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AVES vs. IEMG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AVES vs. IEMG

Last updated Jun 9, 2026

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 18.05%/yr vs 20.51%/yr for IEMG. Their correlation of 0.94 suggests significant overlap in exposure. AVES charges 0.36%/yr vs 0.09%/yr for IEMG.

Performance

AVES vs. IEMG - 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 Emerging Markets ETF (IEMG). 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 lower than IEMG's 18.97% return.

AVES

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

IEMG

1D
1.70%
1M
-3.66%
YTD
18.97%
6M
20.80%
1Y
40.80%
3Y*
20.51%
5Y*
6.57%
10Y*
9.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AVES vs. IEMG - Yearly Performance Comparison

2026 (YTD)20252024202320222021
AVES
Avantis Emerging Markets Value ETF		11.39%30.49%4.50%16.79%-16.04%1.32%
IEMG
iShares Core MSCI Emerging Markets ETF		18.97%32.56%6.50%11.52%-19.98%-0.89%

Correlation

The correlation between AVES and IEMG is 0.91, 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

0.91

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

0.93

Correlation (All Time)
Calculated using the full available price history since Oct 1, 2021

0.94

The correlation between AVES and IEMG has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

AVES vs. IEMG - Sectors Allocation Comparison

Sectors
AVES
IEMG

Financial Services

25.3%
18.4%

Technology

21.4%
35.0%

Industrials

13.3%
9.0%

Basic Materials

9.8%
6.9%

Consumer Cyclical

9.6%
9.5%

Communication Services

5.3%
6.4%

Energy

4.0%
3.8%

Consumer Defensive

3.2%
3.3%

Real Estate

2.4%
1.7%

Healthcare

2.1%
3.7%

Utilities

1.7%
2.2%

Financial Services

AVES
25.3%
IEMG
18.4%

Technology

AVES
21.4%
IEMG
35.0%

Industrials

AVES
13.3%
IEMG
9.0%

Basic Materials

AVES
9.8%
IEMG
6.9%

Consumer Cyclical

AVES
9.6%
IEMG
9.5%

Communication Services

AVES
5.3%
IEMG
6.4%

Energy

AVES
4.0%
IEMG
3.8%

Consumer Defensive

AVES
3.2%
IEMG
3.3%

Real Estate

AVES
2.4%
IEMG
1.7%

Healthcare

AVES
2.1%
IEMG
3.7%

Utilities

AVES
1.7%
IEMG
2.2%

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 Emerging Markets ETF

Often compared with AVES:
AVES vs. AVEMAVES vs. AVEEAVES vs. VWOAVES vs. DFEVAVES vs. DGSAVES vs. FNDEAVES vs. DFEVX
Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPY

Return for Risk

AVES vs. IEMG — 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
IEMG
IEMG Risk / Return Rank: 6767
Overall Rank
IEMG Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 6161
Sortino Ratio Rank
IEMG Omega Ratio Rank: 7171
Omega Ratio Rank
IEMG Calmar Ratio Rank: 6868
Calmar Ratio Rank
IEMG Martin Ratio Rank: 6969
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. 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.

AVESIEMGDifference
Sharpe ratioReturn per unit of total volatility
1.59
1.99

-0.41

Sortino ratioReturn per unit of downside risk
2.12
2.58

-0.46

Omega ratioGain probability vs. loss probability

1.30

1.38

-0.08

Calmar ratioReturn relative to maximum drawdown

2.20

3.10

-0.90

Martin ratioReturn relative to average drawdown

8.06

11.68

-3.63

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. IEMG - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.59, which is comparable to the IEMG Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of AVES and IEMG, 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

AVESIEMGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.59

1.99

-0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.35

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.49

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.33

+0.21

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

AVESIEMGDifference

Max Drawdown

Largest 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

—

-35.75%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.71%

—

Current Drawdown

Current decline from peak

-5.93%

-7.00%

+1.07%

Average Drawdown

Average peak-to-trough decline

-7.72%

-12.97%

+5.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.51%

3.50%

+0.01%

Volatility

AVES vs. IEMG - Volatility Comparison

The current volatility for Avantis Emerging Markets Value ETF (AVES) is 8.21%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 10.33%. 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

AVESIEMGDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.21%

10.33%

-2.12%

Volatility (6M)

Calculated over the trailing 6-month period

15.35%

18.35%

-3.00%

Volatility (1Y)

Calculated over the trailing 1-year period

17.90%

20.62%

-2.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.12%

18.62%

-1.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.12%

20.14%

-3.02%

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 2.95%, more than IEMG's 2.31% 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%
IEMG
iShares Core MSCI Emerging Markets ETF		2.31%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

With a correlation of 0.91, AVES and IEMG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

IEMG has higher volatility (10.33%) compared to AVES (8.21%). In terms of maximum drawdown, AVES dropped -27.40% vs IEMG's -38.71%.

On 3-year performance, IEMG leads with 20.51% vs 18.05% for AVES. On fees, IEMG is cheaper at 0.09% per year. On volatility, AVES has been the lower-risk option at 8.21%. 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 20.51% return vs 18.05%. 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 2.95%, compared with 2.31% 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 (1.99 vs 1.59), 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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