AVSE vs. EMXF

Last updated Aug 4, 2026

AVSE (Avantis Responsible Emerging Markets Equity ETF) and EMXF (iShares ESG Advanced MSCI EM ETF) are both Emerging Markets Equities funds - AVSE tracks the MSCI Emerging Markets Index while EMXF tracks the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index. Both are passively managed. Over the past 3 years, AVSE returned 20.73%/yr vs 18.61%/yr for EMXF. Their correlation of 0.87 means they have usually moved in the same direction. AVSE charges 0.33%/yr vs 0.16%/yr for EMXF.

Performance

AVSE vs. EMXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Responsible Emerging Markets Equity ETF (AVSE) and iShares ESG Advanced MSCI EM ETF (EMXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVSE achieves a 17.48% return, which is significantly lower than EMXF's 20.80% return.

AVSE

• 1D: 1.03%
• 1M: -2.96%
• 6M: 8.96%
• YTD: 17.48%
• 1Y: 32.99%
• 3Y*: 20.73%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.59%

EMXF

• 1D: 1.16%
• 1M: -1.15%
• 6M: 12.33%
• YTD: 20.80%
• 1Y: 35.33%
• 3Y*: 18.61%
• 5Y*: 7.31%
• 10Y*: —
• ALL TIME*: 10.25%

*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)
AVSE Avantis Responsible Emerging Markets Equity ETF	$1.09M	$1.10M	$1.10M
EMXF iShares ESG Advanced MSCI EM ETF	$738.61K	$566.62K	$456.04K

AVSE vs. EMXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AVSE Avantis Responsible Emerging Markets Equity ETF	17.48%	32.54%	8.29%	16.01%	-14.43%
EMXF iShares ESG Advanced MSCI EM ETF	20.80%	29.40%	8.03%	6.63%	-16.69%

Correlation

The correlation between AVSE and EMXF is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022	0.87

The correlation between AVSE and EMXF has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.

AVSE vs. EMXF - Sectors Allocation Comparison

Sectors	AVSE	EMXF
Technology	44.0%	32.4%
Financial Services	22.8%	34.8%
Consumer Cyclical	9.4%	6.2%
Industrials	6.7%	6.1%
Communication Services	5.4%	9.3%
Healthcare	3.4%	3.9%
Basic Materials	2.7%	2.5%
Consumer Defensive	2.3%	2.6%
Real Estate	2.2%	1.6%
Utilities	1.1%	0.6%
Energy	0.1%	0.0%

Return for Risk

AVSE vs. EMXF — Risk / Return Rank

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

AVSE

AVSE Risk / Return Rank: 56
AVSE Sharpe Ratio Rank: 54
AVSE Sortino Ratio Rank: 51
AVSE Omega Ratio Rank: 58
AVSE Calmar Ratio Rank: 61
AVSE Martin Ratio Rank: 56

EMXF

EMXF Risk / Return Rank: 70
EMXF Sharpe Ratio Rank: 68
EMXF Sortino Ratio Rank: 65
EMXF Omega Ratio Rank: 69
EMXF Calmar Ratio Rank: 76
EMXF Martin Ratio Rank: 69

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.

AVSE vs. EMXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Responsible Emerging Markets Equity ETF (AVSE) and iShares ESG Advanced MSCI EM ETF (EMXF). 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.

	AVSE	EMXF	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.65	-0.27
Sortino ratio: Return per unit of downside risk	1.91	2.26	-0.35
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	2.24	2.83	-0.60
Martin ratio: Return relative to average drawdown	7.01	8.87	-1.86

AVSE vs. EMXF - Sharpe Ratio Comparison

The current AVSE Sharpe Ratio is 1.39, which is comparable to the EMXF Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of AVSE and EMXF, 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

AVSE vs. EMXF - Drawdown Comparison

The maximum AVSE drawdown since its inception was -26.28%, smaller than the maximum EMXF drawdown of -33.13%. Use the drawdown chart below to compare losses from any high point for AVSE and EMXF.

Drawdown Indicators

	AVSE	EMXF	Difference
Max Drawdown Largest peak-to-trough decline	-26.28%	-33.13%	+6.85%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-12.53%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	-15.93%	-1.75%
Max Drawdown (5Y) Largest decline over 5 years	—	-31.72%	—
Current Drawdown Current decline from peak	-10.34%	-6.80%	-3.54%
Average Drawdown Average peak-to-trough decline	-6.82%	-11.83%	+5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	3.99%	+0.73%

Volatility

AVSE vs. EMXF - Volatility Comparison

Avantis Responsible Emerging Markets Equity ETF (AVSE) has a higher volatility of 9.16% compared to iShares ESG Advanced MSCI EM ETF (EMXF) at 7.61%. This indicates that AVSE's price experiences larger fluctuations and is considered to be riskier than EMXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVSE	EMXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	7.61%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	21.85%	19.61%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	23.98%	21.53%	+2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.05%	22.64%	-3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.05%	22.03%	-2.98%

AVSE vs. EMXF - Expense Ratio Comparison

AVSE has a 0.33% expense ratio, which is higher than EMXF's 0.16% expense ratio.

Dividends

AVSE vs. EMXF - Dividend Comparison

AVSE's dividend yield for the trailing twelve months is around 2.14%, less than EMXF's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AVSE Avantis Responsible Emerging Markets Equity ETF	2.14%	2.68%	3.03%	3.20%	1.27%	0.00%	0.00%
EMXF iShares ESG Advanced MSCI EM ETF	2.75%	3.43%	2.92%	2.25%	2.42%	1.87%	0.41%

Frequently Asked Questions

Can I hold both AVSE and EMXF in my portfolio?

With a correlation of 0.96, AVSE and EMXF 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.

Which is riskier, AVSE or EMXF?

AVSE has higher volatility (9.16%) compared to EMXF (7.61%). In terms of maximum drawdown, AVSE dropped -26.28% vs EMXF's -33.13%.

Which ETF is better, AVSE or EMXF?

On 3-year performance, AVSE leads with 20.73% vs 18.61% for EMXF. On fees, EMXF is cheaper at 0.16% per year. On volatility, EMXF has been the lower-risk option at 7.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVSE or EMXF?

Over the 3-year period, AVSE has performed better with a 20.73% return vs 18.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVSE or EMXF?

EMXF is cheaper with a 0.16% expense ratio, compared with 0.33% for AVSE.

Which ETF pays a higher dividend yield, AVSE or EMXF?

EMXF has the higher dividend yield at 2.75%, compared with 2.14% for AVSE.

What is the main difference between AVSE and EMXF?

AVSE tracks MSCI Emerging Markets Index, while EMXF tracks MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.33% for AVSE and 0.16% for EMXF.

Which has better risk-adjusted returns?

EMXF currently has the higher Sharpe Ratio (1.65 vs 1.39), 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.