IEFA vs. AVES
IEFA (iShares Core MSCI EAFE ETF) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while AVES is a Emerging Markets Equities fund actively managed by Avantis. IEFA is passively managed, while AVES is actively managed. Over the past 3 years, IEFA returned 15.73%/yr vs 16.57%/yr for AVES. A 0.78 correlation means they provide meaningful diversification when combined. IEFA charges 0.07%/yr vs 0.36%/yr for AVES.
Performance
IEFA vs. AVES - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IEFA having a 10.11% return and AVES slightly lower at 9.94%.
IEFA
- 1D
- 1.41%
- 1M
- -0.38%
- 6M
- 7.75%
- YTD
- 10.11%
- 1Y
- 20.91%
- 3Y*
- 15.73%
- 5Y*
- 8.84%
- 10Y*
- 9.48%
- ALL TIME*
- 8.43%
AVES
- 1D
- 2.25%
- 1M
- -6.96%
- 6M
- 5.23%
- YTD
- 9.94%
- 1Y
- 18.59%
- 3Y*
- 16.57%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.56%
IEFA vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IEFA iShares Core MSCI EAFE ETF | 10.11% | 32.08% | 3.26% | 17.95% | -15.24% | 2.10% |
AVES Avantis Emerging Markets Value ETF | 9.94% | 30.49% | 4.50% | 16.79% | -16.04% | 0.95% |
Correlation
The correlation between IEFA and AVES is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.78 |
The correlation between IEFA and AVES has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.
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Return for Risk
IEFA vs. AVES — Risk / Return Rank
IEFA
AVES
IEFA vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) 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.
| IEFA | AVES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.19 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 1.45 | +0.38 |
| Martin ratioReturn relative to average drawdown | 6.90 | 4.69 | +2.21 |
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Drawdowns
IEFA vs. AVES - Drawdown Comparison
The maximum IEFA drawdown since its inception was -34.78%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for IEFA and AVES.
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Drawdown Indicators
| IEFA | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.78% | -27.40% | -7.38% |
Max Drawdown (1Y)Largest decline over 1 year | -11.50% | -12.90% | +1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -13.76% | -18.50% | +4.74% |
Max Drawdown (5Y)Largest decline over 5 years | -30.41% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.78% | — | — |
Current DrawdownCurrent decline from peak | -1.41% | -7.50% | +6.09% |
Average DrawdownAverage peak-to-trough decline | -6.64% | -7.65% | +1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 3.97% | -0.93% |
Volatility
IEFA vs. AVES - Volatility Comparison
The current volatility for iShares Core MSCI EAFE ETF (IEFA) is 4.22%, while Avantis Emerging Markets Value ETF (AVES) has a volatility of 7.21%. This indicates that IEFA experiences smaller price fluctuations and is considered to be less risky 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
| IEFA | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 7.21% | -2.99% |
Volatility (6M)Calculated over the trailing 6-month period | 13.52% | 17.55% | -4.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.67% | 19.59% | -3.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.59% | 17.42% | -0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.02% | 17.42% | -0.40% |
IEFA vs. AVES - Expense Ratio Comparison
IEFA has a 0.07% expense ratio, which is lower than AVES's 0.36% expense ratio.
Dividends
IEFA vs. AVES - Dividend Comparison
IEFA's dividend yield for the trailing twelve months is around 3.39%, more than AVES's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVES Avantis Emerging Markets Value ETF | 2.54% | 3.17% | 4.09% | 3.96% | 3.70% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEFA iShares Core MSCI EAFE ETF | 3.39% | 3.55% | 3.47% | 3.20% | 2.70% | 3.32% | 1.90% | 3.18% | 3.46% | 2.57% | 2.96% | 2.63% |
Frequently Asked Questions
IEFA and AVES have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVES has higher volatility (7.21%) compared to IEFA (4.22%). In terms of maximum drawdown, IEFA dropped -34.78% vs AVES's -27.40%.
On 3-year performance, AVES leads with 16.57% vs 15.73% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AVES has performed better with a 16.57% return vs 15.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEFA is cheaper with a 0.07% expense ratio, compared with 0.36% for AVES.
IEFA has the higher dividend yield at 3.39%, compared with 2.54% for AVES.
IEFA is categorized as Foreign Large Cap Equities, while AVES is Emerging Markets Equities. They also come from different issuers: iShares and Avantis. Their fees differ too: 0.07% for IEFA and 0.36% for AVES.
IEFA currently has the higher Sharpe Ratio (1.34 vs 0.95), 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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