DEMGX vs. AVEE

Last updated Jun 3, 2026

DEMGX (DFA Emerging Markets Targeted Value Portfolio) and AVEE (Avantis Emerging Markets Small Cap Equity ETF) are both Emerging Markets Diversified funds. Over the past year, DEMGX returned 34.97% vs 28.09% for AVEE. Their correlation of 0.83 suggests significant overlap in exposure. DEMGX charges 0.66%/yr vs 0.42%/yr for AVEE.

Performance

DEMGX vs. AVEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Targeted Value Portfolio (DEMGX) and Avantis Emerging Markets Small Cap Equity ETF (AVEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEMGX achieves a 17.01% return, which is significantly higher than AVEE's 15.27% return.

DEMGX

• 1D: 0.93%
• 1M: 4.11%
• YTD: 17.01%
• 6M: 18.89%
• 1Y: 34.97%
• 3Y*: 18.74%
• 5Y*: 8.01%
• 10Y*: —

AVEE

• 1D: -0.27%
• 1M: 1.40%
• YTD: 15.27%
• 6M: 15.81%
• 1Y: 28.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEMGX vs. AVEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DEMGX DFA Emerging Markets Targeted Value Portfolio	17.01%	24.27%	4.62%	8.60%
AVEE Avantis Emerging Markets Small Cap Equity ETF	15.27%	19.80%	2.91%	7.28%

Correlation

The correlation between DEMGX and AVEE is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Nov 10, 2023	0.83

The correlation between DEMGX and AVEE has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

Return for Risk

DEMGX vs. AVEE — Risk / Return Rank

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

DEMGX

DEMGX Risk / Return Rank: 70
DEMGX Sharpe Ratio Rank: 81
DEMGX Sortino Ratio Rank: 70
DEMGX Omega Ratio Rank: 74
DEMGX Calmar Ratio Rank: 68
DEMGX Martin Ratio Rank: 57

AVEE

AVEE Risk / Return Rank: 50
AVEE Sharpe Ratio Rank: 48
AVEE Sortino Ratio Rank: 47
AVEE Omega Ratio Rank: 48
AVEE Calmar Ratio Rank: 54
AVEE Martin Ratio Rank: 51

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.

DEMGX vs. AVEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Targeted Value Portfolio (DEMGX) and Avantis Emerging Markets Small Cap Equity ETF (AVEE). 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.

	DEMGX	AVEE	Difference
Sharpe ratio Return per unit of total volatility	2.61	1.69	+0.92
Sortino ratio Return per unit of downside risk	3.49	2.33	+1.17
Omega ratio Gain probability vs. loss probability	1.49	1.31	+0.18
Calmar ratio Return relative to maximum drawdown	3.18	2.72	+0.46
Martin ratio Return relative to average drawdown	11.63	8.75	+2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEMGX vs. AVEE - Sharpe Ratio Comparison

The current DEMGX Sharpe Ratio is 2.61, which is higher than the AVEE Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of DEMGX and AVEE, 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

	DEMGX	AVEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	1.69	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.09	-0.41

Drawdowns

DEMGX vs. AVEE - Drawdown Comparison

The maximum DEMGX drawdown since its inception was -42.40%, which is greater than AVEE's maximum drawdown of -20.21%. Use the drawdown chart below to compare losses from any high point for DEMGX and AVEE.

Drawdown Indicators

	DEMGX	AVEE	Difference
Max Drawdown Largest peak-to-trough decline	-42.40%	-20.21%	-22.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.10%	-10.65%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.19%	—	—
Current Drawdown Current decline from peak	0.00%	-1.32%	+1.32%
Average Drawdown Average peak-to-trough decline	-7.59%	-3.68%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.31%	-0.27%

Volatility

DEMGX vs. AVEE - Volatility Comparison

The current volatility for DFA Emerging Markets Targeted Value Portfolio (DEMGX) is 4.92%, while Avantis Emerging Markets Small Cap Equity ETF (AVEE) has a volatility of 6.65%. This indicates that DEMGX experiences smaller price fluctuations and is considered to be less risky than AVEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEMGX	AVEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	6.65%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	11.30%	13.92%	-2.62%
Volatility (1Y) Calculated over the trailing 1-year period	13.77%	16.70%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.46%	16.61%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	16.61%	-0.84%

DEMGX vs. AVEE - Expense Ratio Comparison

DEMGX has a 0.66% expense ratio, which is higher than AVEE's 0.42% expense ratio.

Dividends

DEMGX vs. AVEE - Dividend Comparison

DEMGX's dividend yield for the trailing twelve months is around 4.25%, more than AVEE's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.01%	2.25%	3.26%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%
DEMGX DFA Emerging Markets Targeted Value Portfolio	4.25%	4.98%	4.60%	5.21%	4.28%	10.93%	2.23%	3.17%	0.08%

Frequently Asked Questions

Can I hold both DEMGX and AVEE in my portfolio?

DEMGX and AVEE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEMGX or AVEE?

AVEE has higher volatility (6.65%) compared to DEMGX (4.92%). In terms of maximum drawdown, DEMGX dropped -42.40% vs AVEE's -20.21%.

Which has better risk-adjusted returns?

DEMGX currently has the higher Sharpe Ratio (2.61 vs 1.69), 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.