.69%

-1.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.51%

3.02%

+0.49%

Volatility

AVES vs. IEFA - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.21% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.54%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AVESIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

8.21%

4.54%

+3.67%

Volatility (6M)

Calculated over the trailing 6-month period

15.35%

12.74%

+2.61%

Volatility (1Y)

Calculated over the trailing 1-year period

17.90%

15.22%

+2.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.12%

16.55%

+0.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.12%

17.32%

-0.20%

AVES vs. IEFA - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is higher than IEFA's 0.07% expense ratio.

Dividends

AVES vs. IEFA - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 2.95%, less than IEFA's 3.30% yield.

PositionTTM20252024202320222021202020192018201720162015
AVES
Avantis Emerging Markets Value ETF		2.95%3.17%4.09%3.96%3.70%0.62%0.00%0.00%0.00%0.00%0.00%0.00%
IEFA
iShares Core MSCI EAFE ETF		3.30%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

AVES and IEFA have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AVES has higher volatility (8.21%) compared to IEFA (4.54%). In terms of maximum drawdown, AVES dropped -27.40% vs IEFA's -34.78%.

On 3-year performance, AVES leads with 18.05% vs 16.13% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.54%. 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 18.05% return vs 16.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.36% for AVES.

IEFA has the higher dividend yield at 3.30%, compared with 2.95% for AVES.

AVES is categorized as Emerging Markets Equities, while IEFA is Foreign Large Cap Equities. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.36% for AVES and 0.07% for IEFA.

AVES currently has the higher Sharpe Ratio (1.59 vs 1.30), 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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