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VEE.TO vs. AVES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEE.TO vs. AVES

Last updated Jun 13, 2026

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and AVES (Avantis Emerging Markets Value ETF) are both Emerging Markets Equities funds. VEE.TO is passively managed, while AVES is actively managed. Over the past 3 years, VEE.TO returned 17.76%/yr vs 20.98%/yr for AVES. A 0.75 correlation means they provide meaningful diversification when combined. VEE.TO charges 0.25%/yr vs 0.36%/yr for AVES.

Performance

VEE.TO vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) and Avantis Emerging Markets Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VEE.TO is traded in CAD, while AVES is traded in USD. To make them comparable, the AVES values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VEE.TO achieves a 12.66% return, which is significantly lower than AVES's 17.85% return.

VEE.TO

1D
0.97%
1M
1.13%
YTD
12.66%
6M
13.92%
1Y
29.56%
3Y*
17.76%
5Y*
7.31%
10Y*
9.34%

AVES

1D
0.50%
1M
2.08%
YTD
17.85%
6M
19.89%
1Y
35.15%
3Y*
20.98%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEE.TO vs. AVES - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		12.66%19.32%19.06%6.24%-12.79%-0.47%
AVES
Avantis Emerging Markets Value ETF		17.85%24.54%13.35%14.01%-10.72%0.88%

Correlation

The correlation between VEE.TO and AVES is 0.75, 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

0.75

Correlation (3Y)
Calculated over the trailing 3-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2021

0.75

The correlation between VEE.TO and AVES has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

VEE.TO vs. AVES - Sectors Allocation Comparison

Sectors
VEE.TO
AVES

Technology

26.3%
21.4%

Financial Services

20.5%
25.3%

Consumer Cyclical

11.2%
9.6%

Basic Materials

8.4%
9.8%

Industrials

7.9%
13.3%

Communication Services

7.8%
5.3%

Energy

4.7%
4.0%

Healthcare

4.1%
2.1%

Consumer Defensive

3.9%
3.2%

Utilities

3.0%
1.7%

Real Estate

2.3%
2.4%

Technology

VEE.TO
26.3%
AVES
21.4%

Financial Services

VEE.TO
20.5%
AVES
25.3%

Consumer Cyclical

VEE.TO
11.2%
AVES
9.6%

Basic Materials

VEE.TO
8.4%
AVES
9.8%

Industrials

VEE.TO
7.9%
AVES
13.3%

Communication Services

VEE.TO
7.8%
AVES
5.3%

Energy

VEE.TO
4.7%
AVES
4.0%

Healthcare

VEE.TO
4.1%
AVES
2.1%

Consumer Defensive

VEE.TO
3.9%
AVES
3.2%

Utilities

VEE.TO
3.0%
AVES
1.7%

Real Estate

VEE.TO
2.3%
AVES
2.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Emerging Markets All Cap Index ETF

Avantis Emerging Markets Value ETF

Often compared with VEE.TO:
VEE.TO vs. XEC.TOVEE.TO vs. ZEM.TOVEE.TO vs. VFV.TOVEE.TO vs. XEQT.TOVEE.TO vs. VIDY.TOVEE.TO vs. VOOVEE.TO vs. VXUS
Often compared with AVES:
AVES vs. AVEMAVES vs. AVEEAVES vs. VWOAVES vs. DFEVAVES vs. DGSAVES vs. FNDEAVES vs. DFEVX

Return for Risk

VEE.TO vs. AVES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEE.TO
VEE.TO Risk / Return Rank: 5959
Overall Rank
VEE.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
VEE.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
VEE.TO Omega Ratio Rank: 6262
Omega Ratio Rank
VEE.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
VEE.TO Martin Ratio Rank: 5959
Martin Ratio Rank
AVES
AVES Risk / Return Rank: 5454
Overall Rank
AVES Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
AVES Sortino Ratio Rank: 5252
Sortino Ratio Rank
AVES Omega Ratio Rank: 5858
Omega Ratio Rank
AVES Calmar Ratio Rank: 5353
Calmar Ratio Rank
AVES Martin Ratio Rank: 5555
Martin Ratio Rank
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.

VEE.TO vs. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) and Avantis Emerging Markets Value ETF (AVES). 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.

VEE.TOAVESDifference
Sharpe ratioReturn per unit of total volatility
1.72
1.77

-0.05

Sortino ratioReturn per unit of downside risk
2.41
2.41

0.00

Omega ratioGain probability vs. loss probability

1.33

1.33

-0.01

Calmar ratioReturn relative to maximum drawdown

2.56

2.80

-0.24

Martin ratioReturn relative to average drawdown

9.14

9.56

-0.42

VEE.TO vs. AVES - Sharpe Ratio Comparison

The current VEE.TO Sharpe Ratio is 1.72, which is comparable to the AVES Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of VEE.TO and AVES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VEE.TO vs. AVES - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, which is greater than AVES's maximum drawdown of -21.75%. Use the drawdown chart below to compare losses from any high point for VEE.TO and AVES.

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Drawdown Indicators

VEE.TOAVESDifference

Max Drawdown

Largest peak-to-trough decline

-29.84%

-21.75%

-8.09%

Max Drawdown (1Y)

Largest decline over 1 year

-10.74%

-11.74%

+1.00%

Max Drawdown (3Y)

Largest decline over 3 years

-14.97%

-14.55%

-0.42%

Max Drawdown (5Y)

Largest decline over 5 years

-26.10%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-29.84%

—

—

Current Drawdown

Current decline from peak

-1.67%

-1.37%

-0.30%

Average Drawdown

Average peak-to-trough decline

-8.72%

-5.28%

-3.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.01%

3.44%

-0.43%

Volatility

VEE.TO vs. AVES - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) is 6.96%, while Avantis Emerging Markets Value ETF (AVES) has a volatility of 8.95%. This indicates that VEE.TO experiences smaller price fluctuations and is considered to be less risky than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEE.TOAVESDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.96%

8.95%

-1.99%

Volatility (6M)

Calculated over the trailing 6-month period

13.66%

16.12%

-2.46%

Volatility (1Y)

Calculated over the trailing 1-year period

15.97%

18.56%

-2.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.42%

18.17%

-2.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.01%

18.17%

-1.16%

VEE.TO vs. AVES - Expense Ratio Comparison

VEE.TO has a 0.25% expense ratio, which is lower than AVES's 0.36% expense ratio.

Dividends

VEE.TO vs. AVES - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.93%, less than AVES's 3.53% yield.

PositionTTM20252024202320222021202020192018201720162015
AVES
Avantis Emerging Markets Value ETF		3.53%3.17%4.09%3.96%3.70%0.62%0.00%0.00%0.00%0.00%0.00%0.00%
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		1.93%2.26%2.45%2.83%3.35%2.18%1.62%2.71%2.24%1.93%2.01%2.53%

Frequently Asked Questions

VEE.TO and AVES have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VEE.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VEE.TO is cheaper with a 0.25% expense ratio, compared with 0.36% for AVES.

They also come from different issuers: Vanguard and Avantis. Their fees differ too: 0.25% for VEE.TO and 0.36% for AVES.

Portfolio Optimizer

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