AVSE vs. XCNY

Last updated Jun 24, 2026

AVSE (Avantis Responsible Emerging Markets Equity ETF) and XCNY (SPDR S&P Emerging Markets ex-China ETF) are both Emerging Markets Diversified funds - AVSE tracks the MSCI Emerging Markets Index while XCNY tracks the S&P Emerging ex-China BMI. Both are passively managed. Over the past year, AVSE returned 44.42% vs 36.30% for XCNY. Their correlation of 0.87 suggests significant overlap in exposure. AVSE charges 0.33%/yr vs 0.15%/yr for XCNY.

Performance

AVSE vs. XCNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Responsible Emerging Markets Equity ETF (AVSE) and SPDR S&P Emerging Markets ex-China ETF (XCNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVSE achieves a 23.92% return, which is significantly higher than XCNY's 19.25% return.

AVSE

• 1D: -5.42%
• 1M: 3.43%
• YTD: 23.92%
• 6M: 24.59%
• 1Y: 44.42%
• 3Y*: 24.48%
• 5Y*: —
• 10Y*: —

XCNY

• 1D: -3.40%
• 1M: 3.23%
• YTD: 19.25%
• 6M: 19.54%
• 1Y: 36.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVSE vs. XCNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVSE Avantis Responsible Emerging Markets Equity ETF	23.92%	32.54%	-0.48%
XCNY SPDR S&P Emerging Markets ex-China ETF	19.25%	20.42%	-3.63%

Correlation

The correlation between AVSE and XCNY is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.87

The correlation between AVSE and XCNY has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

AVSE vs. XCNY — Risk / Return Rank

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

AVSE

AVSE Risk / Return Rank: 66
AVSE Sharpe Ratio Rank: 66
AVSE Sortino Ratio Rank: 60
AVSE Omega Ratio Rank: 69
AVSE Calmar Ratio Rank: 67
AVSE Martin Ratio Rank: 70

XCNY

XCNY Risk / Return Rank: 68
XCNY Sharpe Ratio Rank: 69
XCNY Sortino Ratio Rank: 65
XCNY Omega Ratio Rank: 69
XCNY Calmar Ratio Rank: 67
XCNY Martin Ratio Rank: 69

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. XCNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Responsible Emerging Markets Equity ETF (AVSE) and SPDR S&P Emerging Markets ex-China ETF (XCNY). 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	XCNY	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.02	0.00
Sortino ratio: Return per unit of downside risk	2.62	2.73	-0.11
Omega ratio: Gain probability vs. loss probability	1.38	1.38	+0.01
Calmar ratio: Return relative to maximum drawdown	3.15	3.08	+0.07
Martin ratio: Return relative to average drawdown	12.04	11.54	+0.51

AVSE vs. XCNY - Sharpe Ratio Comparison

The current AVSE Sharpe Ratio is 2.02, which is comparable to the XCNY Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of AVSE and XCNY, 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. XCNY - Drawdown Comparison

The maximum AVSE drawdown since its inception was -26.28%, which is greater than XCNY's maximum drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for AVSE and XCNY.

Drawdown Indicators

	AVSE	XCNY	Difference
Max Drawdown Largest peak-to-trough decline	-26.28%	-19.70%	-6.58%
Max Drawdown (1Y) Largest decline over 1 year	-14.17%	-11.86%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	—	—
Current Drawdown Current decline from peak	-5.42%	-3.40%	-2.02%
Average Drawdown Average peak-to-trough decline	-6.78%	-4.09%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	3.15%	+0.55%

Volatility

AVSE vs. XCNY - Volatility Comparison

Avantis Responsible Emerging Markets Equity ETF (AVSE) has a higher volatility of 12.30% compared to SPDR S&P Emerging Markets ex-China ETF (XCNY) at 8.52%. This indicates that AVSE's price experiences larger fluctuations and is considered to be riskier than XCNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVSE	XCNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.30%	8.52%	+3.78%
Volatility (6M) Calculated over the trailing 6-month period	19.98%	16.24%	+3.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.13%	18.05%	+4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	18.38%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	18.38%	+0.30%

AVSE vs. XCNY - Expense Ratio Comparison

AVSE has a 0.33% expense ratio, which is higher than XCNY's 0.15% expense ratio.

Dividends

AVSE vs. XCNY - Dividend Comparison

AVSE's dividend yield for the trailing twelve months is around 2.81%, more than XCNY's 2.24% yield.

Position	TTM	2025	2024	2023	2022
AVSE Avantis Responsible Emerging Markets Equity ETF	2.81%	2.68%	3.03%	3.20%	1.27%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.24%	2.68%	1.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVSE and XCNY in my portfolio?

With a correlation of 0.91, AVSE and XCNY 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 XCNY?

AVSE has higher volatility (12.30%) compared to XCNY (8.52%). In terms of maximum drawdown, AVSE dropped -26.28% vs XCNY's -19.70%.

Which ETF is better, AVSE or XCNY?

On 1-year performance, AVSE leads with 44.42% vs 36.30% for XCNY. On fees, XCNY is cheaper at 0.15% per year. On volatility, XCNY has been the lower-risk option at 8.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVSE or XCNY?

Over the 1-year period, AVSE has performed better with a 44.42% return vs 36.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVSE or XCNY?

XCNY is cheaper with a 0.15% expense ratio, compared with 0.33% for AVSE.

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

AVSE has the higher dividend yield at 2.81%, compared with 2.24% for XCNY.

What is the main difference between AVSE and XCNY?

AVSE tracks MSCI Emerging Markets Index, while XCNY tracks S&P Emerging ex-China BMI. They also come from different issuers: Avantis and State Street. Their fees differ too: 0.33% for AVSE and 0.15% for XCNY.

Which has better risk-adjusted returns?

XCNY currently has the higher Sharpe Ratio (2.02 vs 2.02), 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.