AVXC vs. AVES

Last updated Aug 2, 2026

AVXC (Avantis Emerging Markets ex-China Equity ETF) and AVES (Avantis Emerging Markets Value ETF) are both Emerging Markets Equities funds from Avantis. Both are actively managed. Over the past year, AVXC returned 41.12% vs 19.41% for AVES. Their correlation of 0.86 means they have usually moved in the same direction. AVXC charges 0.33%/yr vs 0.36%/yr for AVES.

Performance

AVXC vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets ex-China Equity ETF (AVXC) and Avantis Emerging Markets Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVXC achieves a 21.87% return, which is significantly higher than AVES's 7.59% return.

AVXC

• 1D: -0.32%
• 1M: -5.16%
• 6M: 12.10%
• YTD: 21.87%
• 1Y: 41.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.45%

AVES

• 1D: -0.75%
• 1M: -4.02%
• 6M: 0.78%
• YTD: 7.59%
• 1Y: 19.41%
• 3Y*: 14.88%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.03%

*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)
AVES Avantis Emerging Markets Value ETF	$7.66M	$7.29M	$6.23M
AVXC Avantis Emerging Markets ex-China Equity ETF	$2.17M	$2.40M	$3.36M

AVXC vs. AVES - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVXC Avantis Emerging Markets ex-China Equity ETF	21.87%	31.45%	-1.26%
AVES Avantis Emerging Markets Value ETF	7.59%	30.49%	0.82%

Correlation

The correlation between AVXC and AVES is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.86

The correlation between AVXC and AVES has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

AVXC vs. AVES — Risk / Return Rank

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

AVXC

AVXC Risk / Return Rank: 71
AVXC Sharpe Ratio Rank: 72
AVXC Sortino Ratio Rank: 67
AVXC Omega Ratio Rank: 75
AVXC Calmar Ratio Rank: 71
AVXC Martin Ratio Rank: 70

AVES

AVES Risk / Return Rank: 39
AVES Sharpe Ratio Rank: 38
AVES Sortino Ratio Rank: 36
AVES Omega Ratio Rank: 39
AVES Calmar Ratio Rank: 41
AVES Martin Ratio Rank: 41

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.

AVXC vs. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets ex-China Equity ETF (AVXC) and Avantis Emerging Markets Value ETF (AVES). 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.

	AVXC	AVES	Difference
Sharpe ratio: Return per unit of total volatility	1.63	0.93	+0.70
Sortino ratio: Return per unit of downside risk	2.19	1.36	+0.83
Omega ratio: Gain probability vs. loss probability	1.31	1.18	+0.13
Calmar ratio: Return relative to maximum drawdown	2.48	1.44	+1.04
Martin ratio: Return relative to average drawdown	8.57	4.35	+4.22

AVXC vs. AVES - Sharpe Ratio Comparison

The current AVXC Sharpe Ratio is 1.63, which is higher than the AVES Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of AVXC and AVES, 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

AVXC vs. AVES - Drawdown Comparison

The maximum AVXC drawdown since its inception was -20.44%, smaller than the maximum AVES drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for AVXC and AVES.

Drawdown Indicators

	AVXC	AVES	Difference
Max Drawdown Largest peak-to-trough decline	-20.44%	-27.40%	+6.96%
Max Drawdown (1Y) Largest decline over 1 year	-16.43%	-12.90%	-3.53%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.50%	—
Current Drawdown Current decline from peak	-12.59%	-9.48%	-3.11%
Average Drawdown Average peak-to-trough decline	-4.02%	-7.66%	+3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.75%	4.26%	+0.49%

Volatility

AVXC vs. AVES - Volatility Comparison

Avantis Emerging Markets ex-China Equity ETF (AVXC) has a higher volatility of 9.85% compared to Avantis Emerging Markets Value ETF (AVES) at 6.96%. This indicates that AVXC's price experiences larger fluctuations and is considered to be riskier than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVXC	AVES	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.85%	6.96%	+2.89%
Volatility (6M) Calculated over the trailing 6-month period	23.43%	18.01%	+5.42%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	20.01%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	17.49%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.62%	17.49%	+3.13%

AVXC vs. AVES - Expense Ratio Comparison

AVXC has a 0.33% expense ratio, which is lower than AVES's 0.36% expense ratio.

Dividends

AVXC vs. AVES - Dividend Comparison

AVXC's dividend yield for the trailing twelve months is around 1.73%, less than AVES's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	2.59%	3.17%	4.09%	3.96%	3.70%	0.62%
AVXC Avantis Emerging Markets ex-China Equity ETF	1.73%	1.97%	1.34%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVXC and AVES in my portfolio?

AVXC and AVES have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVXC or AVES?

AVXC has higher volatility (9.85%) compared to AVES (6.96%). In terms of maximum drawdown, AVXC dropped -20.44% vs AVES's -27.40%.

Which ETF is better, AVXC or AVES?

On 1-year performance, AVXC leads with 41.12% vs 19.41% for AVES. On fees, AVXC is cheaper at 0.33% per year. On volatility, AVES has been the lower-risk option at 6.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVXC or AVES?

Over the 1-year period, AVXC has performed better with a 41.12% return vs 19.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVXC or AVES?

AVXC is cheaper with a 0.33% expense ratio, compared with 0.36% for AVES.

Which ETF pays a higher dividend yield, AVXC or AVES?

AVES has the higher dividend yield at 2.59%, compared with 1.73% for AVXC.

What is the main difference between AVXC and AVES?

Their fees differ too: 0.33% for AVXC and 0.36% for AVES.

Which has better risk-adjusted returns?

AVXC currently has the higher Sharpe Ratio (1.63 vs 0.93), 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.