DFAE vs. AVEEX

Last updated Jun 5, 2026

DFAE (Dimensional Emerging Core Equity Market ETF) and AVEEX (Avantis Emerging Markets Equity Fund) are both funds - DFAE is a Emerging Markets Equities fund actively managed by Dimensional, while AVEEX is a Emerging Markets Diversified fund managed by Avantis Investors. Over the past 5 years, DFAE returned 8.77%/yr vs 9.29%/yr for AVEEX. Their correlation of 0.94 suggests significant overlap in exposure. DFAE charges 0.35%/yr vs 0.33%/yr for AVEEX.

Performance

DFAE vs. AVEEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Core Equity Market ETF (DFAE) and Avantis Emerging Markets Equity Fund (AVEEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DFAE having a 25.28% return and AVEEX slightly higher at 25.59%.

DFAE

• 1D: -0.83%
• 1M: 4.78%
• YTD: 25.28%
• 6M: 27.97%
• 1Y: 49.72%
• 3Y*: 23.46%
• 5Y*: 8.77%
• 10Y*: —

AVEEX

• 1D: -0.86%
• 1M: 6.36%
• YTD: 25.59%
• 6M: 27.84%
• 1Y: 49.73%
• 3Y*: 25.04%
• 5Y*: 9.29%
• 10Y*: —

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

DFAE vs. AVEEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DFAE Dimensional Emerging Core Equity Market ETF	25.28%	31.48%	7.68%	12.63%	-17.52%	3.53%	4.85%
AVEEX Avantis Emerging Markets Equity Fund	25.59%	32.09%	7.68%	15.15%	-18.15%	5.21%	6.11%

Correlation

The correlation between DFAE and AVEEX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.94

The correlation between DFAE and AVEEX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

DFAE vs. AVEEX — Risk / Return Rank

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

DFAE

DFAE Risk / Return Rank: 79
DFAE Sharpe Ratio Rank: 82
DFAE Sortino Ratio Rank: 78
DFAE Omega Ratio Rank: 81
DFAE Calmar Ratio Rank: 78
DFAE Martin Ratio Rank: 79

AVEEX

AVEEX Risk / Return Rank: 87
AVEEX Sharpe Ratio Rank: 93
AVEEX Sortino Ratio Rank: 85
AVEEX Omega Ratio Rank: 85
AVEEX Calmar Ratio Rank: 86
AVEEX Martin Ratio Rank: 86

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.

DFAE vs. AVEEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Core Equity Market ETF (DFAE) and Avantis Emerging Markets Equity Fund (AVEEX). 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.

	DFAE	AVEEX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	3.19	-0.56
Sortino ratio: Return per unit of downside risk	3.43	4.10	-0.67
Omega ratio: Gain probability vs. loss probability	1.48	1.59	-0.11
Calmar ratio: Return relative to maximum drawdown	3.90	4.07	-0.16
Martin ratio: Return relative to average drawdown	15.10	16.17	-1.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAE vs. AVEEX - Sharpe Ratio Comparison

The current DFAE Sharpe Ratio is 2.63, which is comparable to the AVEEX Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of DFAE and AVEEX, 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

	DFAE	AVEEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	3.19	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.59	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.69	-0.06

Drawdowns

DFAE vs. AVEEX - Drawdown Comparison

The maximum DFAE drawdown since its inception was -32.21%, smaller than the maximum AVEEX drawdown of -36.45%. Use the drawdown chart below to compare losses from any high point for DFAE and AVEEX.

Drawdown Indicators

	DFAE	AVEEX	Difference
Max Drawdown Largest peak-to-trough decline	-32.21%	-36.45%	+4.24%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-12.64%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.12%	-17.34%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-32.19%	-33.72%	+1.53%
Current Drawdown Current decline from peak	-2.07%	-0.86%	-1.21%
Average Drawdown Average peak-to-trough decline	-10.31%	-10.32%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.17%	+0.13%

Volatility

DFAE vs. AVEEX - Volatility Comparison

Dimensional Emerging Core Equity Market ETF (DFAE) has a higher volatility of 8.00% compared to Avantis Emerging Markets Equity Fund (AVEEX) at 6.92%. This indicates that DFAE's price experiences larger fluctuations and is considered to be riskier than AVEEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAE	AVEEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	6.92%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	16.56%	13.53%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	16.10%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	15.87%	+1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.84%	18.75%	-0.91%

DFAE vs. AVEEX - Expense Ratio Comparison

DFAE has a 0.35% expense ratio, which is higher than AVEEX's 0.33% expense ratio.

Dividends

DFAE vs. AVEEX - Dividend Comparison

DFAE's dividend yield for the trailing twelve months is around 1.75%, less than AVEEX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVEEX Avantis Emerging Markets Equity Fund	2.79%	3.50%	2.93%	3.51%	3.48%	1.92%	1.52%	0.26%
DFAE Dimensional Emerging Core Equity Market ETF	1.75%	2.20%	2.35%	2.43%	2.85%	1.63%	0.01%	0.00%

Frequently Asked Questions

Can I hold both DFAE and AVEEX in my portfolio?

With a correlation of 0.91, DFAE and AVEEX 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, DFAE or AVEEX?

DFAE has higher volatility (8.00%) compared to AVEEX (6.92%). In terms of maximum drawdown, DFAE dropped -32.21% vs AVEEX's -36.45%.

Which has better risk-adjusted returns?

AVEEX currently has the higher Sharpe Ratio (3.19 vs 2.63), 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.