VSS vs. AVDV

Last updated Aug 2, 2026

VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) and AVDV (Avantis International Small Cap Value ETF) are both Foreign Small & Mid Cap Equities funds. VSS is passively managed, while AVDV is actively managed. Over the past 5 years, VSS returned 4.94%/yr vs 13.72%/yr for AVDV. Their correlation of 0.93 means they have usually moved in the same direction. VSS charges 0.07%/yr vs 0.36%/yr for AVDV.

Performance

VSS vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) and Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSS achieves a 5.59% return, which is significantly lower than AVDV's 12.96% return.

VSS

• 1D: -0.16%
• 1M: -2.96%
• 6M: -0.76%
• YTD: 5.59%
• 1Y: 16.61%
• 3Y*: 13.20%
• 5Y*: 4.94%
• 10Y*: 7.53%
• ALL TIME*: 9.62%

AVDV

• 1D: -0.48%
• 1M: 0.21%
• 6M: 4.97%
• YTD: 12.96%
• 1Y: 34.21%
• 3Y*: 24.60%
• 5Y*: 13.72%
• 10Y*: —
• ALL TIME*: 14.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVDV Avantis International Small Cap Value ETF	$74.82M	$104.24M	$85.42M
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	$26.20M	$30.06M	$40.76M

VSS vs. AVDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	5.59%	29.61%	2.94%	15.52%	-21.48%	13.05%	11.81%	10.65%
AVDV Avantis International Small Cap Value ETF	12.96%	49.37%	8.67%	16.85%	-11.47%	15.80%	5.01%	11.78%

Correlation

The correlation between VSS and AVDV is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.93

The correlation between VSS and AVDV has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

VSS vs. AVDV - Sectors Allocation Comparison

Sectors	VSS	AVDV
Industrials	20.5%	22.7%
Technology	15.7%	7.6%
Basic Materials	12.9%	20.3%
Financial Services	12.3%	13.6%
Consumer Cyclical	9.0%	15.9%
Real Estate	7.9%	1.2%
Healthcare	6.1%	2.4%
Energy	4.6%	9.1%
Consumer Defensive	3.5%	3.7%
Utilities	2.5%	1.5%
Communication Services	2.1%	2.2%

Return for Risk

VSS vs. AVDV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VSS

VSS Risk / Return Rank: 41
VSS Sharpe Ratio Rank: 41
VSS Sortino Ratio Rank: 40
VSS Omega Ratio Rank: 41
VSS Calmar Ratio Rank: 41
VSS Martin Ratio Rank: 42

AVDV

AVDV Risk / Return Rank: 82
AVDV Sharpe Ratio Rank: 87
AVDV Sortino Ratio Rank: 85
AVDV Omega Ratio Rank: 86
AVDV Calmar Ratio Rank: 76
AVDV Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VSS vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) and Avantis International Small Cap Value ETF (AVDV). 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.

	VSS	AVDV	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.07	-1.05
Sortino ratio: Return per unit of downside risk	1.47	2.81	-1.34
Omega ratio: Gain probability vs. loss probability	1.19	1.37	-0.18
Calmar ratio: Return relative to maximum drawdown	1.43	2.64	-1.21
Martin ratio: Return relative to average drawdown	4.54	9.60	-5.05

VSS vs. AVDV - Sharpe Ratio Comparison

The current VSS Sharpe Ratio is 1.02, which is lower than the AVDV Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of VSS and AVDV, 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

VSS vs. AVDV - Drawdown Comparison

The maximum VSS drawdown since its inception was -43.51%, roughly equal to the maximum AVDV drawdown of -43.01%. Use the drawdown chart below to compare losses from any high point for VSS and AVDV.

Drawdown Indicators

	VSS	AVDV	Difference
Max Drawdown Largest peak-to-trough decline	-43.51%	-43.01%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-13.19%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	-15.73%	-14.17%	-1.56%
Max Drawdown (5Y) Largest decline over 5 years	-33.93%	-28.08%	-5.85%
Max Drawdown (10Y) Largest decline over 10 years	-43.51%	—	—
Current Drawdown Current decline from peak	-6.97%	-3.96%	-3.01%
Average Drawdown Average peak-to-trough decline	-9.60%	-6.71%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	3.63%	+0.02%

Volatility

VSS vs. AVDV - Volatility Comparison

The current volatility for Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) is 5.10%, while Avantis International Small Cap Value ETF (AVDV) has a volatility of 5.49%. This indicates that VSS experiences smaller price fluctuations and is considered to be less risky than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSS	AVDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	5.49%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	14.40%	14.73%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.22%	16.82%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	17.43%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	19.72%	-2.58%

VSS vs. AVDV - Expense Ratio Comparison

VSS has a 0.07% expense ratio, which is lower than AVDV's 0.36% expense ratio.

Dividends

VSS vs. AVDV - Dividend Comparison

VSS's dividend yield for the trailing twelve months is around 3.31%, more than AVDV's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDV Avantis International Small Cap Value ETF	2.80%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	3.31%	3.39%	3.44%	3.14%	2.30%	2.74%	1.90%	3.25%	2.80%	2.83%	2.93%	2.66%

Frequently Asked Questions

Can I hold both VSS and AVDV in my portfolio?

With a correlation of 0.91, VSS and AVDV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VSS or AVDV?

AVDV has higher volatility (5.49%) compared to VSS (5.10%). In terms of maximum drawdown, VSS dropped -43.51% vs AVDV's -43.01%.

Which ETF is better, VSS or AVDV?

On 5-year performance, AVDV leads with 13.72% vs 4.94% for VSS. On fees, VSS is cheaper at 0.07% per year. On volatility, VSS has been the lower-risk option at 5.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VSS or AVDV?

Over the 5-year period, AVDV has performed better with a 13.72% return vs 4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VSS or AVDV?

VSS is cheaper with a 0.07% expense ratio, compared with 0.36% for AVDV.

Which ETF pays a higher dividend yield, VSS or AVDV?

VSS has the higher dividend yield at 3.31%, compared with 2.80% for AVDV.

What is the main difference between VSS and AVDV?

They also come from different issuers: Vanguard and Avantis. Their fees differ too: 0.07% for VSS and 0.36% for AVDV.

Which has better risk-adjusted returns?

AVDV currently has the higher Sharpe Ratio (2.07 vs 1.02), 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.