AVMU vs. AVLV

Last updated Jun 24, 2026

AVMU (Avantis Core Municipal Fixed Income ETF) and AVLV (Avantis U.S. Large Cap Value ETF) are both exchange-traded funds - AVMU is a Municipal Bonds fund actively managed by Avantis, while AVLV is a Large Cap Value Equities fund actively managed by Avantis. Both are actively managed. Over the past 3 years, AVMU returned 3.50%/yr vs 22.67%/yr for AVLV. At a 0.09 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

AVMU vs. AVLV - Performance Comparison

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

Returns By Period

In the year-to-date period, AVMU achieves a 1.91% return, which is significantly lower than AVLV's 20.57% return.

AVMU

• 1D: -0.08%
• 1M: 1.43%
• YTD: 1.91%
• 6M: 2.15%
• 1Y: 7.95%
• 3Y*: 3.50%
• 5Y*: 1.00%
• 10Y*: —

AVLV

• 1D: -1.02%
• 1M: 1.99%
• YTD: 20.57%
• 6M: 19.54%
• 1Y: 37.53%
• 3Y*: 22.67%
• 5Y*: —
• 10Y*: —

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

AVMU vs. AVLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVMU Avantis Core Municipal Fixed Income ETF	1.91%	3.87%	1.72%	5.18%	-7.33%	-0.22%
AVLV Avantis U.S. Large Cap Value ETF	20.57%	15.12%	17.49%	17.43%	-5.53%	6.27%

Correlation

The correlation between AVMU and AVLV is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Sep 23, 2021	0.09

The correlation between AVMU and AVLV shifts across timeframes, from 0.09 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AVMU vs. AVLV — 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: 83
AVMU Sortino Ratio Rank: 89
AVMU Omega Ratio Rank: 89
AVMU Calmar Ratio Rank: 52
AVMU Martin Ratio Rank: 55

AVLV

AVLV Risk / Return Rank: 91
AVLV Sharpe Ratio Rank: 91
AVLV Sortino Ratio Rank: 91
AVLV Omega Ratio Rank: 89
AVLV Calmar Ratio Rank: 92
AVLV Martin Ratio Rank: 93

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. AVLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Core Municipal Fixed Income ETF (AVMU) and Avantis U.S. Large Cap Value ETF (AVLV). 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	AVLV	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.99	-0.53
Sortino ratio: Return per unit of downside risk	3.76	4.11	-0.35
Omega ratio: Gain probability vs. loss probability	1.52	1.53	-0.01
Calmar ratio: Return relative to maximum drawdown	2.40	5.90	-3.50
Martin ratio: Return relative to average drawdown	9.01	23.36	-14.34

AVMU vs. AVLV - Sharpe Ratio Comparison

The current AVMU Sharpe Ratio is 2.47, which is comparable to the AVLV Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of AVMU and AVLV, 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. AVLV - Drawdown Comparison

The maximum AVMU drawdown since its inception was -12.41%, smaller than the maximum AVLV drawdown of -19.50%. Use the drawdown chart below to compare losses from any high point for AVMU and AVLV.

Drawdown Indicators

	AVMU	AVLV	Difference
Max Drawdown Largest peak-to-trough decline	-12.41%	-19.50%	+7.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-6.39%	+3.07%
Max Drawdown (3Y) Largest decline over 3 years	-6.38%	-19.50%	+13.12%
Max Drawdown (5Y) Largest decline over 5 years	-12.41%	—	—
Current Drawdown Current decline from peak	-0.33%	-1.30%	+0.97%
Average Drawdown Average peak-to-trough decline	-3.74%	-3.89%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.61%	-0.73%

Volatility

AVMU vs. AVLV - Volatility Comparison

The current volatility for Avantis Core Municipal Fixed Income ETF (AVMU) is 0.87%, while Avantis U.S. Large Cap Value ETF (AVLV) has a volatility of 3.99%. This indicates that AVMU experiences smaller price fluctuations and is considered to be less risky than AVLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVMU	AVLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	3.99%	-3.12%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	9.41%	-7.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	12.60%	-9.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	17.33%	-13.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	17.33%	-13.36%

AVMU vs. AVLV - Expense Ratio Comparison

Both AVMU and AVLV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

AVMU vs. AVLV - Dividend Comparison

AVMU's dividend yield for the trailing twelve months is around 3.48%, more than AVLV's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021
AVLV Avantis U.S. Large Cap Value ETF	1.38%	1.33%	1.58%	1.85%	2.00%	0.29%
AVMU Avantis Core Municipal Fixed Income ETF	3.48%	3.50%	3.32%	2.50%	1.29%	0.77%

Frequently Asked Questions

Can I hold both AVMU and AVLV in my portfolio?

AVMU and AVLV have a correlation of 0.20, 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 AVLV?

AVLV has higher volatility (3.99%) compared to AVMU (0.87%). In terms of maximum drawdown, AVMU dropped -12.41% vs AVLV's -19.50%.

Which ETF is better, AVMU or AVLV?

On 3-year performance, AVLV leads with 22.67% vs 3.50% for AVMU. Both ETFs have the same 0.15% expense ratio. On volatility, AVMU has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVMU or AVLV?

Over the 3-year period, AVLV has performed better with a 22.67% return vs 3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVMU or AVLV?

AVMU and AVLV have the same expense ratio: 0.15% per year.

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

AVMU has the higher dividend yield at 3.48%, compared with 1.38% for AVLV.

What is the main difference between AVMU and AVLV?

AVMU is categorized as Municipal Bonds, while AVLV is Large Cap Value Equities.

Which has better risk-adjusted returns?

AVLV currently has the higher Sharpe Ratio (2.99 vs 2.47), 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.