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IEMG vs. AVES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEMG vs. AVES

Last updated Jun 9, 2026

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 20.51%/yr vs 18.05%/yr for AVES. Their correlation of 0.94 suggests significant overlap in exposure. IEMG charges 0.09%/yr vs 0.36%/yr for AVES.

Performance

IEMG vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and Avantis Emerging Markets Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEMG achieves a 18.97% return, which is significantly higher than AVES's 11.39% return.

IEMG

1D
1.70%
1M
-3.66%
YTD
18.97%
6M
20.80%
1Y
40.80%
3Y*
20.51%
5Y*
6.57%
10Y*
9.88%

AVES

1D
0.64%
1M
-4.21%
YTD
11.39%
6M
13.83%
1Y
28.23%
3Y*
18.05%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEMG vs. AVES - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IEMG
iShares Core MSCI Emerging Markets ETF		18.97%32.56%6.50%11.52%-19.98%-0.89%
AVES
Avantis Emerging Markets Value ETF		11.39%30.49%4.50%16.79%-16.04%1.32%

Correlation

The correlation between IEMG 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 Oct 1, 2021

0.94

The correlation between IEMG and AVES has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

IEMG vs. AVES - Sectors Allocation Comparison

Sectors
IEMG
AVES

Technology

35.0%
21.4%

Financial Services

18.4%
25.3%

Consumer Cyclical

9.5%
9.6%

Industrials

9.0%
13.3%

Basic Materials

6.9%
9.8%

Communication Services

6.4%
5.3%

Energy

3.8%
4.0%

Healthcare

3.7%
2.1%

Consumer Defensive

3.3%
3.2%

Utilities

2.2%
1.7%

Real Estate

1.7%
2.4%

Technology

IEMG
35.0%
AVES
21.4%

Financial Services

IEMG
18.4%
AVES
25.3%

Consumer Cyclical

IEMG
9.5%
AVES
9.6%

Industrials

IEMG
9.0%
AVES
13.3%

Basic Materials

IEMG
6.9%
AVES
9.8%

Communication Services

IEMG
6.4%
AVES
5.3%

Energy

IEMG
3.8%
AVES
4.0%

Healthcare

IEMG
3.7%
AVES
2.1%

Consumer Defensive

IEMG
3.3%
AVES
3.2%

Utilities

IEMG
2.2%
AVES
1.7%

Real Estate

IEMG
1.7%
AVES
2.4%

Compare stocks, funds, or ETFs

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

iShares Core MSCI Emerging Markets ETF

Avantis Emerging Markets Value ETF

Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPY
Often compared with AVES:
AVES vs. AVEMAVES vs. AVEEAVES vs. VWOAVES vs. DFEVAVES vs. DGSAVES vs. FNDEAVES vs. DFEVX

Return for Risk

IEMG vs. AVES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEMG
IEMG Risk / Return Rank: 6767
Overall Rank
IEMG Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 6161
Sortino Ratio Rank
IEMG Omega Ratio Rank: 7171
Omega Ratio Rank
IEMG Calmar Ratio Rank: 6868
Calmar Ratio Rank
IEMG Martin Ratio Rank: 6969
Martin Ratio Rank
AVES
AVES Risk / Return Rank: 5050
Overall Rank
AVES Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
AVES Sortino Ratio Rank: 4848
Sortino Ratio Rank
AVES Omega Ratio Rank: 5353
Omega Ratio Rank
AVES Calmar Ratio Rank: 4949
Calmar Ratio Rank
AVES Martin Ratio Rank: 5252
Martin Ratio Rank
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.

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.

IEMGAVESDifference
Sharpe ratioReturn per unit of total volatility
1.99
1.59

+0.41

Sortino ratioReturn per unit of downside risk
2.58
2.12

+0.46

Omega ratioGain probability vs. loss probability

1.38

1.30

+0.08

Calmar ratioReturn relative to maximum drawdown

3.10

2.20

+0.90

Martin ratioReturn relative to average drawdown

11.68

8.06

+3.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMG vs. AVES - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.99, which is comparable to the AVES Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of IEMG 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.

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Sharpe Ratios by Period

IEMGAVESDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.99

1.59

+0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.54

-0.21

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.

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Drawdown Indicators

IEMGAVESDifference

Max Drawdown

Largest 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

-35.75%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

—

—

Current Drawdown

Current decline from peak

-7.00%

-5.93%

-1.07%

Average Drawdown

Average peak-to-trough decline

-12.97%

-7.72%

-5.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.50%

3.51%

-0.01%

Volatility

IEMG vs. AVES - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.33% compared to Avantis Emerging Markets Value ETF (AVES) at 8.21%. 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.

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Volatility by Period

IEMGAVESDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.33%

8.21%

+2.12%

Volatility (6M)

Calculated over the trailing 6-month period

18.35%

15.35%

+3.00%

Volatility (1Y)

Calculated over the trailing 1-year period

20.62%

17.90%

+2.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.62%

17.12%

+1.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.14%

17.12%

+3.02%

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 2.31%, less than AVES's 2.95% yield.

PositionTTM20252024202320222021202020192018201720162015
AVES
Avantis Emerging Markets Value ETF		2.95%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		2.31%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

With a correlation of 0.91, IEMG 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.

IEMG has higher volatility (10.33%) compared to AVES (8.21%). In terms of maximum drawdown, IEMG dropped -38.71% vs AVES's -27.40%.

On 3-year performance, IEMG leads with 20.51% vs 18.05% for AVES. On fees, IEMG is cheaper at 0.09% per year. On volatility, AVES has been the lower-risk option at 8.21%. 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 20.51% return vs 18.05%. 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 2.95%, compared with 2.31% 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 (1.99 vs 1.59), 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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