AVMU vs. AVUV

Last updated Jun 21, 2026

AVMU (Avantis Core Municipal Fixed Income ETF) and AVUV (Avantis US Small Cap Value ETF) are both exchange-traded funds - AVMU is a Municipal Bonds fund actively managed by Avantis, while AVUV is a Small Cap Value Equities fund actively managed by Avantis. Both are actively managed. Over the past 5 years, AVMU returned 0.97%/yr vs 12.68%/yr for AVUV. At a 0.06 correlation, their price movements are largely independent. AVMU charges 0.15%/yr vs 0.25%/yr for AVUV.

Performance

AVMU vs. AVUV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Core Municipal Fixed Income ETF (AVMU) and Avantis US Small Cap Value ETF (AVUV). 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 AVUV's 20.38% return.

AVMU

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

AVUV

• 1D: 1.01%
• 1M: 2.69%
• YTD: 20.38%
• 6M: 18.29%
• 1Y: 39.17%
• 3Y*: 18.84%
• 5Y*: 12.68%
• 10Y*: —

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

AVMU vs. AVUV - 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%
AVUV Avantis US Small Cap Value ETF	20.38%	7.44%	9.28%	22.82%	-4.91%	42.20%	1.13%

Correlation

The correlation between AVMU and AVUV is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020	0.06

The correlation between AVMU and AVUV shifts across timeframes, from 0.06 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AVMU vs. AVUV — 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

AVUV

AVUV Risk / Return Rank: 77
AVUV Sharpe Ratio Rank: 73
AVUV Sortino Ratio Rank: 76
AVUV Omega Ratio Rank: 67
AVUV Calmar Ratio Rank: 89
AVUV Martin Ratio Rank: 79

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. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Core Municipal Fixed Income ETF (AVMU) and Avantis US Small Cap Value ETF (AVUV). 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	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.21	+0.35
Sortino ratio: Return per unit of downside risk	3.90	3.15	+0.74
Omega ratio: Gain probability vs. loss probability	1.54	1.38	+0.16
Calmar ratio: Return relative to maximum drawdown	2.49	4.91	-2.41
Martin ratio: Return relative to average drawdown	9.36	14.56	-5.20

AVMU vs. AVUV - Sharpe Ratio Comparison

The current AVMU Sharpe Ratio is 2.56, which is comparable to the AVUV Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of AVMU and AVUV, 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. AVUV - Drawdown Comparison

The maximum AVMU drawdown since its inception was -12.41%, smaller than the maximum AVUV drawdown of -49.42%. Use the drawdown chart below to compare losses from any high point for AVMU and AVUV.

Drawdown Indicators

	AVMU	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-12.41%	-49.42%	+37.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-7.95%	+4.63%
Max Drawdown (3Y) Largest decline over 3 years	-6.38%	-28.79%	+22.41%
Max Drawdown (5Y) Largest decline over 5 years	-12.41%	-28.79%	+16.38%
Current Drawdown Current decline from peak	-0.29%	-1.91%	+1.62%
Average Drawdown Average peak-to-trough decline	-3.74%	-7.90%	+4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.67%	-1.79%

Volatility

AVMU vs. AVUV - Volatility Comparison

The current volatility for Avantis Core Municipal Fixed Income ETF (AVMU) is 0.86%, while Avantis US Small Cap Value ETF (AVUV) has a volatility of 4.58%. This indicates that AVMU experiences smaller price fluctuations and is considered to be less risky than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVMU	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	4.58%	-3.72%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	11.39%	-9.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	17.64%	-14.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	22.68%	-18.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.98%	28.23%	-24.25%

AVMU vs. AVUV - Expense Ratio Comparison

AVMU has a 0.15% expense ratio, which is lower than AVUV's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AVMU vs. AVUV - Dividend Comparison

AVMU's dividend yield for the trailing twelve months is around 3.48%, more than AVUV's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVMU Avantis Core Municipal Fixed Income ETF	3.48%	3.50%	3.32%	2.50%	1.29%	0.77%	0.00%	0.00%
AVUV Avantis US Small Cap Value ETF	1.64%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%

Frequently Asked Questions

Can I hold both AVMU and AVUV in my portfolio?

AVMU and AVUV have a correlation of 0.18, 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 AVUV?

AVUV has higher volatility (4.58%) compared to AVMU (0.86%). In terms of maximum drawdown, AVMU dropped -12.41% vs AVUV's -49.42%.

Which ETF is better, AVMU or AVUV?

On 5-year performance, AVUV leads with 12.68% 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 AVUV?

Over the 5-year period, AVUV has performed better with a 12.68% 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 AVUV?

AVMU is cheaper with a 0.15% expense ratio, compared with 0.25% for AVUV.

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

AVMU has the higher dividend yield at 3.48%, compared with 1.64% for AVUV.

What is the main difference between AVMU and AVUV?

AVMU is categorized as Municipal Bonds, while AVUV is Small Cap Value Equities. Their fees differ too: 0.15% for AVMU and 0.25% for AVUV.

Which has better risk-adjusted returns?

AVMU currently has the higher Sharpe Ratio (2.56 vs 2.21), 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.