UB32.L vs. AVEM

Last updated Apr 2, 2026

Compare and contrast key facts about UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) and Avantis Emerging Markets Equity ETF (AVEM).

UB32.L and AVEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UB32.L is a passively managed fund by UBS that tracks the performance of the MSCI EM NR USD. It was launched on Nov 12, 2010. AVEM is a passively managed fund by American Century that tracks the performance of the MSCI Emerging Markets Index. It was launched on Sep 17, 2019. Both UB32.L and AVEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UB32.L vs. AVEM - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) and Avantis Emerging Markets Equity ETF (AVEM). The values are adjusted to include any dividend payments, if applicable.

UB32.L vs. AVEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UB32.L UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis	6.23%	26.36%	8.34%	3.61%	-10.46%	-1.87%	13.90%	3.93%
AVEM Avantis Emerging Markets Equity ETF	7.35%	24.90%	9.37%	9.54%	-8.42%	6.16%	11.03%	4.98%

Different Trading Currencies

UB32.L is traded in GBp, while AVEM is traded in USD. To make them comparable, the AVEM values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, UB32.L achieves a 6.23% return, which is significantly lower than AVEM's 7.35% return.

UB32.L

• 1D: 3.14%
• 1M: -5.27%
• YTD: 6.23%
• 6M: 10.84%
• 1Y: 33.29%
• 3Y*: 13.94%
• 5Y*: 5.18%
• 10Y*: 9.04%

AVEM

• 1D: 0.64%
• 1M: -5.84%
• YTD: 7.35%
• 6M: 10.83%
• 1Y: 34.30%
• 3Y*: 16.04%
• 5Y*: 8.07%
• 10Y*: —

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

UB32.L vs. AVEM - Expense Ratio Comparison

UB32.L has a 0.23% expense ratio, which is lower than AVEM's 0.33% expense ratio.

AVEM

Avantis Emerging Markets Equity ETF

UB32.L

UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis

Return for Risk

UB32.L vs. AVEM — Risk / Return Rank

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

UB32.L

UB32.L Risk / Return Rank: 87
UB32.L Sharpe Ratio Rank: 91
UB32.L Sortino Ratio Rank: 90
UB32.L Omega Ratio Rank: 90
UB32.L Calmar Ratio Rank: 83
UB32.L Martin Ratio Rank: 79

AVEM

AVEM Risk / Return Rank: 88
AVEM Sharpe Ratio Rank: 88
AVEM Sortino Ratio Rank: 88
AVEM Omega Ratio Rank: 88
AVEM Calmar Ratio Rank: 89
AVEM Martin Ratio Rank: 88

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.

UB32.L vs. AVEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) and Avantis Emerging Markets Equity ETF (AVEM). 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.

	UB32.L	AVEM	Difference
Sharpe ratio Return per unit of total volatility	2.13	1.88	+0.25
Sortino ratio Return per unit of downside risk	2.70	2.53	+0.17
Omega ratio Gain probability vs. loss probability	1.40	1.37	+0.03
Calmar ratio Return relative to maximum drawdown	2.74	3.09	-0.36
Martin ratio Return relative to average drawdown	9.58	11.06	-1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UB32.L vs. AVEM - Sharpe Ratio Comparison

The current UB32.L Sharpe Ratio is 2.13, which is comparable to the AVEM Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of UB32.L and AVEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UB32.L	AVEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.88	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.52	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.52	-0.09

Correlation

The correlation between UB32.L and AVEM is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

UB32.L vs. AVEM - Dividend Comparison

UB32.L's dividend yield for the trailing twelve months is around 2.01%, less than AVEM's 2.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UB32.L UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis	2.01%	2.25%	2.16%	2.64%	2.74%	1.71%	1.75%	2.29%	1.98%	1.65%	2.36%	2.69%
AVEM Avantis Emerging Markets Equity ETF	2.39%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%	0.00%	0.00%	0.00%	0.00%

Drawdowns

UB32.L vs. AVEM - Drawdown Comparison

The maximum UB32.L drawdown since its inception was -30.25%, roughly equal to the maximum AVEM drawdown of -28.91%. Use the drawdown chart below to compare losses from any high point for UB32.L and AVEM.

Drawdown Indicators

	UB32.L	AVEM	Difference
Max Drawdown Largest peak-to-trough decline	-30.25%	-36.05%	+5.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-13.13%	+2.45%
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	-34.00%	+10.13%
Max Drawdown (10Y) Largest decline over 10 years	-27.71%	—	—
Current Drawdown Current decline from peak	-7.37%	-9.22%	+1.85%
Average Drawdown Average peak-to-trough decline	-10.05%	-10.30%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.39%	+0.08%

Volatility

UB32.L vs. AVEM - Volatility Comparison

The current volatility for UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-dis (UB32.L) is 7.30%, while Avantis Emerging Markets Equity ETF (AVEM) has a volatility of 8.04%. This indicates that UB32.L experiences smaller price fluctuations and is considered to be less risky than AVEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UB32.L	AVEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	8.04%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	13.50%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	16.41%	18.32%	-1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	15.64%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	18.59%	-0.23%