IEMG vs. AVES
IEMG (iShares Core MSCI Emerging Markets ETF) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while AVES is a Emerging Markets Equities fund actively managed by Avantis. IEMG is passively managed, while AVES is actively managed. Over the past 3 years, IEMG returned 19.86%/yr vs 16.57%/yr for AVES. Their correlation of 0.93 suggests significant overlap in exposure. IEMG charges 0.09%/yr vs 0.36%/yr for AVES.
Performance
IEMG vs. AVES - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IEMG achieves a 18.92% return, which is significantly higher than AVES's 9.94% return.
IEMG
- 1D
- 2.71%
- 1M
- -7.39%
- 6M
- 13.60%
- YTD
- 18.92%
- 1Y
- 32.41%
- 3Y*
- 19.86%
- 5Y*
- 7.09%
- 10Y*
- 9.06%
- ALL TIME*
- 6.29%
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%
IEMG vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 18.92% | 32.56% | 6.50% | 11.52% | -19.98% | -0.09% |
AVES Avantis Emerging Markets Value ETF | 9.94% | 30.49% | 4.50% | 16.79% | -16.04% | 0.95% |
Correlation
The correlation between IEMG and AVES is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.93 |
The correlation between IEMG and AVES has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IEMG vs. AVES — Risk / Return Rank
IEMG
AVES
IEMG vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) 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.
| IEMG | AVES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.19 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 1.45 | +1.02 |
| Martin ratioReturn relative to average drawdown | 7.96 | 4.69 | +3.27 |
Loading charts...
Drawdowns
IEMG vs. AVES - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for IEMG and AVES.
Loading charts...
Drawdown Indicators
| IEMG | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -27.40% | -11.31% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -12.90% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -18.50% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -33.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | — | — |
Current DrawdownCurrent decline from peak | -7.79% | -7.50% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -12.90% | -7.65% | -5.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | 3.97% | +0.11% |
Volatility
IEMG vs. AVES - Volatility Comparison
iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 9.46% compared to Avantis Emerging Markets Value ETF (AVES) at 7.21%. This indicates that IEMG'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.
Loading charts...
Volatility by Period
| IEMG | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.46% | 7.21% | +2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 21.25% | 17.55% | +3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.16% | 19.59% | +3.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.21% | 17.42% | +1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.26% | 17.42% | +2.84% |
IEMG vs. AVES - Expense Ratio Comparison
IEMG has a 0.09% expense ratio, which is lower than AVES's 0.36% expense ratio.
Dividends
IEMG vs. AVES - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.27%, less 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% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.27% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Frequently Asked Questions
IEMG and AVES have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (9.46%) compared to AVES (7.21%). In terms of maximum drawdown, IEMG dropped -38.71% vs AVES's -27.40%.
On 3-year performance, IEMG leads with 19.86% vs 16.57% for AVES. On fees, IEMG is cheaper at 0.09% per year. On volatility, AVES has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IEMG has performed better with a 19.86% return vs 16.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.36% for AVES.
AVES has the higher dividend yield at 2.54%, compared with 2.27% for IEMG.
IEMG is categorized as Emerging Markets Diversified, while AVES is Emerging Markets Equities. They also come from different issuers: iShares and Avantis. Their fees differ too: 0.09% for IEMG and 0.36% for AVES.
IEMG currently has the higher Sharpe Ratio (1.41 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.
Find the right allocation for IEMG and AVES
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