PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EMGF vs. AVSE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMGF vs. AVSE

Last updated Aug 4, 2026
Documentation

EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and AVSE (Avantis Responsible Emerging Markets Equity ETF) are both Emerging Markets Equities funds - EMGF tracks the MSCI Emerging Markets Diversified Multiple-Factor Index while AVSE tracks the MSCI Emerging Markets Index. Both are passively managed. Over the past 3 years, EMGF returned 21.74%/yr vs 20.73%/yr for AVSE. Their 0.97 correlation means they have historically moved very closely together. EMGF charges 0.45%/yr vs 0.33%/yr for AVSE.

Performance

EMGF vs. AVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) and Avantis Responsible Emerging Markets Equity ETF (AVSE). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EMGF achieves a 19.41% return, which is significantly higher than AVSE's 17.48% return.

EMGF

1D
0.66%
1M
-2.70%
6M
9.84%
YTD
19.41%
1Y
34.88%
3Y*
21.74%
5Y*
9.15%
10Y*
9.48%
ALL TIME*
10.09%

AVSE

1D
1.03%
1M
-2.96%
6M
8.96%
YTD
17.48%
1Y
32.99%
3Y*
20.73%
5Y*
—
10Y*
—
ALL TIME*
12.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

AVSE

Avantis Responsible Emerging Markets Equity ETF
$1.09M$1.10M$1.10M

EMGF

iShares Edge MSCI Multifactor Emerging Markets ETF
$9.70M$12.21M$11.83M

EMGF vs. AVSE - Yearly Performance Comparison

2026 (YTD)2025202420232022
EMGF
iShares Edge MSCI Multifactor Emerging Markets ETF		19.41%31.41%9.06%10.86%-13.31%
AVSE
Avantis Responsible Emerging Markets Equity ETF		17.48%32.54%8.29%16.01%-14.43%

Correlation

The correlation between EMGF and AVSE is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.97

Correlation (3Y)
Balances recent behavior with more history.

0.97

Correlation (All Time)
Calculated using the full available price history since Mar 30, 2022

0.97

The correlation between EMGF and AVSE has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

EMGF vs. AVSE - Sectors Allocation Comparison

Sectors
EMGF
AVSE

Technology

42.6%
44.0%

Financial Services

17.8%
22.8%

Consumer Cyclical

8.2%
9.4%

Industrials

7.5%
6.7%

Communication Services

6.4%
5.4%

Basic Materials

5.0%
2.7%

Energy

3.4%
0.1%

Consumer Defensive

3.1%
2.3%

Healthcare

2.7%
3.4%

Utilities

2.2%
1.1%

Real Estate

1.0%
2.2%

Technology

EMGF
42.6%
AVSE
44.0%

Financial Services

EMGF
17.8%
AVSE
22.8%

Consumer Cyclical

EMGF
8.2%
AVSE
9.4%

Industrials

EMGF
7.5%
AVSE
6.7%

Communication Services

EMGF
6.4%
AVSE
5.4%

Basic Materials

EMGF
5.0%
AVSE
2.7%

Energy

EMGF
3.4%
AVSE
0.1%

Consumer Defensive

EMGF
3.1%
AVSE
2.3%

Healthcare

EMGF
2.7%
AVSE
3.4%

Utilities

EMGF
2.2%
AVSE
1.1%

Real Estate

EMGF
1.0%
AVSE
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Edge MSCI Multifactor Emerging Markets ETF

Avantis Responsible Emerging Markets Equity ETF

Often compared with EMGF:
EMGF vs. EEMEMGF vs. SPEMEMGF vs. AVESEMGF vs. FDEMEMGF vs. XCEMEMGF vs. VWOEMGF vs. SPY
Often compared with AVSE:
AVSE vs. FRDMAVSE vs. AVESAVSE vs. DFESXAVSE vs. DFSEAVSE vs. AVEMAVSE vs. VSGXAVSE vs. VWO

Return for Risk

EMGF vs. AVSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EMGF
EMGF Risk / Return Rank: 6060
Overall Rank
EMGF Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
EMGF Sortino Ratio Rank: 5454
Sortino Ratio Rank
EMGF Omega Ratio Rank: 6161
Omega Ratio Rank
EMGF Calmar Ratio Rank: 6666
Calmar Ratio Rank
EMGF Martin Ratio Rank: 6060
Martin Ratio Rank
AVSE
AVSE Risk / Return Rank: 5656
Overall Rank
AVSE Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
AVSE Sortino Ratio Rank: 5151
Sortino Ratio Rank
AVSE Omega Ratio Rank: 5858
Omega Ratio Rank
AVSE Calmar Ratio Rank: 6161
Calmar Ratio Rank
AVSE Martin Ratio Rank: 5656
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EMGF vs. AVSE - 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 Responsible Emerging Markets Equity ETF (AVSE). 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.

