MAMTX vs. AVDV

Last updated Aug 1, 2026

MAMTX (Blackrock Strategic Municipal Opportunities Fund Of Blackrock Municipal Series Trust) and AVDV (Avantis International Small Cap Value ETF) are both funds - MAMTX is a Municipal Bonds fund managed by BlackRock, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. Over the past 5 years, MAMTX returned 0.22%/yr vs 13.72%/yr for AVDV. Their 0.12 correlation means their historical movements had little consistent relationship. MAMTX charges 0.55%/yr vs 0.36%/yr for AVDV.

Performance

MAMTX vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock Strategic Municipal Opportunities Fund Of Blackrock Municipal Series Trust (MAMTX) and Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAMTX achieves a 1.12% return, which is significantly lower than AVDV's 12.96% return.

MAMTX

• 1D: -0.29%
• 1M: -2.00%
• 6M: 0.58%
• YTD: 1.12%
• 1Y: 5.95%
• 3Y*: 4.16%
• 5Y*: 0.22%
• 10Y*: 1.89%
• ALL TIME*: 4.27%

AVDV

• 1D: -0.48%
• 1M: 0.21%
• 6M: 4.97%
• YTD: 12.96%
• 1Y: 34.21%
• 3Y*: 24.60%
• 5Y*: 13.72%
• 10Y*: —
• ALL TIME*: 14.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVDV Avantis International Small Cap Value ETF	$74.82M	$104.24M	$85.42M
MAMTX Blackrock Strategic Municipal Opportunities Fund Of Blackrock Municipal Series Trust	$0.00	$0.00	$0.00

MAMTX vs. AVDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MAMTX Blackrock Strategic Municipal Opportunities Fund Of Blackrock Municipal Series Trust	1.12%	3.97%	3.90%	4.89%	-12.11%	5.84%	0.58%	1.30%
AVDV Avantis International Small Cap Value ETF	12.96%	49.37%	8.67%	16.85%	-11.47%	15.80%	5.01%	11.78%

Correlation

The correlation between MAMTX and AVDV is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.12

The correlation between MAMTX and AVDV shifts across timeframes, from 0.12 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MAMTX vs. AVDV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MAMTX

MAMTX Risk / Return Rank: 82
MAMTX Sharpe Ratio Rank: 89
MAMTX Sortino Ratio Rank: 91
MAMTX Omega Ratio Rank: 92
MAMTX Calmar Ratio Rank: 74
MAMTX Martin Ratio Rank: 67

AVDV

AVDV Risk / Return Rank: 82
AVDV Sharpe Ratio Rank: 87
AVDV Sortino Ratio Rank: 85
AVDV Omega Ratio Rank: 86
AVDV Calmar Ratio Rank: 76
AVDV Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MAMTX vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock Strategic Municipal Opportunities Fund Of Blackrock Municipal Series Trust (MAMTX) and Avantis International Small Cap Value ETF (AVDV). 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.

	MAMTX	AVDV	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.07	+0.14
Sortino ratio: Return per unit of downside risk	3.45	2.81	+0.64
Omega ratio: Gain probability vs. loss probability	1.52	1.37	+0.15
Calmar ratio: Return relative to maximum drawdown	2.41	2.64	-0.23
Martin ratio: Return relative to average drawdown	8.41	9.60	-1.19

MAMTX vs. AVDV - Sharpe Ratio Comparison

The current MAMTX Sharpe Ratio is 2.21, which is comparable to the AVDV Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of MAMTX and AVDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MAMTX vs. AVDV - Drawdown Comparison

The maximum MAMTX drawdown since its inception was -16.83%, smaller than the maximum AVDV drawdown of -43.01%. Use the drawdown chart below to compare losses from any high point for MAMTX and AVDV.

Drawdown Indicators

	MAMTX	AVDV	Difference
Max Drawdown Largest peak-to-trough decline	-16.83%	-43.01%	+26.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-13.19%	+10.34%
Max Drawdown (3Y) Largest decline over 3 years	-5.71%	-14.17%	+8.46%
Max Drawdown (5Y) Largest decline over 5 years	-16.83%	-28.08%	+11.25%
Max Drawdown (10Y) Largest decline over 10 years	-16.83%	—	—
Current Drawdown Current decline from peak	-2.09%	-3.96%	+1.87%
Average Drawdown Average peak-to-trough decline	-2.05%	-6.71%	+4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	3.63%	-2.81%

Volatility

MAMTX vs. AVDV - Volatility Comparison

The current volatility for Blackrock Strategic Municipal Opportunities Fund Of Blackrock Municipal Series Trust (MAMTX) is 0.91%, while Avantis International Small Cap Value ETF (AVDV) has a volatility of 5.49%. This indicates that MAMTX experiences smaller price fluctuations and is considered to be less risky than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAMTX	AVDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	5.49%	-4.58%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	14.73%	-12.29%
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	16.82%	-13.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.79%	17.43%	-12.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	19.72%	-14.87%

MAMTX vs. AVDV - Expense Ratio Comparison

MAMTX has a 0.55% expense ratio, which is higher than AVDV's 0.36% expense ratio.

Dividends

MAMTX vs. AVDV - Dividend Comparison

MAMTX's dividend yield for the trailing twelve months is around 3.64%, more than AVDV's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDV Avantis International Small Cap Value ETF	2.80%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
MAMTX Blackrock Strategic Municipal Opportunities Fund Of Blackrock Municipal Series Trust	3.64%	5.00%	4.23%	2.70%	1.96%	2.00%	2.39%	2.83%	4.74%	2.89%	3.91%	2.84%

Frequently Asked Questions

Can I hold both MAMTX and AVDV in my portfolio?

MAMTX and AVDV have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAMTX or AVDV?

AVDV has higher volatility (5.49%) compared to MAMTX (0.91%). In terms of maximum drawdown, MAMTX dropped -16.83% vs AVDV's -43.01%.

Which has better risk-adjusted returns?

MAMTX currently has the higher Sharpe Ratio (2.21 vs 2.07), 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.