VEIEX vs. AVES

Last updated Jun 23, 2026

VEIEX (Vanguard Emerging Markets Stock Index Fund Investor Shares) and AVES (Avantis Emerging Markets Value ETF) are both Emerging Markets Equities funds. VEIEX is passively managed, while AVES is actively managed. Over the past 3 years, VEIEX returned 16.54%/yr vs 20.96%/yr for AVES. Their correlation of 0.90 suggests significant overlap in exposure. VEIEX charges 0.29%/yr vs 0.36%/yr for AVES.

Performance

VEIEX vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) and Avantis Emerging Markets Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEIEX achieves a 13.04% return, which is significantly lower than AVES's 17.72% return.

VEIEX

• 1D: 1.49%
• 1M: 3.20%
• YTD: 13.04%
• 6M: 13.71%
• 1Y: 30.72%
• 3Y*: 16.54%
• 5Y*: 5.63%
• 10Y*: 8.75%

AVES

• 1D: -0.38%
• 1M: 3.45%
• YTD: 17.72%
• 6M: 18.29%
• 1Y: 35.91%
• 3Y*: 20.96%
• 5Y*: —
• 10Y*: —

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

VEIEX vs. AVES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	13.04%	24.58%	11.15%	8.66%	-17.91%	0.09%
AVES Avantis Emerging Markets Value ETF	17.72%	30.49%	4.50%	16.79%	-16.04%	0.95%

Correlation

The correlation between VEIEX and AVES 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 (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.90

The correlation between VEIEX and AVES has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

VEIEX vs. AVES — Risk / Return Rank

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

VEIEX

VEIEX Risk / Return Rank: 51
VEIEX Sharpe Ratio Rank: 52
VEIEX Sortino Ratio Rank: 48
VEIEX Omega Ratio Rank: 52
VEIEX Calmar Ratio Rank: 54
VEIEX Martin Ratio Rank: 50

AVES

AVES Risk / Return Rank: 59
AVES Sharpe Ratio Rank: 61
AVES Sortino Ratio Rank: 56
AVES Omega Ratio Rank: 63
AVES Calmar Ratio Rank: 58
AVES Martin Ratio Rank: 59

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.

VEIEX vs. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) 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.

	VEIEX	AVES	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.95	+0.01
Sortino ratio: Return per unit of downside risk	2.70	2.60	+0.10
Omega ratio: Gain probability vs. loss probability	1.36	1.37	-0.01
Calmar ratio: Return relative to maximum drawdown	2.68	2.80	-0.11
Martin ratio: Return relative to average drawdown	9.77	10.12	-0.35

VEIEX vs. AVES - Sharpe Ratio Comparison

The current VEIEX Sharpe Ratio is 1.96, which is comparable to the AVES Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of VEIEX 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.

Drawdowns

VEIEX vs. AVES - Drawdown Comparison

The maximum VEIEX drawdown since its inception was -66.47%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for VEIEX and AVES.

Drawdown Indicators

	VEIEX	AVES	Difference
Max Drawdown Largest peak-to-trough decline	-66.47%	-27.40%	-39.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-12.90%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-18.50%	+2.66%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.30%	—	—
Current Drawdown Current decline from peak	-0.74%	-0.96%	+0.22%
Average Drawdown Average peak-to-trough decline	-17.18%	-7.68%	-9.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.56%	-0.53%

Volatility

VEIEX vs. AVES - Volatility Comparison

The current volatility for Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) is 6.10%, while Avantis Emerging Markets Value ETF (AVES) has a volatility of 8.92%. This indicates that VEIEX 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.

Volatility by Period

	VEIEX	AVES	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	8.92%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	16.21%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	18.53%	-3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.52%	17.25%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	17.25%	-0.75%

VEIEX vs. AVES - Expense Ratio Comparison

VEIEX has a 0.29% expense ratio, which is lower than AVES's 0.36% expense ratio.

Dividends

VEIEX vs. AVES - Dividend Comparison

VEIEX's dividend yield for the trailing twelve months is around 2.12%, less than AVES's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVES Avantis Emerging Markets Value ETF	3.46%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	2.12%	2.59%	2.97%	3.32%	3.87%	2.41%	1.72%	3.07%	2.67%	2.14%	2.33%	3.04%

Frequently Asked Questions

Can I hold both VEIEX and AVES in my portfolio?

VEIEX and AVES 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, VEIEX or AVES?

AVES has higher volatility (8.92%) compared to VEIEX (6.10%). In terms of maximum drawdown, VEIEX dropped -66.47% vs AVES's -27.40%.

Which has better risk-adjusted returns?

VEIEX currently has the higher Sharpe Ratio (1.96 vs 1.95), 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.