DIEM vs. AVES
DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - DIEM is a Emerging Markets Diversified fund tracking the Morningstar Emerging Markets Dividend Enhanced Select Index, while AVES is a Emerging Markets Equities fund actively managed by Avantis. DIEM is passively managed, while AVES is actively managed. Over the past 3 years, DIEM returned 29.44%/yr vs 20.96%/yr for AVES. Their correlation of 0.93 suggests significant overlap in exposure. DIEM charges 0.19%/yr vs 0.36%/yr for AVES.
Performance
DIEM vs. AVES - Performance Comparison
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Returns By Period
In the year-to-date period, DIEM achieves a 36.64% return, which is significantly higher than AVES's 17.72% return.
DIEM
- 1D
- 0.57%
- 1M
- 10.28%
- YTD
- 36.64%
- 6M
- 37.93%
- 1Y
- 62.49%
- 3Y*
- 29.44%
- 5Y*
- 12.89%
- 10Y*
- 9.83%
AVES
- 1D
- -0.38%
- 1M
- 3.45%
- YTD
- 17.72%
- 6M
- 18.29%
- 1Y
- 35.91%
- 3Y*
- 20.96%
- 5Y*
- —
- 10Y*
- —
DIEM vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF | 36.64% | 30.81% | 12.29% | 15.41% | -20.61% | 2.81% |
AVES Avantis Emerging Markets Value ETF | 17.72% | 30.49% | 4.50% | 16.79% | -16.04% | 0.95% |
Correlation
The correlation between DIEM and AVES is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.93 |
The correlation between DIEM and AVES has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
DIEM vs. AVES — Risk / Return Rank
DIEM
AVES
DIEM vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) 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.
| DIEM | AVES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.37 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 5.09 | 2.80 | +2.30 |
| Martin ratioReturn relative to average drawdown | 19.83 | 10.12 | +9.72 |
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Drawdowns
DIEM vs. AVES - Drawdown Comparison
The maximum DIEM drawdown since its inception was -38.61%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for DIEM and AVES.
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Drawdown Indicators
| DIEM | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.61% | -27.40% | -11.21% |
Max Drawdown (1Y)Largest decline over 1 year | -12.33% | -12.90% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -16.82% | -18.50% | +1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -33.34% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.61% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.96% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -9.69% | -7.68% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 3.56% | -0.40% |
Volatility
DIEM vs. AVES - Volatility Comparison
Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) has a higher volatility of 10.87% compared to Avantis Emerging Markets Value ETF (AVES) at 8.92%. This indicates that DIEM'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.
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Volatility by Period
| DIEM | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.87% | 8.92% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 18.49% | 16.21% | +2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.38% | 18.53% | +1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.44% | 17.25% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.84% | 17.25% | +0.59% |
DIEM vs. AVES - Expense Ratio Comparison
DIEM has a 0.19% expense ratio, which is lower than AVES's 0.36% expense ratio.
Dividends
DIEM vs. AVES - Dividend Comparison
DIEM's dividend yield for the trailing twelve months is around 1.55%, less than AVES's 3.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
AVES Avantis Emerging Markets Value ETF | 3.46% | 3.17% | 4.09% | 3.96% | 3.70% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF | 1.55% | 2.99% | 4.92% | 4.45% | 6.31% | 4.06% | 2.75% | 5.98% | 3.87% | 2.61% | 0.35% |
Frequently Asked Questions
DIEM and AVES have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIEM has higher volatility (10.87%) compared to AVES (8.92%). In terms of maximum drawdown, DIEM dropped -38.61% vs AVES's -27.40%.
On 3-year performance, DIEM leads with 29.44% vs 20.96% for AVES. On fees, DIEM is cheaper at 0.19% per year. On volatility, AVES has been the lower-risk option at 8.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DIEM has performed better with a 29.44% return vs 20.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIEM is cheaper with a 0.19% expense ratio, compared with 0.36% for AVES.
AVES has the higher dividend yield at 3.46%, compared with 1.55% for DIEM.
DIEM is categorized as Emerging Markets Diversified, while AVES is Emerging Markets Equities. They also come from different issuers: Franklin Templeton and Avantis. Their fees differ too: 0.19% for DIEM and 0.36% for AVES.
DIEM currently has the higher Sharpe Ratio (3.09 vs 1.95), 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.
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