AVSF vs. BRASX

Last updated Jun 24, 2026

AVSF (Avantis Short-Term Fixed Income ETF) and BRASX (BlackRock Allocation Target Shares Series S Portfolio) are both Short-Term Bond funds. Over the past 5 years, AVSF returned 1.89%/yr vs 2.06%/yr for BRASX. A 0.73 correlation means they provide meaningful diversification when combined. AVSF charges 0.15%/yr vs 0.00%/yr for BRASX.

Performance

AVSF vs. BRASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Short-Term Fixed Income ETF (AVSF) and BlackRock Allocation Target Shares Series S Portfolio (BRASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVSF achieves a 0.49% return, which is significantly higher than BRASX's 0.46% return.

AVSF

• 1D: 0.09%
• 1M: 0.24%
• YTD: 0.49%
• 6M: 0.74%
• 1Y: 3.59%
• 3Y*: 4.84%
• 5Y*: 1.89%
• 10Y*: —

BRASX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.46%
• 6M: 0.96%
• 1Y: 3.88%
• 3Y*: 4.67%
• 5Y*: 2.06%
• 10Y*: 2.24%

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

AVSF vs. BRASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AVSF Avantis Short-Term Fixed Income ETF	0.49%	6.57%	3.81%	5.25%	-5.52%	-1.17%	0.46%
BRASX BlackRock Allocation Target Shares Series S Portfolio	0.46%	6.08%	4.32%	4.89%	-4.73%	-0.12%	0.53%

Correlation

The correlation between AVSF and BRASX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.73

The correlation between AVSF and BRASX has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

Return for Risk

AVSF vs. BRASX — Risk / Return Rank

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

AVSF

AVSF Risk / Return Rank: 60
AVSF Sharpe Ratio Rank: 61
AVSF Sortino Ratio Rank: 65
AVSF Omega Ratio Rank: 61
AVSF Calmar Ratio Rank: 55
AVSF Martin Ratio Rank: 56

BRASX

BRASX Risk / Return Rank: 65
BRASX Sharpe Ratio Rank: 42
BRASX Sortino Ratio Rank: 79
BRASX Omega Ratio Rank: 81
BRASX Calmar Ratio Rank: 62
BRASX Martin Ratio Rank: 61

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.

AVSF vs. BRASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Short-Term Fixed Income ETF (AVSF) and BlackRock Allocation Target Shares Series S Portfolio (BRASX). 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.

	AVSF	BRASX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.75	+0.14
Sortino ratio: Return per unit of downside risk	2.81	3.45	-0.64
Omega ratio: Gain probability vs. loss probability	1.35	1.49	-0.14
Calmar ratio: Return relative to maximum drawdown	2.54	2.87	-0.33
Martin ratio: Return relative to average drawdown	9.23	11.36	-2.13

AVSF vs. BRASX - Sharpe Ratio Comparison

The current AVSF Sharpe Ratio is 1.88, which is comparable to the BRASX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of AVSF and BRASX, 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

AVSF vs. BRASX - Drawdown Comparison

The maximum AVSF drawdown since its inception was -8.85%, smaller than the maximum BRASX drawdown of -10.61%. Use the drawdown chart below to compare losses from any high point for AVSF and BRASX.

Drawdown Indicators

	AVSF	BRASX	Difference
Max Drawdown Largest peak-to-trough decline	-8.85%	-10.61%	+1.76%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-1.39%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-1.42%	-1.39%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-8.85%	-7.47%	-1.38%
Max Drawdown (10Y) Largest decline over 10 years	—	-10.61%	—
Current Drawdown Current decline from peak	-0.49%	-0.38%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.19%	-2.00%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.35%	+0.04%

Volatility

AVSF vs. BRASX - Volatility Comparison

Avantis Short-Term Fixed Income ETF (AVSF) has a higher volatility of 0.67% compared to BlackRock Allocation Target Shares Series S Portfolio (BRASX) at 0.55%. This indicates that AVSF's price experiences larger fluctuations and is considered to be riskier than BRASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVSF	BRASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.55%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.44%	1.51%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	1.92%	2.30%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.66%	2.31%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.53%	2.41%	+0.12%

AVSF vs. BRASX - Expense Ratio Comparison

AVSF has a 0.15% expense ratio, which is higher than BRASX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AVSF vs. BRASX - Dividend Comparison

AVSF's dividend yield for the trailing twelve months is around 4.36%, less than BRASX's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVSF Avantis Short-Term Fixed Income ETF	4.36%	4.31%	4.34%	3.93%	1.78%	0.48%	0.10%	0.00%	0.00%	0.00%
BRASX BlackRock Allocation Target Shares Series S Portfolio	4.60%	4.57%	3.44%	2.96%	2.18%	1.34%	2.49%	3.06%	2.26%	2.16%

Frequently Asked Questions

Can I hold both AVSF and BRASX in my portfolio?

AVSF and BRASX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVSF or BRASX?

AVSF has higher volatility (0.67%) compared to BRASX (0.55%). In terms of maximum drawdown, AVSF dropped -8.85% vs BRASX's -10.61%.

Which has better risk-adjusted returns?

AVSF currently has the higher Sharpe Ratio (1.88 vs 1.75), 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.