EMMF vs. AVES

Last updated Jun 3, 2026

EMMF (WisdomTree Emerging Markets Multifactor Fund) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - EMMF is a Asia Pacific Equities fund actively managed by WisdomTree, while AVES is a Emerging Markets Equities fund actively managed by American Century. Both are actively managed. Over the past 3 years, EMMF returned 24.40%/yr vs 21.23%/yr for AVES. Their correlation of 0.88 suggests significant overlap in exposure. EMMF charges 0.48%/yr vs 0.36%/yr for AVES.

Performance

EMMF vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Markets Multifactor Fund (EMMF) 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, EMMF achieves a 29.25% return, which is significantly higher than AVES's 18.24% return.

EMMF

• 1D: -0.25%
• 1M: 12.42%
• YTD: 29.25%
• 6M: 30.61%
• 1Y: 50.65%
• 3Y*: 24.40%
• 5Y*: 11.18%
• 10Y*: —

AVES

• 1D: -0.14%
• 1M: 5.27%
• YTD: 18.24%
• 6M: 20.65%
• 1Y: 39.45%
• 3Y*: 21.23%
• 5Y*: —
• 10Y*: —

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

EMMF vs. AVES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EMMF WisdomTree Emerging Markets Multifactor Fund	29.25%	21.22%	9.45%	20.59%	-13.47%	-0.24%
AVES Avantis Emerging Markets Value ETF	18.24%	30.49%	4.50%	16.79%	-16.04%	1.32%

Correlation

The correlation between EMMF and AVES is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.88

The correlation between EMMF and AVES has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

EMMF vs. AVES - Sectors Allocation Comparison

Sectors	EMMF	AVES
Technology	32.9%	21.4%
Consumer Cyclical	14.0%	9.6%
Financial Services	8.2%	25.3%
Communication Services	6.6%	5.3%
Consumer Defensive	4.4%	3.2%
Industrials	3.8%	13.3%
Energy	2.1%	4.0%
Utilities	2.0%	1.7%
Basic Materials	1.9%	9.8%
Healthcare	0.3%	2.1%
Real Estate	-	2.4%

Return for Risk

EMMF vs. AVES — Risk / Return Rank

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

EMMF

EMMF Risk / Return Rank: 88
EMMF Sharpe Ratio Rank: 89
EMMF Sortino Ratio Rank: 87
EMMF Omega Ratio Rank: 90
EMMF Calmar Ratio Rank: 85
EMMF Martin Ratio Rank: 88

AVES

AVES Risk / Return Rank: 66
AVES Sharpe Ratio Rank: 69
AVES Sortino Ratio Rank: 65
AVES Omega Ratio Rank: 70
AVES Calmar Ratio Rank: 62
AVES Martin Ratio Rank: 64

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.

EMMF vs. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets Multifactor Fund (EMMF) 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.

	EMMF	AVES	Difference
Sharpe ratio Return per unit of total volatility	3.08	2.31	+0.77
Sortino ratio Return per unit of downside risk	4.02	3.04	+0.98
Omega ratio Gain probability vs. loss probability	1.59	1.43	+0.16
Calmar ratio Return relative to maximum drawdown	4.79	3.12	+1.67
Martin ratio Return relative to average drawdown	19.83	11.63	+8.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMMF vs. AVES - Sharpe Ratio Comparison

The current EMMF Sharpe Ratio is 3.08, which is higher than the AVES Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of EMMF 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.

Sharpe Ratios by Period

	EMMF	AVES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	2.31	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.63	-0.08

Drawdowns

EMMF vs. AVES - Drawdown Comparison

The maximum EMMF drawdown since its inception was -32.57%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for EMMF and AVES.

Drawdown Indicators

	EMMF	AVES	Difference
Max Drawdown Largest peak-to-trough decline	-32.57%	-27.40%	-5.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.62%	-12.90%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	-18.50%	+2.48%
Max Drawdown (5Y) Largest decline over 5 years	-24.99%	—	—
Current Drawdown Current decline from peak	-0.25%	-0.14%	-0.11%
Average Drawdown Average peak-to-trough decline	-7.45%	-7.73%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	3.47%	-0.90%

Volatility

EMMF vs. AVES - Volatility Comparison

WisdomTree Emerging Markets Multifactor Fund (EMMF) and Avantis Emerging Markets Value ETF (AVES) have volatilities of 7.08% and 6.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMMF	AVES	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	6.88%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	14.37%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	16.53%	17.14%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	16.98%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.62%	16.98%	-0.36%

EMMF vs. AVES - Expense Ratio Comparison

EMMF has a 0.48% expense ratio, which is higher than AVES's 0.36% expense ratio.

Dividends

EMMF vs. AVES - Dividend Comparison

EMMF's dividend yield for the trailing twelve months is around 1.83%, less than AVES's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AVES Avantis Emerging Markets Value ETF	2.78%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%
EMMF WisdomTree Emerging Markets Multifactor Fund	1.83%	2.45%	1.30%	1.62%	3.48%	2.64%	1.93%	2.93%	0.66%

Frequently Asked Questions

Can I hold both EMMF and AVES in my portfolio?

EMMF and AVES have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMMF or AVES?

EMMF has higher volatility (7.08%) compared to AVES (6.88%). In terms of maximum drawdown, EMMF dropped -32.57% vs AVES's -27.40%.

Which ETF is better, EMMF or AVES?

On 3-year performance, EMMF leads with 24.40% vs 21.23% for AVES. On fees, AVES is cheaper at 0.36% per year. On volatility, AVES has been the lower-risk option at 6.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMMF or AVES?

Over the 3-year period, EMMF has performed better with a 24.40% return vs 21.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMMF or AVES?

AVES is cheaper with a 0.36% expense ratio, compared with 0.48% for EMMF.

Which ETF pays a higher dividend yield, EMMF or AVES?

AVES has the higher dividend yield at 2.78%, compared with 1.83% for EMMF.

What is the main difference between EMMF and AVES?

EMMF is categorized as Asia Pacific Equities, while AVES is Emerging Markets Equities. They also come from different issuers: WisdomTree and American Century. Their fees differ too: 0.48% for EMMF and 0.36% for AVES.

Which has better risk-adjusted returns?

EMMF currently has the higher Sharpe Ratio (3.08 vs 2.31), 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.