EMGFAVSEDifference
Sharpe ratioReturn per unit of total volatility
1.45
1.39

+0.06

Sortino ratioReturn per unit of downside risk
1.97
1.91

+0.06

Omega ratioGain probability vs. loss probability

1.27

1.27

+0.01

Calmar ratioReturn relative to maximum drawdown

2.40

2.24

+0.16

Martin ratioReturn relative to average drawdown

7.41

7.01

+0.40

EMGF vs. AVSE - Sharpe Ratio Comparison

The current EMGF Sharpe Ratio is 1.45, which is comparable to the AVSE Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of EMGF and AVSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EMGF vs. AVSE - Drawdown Comparison

The maximum EMGF drawdown since its inception was -40.23%, which is greater than AVSE's maximum drawdown of -26.28%. Use the drawdown chart below to compare losses from any high point for EMGF and AVSE.

Loading charts...

Drawdown Indicators

EMGFAVSEDifference

Max Drawdown

Largest peak-to-trough decline

-40.23%

-26.28%

-13.95%

Max Drawdown (1Y)

Largest decline over 1 year

-14.63%

-14.82%

+0.19%

Max Drawdown (3Y)

Largest decline over 3 years

-17.65%

-17.68%

+0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-28.17%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-40.23%

—

—

Current Drawdown

Current decline from peak

-10.20%

-10.34%

+0.14%

Average Drawdown

Average peak-to-trough decline

-10.01%

-6.82%

-3.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.72%

4.72%

0.00%

Volatility

EMGF vs. AVSE - Volatility Comparison

The current volatility for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) is 8.57%, while Avantis Responsible Emerging Markets Equity ETF (AVSE) has a volatility of 9.16%. This indicates that EMGF experiences smaller price fluctuations and is considered to be less risky than AVSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EMGFAVSEDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.57%

9.16%

-0.59%

Volatility (6M)

Calculated over the trailing 6-month period

22.19%

21.85%

+0.34%

Volatility (1Y)

Calculated over the trailing 1-year period

24.23%

23.98%

+0.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.66%

19.05%

-0.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.77%

19.05%

+0.72%

EMGF vs. AVSE - Expense Ratio Comparison

EMGF has a 0.45% expense ratio, which is higher than AVSE's 0.33% expense ratio.

Dividends

EMGF vs. AVSE - Dividend Comparison

EMGF's dividend yield for the trailing twelve months is around 2.11%, less than AVSE's 2.14% yield.

PositionTTM2025202420232022202120202019201820172016
AVSE
Avantis Responsible Emerging Markets Equity ETF		2.14%2.68%3.03%3.20%1.27%0.00%0.00%0.00%0.00%0.00%0.00%
EMGF
iShares Edge MSCI Multifactor Emerging Markets ETF		2.11%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 0.97, EMGF and AVSE 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.

AVSE has higher volatility (9.16%) compared to EMGF (8.57%). In terms of maximum drawdown, EMGF dropped -40.23% vs AVSE's -26.28%.

On 3-year performance, EMGF leads with 21.74% vs 20.73% for AVSE. On fees, AVSE is cheaper at 0.33% per year. On volatility, EMGF has been the lower-risk option at 8.57%. 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 21.74% return vs 20.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AVSE is cheaper with a 0.33% expense ratio, compared with 0.45% for EMGF.

AVSE has the higher dividend yield at 2.14%, compared with 2.11% for EMGF.

EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index, while AVSE tracks MSCI Emerging Markets Index. They also come from different issuers: iShares and Avantis. Their fees differ too: 0.45% for EMGF and 0.33% for AVSE.

EMGF currently has the higher Sharpe Ratio (1.45 vs 1.39), 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.

Portfolio Optimizer

Find the right allocation for EMGF and AVSE

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer