AVES vs. IEFA
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 16.57%/yr vs 15.73%/yr for IEFA. A 0.78 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
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Returns By Period
The year-to-date returns for both investments are quite close, with AVES having a 9.94% return and IEFA slightly higher at 10.11%.
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%
IEFA
- 1D
- 1.41%
- 1M
- -0.38%
- 6M
- 7.75%
- YTD
- 10.11%
- 1Y
- 20.91%
- 3Y*
- 15.73%
- 5Y*
- 8.84%
- 10Y*
- 9.48%
- ALL TIME*
- 8.43%
AVES vs. IEFA - 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% |
IEFA iShares Core MSCI EAFE ETF | 10.11% | 32.08% | 3.26% | 17.95% | -15.24% | 2.10% |
Correlation
The correlation between AVES and IEFA is 0.78, 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 | 0.78 |
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 | 0.78 |
The correlation between AVES and IEFA has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.
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Return for Risk
AVES vs. IEFA — Risk / Return Rank
AVES
IEFA
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.
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 | IEFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.24 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 1.83 | -0.38 |
| Martin ratioReturn relative to average drawdown | 4.69 | 6.90 | -2.21 |
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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
| AVES | IEFA | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -7.50% | -1.41% | -6.09% |
Average DrawdownAverage peak-to-trough decline | -7.65% | -6.64% | -1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.97% | 3.04% | +0.93% |
Volatility
AVES vs. IEFA - Volatility Comparison
Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 7.21% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.22%. 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
| AVES | IEFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.21% | 4.22% | +2.99% |
Volatility (6M)Calculated over the trailing 6-month period | 17.55% | 13.52% | +4.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.59% | 15.67% | +3.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.42% | 16.59% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.42% | 17.02% | +0.40% |
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 2.54%, less than IEFA's 3.39% 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% |
IEFA iShares Core MSCI EAFE ETF | 3.39% | 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 0.78, 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 IEFA (4.22%). In terms of maximum drawdown, AVES dropped -27.40% vs IEFA's -34.78%.
On 3-year performance, AVES leads with 16.57% vs 15.73% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.22%. 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 15.73%. 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 3.39%, compared with 2.54% 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.
IEFA currently has the higher Sharpe Ratio (1.34 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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