VMO vs. AVES
VMO (Invesco Municipal Opportunity Trust) is a stock, while AVES (Avantis Emerging Markets Value ETF) is Emerging Markets Equities fund actively managed by Avantis. Over the past 3 years, VMO returned 8.21%/yr vs 19.19%/yr for AVES. At a 0.26 correlation, their price movements are largely independent.
Performance
VMO vs. AVES - Performance Comparison
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Returns By Period
In the year-to-date period, VMO achieves a 5.19% return, which is significantly lower than AVES's 15.51% return.
VMO
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 5.19%
- 6M
- 5.33%
- 1Y
- 16.40%
- 3Y*
- 8.21%
- 5Y*
- -0.67%
- 10Y*
- 1.72%
AVES
- 1D
- 0.32%
- 1M
- 0.12%
- YTD
- 15.51%
- 6M
- 18.20%
- 1Y
- 31.51%
- 3Y*
- 19.19%
- 5Y*
- —
- 10Y*
- —
VMO vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VMO Invesco Municipal Opportunity Trust | 5.19% | 6.57% | 7.73% | 1.54% | -24.29% | 1.68% |
AVES Avantis Emerging Markets Value ETF | 15.51% | 30.49% | 4.50% | 16.79% | -16.04% | 0.95% |
Correlation
The correlation between VMO and AVES is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.26 |
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Return for Risk
VMO vs. AVES — Risk / Return Rank
VMO
AVES
VMO vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Opportunity Trust (VMO) 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.
| VMO | AVES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.32 | +0.08 |
| Martin ratioReturn relative to average drawdown | 9.21 | 8.40 | +0.81 |
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Drawdowns
VMO vs. AVES - Drawdown Comparison
The maximum VMO drawdown since its inception was -50.11%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for VMO and AVES.
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Drawdown Indicators
| VMO | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.11% | -27.40% | -22.71% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -12.90% | +6.31% |
Max Drawdown (3Y)Largest decline over 3 years | -16.51% | -18.50% | +1.99% |
Max Drawdown (5Y)Largest decline over 5 years | -37.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.70% | — | — |
Current DrawdownCurrent decline from peak | -7.55% | -2.45% | -5.10% |
Average DrawdownAverage peak-to-trough decline | -9.87% | -7.70% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 3.56% | -1.84% |
Volatility
VMO vs. AVES - Volatility Comparison
The current volatility for Invesco Municipal Opportunity Trust (VMO) is 3.28%, while Avantis Emerging Markets Value ETF (AVES) has a volatility of 8.89%. This indicates that VMO 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
| VMO | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 8.89% | -5.61% |
Volatility (6M)Calculated over the trailing 6-month period | 6.72% | 15.88% | -9.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 18.34% | -9.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.52% | 17.20% | -5.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.67% | 17.20% | -4.53% |
Dividends
VMO vs. AVES - Dividend Comparison
VMO's dividend yield for the trailing twelve months is around 7.69%, more than AVES's 3.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VMO Invesco Municipal Opportunity Trust | 7.69% | 7.84% | 6.44% | 4.47% | 5.69% | 4.64% | 4.66% | 4.94% | 5.95% | 5.98% | 6.73% | 6.33% |
Frequently Asked Questions
VMO and AVES have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVES has higher volatility (8.89%) compared to VMO (3.28%). In terms of maximum drawdown, VMO dropped -50.11% vs AVES's -27.40%.
VMO currently has the higher Sharpe Ratio (1.79 vs 1.64), 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.
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