AVMU vs. AVDV

Last updated Jun 21, 2026

AVMU (Avantis Core Municipal Fixed Income ETF) and AVDV (Avantis International Small Cap Value ETF) are both exchange-traded funds - AVMU is a Municipal Bonds fund actively managed by Avantis, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. Both are actively managed. Over the past 5 years, AVMU returned 0.97%/yr vs 14.72%/yr for AVDV. At a 0.16 correlation, their price movements are largely independent. AVMU charges 0.15%/yr vs 0.36%/yr for AVDV.

Performance

AVMU vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Core Municipal Fixed Income ETF (AVMU) and Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVMU achieves a 1.96% return, which is significantly lower than AVDV's 15.21% return.

AVMU

• 1D: 0.23%
• 1M: 1.50%
• YTD: 1.96%
• 6M: 2.24%
• 1Y: 8.20%
• 3Y*: 3.61%
• 5Y*: 0.97%
• 10Y*: —

AVDV

• 1D: -0.21%
• 1M: -0.22%
• YTD: 15.21%
• 6M: 16.63%
• 1Y: 43.93%
• 3Y*: 26.56%
• 5Y*: 14.72%
• 10Y*: —

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

AVMU vs. AVDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AVMU Avantis Core Municipal Fixed Income ETF	1.96%	3.87%	1.72%	5.18%	-7.33%	0.27%	0.29%
AVDV Avantis International Small Cap Value ETF	15.21%	49.37%	8.67%	16.85%	-11.47%	15.80%	3.67%

Correlation

The correlation between AVMU and AVDV is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020	0.16

The correlation between AVMU and AVDV shifts across timeframes, from 0.16 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AVMU vs. AVDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVMU

AVMU Risk / Return Rank: 74
AVMU Sharpe Ratio Rank: 84
AVMU Sortino Ratio Rank: 89
AVMU Omega Ratio Rank: 90
AVMU Calmar Ratio Rank: 52
AVMU Martin Ratio Rank: 56

AVDV

AVDV Risk / Return Rank: 79
AVDV Sharpe Ratio Rank: 86
AVDV Sortino Ratio Rank: 83
AVDV Omega Ratio Rank: 84
AVDV Calmar Ratio Rank: 68
AVDV Martin Ratio Rank: 73

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.

AVMU vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Core Municipal Fixed Income ETF (AVMU) and Avantis International Small Cap Value ETF (AVDV). 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.

	AVMU	AVDV	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.65	-0.09
Sortino ratio: Return per unit of downside risk	3.90	3.49	+0.41
Omega ratio: Gain probability vs. loss probability	1.54	1.47	+0.07
Calmar ratio: Return relative to maximum drawdown	2.49	3.26	-0.77
Martin ratio: Return relative to average drawdown	9.36	13.01	-3.65

AVMU vs. AVDV - Sharpe Ratio Comparison

The current AVMU Sharpe Ratio is 2.56, which is comparable to the AVDV Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of AVMU and AVDV, 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

AVMU vs. AVDV - Drawdown Comparison

The maximum AVMU drawdown since its inception was -12.41%, smaller than the maximum AVDV drawdown of -43.01%. Use the drawdown chart below to compare losses from any high point for AVMU and AVDV.

Drawdown Indicators

	AVMU	AVDV	Difference
Max Drawdown Largest peak-to-trough decline	-12.41%	-43.01%	+30.60%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-13.19%	+9.87%
Max Drawdown (3Y) Largest decline over 3 years	-6.38%	-14.17%	+7.79%
Max Drawdown (5Y) Largest decline over 5 years	-12.41%	-28.08%	+15.67%
Current Drawdown Current decline from peak	-0.29%	-2.05%	+1.76%
Average Drawdown Average peak-to-trough decline	-3.74%	-6.75%	+3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	3.30%	-2.42%

Volatility

AVMU vs. AVDV - Volatility Comparison

The current volatility for Avantis Core Municipal Fixed Income ETF (AVMU) is 0.86%, while Avantis International Small Cap Value ETF (AVDV) has a volatility of 5.89%. This indicates that AVMU experiences smaller price fluctuations and is considered to be less risky than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVMU	AVDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	5.89%	-5.03%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	13.94%	-11.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	16.26%	-13.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	17.39%	-13.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.98%	19.75%	-15.77%

AVMU vs. AVDV - Expense Ratio Comparison

AVMU has a 0.15% expense ratio, which is lower than AVDV's 0.36% expense ratio.

Dividends

AVMU vs. AVDV - Dividend Comparison

AVMU's dividend yield for the trailing twelve months is around 3.48%, less than AVDV's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVDV Avantis International Small Cap Value ETF	4.10%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%
AVMU Avantis Core Municipal Fixed Income ETF	3.48%	3.50%	3.32%	2.50%	1.29%	0.77%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVMU and AVDV in my portfolio?

AVMU and AVDV have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVMU or AVDV?

AVDV has higher volatility (5.89%) compared to AVMU (0.86%). In terms of maximum drawdown, AVMU dropped -12.41% vs AVDV's -43.01%.

Which ETF is better, AVMU or AVDV?

On 5-year performance, AVDV leads with 14.72% vs 0.97% for AVMU. On fees, AVMU is cheaper at 0.15% per year. On volatility, AVMU has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVMU or AVDV?

Over the 5-year period, AVDV has performed better with a 14.72% return vs 0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVMU or AVDV?

AVMU is cheaper with a 0.15% expense ratio, compared with 0.36% for AVDV.

Which ETF pays a higher dividend yield, AVMU or AVDV?

AVDV has the higher dividend yield at 4.10%, compared with 3.48% for AVMU.

What is the main difference between AVMU and AVDV?

AVMU is categorized as Municipal Bonds, while AVDV is Foreign Small & Mid Cap Equities. Their fees differ too: 0.15% for AVMU and 0.36% for AVDV.

Which has better risk-adjusted returns?

AVDV currently has the higher Sharpe Ratio (2.65 vs 2.56), 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.