SPEM vs. AVDV

Last updated Jun 12, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and AVDV (Avantis International Small Cap Value ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. SPEM is passively managed, while AVDV is actively managed. Over the past 5 years, SPEM returned 5.42%/yr vs 13.43%/yr for AVDV. A 0.74 correlation means they provide meaningful diversification when combined. SPEM charges 0.11%/yr vs 0.36%/yr for AVDV.

Performance

SPEM vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Emerging Markets ETF (SPEM) 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, SPEM achieves a 10.36% return, which is significantly lower than AVDV's 13.98% return.

SPEM

• 1D: 2.36%
• 1M: 0.16%
• YTD: 10.36%
• 6M: 11.13%
• 1Y: 24.73%
• 3Y*: 17.37%
• 5Y*: 5.42%
• 10Y*: 9.52%

AVDV

• 1D: 2.83%
• 1M: -2.33%
• YTD: 13.98%
• 6M: 15.77%
• 1Y: 40.91%
• 3Y*: 26.77%
• 5Y*: 13.43%
• 10Y*: —

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

SPEM vs. AVDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPEM SPDR Portfolio Emerging Markets ETF	10.36%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	10.40%
AVDV Avantis International Small Cap Value ETF	13.98%	49.37%	8.67%	16.85%	-11.47%	15.80%	5.01%	11.78%

Correlation

The correlation between SPEM and AVDV is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.74

The correlation between SPEM and AVDV has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

SPEM vs. AVDV - Sectors Allocation Comparison

Sectors	SPEM	AVDV
Technology	28.2%	6.4%
Financial Services	20.2%	13.7%
Consumer Cyclical	10.4%	14.4%
Industrials	8.5%	21.3%
Basic Materials	8.2%	22.5%
Communication Services	7.2%	2.0%
Energy	4.7%	10.8%
Healthcare	4.0%	2.1%
Consumer Defensive	3.9%	3.4%
Utilities	2.8%	1.7%
Real Estate	1.9%	1.1%

Return for Risk

SPEM vs. AVDV — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 53
SPEM Sharpe Ratio Rank: 52
SPEM Sortino Ratio Rank: 51
SPEM Omega Ratio Rank: 54
SPEM Calmar Ratio Rank: 53
SPEM Martin Ratio Rank: 54

AVDV

AVDV Risk / Return Rank: 83
AVDV Sharpe Ratio Rank: 90
AVDV Sortino Ratio Rank: 88
AVDV Omega Ratio Rank: 88
AVDV Calmar Ratio Rank: 74
AVDV Martin Ratio Rank: 79

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.

SPEM vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) 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.

	SPEM	AVDV	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.53	-1.04
Sortino ratio: Return per unit of downside risk	2.08	3.36	-1.28
Omega ratio: Gain probability vs. loss probability	1.28	1.46	-0.17
Calmar ratio: Return relative to maximum drawdown	2.19	3.12	-0.93
Martin ratio: Return relative to average drawdown	7.82	12.44	-4.61

SPEM vs. AVDV - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.49, which is lower than the AVDV Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of SPEM 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

SPEM vs. AVDV - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than AVDV's maximum drawdown of -43.01%. Use the drawdown chart below to compare losses from any high point for SPEM and AVDV.

Drawdown Indicators

	SPEM	AVDV	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-43.01%	-21.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-13.19%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-14.17%	-3.45%
Max Drawdown (5Y) Largest decline over 5 years	-31.75%	-28.08%	-3.67%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	—	—
Current Drawdown Current decline from peak	-3.24%	-3.10%	-0.14%
Average Drawdown Average peak-to-trough decline	-14.73%	-6.76%	-7.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.30%	-0.13%

Volatility

SPEM vs. AVDV - Volatility Comparison

SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 6.93% compared to Avantis International Small Cap Value ETF (AVDV) at 6.21%. This indicates that SPEM's price experiences larger fluctuations and is considered to be riskier than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEM	AVDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	6.21%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	13.88%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.65%	16.23%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	17.41%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	19.77%	-0.93%

SPEM vs. AVDV - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is lower than AVDV's 0.36% expense ratio.

Dividends

SPEM vs. AVDV - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.51%, less than AVDV's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDV Avantis International Small Cap Value ETF	4.14%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
SPEM SPDR Portfolio Emerging Markets ETF	2.51%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both SPEM and AVDV in my portfolio?

SPEM and AVDV have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEM or AVDV?

SPEM has higher volatility (6.93%) compared to AVDV (6.21%). In terms of maximum drawdown, SPEM dropped -64.41% vs AVDV's -43.01%.

Which ETF is better, SPEM or AVDV?

On 5-year performance, AVDV leads with 13.43% vs 5.42% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, AVDV has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEM or AVDV?

Over the 5-year period, AVDV has performed better with a 13.43% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEM or AVDV?

SPEM is cheaper with a 0.11% expense ratio, compared with 0.36% for AVDV.

Which ETF pays a higher dividend yield, SPEM or AVDV?

AVDV has the higher dividend yield at 4.14%, compared with 2.51% for SPEM.

What is the main difference between SPEM and AVDV?

SPEM is categorized as Emerging Markets Equities, while AVDV is Foreign Small & Mid Cap Equities. They also come from different issuers: State Street and Avantis. Their fees differ too: 0.11% for SPEM and 0.36% for AVDV.

Which has better risk-adjusted returns?

AVDV currently has the higher Sharpe Ratio (2.53 vs 1.49), 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.