AVXC vs. EMDM

Last updated Jun 4, 2026

AVXC (Avantis Emerging Markets ex-China Equity ETF) and EMDM (First Trust Bloomberg Emerging Market Democracies ETF) are both Emerging Markets Diversified funds - AVXC tracks the MSCI Emerging Markets IMI while EMDM tracks the Bloomberg Emerging Market Democracies Index - Benchmark TR Net. Both are passively managed. Over the past year, AVXC returned 62.37% vs 91.32% for EMDM. Their correlation of 0.92 suggests significant overlap in exposure. AVXC charges 0.33%/yr vs 0.75%/yr for EMDM.

Performance

AVXC vs. EMDM - Performance Comparison

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

Returns By Period

In the year-to-date period, AVXC achieves a 34.06% return, which is significantly lower than EMDM's 39.03% return.

AVXC

• 1D: -1.44%
• 1M: 10.62%
• YTD: 34.06%
• 6M: 38.17%
• 1Y: 62.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMDM

• 1D: -1.32%
• 1M: 11.04%
• YTD: 39.03%
• 6M: 45.21%
• 1Y: 91.32%
• 3Y*: 32.95%
• 5Y*: —
• 10Y*: —

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

AVXC vs. EMDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVXC Avantis Emerging Markets ex-China Equity ETF	34.06%	31.45%	-0.80%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	39.03%	59.68%	-4.59%

Correlation

The correlation between AVXC and EMDM is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Mar 22, 2024	0.92

The correlation between AVXC and EMDM has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

AVXC vs. EMDM - Sectors Allocation Comparison

Sectors	AVXC	EMDM
Technology	38.2%	32.1%
Financial Services	20.2%	27.2%
Industrials	10.0%	3.3%
Basic Materials	8.1%	15.1%
Consumer Cyclical	5.5%	6.0%
Energy	4.9%	6.3%
Communication Services	3.7%	4.3%
Consumer Defensive	2.9%	3.4%
Utilities	2.8%	1.9%
Healthcare	2.3%	0.5%
Real Estate	1.5%	-

Return for Risk

AVXC vs. EMDM — Risk / Return Rank

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

AVXC

AVXC Risk / Return Rank: 87
AVXC Sharpe Ratio Rank: 90
AVXC Sortino Ratio Rank: 87
AVXC Omega Ratio Rank: 88
AVXC Calmar Ratio Rank: 83
AVXC Martin Ratio Rank: 85

EMDM

EMDM Risk / Return Rank: 93
EMDM Sharpe Ratio Rank: 95
EMDM Sortino Ratio Rank: 92
EMDM Omega Ratio Rank: 93
EMDM Calmar Ratio Rank: 91
EMDM Martin Ratio Rank: 93

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.

AVXC vs. EMDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets ex-China Equity ETF (AVXC) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM). 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.

	AVXC	EMDM	Difference
Sharpe ratio: Return per unit of total volatility	3.12	3.92	-0.80
Sortino ratio: Return per unit of downside risk	4.00	4.56	-0.56
Omega ratio: Gain probability vs. loss probability	1.56	1.66	-0.10
Calmar ratio: Return relative to maximum drawdown	4.47	5.87	-1.40
Martin ratio: Return relative to average drawdown	18.06	24.30	-6.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVXC vs. EMDM - Sharpe Ratio Comparison

The current AVXC Sharpe Ratio is 3.12, which is comparable to the EMDM Sharpe Ratio of 3.92. The chart below compares the historical Sharpe Ratios of AVXC and EMDM, 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

	AVXC	EMDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	3.92	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	1.58	0.00

Drawdowns

AVXC vs. EMDM - Drawdown Comparison

The maximum AVXC drawdown since its inception was -20.44%, which is greater than EMDM's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for AVXC and EMDM.

Drawdown Indicators

	AVXC	EMDM	Difference
Max Drawdown Largest peak-to-trough decline	-20.44%	-18.81%	-1.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-15.65%	+1.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.81%	—
Current Drawdown Current decline from peak	-1.44%	-1.32%	-0.12%
Average Drawdown Average peak-to-trough decline	-3.79%	-4.07%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	3.77%	-0.31%

Volatility

AVXC vs. EMDM - Volatility Comparison

The current volatility for Avantis Emerging Markets ex-China Equity ETF (AVXC) is 9.00%, while First Trust Bloomberg Emerging Market Democracies ETF (EMDM) has a volatility of 9.61%. This indicates that AVXC experiences smaller price fluctuations and is considered to be less risky than EMDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVXC	EMDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.00%	9.61%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	17.67%	20.78%	-3.11%
Volatility (1Y) Calculated over the trailing 1-year period	20.07%	23.42%	-3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.47%	19.79%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	19.79%	-1.32%

AVXC vs. EMDM - Expense Ratio Comparison

AVXC has a 0.33% expense ratio, which is lower than EMDM's 0.75% expense ratio.

Dividends

AVXC vs. EMDM - Dividend Comparison

AVXC's dividend yield for the trailing twelve months is around 1.49%, less than EMDM's 2.57% yield.

Position	TTM	2025	2024	2023
AVXC Avantis Emerging Markets ex-China Equity ETF	1.49%	1.97%	1.34%	0.00%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.57%	3.57%	5.87%	2.16%

Frequently Asked Questions

Can I hold both AVXC and EMDM in my portfolio?

With a correlation of 0.93, AVXC and EMDM 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, AVXC or EMDM?

EMDM has higher volatility (9.61%) compared to AVXC (9.00%). In terms of maximum drawdown, AVXC dropped -20.44% vs EMDM's -18.81%.

Which ETF is better, AVXC or EMDM?

On 1-year performance, EMDM leads with 91.32% vs 62.37% for AVXC. On fees, AVXC is cheaper at 0.33% per year. On volatility, AVXC has been the lower-risk option at 9.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVXC or EMDM?

Over the 1-year period, EMDM has performed better with a 91.32% return vs 62.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVXC or EMDM?

AVXC is cheaper with a 0.33% expense ratio, compared with 0.75% for EMDM.

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

EMDM has the higher dividend yield at 2.57%, compared with 1.49% for AVXC.

What is the main difference between AVXC and EMDM?

AVXC tracks MSCI Emerging Markets IMI, while EMDM tracks Bloomberg Emerging Market Democracies Index - Benchmark TR Net. They also come from different issuers: Avantis Investors and First Trust. Their fees differ too: 0.33% for AVXC and 0.75% for EMDM.

Which has better risk-adjusted returns?

EMDM currently has the higher Sharpe Ratio (3.92 vs 3.12), 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.