VMMSX vs. AVEM

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Emerging Markets Select Stock Fund (VMMSX) and Avantis Emerging Markets Equity ETF (AVEM).

VMMSX is managed by Vanguard. It was launched on Jun 27, 2011. 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.

Performance

VMMSX vs. AVEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Select Stock Fund (VMMSX) and Avantis Emerging Markets Equity ETF (AVEM). The values are adjusted to include any dividend payments, if applicable.

VMMSX vs. AVEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VMMSX Vanguard Emerging Markets Select Stock Fund	0.57%	35.68%	5.91%	10.58%	-18.15%	-1.40%	15.79%	10.71%
AVEM Avantis Emerging Markets Equity ETF	4.70%	34.48%	7.49%	15.30%	-18.15%	5.16%	14.39%	11.13%

Returns By Period

In the year-to-date period, VMMSX achieves a 0.57% return, which is significantly lower than AVEM's 4.70% return.

VMMSX

• 1D: -1.12%
• 1M: -12.19%
• YTD: 0.57%
• 6M: 5.25%
• 1Y: 29.49%
• 3Y*: 14.96%
• 5Y*: 4.13%
• 10Y*: 8.74%

AVEM

• 1D: 3.60%
• 1M: -9.09%
• YTD: 4.70%
• 6M: 9.02%
• 1Y: 37.57%
• 3Y*: 18.51%
• 5Y*: 6.97%
• 10Y*: —

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

VMMSX vs. AVEM - Expense Ratio Comparison

VMMSX has a 0.84% expense ratio, which is higher than AVEM's 0.33% expense ratio.

VMMSX

Vanguard Emerging Markets Select Stock Fund

AVEM

Avantis Emerging Markets Equity ETF

Return for Risk

VMMSX vs. AVEM — Risk / Return Rank

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

VMMSX

VMMSX Risk / Return Rank: 83
VMMSX Sharpe Ratio Rank: 85
VMMSX Sortino Ratio Rank: 84
VMMSX Omega Ratio Rank: 82
VMMSX Calmar Ratio Rank: 82
VMMSX Martin Ratio Rank: 81

AVEM

AVEM Risk / Return Rank: 90
AVEM Sharpe Ratio Rank: 90
AVEM Sortino Ratio Rank: 90
AVEM Omega Ratio Rank: 90
AVEM Calmar Ratio Rank: 90
AVEM Martin Ratio Rank: 90

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.

VMMSX vs. AVEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Select Stock Fund (VMMSX) 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.

	VMMSX	AVEM	Difference
Sharpe ratio Return per unit of total volatility	1.64	1.89	-0.25
Sortino ratio Return per unit of downside risk	2.16	2.48	-0.33
Omega ratio Gain probability vs. loss probability	1.32	1.37	-0.04
Calmar ratio Return relative to maximum drawdown	1.97	2.82	-0.85
Martin ratio Return relative to average drawdown	7.99	11.10	-3.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMMSX vs. AVEM - Sharpe Ratio Comparison

The current VMMSX Sharpe Ratio is 1.64, which is comparable to the AVEM Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of VMMSX 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

	VMMSX	AVEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.89	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.39	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.51	-0.25

Correlation

The correlation between VMMSX and AVEM is 0.95, 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

VMMSX vs. AVEM - Dividend Comparison

VMMSX's dividend yield for the trailing twelve months is around 2.30%, less than AVEM's 2.41% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMMSX Vanguard Emerging Markets Select Stock Fund	2.30%	2.32%	3.33%	3.05%	3.71%	6.80%	1.04%	2.04%	2.53%	1.54%	1.44%	1.87%
AVEM Avantis Emerging Markets Equity ETF	2.41%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%	0.00%	0.00%	0.00%	0.00%

Drawdowns

VMMSX vs. AVEM - Drawdown Comparison

The maximum VMMSX drawdown since its inception was -39.28%, which is greater than AVEM's maximum drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for VMMSX and AVEM.

Drawdown Indicators

	VMMSX	AVEM	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-36.05%	-3.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.46%	-13.13%	-0.33%
Max Drawdown (5Y) Largest decline over 5 years	-37.39%	-34.00%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	-38.82%	—	—
Current Drawdown Current decline from peak	-13.46%	-10.00%	-3.46%
Average Drawdown Average peak-to-trough decline	-13.53%	-10.30%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.34%	-0.02%

Volatility

VMMSX vs. AVEM - Volatility Comparison

The current volatility for Vanguard Emerging Markets Select Stock Fund (VMMSX) is 8.14%, while Avantis Emerging Markets Equity ETF (AVEM) has a volatility of 10.36%. This indicates that VMMSX 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

	VMMSX	AVEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.14%	10.36%	-2.22%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	14.72%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	20.03%	-2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	17.87%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	20.37%	-2.10%