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IMTM vs. AVES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IMTM vs. AVES

Last updated Jun 13, 2026

IMTM (iShares MSCI Intl Momentum Factor ETF) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - IMTM is a Momentum fund tracking the MSCI World ex USA Momentum, while AVES is a Emerging Markets Equities fund actively managed by Avantis. IMTM is passively managed, while AVES is actively managed. Over the past 3 years, IMTM returned 21.00%/yr vs 19.19%/yr for AVES. A 0.73 correlation means they provide meaningful diversification when combined. IMTM charges 0.30%/yr vs 0.36%/yr for AVES.

Performance

IMTM vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Intl Momentum Factor ETF (IMTM) 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, IMTM achieves a 11.53% return, which is significantly lower than AVES's 15.51% return.

IMTM

1D
0.72%
1M
0.94%
YTD
11.53%
6M
12.83%
1Y
25.06%
3Y*
21.00%
5Y*
9.19%
10Y*
10.44%

AVES

1D
0.32%
1M
0.12%
YTD
15.51%
6M
18.20%
1Y
31.51%
3Y*
19.19%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IMTM vs. AVES - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IMTM
iShares MSCI Intl Momentum Factor ETF		11.53%34.50%12.17%13.89%-16.81%1.19%
AVES
Avantis Emerging Markets Value ETF		15.51%30.49%4.50%16.79%-16.04%0.95%

Correlation

The correlation between IMTM and AVES is 0.75, 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

0.75

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2021

0.73

The correlation between IMTM and AVES has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

IMTM vs. AVES - Sectors Allocation Comparison

Sectors
IMTM
AVES

Financial Services

29.6%
25.3%

Industrials

17.5%
13.3%

Technology

11.4%
21.4%

Energy

9.4%
4.0%

Basic Materials

9.3%
9.8%

Healthcare

9.0%
2.1%

Utilities

6.4%
1.7%

Consumer Defensive

2.4%
3.2%

Communication Services

1.9%
5.3%

Consumer Cyclical

1.8%
9.6%

Real Estate

1.2%
2.4%

Financial Services

IMTM
29.6%
AVES
25.3%

Industrials

IMTM
17.5%
AVES
13.3%

Technology

IMTM
11.4%
AVES
21.4%

Energy

IMTM
9.4%
AVES
4.0%

Basic Materials

IMTM
9.3%
AVES
9.8%

Healthcare

IMTM
9.0%
AVES
2.1%

Utilities

IMTM
6.4%
AVES
1.7%

Consumer Defensive

IMTM
2.4%
AVES
3.2%

Communication Services

IMTM
1.9%
AVES
5.3%

Consumer Cyclical

IMTM
1.8%
AVES
9.6%

Real Estate

IMTM
1.2%
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 MSCI Intl Momentum Factor ETF

Avantis Emerging Markets Value ETF

Often compared with IMTM:
IMTM vs. SPMOIMTM vs. IMOMIMTM vs. IWFM.LIMTM vs. VXUSIMTM vs. IDMOIMTM vs. IWMO.MIIMTM vs. VT
Often compared with AVES:
AVES vs. AVEMAVES vs. AVEEAVES vs. VWOAVES vs. DFEVAVES vs. DGSAVES vs. FNDEAVES vs. DFEVX

Return for Risk

IMTM vs. AVES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IMTM
IMTM Risk / Return Rank: 4444
Overall Rank
IMTM Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
IMTM Sortino Ratio Rank: 4343
Sortino Ratio Rank
IMTM Omega Ratio Rank: 4343
Omega Ratio Rank
IMTM Calmar Ratio Rank: 4242
Calmar Ratio Rank
IMTM Martin Ratio Rank: 4949
Martin Ratio Rank
AVES
AVES Risk / Return Rank: 5454
Overall Rank
AVES Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
AVES Sortino Ratio Rank: 5252
Sortino Ratio Rank
AVES Omega Ratio Rank: 5858
Omega Ratio Rank
AVES Calmar Ratio Rank: 5353
Calmar Ratio Rank
AVES Martin Ratio Rank: 5555
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.

IMTM vs. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Momentum Factor ETF (IMTM) 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.

IMTMAVESDifference
Sharpe ratioReturn per unit of total volatility
1.33
1.64

-0.30

Sortino ratioReturn per unit of downside risk
1.96
2.22

-0.26

Omega ratioGain probability vs. loss probability

1.25

1.31

-0.06

Calmar ratioReturn relative to maximum drawdown

1.86

2.32

-0.46

Martin ratioReturn relative to average drawdown

7.37

8.40

-1.03

IMTM vs. AVES - Sharpe Ratio Comparison

The current IMTM Sharpe Ratio is 1.33, which is comparable to the AVES Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of IMTM 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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Drawdowns

IMTM vs. AVES - Drawdown Comparison

The maximum IMTM drawdown since its inception was -32.66%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for IMTM and AVES.

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Drawdown Indicators

IMTMAVESDifference

Max Drawdown

Largest peak-to-trough decline

-32.66%

-27.40%

-5.26%

Max Drawdown (1Y)

Largest decline over 1 year

-12.85%

-12.90%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-12.85%

-18.50%

+5.65%

Max Drawdown (5Y)

Largest decline over 5 years

-32.66%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-32.66%

—

—

Current Drawdown

Current decline from peak

-0.22%

-2.45%

+2.23%

Average Drawdown

Average peak-to-trough decline

-7.43%

-7.70%

+0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.24%

3.56%

-0.32%

Volatility

IMTM vs. AVES - Volatility Comparison

The current volatility for iShares MSCI Intl Momentum Factor ETF (IMTM) is 7.20%, while Avantis Emerging Markets Value ETF (AVES) has a volatility of 8.89%. This indicates that IMTM 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

IMTMAVESDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.20%

8.89%

-1.69%

Volatility (6M)

Calculated over the trailing 6-month period

16.06%

15.88%

+0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

17.97%

18.34%

-0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.82%

17.20%

+0.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.63%

17.20%

+0.43%

IMTM vs. AVES - Expense Ratio Comparison

IMTM has a 0.30% expense ratio, which is lower than AVES's 0.36% expense ratio.

Dividends

IMTM vs. AVES - Dividend Comparison

IMTM's dividend yield for the trailing twelve months is around 4.22%, more than AVES's 3.53% yield.

PositionTTM20252024202320222021202020192018201720162015
AVES
Avantis Emerging Markets Value ETF		3.53%3.17%4.09%3.96%3.70%0.62%0.00%0.00%0.00%0.00%0.00%0.00%
IMTM
iShares MSCI Intl Momentum Factor ETF		4.22%4.70%2.93%2.29%2.68%2.51%0.97%2.13%2.36%1.92%2.75%1.56%

Frequently Asked Questions

IMTM and AVES have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AVES has higher volatility (8.89%) compared to IMTM (7.20%). In terms of maximum drawdown, IMTM dropped -32.66% vs AVES's -27.40%.

On 3-year performance, IMTM leads with 21.00% vs 19.19% for AVES. On fees, IMTM is cheaper at 0.30% per year. On volatility, IMTM has been the lower-risk option at 7.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, IMTM has performed better with a 21.00% return vs 19.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IMTM is cheaper with a 0.30% expense ratio, compared with 0.36% for AVES.

IMTM has the higher dividend yield at 4.22%, compared with 3.53% for AVES.

IMTM is categorized as Momentum, while AVES is Emerging Markets Equities. They also come from different issuers: iShares and Avantis. Their fees differ too: 0.30% for IMTM and 0.36% for AVES.

AVES currently has the higher Sharpe Ratio (1.64 vs 1.33), 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

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