AVSE vs. MEMX

Last updated Jun 4, 2026

AVSE (Avantis Responsible Emerging Markets Equity ETF) and MEMX (Matthews Emerging Markets Ex China Active ETF) are both Emerging Markets Diversified funds. AVSE is passively managed, while MEMX is actively managed. Over the past 3 years, AVSE returned 25.55%/yr vs 26.95%/yr for MEMX. Their correlation of 0.86 suggests significant overlap in exposure. AVSE charges 0.33%/yr vs 0.79%/yr for MEMX.

Performance

AVSE vs. MEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Responsible Emerging Markets Equity ETF (AVSE) and Matthews Emerging Markets Ex China Active ETF (MEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVSE achieves a 26.92% return, which is significantly lower than MEMX's 33.07% return.

AVSE

• 1D: -1.45%
• 1M: 9.75%
• YTD: 26.92%
• 6M: 28.98%
• 1Y: 52.22%
• 3Y*: 25.55%
• 5Y*: —
• 10Y*: —

MEMX

• 1D: -0.97%
• 1M: 10.92%
• YTD: 33.07%
• 6M: 42.31%
• 1Y: 70.49%
• 3Y*: 26.95%
• 5Y*: —
• 10Y*: —

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

AVSE vs. MEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVSE Avantis Responsible Emerging Markets Equity ETF	26.92%	32.54%	8.29%	8.45%
MEMX Matthews Emerging Markets Ex China Active ETF	33.07%	35.88%	5.50%	10.52%

Correlation

The correlation between AVSE and MEMX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.86

The correlation between AVSE and MEMX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

AVSE vs. MEMX - Sectors Allocation Comparison

Sectors	AVSE	MEMX
Technology	34.8%	39.5%
Financial Services	24.2%	25.1%
Consumer Cyclical	12.3%	7.8%
Industrials	8.2%	9.6%
Communication Services	6.5%	3.4%
Healthcare	3.9%	4.5%
Basic Materials	3.3%	2.6%
Consumer Defensive	2.7%	2.1%
Real Estate	2.6%	1.5%
Utilities	1.3%	1.1%
Energy	0.1%	2.8%

Return for Risk

AVSE vs. MEMX — Risk / Return Rank

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

AVSE

AVSE Risk / Return Rank: 78
AVSE Sharpe Ratio Rank: 82
AVSE Sortino Ratio Rank: 78
AVSE Omega Ratio Rank: 80
AVSE Calmar Ratio Rank: 74
AVSE Martin Ratio Rank: 77

MEMX

MEMX Risk / Return Rank: 89
MEMX Sharpe Ratio Rank: 92
MEMX Sortino Ratio Rank: 89
MEMX Omega Ratio Rank: 89
MEMX Calmar Ratio Rank: 86
MEMX Martin Ratio Rank: 88

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.

AVSE vs. MEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Responsible Emerging Markets Equity ETF (AVSE) and Matthews Emerging Markets Ex China Active ETF (MEMX). 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.

	AVSE	MEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	3.29	-0.60
Sortino ratio: Return per unit of downside risk	3.53	4.11	-0.58
Omega ratio: Gain probability vs. loss probability	1.48	1.58	-0.09
Calmar ratio: Return relative to maximum drawdown	3.70	4.82	-1.12
Martin ratio: Return relative to average drawdown	14.74	19.20	-4.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVSE vs. MEMX - Sharpe Ratio Comparison

The current AVSE Sharpe Ratio is 2.69, which is comparable to the MEMX Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of AVSE and MEMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AVSE	MEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	3.29	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.45	-0.59

Drawdowns

AVSE vs. MEMX - Drawdown Comparison

The maximum AVSE drawdown since its inception was -26.28%, which is greater than MEMX's maximum drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for AVSE and MEMX.

Drawdown Indicators

	AVSE	MEMX	Difference
Max Drawdown Largest peak-to-trough decline	-26.28%	-19.27%	-7.01%
Max Drawdown (1Y) Largest decline over 1 year	-14.17%	-14.70%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	-19.27%	+1.59%
Current Drawdown Current decline from peak	-1.45%	-0.97%	-0.48%
Average Drawdown Average peak-to-trough decline	-6.82%	-3.49%	-3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	3.68%	-0.13%

Volatility

AVSE vs. MEMX - Volatility Comparison

The current volatility for Avantis Responsible Emerging Markets Equity ETF (AVSE) is 8.65%, while Matthews Emerging Markets Ex China Active ETF (MEMX) has a volatility of 9.43%. This indicates that AVSE experiences smaller price fluctuations and is considered to be less risky than MEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVSE	MEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.65%	9.43%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	19.04%	-2.25%
Volatility (1Y) Calculated over the trailing 1-year period	19.53%	21.53%	-2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.03%	17.09%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	17.09%	+0.94%

AVSE vs. MEMX - Expense Ratio Comparison

AVSE has a 0.33% expense ratio, which is lower than MEMX's 0.79% expense ratio.

Dividends

AVSE vs. MEMX - Dividend Comparison

AVSE's dividend yield for the trailing twelve months is around 2.18%, less than MEMX's 3.67% yield.

Position	TTM	2025	2024	2023	2022
AVSE Avantis Responsible Emerging Markets Equity ETF	2.18%	2.68%	3.03%	3.20%	1.27%
MEMX Matthews Emerging Markets Ex China Active ETF	3.67%	4.88%	0.99%	1.13%	0.00%

Frequently Asked Questions

Can I hold both AVSE and MEMX in my portfolio?

With a correlation of 0.92, AVSE and MEMX 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 MEMX?

MEMX has higher volatility (9.43%) compared to AVSE (8.65%). In terms of maximum drawdown, AVSE dropped -26.28% vs MEMX's -19.27%.

Which ETF is better, AVSE or MEMX?

On 3-year performance, MEMX leads with 26.95% vs 25.55% for AVSE. On fees, AVSE is cheaper at 0.33% per year. On volatility, AVSE has been the lower-risk option at 8.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVSE or MEMX?

Over the 3-year period, MEMX has performed better with a 26.95% return vs 25.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVSE or MEMX?

AVSE is cheaper with a 0.33% expense ratio, compared with 0.79% for MEMX.

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

MEMX has the higher dividend yield at 3.67%, compared with 2.18% for AVSE.

What is the main difference between AVSE and MEMX?

They also come from different issuers: Avantis and Matthews. Their fees differ too: 0.33% for AVSE and 0.79% for MEMX.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (3.29 vs 2.69), 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.