AVIV vs. SPY

Last updated Aug 2, 2026

AVIV (Avantis International Large Cap Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AVIV is a Foreign Large Cap Equities fund actively managed by Avantis, while SPY is a S&P 500 fund tracking the S&P 500 Index. AVIV is actively managed, while SPY is passively managed. Over the past 3 years, AVIV returned 20.92%/yr vs 19.32%/yr for SPY. Their 0.69 correlation means they have sometimes moved together and sometimes differently. AVIV charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

AVIV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis International Large Cap Value ETF (AVIV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVIV achieves a 14.73% return, which is significantly higher than SPY's 10.13% return.

AVIV

• 1D: -0.57%
• 1M: 2.92%
• 6M: 8.42%
• YTD: 14.73%
• 1Y: 33.30%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.93%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVIV Avantis International Large Cap Value ETF	$10.58M	$8.48M	$14.10M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

AVIV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVIV Avantis International Large Cap Value ETF	14.73%	41.80%	4.30%	18.47%	-8.26%	1.83%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	9.71%

Correlation

The correlation between AVIV and SPY is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.69

The correlation between AVIV and SPY has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

AVIV vs. SPY - Sectors Allocation Comparison

Sectors	AVIV	SPY
Financial Services	29.9%	12.5%
Industrials	19.1%	7.6%
Energy	11.4%	3.4%
Basic Materials	11.4%	1.9%
Consumer Cyclical	10.6%	8.9%
Communication Services	5.0%	9.7%
Healthcare	4.6%	9.4%
Technology	3.9%	36.9%
Consumer Defensive	3.0%	4.8%
Real Estate	0.9%	2.0%
Utilities	0.3%	2.6%

Return for Risk

AVIV vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVIV

AVIV Risk / Return Rank: 88
AVIV Sharpe Ratio Rank: 91
AVIV Sortino Ratio Rank: 90
AVIV Omega Ratio Rank: 89
AVIV Calmar Ratio Rank: 83
AVIV Martin Ratio Rank: 86

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVIV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis International Large Cap Value ETF (AVIV) and State Street SPDR S&P 500 ETF (SPY). 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.

	AVIV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.52	+0.75
Sortino ratio: Return per unit of downside risk	3.11	2.11	+1.00
Omega ratio: Gain probability vs. loss probability	1.41	1.27	+0.14
Calmar ratio: Return relative to maximum drawdown	3.09	2.20	+0.89
Martin ratio: Return relative to average drawdown	12.04	9.40	+2.64

AVIV vs. SPY - Sharpe Ratio Comparison

The current AVIV Sharpe Ratio is 2.27, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of AVIV and SPY, 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

AVIV vs. SPY - Drawdown Comparison

The maximum AVIV drawdown since its inception was -27.69%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AVIV and SPY.

Drawdown Indicators

	AVIV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-27.69%	-55.19%	+27.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.78%	-8.88%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-14.13%	-18.76%	+4.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.57%	-1.40%	+0.83%
Average Drawdown Average peak-to-trough decline	-4.99%	-9.01%	+4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.08%	+0.69%

Volatility

AVIV vs. SPY - Volatility Comparison

Avantis International Large Cap Value ETF (AVIV) has a higher volatility of 4.19% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that AVIV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVIV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	3.58%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	10.14%	+2.63%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	12.89%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	17.18%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.84%	17.95%	-1.11%

AVIV vs. SPY - Expense Ratio Comparison

AVIV has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AVIV vs. SPY - Dividend Comparison

AVIV's dividend yield for the trailing twelve months is around 2.47%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVIV Avantis International Large Cap Value ETF	2.47%	3.01%	3.46%	3.64%	2.84%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both AVIV and SPY in my portfolio?

AVIV and SPY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVIV or SPY?

AVIV has higher volatility (4.19%) compared to SPY (3.58%). In terms of maximum drawdown, AVIV dropped -27.69% vs SPY's -55.19%.

Which ETF is better, AVIV or SPY?

On 3-year performance, AVIV leads with 20.92% vs 19.32% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVIV or SPY?

Over the 3-year period, AVIV has performed better with a 20.92% return vs 19.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVIV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for AVIV.

Which ETF pays a higher dividend yield, AVIV or SPY?

AVIV has the higher dividend yield at 2.47%, compared with 1.01% for SPY.

What is the main difference between AVIV and SPY?

AVIV is categorized as Foreign Large Cap Equities, while SPY is S&P 500. They also come from different issuers: Avantis and State Street. Their fees differ too: 0.25% for AVIV and 0.09% for SPY.

Which has better risk-adjusted returns?

AVIV currently has the higher Sharpe Ratio (2.27 vs 1.52), 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.