AVXC vs. GLDM

Last updated Jul 21, 2026

AVXC (Avantis Emerging Markets ex-China Equity ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - AVXC is a Emerging Markets Diversified fund actively managed by Avantis, while GLDM is a Gold fund tracking the LBMA Gold Price PM. AVXC is actively managed, while GLDM is passively managed. Over the past year, AVXC returned 38.84% vs 19.54% for GLDM. At a 0.36 correlation, their price movements are largely independent. AVXC charges 0.33%/yr vs 0.10%/yr for GLDM.

Performance

AVXC vs. GLDM - Performance Comparison

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

Returns By Period

In the year-to-date period, AVXC achieves a 22.30% return, which is significantly higher than GLDM's -7.15% return.

AVXC

• 1D: -0.63%
• 1M: -12.03%
• 6M: 15.58%
• YTD: 22.30%
• 1Y: 38.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.93%

GLDM

• 1D: -0.23%
• 1M: -5.00%
• 6M: -12.61%
• YTD: -7.15%
• 1Y: 19.54%
• 3Y*: 26.73%
• 5Y*: 17.18%
• 10Y*: —
• ALL TIME*: 15.27%

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

AVXC vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVXC Avantis Emerging Markets ex-China Equity ETF	22.30%	31.45%	-1.26%
GLDM SPDR Gold MiniShares Trust	-7.15%	64.20%	20.12%

Correlation

The correlation between AVXC and GLDM 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 (All Time) Calculated using the full available price history since Mar 21, 2024	0.36

Return for Risk

AVXC vs. GLDM — Risk / Return Rank

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

AVXC

AVXC Risk / Return Rank: 68
AVXC Sharpe Ratio Rank: 67
AVXC Sortino Ratio Rank: 61
AVXC Omega Ratio Rank: 70
AVXC Calmar Ratio Rank: 74
AVXC Martin Ratio Rank: 71

GLDM

GLDM Risk / Return Rank: 24
GLDM Sharpe Ratio Rank: 26
GLDM Sortino Ratio Rank: 24
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 21

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets ex-China Equity ETF (AVXC) and SPDR Gold MiniShares Trust (GLDM). 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	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	1.61	0.71	+0.91
Sortino ratio: Return per unit of downside risk	2.15	1.05	+1.10
Omega ratio: Gain probability vs. loss probability	1.31	1.15	+0.16
Calmar ratio: Return relative to maximum drawdown	2.78	0.75	+2.03
Martin ratio: Return relative to average drawdown	9.35	1.75	+7.60

AVXC vs. GLDM - Sharpe Ratio Comparison

The current AVXC Sharpe Ratio is 1.61, which is higher than the GLDM Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of AVXC and GLDM, 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. GLDM - Drawdown Comparison

The maximum AVXC drawdown since its inception was -20.44%, smaller than the maximum GLDM drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for AVXC and GLDM.

Drawdown Indicators

	AVXC	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-20.44%	-26.27%	+5.83%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-26.27%	+12.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.27%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.27%	—
Current Drawdown Current decline from peak	-12.28%	-25.76%	+13.48%
Average Drawdown Average peak-to-trough decline	-3.90%	-6.48%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	11.22%	-7.05%

Volatility

AVXC vs. GLDM - Volatility Comparison

Avantis Emerging Markets ex-China Equity ETF (AVXC) has a higher volatility of 10.66% compared to SPDR Gold MiniShares Trust (GLDM) at 6.39%. This indicates that AVXC's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVXC	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.66%	6.39%	+4.27%
Volatility (6M) Calculated over the trailing 6-month period	22.52%	24.04%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	24.23%	27.86%	-3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	18.32%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.24%	17.07%	+3.17%

AVXC vs. GLDM - Expense Ratio Comparison

AVXC has a 0.33% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

AVXC vs. GLDM - Dividend Comparison

AVXC's dividend yield for the trailing twelve months is around 1.73%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024
AVXC Avantis Emerging Markets ex-China Equity ETF	1.73%	1.97%	1.34%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVXC and GLDM in my portfolio?

AVXC and GLDM 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 is riskier, AVXC or GLDM?

AVXC has higher volatility (10.66%) compared to GLDM (6.39%). In terms of maximum drawdown, AVXC dropped -20.44% vs GLDM's -26.27%.

Which ETF is better, AVXC or GLDM?

On 1-year performance, AVXC leads with 38.84% vs 19.54% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVXC or GLDM?

Over the 1-year period, AVXC has performed better with a 38.84% return vs 19.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVXC or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.33% for AVXC.

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

AVXC has the higher dividend yield at 1.73%, compared with 0.00% for GLDM.

What is the main difference between AVXC and GLDM?

AVXC is categorized as Emerging Markets Diversified, while GLDM is Gold. They also come from different issuers: Avantis and State Street. Their fees differ too: 0.33% for AVXC and 0.10% for GLDM.

Which has better risk-adjusted returns?

AVXC currently has the higher Sharpe Ratio (1.61 vs 0.71), 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.