AVES vs SPY
Avantis Emerging Markets Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, AVES or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. AVES led over 1Y, SPY over 3Y, 5Y and the full window. AVES is less concentrated, with 10.9% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | AVES | SPY |
|---|---|---|
| Expense Ratio | 0.36% | 0.09%Best |
| AUM | $1.5B | $814.4B |
| Dividend Yield | 2.60% | 1.01% |
| Holdings | 1,887 | 505 |
| YTD Return | +15.56%Best | +13.34% |
| 1Y Return | +25.74%Best | +19.97% |
| 3Y Return (annualized) | +19.62% | +21.20%Best |
| 5Y Return (annualized) | +9.85% | +12.81%Best |
| Volatility (annualized) | 16.4% | 15.7%Best |
| Max Drawdown | -27.4% | -24.5%Best |
| $10,000 over 5 years | $15,996 | $18,270Best |
| Top 10 Weight | 10.9%Best | 38.0% |
| Fund Family | Avantis Investors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Sep 29, 2021 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 30, 2021 to Sep 4, 2026 (4.9 years).
AVES vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4.9 years both funds cover.
AVES vs SPY Performance
Avantis Emerging Markets Value ETF (AVES) is an ETF from Avantis Investors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year AVES returned +25.74% while SPY returned +19.97%. Year to date, AVES is up 15.56% versus a gain of 13.34% for SPY.
Over three years, AVES compounded at +19.62% per year against +21.20% for SPY; over five years the annualized figures are +9.85% and +12.81% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AVES has been the more volatile fund, with annualized monthly volatility of 16.4% compared with 15.7% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -27.4% for AVES and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.67. They move together some of the time, and apart the rest.
Fees and Cost Over Time
AVES charges 0.36% per year while SPY charges 0.09%. On a $10,000 position that is $36 vs $9 annually, a gap of $27 per year that compounds over a long holding period. On income, AVES currently yields 2.60% against 1.01% for SPY.
Holdings Overlap
0.1% of SPY's money is in holdings AVES also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 1,192 positions we hold weights for in AVES and 504 in SPY, against full books of 1,887 and 505.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for AVES (99.3% of the fund), and 14 for AVES that do not appear in SPY (2.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in AVES | Weight in SPY | Difference |
|---|---|---|---|
| RCLRoyal Caribbean Cruises | 0.01% | 0.12% | 0.11% |
You are not choosing between two funds in isolation.
Whichever of AVES and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, AVES or SPY?
AVES has an expense ratio of 0.36% while SPY charges 0.09%. SPY is the cheaper option, by $27 a year on a $10,000 investment.
Which performed better, AVES or SPY?
Over the past year AVES returned +25.74% vs +19.97% for SPY, so AVES leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AVES or SPY?
AVES has been the more volatile fund at 16.4% annualized versus 15.7% for SPY. Worst drawdown: AVES -27.4% vs SPY -24.5%.
Should I hold both AVES and SPY?
AVES and SPY have a monthly-return correlation of 0.67, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, AVES or SPY?
AVES yields 2.60% while SPY yields 1.01%, so AVES currently pays the higher dividend yield.
Is SPY better than AVES?
SPY has a lower expense ratio. AVES led over 1Y, SPY over 3Y, 5Y and the full window. AVES is less concentrated, with 10.9% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.