MEMX vs. AVEE

Last updated Jun 24, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and AVEE (Avantis Emerging Markets Small Cap Equity ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past year, MEMX returned 62.81% vs 21.47% for AVEE. A 0.78 correlation means they provide meaningful diversification when combined. MEMX charges 0.79%/yr vs 0.42%/yr for AVEE.

Performance

MEMX vs. AVEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Ex China Active ETF (MEMX) and Avantis Emerging Markets Small Cap Equity ETF (AVEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMX achieves a 29.86% return, which is significantly higher than AVEE's 11.09% return.

MEMX

• 1D: -5.58%
• 1M: 3.50%
• YTD: 29.86%
• 6M: 31.95%
• 1Y: 62.81%
• 3Y*: 25.58%
• 5Y*: —
• 10Y*: —

AVEE

• 1D: -3.91%
• 1M: -1.72%
• YTD: 11.09%
• 6M: 10.95%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MEMX vs. AVEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	29.86%	35.88%	5.50%	10.13%
AVEE Avantis Emerging Markets Small Cap Equity ETF	11.09%	19.80%	2.91%	6.15%

Correlation

The correlation between MEMX and AVEE is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	0.78

The correlation between MEMX and AVEE has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

MEMX vs. AVEE — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 83
MEMX Sharpe Ratio Rank: 85
MEMX Sortino Ratio Rank: 77
MEMX Omega Ratio Rank: 84
MEMX Calmar Ratio Rank: 85
MEMX Martin Ratio Rank: 85

AVEE

AVEE Risk / Return Rank: 37
AVEE Sharpe Ratio Rank: 34
AVEE Sortino Ratio Rank: 33
AVEE Omega Ratio Rank: 35
AVEE Calmar Ratio Rank: 42
AVEE Martin Ratio Rank: 41

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.

MEMX vs. AVEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) and Avantis Emerging Markets Small Cap Equity ETF (AVEE). 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.

	MEMX	AVEE	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.18	+1.39
Sortino ratio: Return per unit of downside risk	3.17	1.66	+1.51
Omega ratio: Gain probability vs. loss probability	1.47	1.23	+0.24
Calmar ratio: Return relative to maximum drawdown	4.30	2.03	+2.27
Martin ratio: Return relative to average drawdown	16.40	6.29	+10.11

MEMX vs. AVEE - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 2.57, which is higher than the AVEE Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of MEMX and AVEE, 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

MEMX vs. AVEE - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, roughly equal to the maximum AVEE drawdown of -20.21%. Use the drawdown chart below to compare losses from any high point for MEMX and AVEE.

Drawdown Indicators

	MEMX	AVEE	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-20.21%	+0.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-10.65%	-4.05%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	—	—
Current Drawdown Current decline from peak	-5.58%	-4.90%	-0.68%
Average Drawdown Average peak-to-trough decline	-3.49%	-3.67%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	3.42%	+0.42%

Volatility

MEMX vs. AVEE - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) has a higher volatility of 13.33% compared to Avantis Emerging Markets Small Cap Equity ETF (AVEE) at 9.24%. This indicates that MEMX's price experiences larger fluctuations and is considered to be riskier than AVEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMX	AVEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.33%	9.24%	+4.09%
Volatility (6M) Calculated over the trailing 6-month period	22.43%	16.10%	+6.33%
Volatility (1Y) Calculated over the trailing 1-year period	24.53%	18.30%	+6.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.15%	17.21%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	17.21%	+0.94%

MEMX vs. AVEE - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than AVEE's 0.42% expense ratio.

Dividends

MEMX vs. AVEE - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.76%, more than AVEE's 2.77% yield.

Position	TTM	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.77%	2.25%	3.26%	0.39%
MEMX Matthews Emerging Markets Ex China Active ETF	3.76%	4.88%	0.99%	1.13%

Frequently Asked Questions

Can I hold both MEMX and AVEE in my portfolio?

MEMX and AVEE have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMX or AVEE?

MEMX has higher volatility (13.33%) compared to AVEE (9.24%). In terms of maximum drawdown, MEMX dropped -19.27% vs AVEE's -20.21%.

Which ETF is better, MEMX or AVEE?

On 1-year performance, MEMX leads with 62.81% vs 21.47% for AVEE. On fees, AVEE is cheaper at 0.42% per year. On volatility, AVEE has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMX or AVEE?

Over the 1-year period, MEMX has performed better with a 62.81% return vs 21.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or AVEE?

AVEE is cheaper with a 0.42% expense ratio, compared with 0.79% for MEMX.

Which ETF pays a higher dividend yield, MEMX or AVEE?

MEMX has the higher dividend yield at 3.76%, compared with 2.77% for AVEE.

What is the main difference between MEMX and AVEE?

They also come from different issuers: Matthews and Avantis. Their fees differ too: 0.79% for MEMX and 0.42% for AVEE.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (2.57 vs 1.18), 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.