IVOV vs. AVMV

Last updated Jun 4, 2026

IVOV (Vanguard S&P Mid-Cap 400 Value ETF) and AVMV (Avantis U.S. Mid Cap Value ETF) are both Mid Cap Value Equities funds. IVOV is passively managed, while AVMV is actively managed. Over the past year, IVOV returned 20.80% vs 25.32% for AVMV. Their correlation of 0.95 suggests significant overlap in exposure. IVOV charges 0.10%/yr vs 0.20%/yr for AVMV.

Performance

IVOV vs. AVMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and Avantis U.S. Mid Cap Value ETF (AVMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOV achieves a 8.98% return, which is significantly lower than AVMV's 11.76% return.

IVOV

• 1D: -0.30%
• 1M: 1.86%
• YTD: 8.98%
• 6M: 9.21%
• 1Y: 20.80%
• 3Y*: 13.95%
• 5Y*: 7.51%
• 10Y*: 10.41%

AVMV

• 1D: -0.15%
• 1M: 1.85%
• YTD: 11.76%
• 6M: 12.65%
• 1Y: 25.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVOV vs. AVMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IVOV Vanguard S&P Mid-Cap 400 Value ETF	8.98%	7.61%	11.53%	18.29%
AVMV Avantis U.S. Mid Cap Value ETF	11.76%	10.46%	18.43%	15.56%

Correlation

The correlation between IVOV and AVMV is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 10, 2023	0.95

The correlation between IVOV and AVMV has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

IVOV vs. AVMV - Sectors Allocation Comparison

Sectors	IVOV	AVMV
Financial Services	21.9%	23.6%
Industrials	18.8%	14.7%
Consumer Cyclical	13.5%	18.0%
Real Estate	9.6%	1.0%
Technology	9.2%	7.3%
Energy	7.4%	14.7%
Basic Materials	6.0%	3.8%
Consumer Defensive	5.5%	8.3%
Utilities	4.2%	0.5%
Healthcare	3.5%	6.4%
Communication Services	0.5%	1.7%

Return for Risk

IVOV vs. AVMV — Risk / Return Rank

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

IVOV

IVOV Risk / Return Rank: 39
IVOV Sharpe Ratio Rank: 38
IVOV Sortino Ratio Rank: 40
IVOV Omega Ratio Rank: 36
IVOV Calmar Ratio Rank: 40
IVOV Martin Ratio Rank: 42

AVMV

AVMV Risk / Return Rank: 57
AVMV Sharpe Ratio Rank: 53
AVMV Sortino Ratio Rank: 55
AVMV Omega Ratio Rank: 51
AVMV Calmar Ratio Rank: 66
AVMV Martin Ratio Rank: 61

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.

IVOV vs. AVMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and Avantis U.S. Mid Cap Value ETF (AVMV). 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.

	IVOV	AVMV	Difference
Sharpe ratio Return per unit of total volatility	1.37	1.84	-0.47
Sortino ratio Return per unit of downside risk	2.08	2.68	-0.60
Omega ratio Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio Return relative to maximum drawdown	1.97	3.34	-1.36
Martin ratio Return relative to average drawdown	6.80	10.97	-4.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOV vs. AVMV - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.37, which is comparable to the AVMV Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of IVOV and AVMV, 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

	IVOV	AVMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.84	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.28	-0.70

Drawdowns

IVOV vs. AVMV - Drawdown Comparison

The maximum IVOV drawdown since its inception was -45.99%, which is greater than AVMV's maximum drawdown of -24.24%. Use the drawdown chart below to compare losses from any high point for IVOV and AVMV.

Drawdown Indicators

	IVOV	AVMV	Difference
Max Drawdown Largest peak-to-trough decline	-45.99%	-24.24%	-21.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-7.63%	-2.95%
Max Drawdown (3Y) Largest decline over 3 years	-22.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.99%	—	—
Current Drawdown Current decline from peak	-0.31%	-0.15%	-0.16%
Average Drawdown Average peak-to-trough decline	-5.43%	-3.89%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.31%	+0.76%

Volatility

IVOV vs. AVMV - Volatility Comparison

Vanguard S&P Mid-Cap 400 Value ETF (IVOV) has a higher volatility of 4.07% compared to Avantis U.S. Mid Cap Value ETF (AVMV) at 3.11%. This indicates that IVOV's price experiences larger fluctuations and is considered to be riskier than AVMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOV	AVMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	3.11%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	9.47%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	13.89%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.48%	17.97%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	17.97%	+3.76%

IVOV vs. AVMV - Expense Ratio Comparison

IVOV has a 0.10% expense ratio, which is lower than AVMV's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVOV vs. AVMV - Dividend Comparison

IVOV's dividend yield for the trailing twelve months is around 1.67%, more than AVMV's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVMV Avantis U.S. Mid Cap Value ETF	1.02%	1.20%	1.30%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.67%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%

Frequently Asked Questions

Can I hold both IVOV and AVMV in my portfolio?

With a correlation of 0.95, IVOV and AVMV 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.

Which is riskier, IVOV or AVMV?

IVOV has higher volatility (4.07%) compared to AVMV (3.11%). In terms of maximum drawdown, IVOV dropped -45.99% vs AVMV's -24.24%.

Which ETF is better, IVOV or AVMV?

On 1-year performance, AVMV leads with 25.32% vs 20.80% for IVOV. On fees, IVOV is cheaper at 0.10% per year. On volatility, AVMV has been the lower-risk option at 3.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOV or AVMV?

Over the 1-year period, AVMV has performed better with a 25.32% return vs 20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOV or AVMV?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.20% for AVMV.

Which ETF pays a higher dividend yield, IVOV or AVMV?

IVOV has the higher dividend yield at 1.67%, compared with 1.02% for AVMV.

What is the main difference between IVOV and AVMV?

They also come from different issuers: Vanguard and Avantis. Their fees differ too: 0.10% for IVOV and 0.20% for AVMV.

Which has better risk-adjusted returns?

AVMV currently has the higher Sharpe Ratio (1.84 vs 1.37), 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.