DREGX vs. AVES

Last updated Jun 23, 2026

DREGX (Driehaus Emerging Markets Growth Fund) and AVES (Avantis Emerging Markets Value ETF) are both funds - DREGX is a Emerging Markets Diversified fund managed by Driehaus, while AVES is a Emerging Markets Equities fund actively managed by Avantis. Over the past 3 years, DREGX returned 23.45%/yr vs 20.96%/yr for AVES. Their correlation of 0.85 suggests significant overlap in exposure. DREGX charges 1.34%/yr vs 0.36%/yr for AVES.

Performance

DREGX vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus Emerging Markets Growth Fund (DREGX) and Avantis Emerging Markets Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DREGX achieves a 31.34% return, which is significantly higher than AVES's 17.72% return.

DREGX

• 1D: 3.26%
• 1M: 6.54%
• YTD: 31.34%
• 6M: 33.46%
• 1Y: 58.33%
• 3Y*: 23.45%
• 5Y*: 8.33%
• 10Y*: 11.64%

AVES

• 1D: -0.38%
• 1M: 3.45%
• YTD: 17.72%
• 6M: 18.29%
• 1Y: 35.91%
• 3Y*: 20.96%
• 5Y*: —
• 10Y*: —

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

DREGX vs. AVES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DREGX Driehaus Emerging Markets Growth Fund	31.34%	29.95%	7.40%	11.26%	-22.54%	-0.96%
AVES Avantis Emerging Markets Value ETF	17.72%	30.49%	4.50%	16.79%	-16.04%	0.95%

Correlation

The correlation between DREGX and AVES is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.85

The correlation between DREGX and AVES has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

Return for Risk

DREGX vs. AVES — Risk / Return Rank

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

DREGX

DREGX Risk / Return Rank: 86
DREGX Sharpe Ratio Rank: 91
DREGX Sortino Ratio Rank: 78
DREGX Omega Ratio Rank: 84
DREGX Calmar Ratio Rank: 89
DREGX Martin Ratio Rank: 87

AVES

AVES Risk / Return Rank: 59
AVES Sharpe Ratio Rank: 61
AVES Sortino Ratio Rank: 56
AVES Omega Ratio Rank: 63
AVES Calmar Ratio Rank: 58
AVES Martin Ratio Rank: 59

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.

DREGX vs. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Emerging Markets Growth Fund (DREGX) 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.

	DREGX	AVES	Difference
Sharpe ratio: Return per unit of total volatility	2.79	1.95	+0.84
Sortino ratio: Return per unit of downside risk	3.39	2.60	+0.79
Omega ratio: Gain probability vs. loss probability	1.53	1.37	+0.16
Calmar ratio: Return relative to maximum drawdown	4.22	2.80	+1.42
Martin ratio: Return relative to average drawdown	15.44	10.12	+5.32

DREGX vs. AVES - Sharpe Ratio Comparison

The current DREGX Sharpe Ratio is 2.79, which is higher than the AVES Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of DREGX and AVES, 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

DREGX vs. AVES - Drawdown Comparison

The maximum DREGX drawdown since its inception was -65.44%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for DREGX and AVES.

Drawdown Indicators

	DREGX	AVES	Difference
Max Drawdown Largest peak-to-trough decline	-65.44%	-27.40%	-38.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.82%	-12.90%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-18.50%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-36.41%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.47%	—	—
Current Drawdown Current decline from peak	0.00%	-0.96%	+0.96%
Average Drawdown Average peak-to-trough decline	-17.37%	-7.68%	-9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.56%	+0.20%

Volatility

DREGX vs. AVES - Volatility Comparison

Driehaus Emerging Markets Growth Fund (DREGX) has a higher volatility of 10.64% compared to Avantis Emerging Markets Value ETF (AVES) at 8.92%. This indicates that DREGX'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.

Volatility by Period

	DREGX	AVES	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.64%	8.92%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	18.40%	16.21%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	20.90%	18.53%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	17.25%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	17.25%	+1.62%

DREGX vs. AVES - Expense Ratio Comparison

DREGX has a 1.34% expense ratio, which is higher than AVES's 0.36% expense ratio.

Dividends

DREGX vs. AVES - Dividend Comparison

DREGX's dividend yield for the trailing twelve months is around 1.29%, less than AVES's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DREGX Driehaus Emerging Markets Growth Fund	1.29%	1.69%	0.89%	1.81%	0.75%	16.71%	2.48%	0.82%	4.33%	0.59%

Frequently Asked Questions

Can I hold both DREGX and AVES in my portfolio?

DREGX and AVES have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DREGX or AVES?

DREGX has higher volatility (10.64%) compared to AVES (8.92%). In terms of maximum drawdown, DREGX dropped -65.44% vs AVES's -27.40%.

Which has better risk-adjusted returns?

DREGX currently has the higher Sharpe Ratio (2.79 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.