EMGF vs. AVES
EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and AVES (Avantis Emerging Markets Value ETF) are both Emerging Markets Equities funds. EMGF is passively managed, while AVES is actively managed. Over the past 3 years, EMGF returned 27.87%/yr vs 20.96%/yr for AVES. Their correlation of 0.93 suggests significant overlap in exposure. EMGF charges 0.45%/yr vs 0.36%/yr for AVES.
Performance
EMGF vs. AVES - Performance Comparison
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Returns By Period
In the year-to-date period, EMGF achieves a 32.97% return, which is significantly higher than AVES's 17.72% return.
EMGF
- 1D
- 0.55%
- 1M
- 8.68%
- YTD
- 32.97%
- 6M
- 34.74%
- 1Y
- 55.99%
- 3Y*
- 27.87%
- 5Y*
- 11.39%
- 10Y*
- 11.88%
AVES
- 1D
- -0.38%
- 1M
- 3.45%
- YTD
- 17.72%
- 6M
- 18.29%
- 1Y
- 35.91%
- 3Y*
- 20.96%
- 5Y*
- —
- 10Y*
- —
EMGF vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF | 32.97% | 31.41% | 9.06% | 10.86% | -16.55% | 1.92% |
AVES Avantis Emerging Markets Value ETF | 17.72% | 30.49% | 4.50% | 16.79% | -16.04% | 0.95% |
Correlation
The correlation between EMGF and AVES 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 (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.93 |
The correlation between EMGF and AVES has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
EMGF vs. AVES — Risk / Return Rank
EMGF
AVES
EMGF vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) 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.
| EMGF | AVES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.37 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.16 | 2.80 | +1.36 |
| Martin ratioReturn relative to average drawdown | 15.36 | 10.12 | +5.25 |
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Drawdowns
EMGF vs. AVES - Drawdown Comparison
The maximum EMGF drawdown since its inception was -40.23%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for EMGF and AVES.
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Drawdown Indicators
| EMGF | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.23% | -27.40% | -12.83% |
Max Drawdown (1Y)Largest decline over 1 year | -13.54% | -12.90% | -0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -17.65% | -18.50% | +0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -28.20% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.23% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.96% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -10.02% | -7.68% | -2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 3.56% | +0.10% |
Volatility
EMGF vs. AVES - Volatility Comparison
iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a higher volatility of 11.17% compared to Avantis Emerging Markets Value ETF (AVES) at 8.92%. This indicates that EMGF'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
| EMGF | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.17% | 8.92% | +2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 19.89% | 16.21% | +3.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.01% | 18.53% | +3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 17.25% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.63% | 17.25% | +2.38% |
EMGF vs. AVES - Expense Ratio Comparison
EMGF has a 0.45% expense ratio, which is higher than AVES's 0.36% expense ratio.
Dividends
EMGF vs. AVES - Dividend Comparison
EMGF's dividend yield for the trailing twelve months is around 1.89%, 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% |
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF | 1.89% | 2.52% | 3.42% | 5.94% | 4.04% | 2.48% | 1.95% | 2.63% | 2.73% | 1.94% | 2.04% |
Frequently Asked Questions
With a correlation of 0.91, EMGF and AVES 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.
EMGF has higher volatility (11.17%) compared to AVES (8.92%). In terms of maximum drawdown, EMGF dropped -40.23% vs AVES's -27.40%.
On 3-year performance, EMGF leads with 27.87% vs 20.96% for AVES. On fees, AVES is cheaper at 0.36% 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, EMGF has performed better with a 27.87% return vs 20.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AVES is cheaper with a 0.36% expense ratio, compared with 0.45% for EMGF.
AVES has the higher dividend yield at 3.46%, compared with 1.89% for EMGF.
They also come from different issuers: iShares and Avantis. Their fees differ too: 0.45% for EMGF and 0.36% for AVES.
EMGF currently has the higher Sharpe Ratio (2.56 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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