XSOE vs. AVES
XSOE (WisdomTree Emerging Markets ex-State-Owned Enterprises Fund) and AVES (Avantis Emerging Markets Value ETF) are both Emerging Markets Equities funds. XSOE is passively managed, while AVES is actively managed. Over the past 3 years, XSOE returned 22.11%/yr vs 19.21%/yr for AVES. Their correlation of 0.91 suggests significant overlap in exposure. XSOE charges 0.32%/yr vs 0.36%/yr for AVES.
Performance
XSOE vs. AVES - Performance Comparison
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Returns By Period
In the year-to-date period, XSOE achieves a 23.47% return, which is significantly higher than AVES's 12.71% return.
XSOE
- 1D
- -5.74%
- 1M
- 2.49%
- YTD
- 23.47%
- 6M
- 24.31%
- 1Y
- 46.15%
- 3Y*
- 22.11%
- 5Y*
- 4.49%
- 10Y*
- 10.33%
AVES
- 1D
- -4.26%
- 1M
- -0.95%
- YTD
- 12.71%
- 6M
- 12.82%
- 1Y
- 29.26%
- 3Y*
- 19.21%
- 5Y*
- —
- 10Y*
- —
XSOE vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 23.47% | 30.05% | 7.02% | 10.28% | -25.83% | -0.38% |
AVES Avantis Emerging Markets Value ETF | 12.71% | 30.49% | 4.50% | 16.79% | -16.04% | 0.95% |
Correlation
The correlation between XSOE and AVES is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.91 |
The correlation between XSOE and AVES has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
XSOE vs. AVES — Risk / Return Rank
XSOE
AVES
XSOE vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) 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.
| XSOE | AVES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.30 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 2.28 | +1.21 |
| Martin ratioReturn relative to average drawdown | 12.67 | 8.21 | +4.46 |
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Drawdowns
XSOE vs. AVES - Drawdown Comparison
The maximum XSOE drawdown since its inception was -45.23%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for XSOE and AVES.
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Drawdown Indicators
| XSOE | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.23% | -27.40% | -17.83% |
Max Drawdown (1Y)Largest decline over 1 year | -13.31% | -12.90% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -19.96% | -18.50% | -1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -42.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.23% | — | — |
Current DrawdownCurrent decline from peak | -5.74% | -5.18% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -17.22% | -7.67% | -9.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 3.57% | +0.08% |
Volatility
XSOE vs. AVES - Volatility Comparison
WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) has a higher volatility of 12.60% compared to Avantis Emerging Markets Value ETF (AVES) at 9.99%. This indicates that XSOE's price experiences larger fluctuations and is considered to be riskier 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
| XSOE | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.60% | 9.99% | +2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 20.57% | 16.81% | +3.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.57% | 19.01% | +3.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.04% | 17.36% | +2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.89% | 17.36% | +3.53% |
XSOE vs. AVES - Expense Ratio Comparison
XSOE has a 0.32% expense ratio, which is lower than AVES's 0.36% expense ratio.
Dividends
XSOE vs. AVES - Dividend Comparison
XSOE's dividend yield for the trailing twelve months is around 1.32%, less than AVES's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVES Avantis Emerging Markets Value ETF | 3.62% | 3.17% | 4.09% | 3.96% | 3.70% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 1.32% | 1.50% | 1.44% | 1.78% | 2.53% | 1.36% | 1.02% | 2.01% | 1.56% | 0.65% | 1.43% | 3.93% |
Frequently Asked Questions
XSOE and AVES have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XSOE has higher volatility (12.60%) compared to AVES (9.99%). In terms of maximum drawdown, XSOE dropped -45.23% vs AVES's -27.40%.
On 3-year performance, XSOE leads with 22.11% vs 19.21% for AVES. On fees, XSOE is cheaper at 0.32% per year. On volatility, AVES has been the lower-risk option at 9.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XSOE has performed better with a 22.11% return vs 19.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSOE is cheaper with a 0.32% expense ratio, compared with 0.36% for AVES.
AVES has the higher dividend yield at 3.62%, compared with 1.32% for XSOE.
They also come from different issuers: WisdomTree and Avantis. Their fees differ too: 0.32% for XSOE and 0.36% for AVES.
XSOE currently has the higher Sharpe Ratio (2.06 vs 1.55), 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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