AVUV vs. ZEM.TO

Last updated Jun 13, 2026

AVUV (Avantis US Small Cap Value ETF) and ZEM.TO (BMO MSCI Emerging Markets Index ETF) are both exchange-traded funds - AVUV is a Small Cap Value Equities fund actively managed by Avantis, while ZEM.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index. AVUV is actively managed, while ZEM.TO is passively managed. Over the past 5 years, AVUV returned 11.57%/yr vs 6.50%/yr for ZEM.TO. At a 0.42 correlation, their price movements are largely independent. AVUV charges 0.25%/yr vs 0.27%/yr for ZEM.TO.

Performance

AVUV vs. ZEM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis US Small Cap Value ETF (AVUV) and BMO MSCI Emerging Markets Index ETF (ZEM.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AVUV is traded in USD, while ZEM.TO is traded in CAD. To make them comparable, the ZEM.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with AVUV having a 22.73% return and ZEM.TO slightly higher at 23.61%.

AVUV

• 1D: 0.96%
• 1M: 5.11%
• YTD: 22.73%
• 6M: 19.51%
• 1Y: 42.12%
• 3Y*: 19.24%
• 5Y*: 11.57%
• 10Y*: —

ZEM.TO

• 1D: -0.11%
• 1M: 0.29%
• YTD: 23.61%
• 6M: 26.59%
• 1Y: 46.12%
• 3Y*: 21.72%
• 5Y*: 6.50%
• 10Y*: 10.34%

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

AVUV vs. ZEM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AVUV Avantis US Small Cap Value ETF	22.73%	7.44%	9.28%	22.82%	-4.91%	42.20%	6.43%	8.54%
ZEM.TO BMO MSCI Emerging Markets Index ETF	23.74%	33.76%	6.22%	10.00%	-20.82%	-2.59%	19.21%	10.98%

Correlation

The correlation between AVUV and ZEM.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.42

AVUV vs. ZEM.TO - Sectors Allocation Comparison

Sectors	AVUV	ZEM.TO
Financial Services	25.8%	20.1%
Energy	18.2%	4.1%
Consumer Cyclical	18.0%	9.7%
Industrials	13.9%	7.7%
Technology	7.0%	36.7%
Basic Materials	4.9%	6.3%
Consumer Defensive	4.5%	3.1%
Healthcare	4.2%	2.8%
Communication Services	2.8%	6.8%
Real Estate	0.7%	0.8%
Utilities	0.1%	2.0%

Return for Risk

AVUV vs. ZEM.TO — Risk / Return Rank

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

AVUV

AVUV Risk / Return Rank: 84
AVUV Sharpe Ratio Rank: 83
AVUV Sortino Ratio Rank: 84
AVUV Omega Ratio Rank: 77
AVUV Calmar Ratio Rank: 91
AVUV Martin Ratio Rank: 85

ZEM.TO

ZEM.TO Risk / Return Rank: 83
ZEM.TO Sharpe Ratio Rank: 80
ZEM.TO Sortino Ratio Rank: 78
ZEM.TO Omega Ratio Rank: 84
ZEM.TO Calmar Ratio Rank: 86
ZEM.TO Martin Ratio Rank: 84

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.

AVUV vs. ZEM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis US Small Cap Value ETF (AVUV) and BMO MSCI Emerging Markets Index ETF (ZEM.TO). 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.

	AVUV	ZEM.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.04	+0.24
Sortino ratio: Return per unit of downside risk	3.24	2.78	+0.46
Omega ratio: Gain probability vs. loss probability	1.39	1.40	0.00
Calmar ratio: Return relative to maximum drawdown	5.06	3.59	+1.48
Martin ratio: Return relative to average drawdown	15.09	13.54	+1.55

AVUV vs. ZEM.TO - Sharpe Ratio Comparison

The current AVUV Sharpe Ratio is 2.28, which is comparable to the ZEM.TO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of AVUV and ZEM.TO, 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

AVUV vs. ZEM.TO - Drawdown Comparison

The maximum AVUV drawdown since its inception was -49.42%, which is greater than ZEM.TO's maximum drawdown of -39.35%. Use the drawdown chart below to compare losses from any high point for AVUV and ZEM.TO.

Drawdown Indicators

	AVUV	ZEM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-49.42%	-39.35%	-10.07%
Max Drawdown (1Y) Largest decline over 1 year	-7.95%	-12.91%	+4.96%
Max Drawdown (3Y) Largest decline over 3 years	-28.79%	-17.29%	-11.50%
Max Drawdown (5Y) Largest decline over 5 years	-28.79%	-37.35%	+8.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.35%	—
Current Drawdown Current decline from peak	0.00%	-3.86%	+3.86%
Average Drawdown Average peak-to-trough decline	-7.91%	-14.82%	+6.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.42%	-0.75%

Volatility

AVUV vs. ZEM.TO - Volatility Comparison

The current volatility for Avantis US Small Cap Value ETF (AVUV) is 4.53%, while BMO MSCI Emerging Markets Index ETF (ZEM.TO) has a volatility of 10.22%. This indicates that AVUV experiences smaller price fluctuations and is considered to be less risky than ZEM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVUV	ZEM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	10.22%	-5.69%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	20.50%	-9.16%
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	22.71%	-5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.75%	18.29%	+4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.26%	19.38%	+8.88%

AVUV vs. ZEM.TO - Expense Ratio Comparison

AVUV has a 0.25% expense ratio, which is lower than ZEM.TO's 0.27% 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

AVUV vs. ZEM.TO - Dividend Comparison

AVUV's dividend yield for the trailing twelve months is around 1.61%, less than ZEM.TO's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVUV Avantis US Small Cap Value ETF	1.61%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	0.00%	0.00%	0.00%	0.00%
ZEM.TO BMO MSCI Emerging Markets Index ETF	1.77%	2.23%	2.56%	2.87%	2.89%	2.50%	1.69%	2.42%	2.20%	1.76%	1.85%	2.45%

Frequently Asked Questions

Can I hold both AVUV and ZEM.TO in my portfolio?

AVUV and ZEM.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AVUV or ZEM.TO?

On fees, AVUV is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AVUV or ZEM.TO?

AVUV is cheaper with a 0.25% expense ratio, compared with 0.27% for ZEM.TO.

What is the main difference between AVUV and ZEM.TO?

AVUV is categorized as Small Cap Value Equities, while ZEM.TO is Emerging Markets Equities. They also come from different issuers: Avantis and BMO. Their fees differ too: 0.25% for AVUV and 0.27% for ZEM.TO.