AVES vs. IEMG
AVES (Avantis Emerging Markets Value ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). AVES is actively managed, while IEMG is passively managed. Over the past 3 years, AVES returned 16.57%/yr vs 19.86%/yr for IEMG. Their correlation of 0.93 suggests significant overlap in exposure. AVES charges 0.36%/yr vs 0.09%/yr for IEMG.
Performance
AVES vs. IEMG - 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 IEMG's 18.92% 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%
IEMG
- 1D
- 2.71%
- 1M
- -7.39%
- 6M
- 13.60%
- YTD
- 18.92%
- 1Y
- 32.41%
- 3Y*
- 19.86%
- 5Y*
- 7.09%
- 10Y*
- 9.06%
- ALL TIME*
- 6.29%
AVES vs. IEMG - 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% |
IEMG iShares Core MSCI Emerging Markets ETF | 18.92% | 32.56% | 6.50% | 11.52% | -19.98% | -0.09% |
Correlation
The correlation between AVES and IEMG is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.93 |
The correlation between AVES and IEMG has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
AVES vs. IEMG — Risk / Return Rank
AVES
IEMG
AVES vs. IEMG - 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 Emerging Markets ETF (IEMG). 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 | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.27 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 2.46 | -1.02 |
| Martin ratioReturn relative to average drawdown | 4.69 | 7.96 | -3.27 |
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Drawdowns
AVES vs. IEMG - Drawdown Comparison
The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for AVES and IEMG.
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Drawdown Indicators
| AVES | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.40% | -38.71% | +11.31% |
Max Drawdown (1Y)Largest decline over 1 year | -12.90% | -13.21% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -18.50% | -17.21% | -1.29% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | -7.50% | -7.79% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -7.65% | -12.90% | +5.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.97% | 4.08% | -0.11% |
Volatility
AVES vs. IEMG - Volatility Comparison
The current volatility for Avantis Emerging Markets Value ETF (AVES) is 7.21%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 9.46%. This indicates that AVES experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVES | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.21% | 9.46% | -2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 17.55% | 21.25% | -3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.59% | 23.16% | -3.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.42% | 19.21% | -1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.42% | 20.26% | -2.84% |
AVES vs. IEMG - Expense Ratio Comparison
AVES has a 0.36% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
AVES vs. IEMG - Dividend Comparison
AVES's dividend yield for the trailing twelve months is around 2.54%, more than IEMG's 2.27% 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% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.27% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Frequently Asked Questions
AVES and IEMG have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (9.46%) compared to AVES (7.21%). In terms of maximum drawdown, AVES dropped -27.40% vs IEMG's -38.71%.
On 3-year performance, IEMG leads with 19.86% vs 16.57% for AVES. On fees, IEMG is cheaper at 0.09% per year. On volatility, AVES has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IEMG has performed better with a 19.86% return vs 16.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.36% for AVES.
AVES has the higher dividend yield at 2.54%, compared with 2.27% for IEMG.
AVES is categorized as Emerging Markets Equities, while IEMG is Emerging Markets Diversified. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.36% for AVES and 0.09% for IEMG.
IEMG currently has the higher Sharpe Ratio (1.41 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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