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Relative Intelligence · International Equity

How Vanguard FTSE All-World ex-US ETF (VEU) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VEU alone. It places VEU (Vanguard FTSE All-World ex-US ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where VEU stands in the market, and of the alternatives worth a closer look.

Period covered: VEU's full trading record, from March 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against VEU →Chart VEU vs. 24 alternatives →
On this page12 sections

Key findings

How much would $10,000 in VEU have grown?

This chart tracks a hypothetical $10,000 investment in VEU over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VEU over the same span and VEU's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: VEU began trading on March 8, 2007, so the chart cannot reach back to the dot-com bust. It covers the most recent 19 years of VEU's record, starting at the end of September 2007.

Choose a period

From the end of September 2007 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,255 of the 1,798 stocks and funds worth at least $500 million that traded the whole period ended ahead of VEU; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,0002007201020132016201920222025$0$20,000$40,000$60,000$80,0002007201220172022
  • SPY (S&P 500)$70,725+607% total · +10.8% a year
  • VTI$69,591+596% total · +10.8% a year
  • BRK-B$62,998+530% total · +10.2% a year
  • DXJ$58,311+483% total · +9.7% a year
  • VEA$25,083+151% total · +5.0% a year
  • IDV$24,163+142% total · +4.8% a year
  • VEU$23,885+139% total · +4.7% a year
  • EFA$22,507+125% total · +4.4% a year
  • EFV$21,863+119% total · +4.2% a year
  • EFG$21,619+116% total · +4.1% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,408 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VEU; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000202120222023202420252026$5,000$10,000$15,000$20,000$25,000202120222023202420252026
  • EFV$19,482+94.8% total · +14.3% a year
  • FNDF$19,446+94.5% total · +14.2% a year
  • VYMI$19,186+91.9% total · +13.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • IDV$18,843+88.4% total · +13.5% a year
  • VTI$18,064+80.6% total · +12.6% a year
  • VT$17,117+71.2% total · +11.3% a year
  • AVDE$16,780+67.8% total · +10.9% a year
  • DFAX$16,585+65.9% total · +10.6% a year
  • VEU$15,846+58.5% total · +9.6% a year
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VEU at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: VEU began trading on March 8, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The fund

Issuer
Vanguard
Began trading
March 2007
Expense ratio
0.04%per year
Assets
$96B
Category
International

Returns

Past 1 year
+15.1%total return
Past 3 years
+78.3%+21.3% a year
Past 5 years
+50.7%+8.5% a year
Past 10 years
+143%+9.3% a year
Best calendar year
+37.6%2009
Worst calendar year
−43.4%2008
Losing years
6 of 18full calendar years

Risk

Volatility
16.4%typical yearly swing, 5 years
Sharpe ratio
0.58return per unit of risk, 5 years
Worst decline ever
−61.5%Oct 2007 to Mar 2009
From its all-time high
−5.1%below the peak

VEU against the whole market

Where VEU ranks among every stock and fund, and what across the market has done better.

How does VEU rank among all ETFs?

This section ranks VEU on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how VEU stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureVEURankStanding
1-year return+15.1%817 of 2,485top 33%
3-year return+78.3%603 of 1,949top 31%
5-year return+50.7%664 of 1,560top 43%
10-year return+143%499 of 958bottom 49%
Volatility, 5 years16.4%748 of 1,560top 48%
Sharpe ratio, 5 years0.58751 of 1,560top 48%
Worst decline, past 10 years−35.0%348 of 951top 37%

What has beaten VEU on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). VEU sits where the dashed lines cross. Anything in the green box above and to the left earned more than VEU with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to VEU; faint dots are 39 more of the 92 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

8.0%10.0%12.0%14.0%16.0%18.0%20.0%7.5%10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VEUVIG: +10.4% a year, volatility 14.1%SCHD: +9.7% a year, volatility 14.3%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%RWL: +13.7% a year, volatility 14.4%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%FDL: +13.9% a year, volatility 14.4%GCOW: +14.1% a year, volatility 13.6%IWX: +12.7% a year, volatility 13.8%EQWL: +11.6% a year, volatility 15.0%BUFR: +9.9% a year, volatility 10.5%DIVB: +13.9% a year, volatility 15.4%DHS: +12.0% a year, volatility 13.9%RODM: +10.6% a year, volatility 13.5%FGD: +11.6% a year, volatility 14.8%FDLO: +9.8% a year, volatility 13.0%DBMF: +9.8% a year, volatility 12.4%EQL: +13.5% a year, volatility 14.5%ROUS: +12.3% a year, volatility 14.4%FDRR: +12.6% a year, volatility 15.0%DGT: +13.8% a year, volatility 15.1%QDEF: +12.7% a year, volatility 13.7%DJD: +11.8% a year, volatility 13.3%DIVI: +13.4% a year, volatility 15.5%QDPL: +11.8% a year, volatility 15.0%TDVG: +9.6% a year, volatility 13.8%FTQI: +11.5% a year, volatility 14.8%SSUS: +10.5% a year, volatility 15.4%FDVV: +13.2% a year, volatility 14.6%DIVO: +11.1% a year, volatility 11.9%EMLP: +14.9% a year, volatility 14.5%HDEF: +12.8% a year, volatility 14.2%HFXI: +11.4% a year, volatility 15.3%DDWM: +12.3% a year, volatility 13.4%DEM: +9.6% a year, volatility 15.5%RLY: +9.9% a year, volatility 13.3%DBA: +10.7% a year, volatility 13.8%AUSF: +13.2% a year, volatility 13.6%VEU: +8.5% a year, volatility 16.4%SPY (S&P 500): +12.7% a year, volatility 17.1%VYMI: +13.2% a year, volatility 14.8%FNDF: +13.6% a year, volatility 16.3%VTI: +11.5% a year, volatility 17.5%IDV: +12.8% a year, volatility 15.5%VT: +10.3% a year, volatility 16.2%AVDE: +10.1% a year, volatility 16.4%LVHI: +17.0% a year, volatility 11.1%DBEF: +13.1% a year, volatility 13.8%AVDV: +13.9% a year, volatility 17.4%DXJ: +26.6% a year, volatility 19.1%EMXC: +11.1% a year, volatility 19.5%BBCA: +11.4% a year, volatility 16.7%FTLS: +10.2% a year, volatility 10.4%PTNQ: +9.7% a year, volatility 14.1%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%PTLC: +9.5% a year, volatility 11.8%SIXA: +12.8% a year, volatility 12.7%VTV: +12.1% a year, volatility 13.7%GLD: +17.7% a year, volatility 18.9%VEUSPY (S&P 500)VYMIFNDFVTIIDVVTAVDELVHIDBEFAVDVDXJEMXCBBCAFTLSPTNQPTLCSIXAVTVGLD7.5%10.0%12.5%15.0%17.5%20.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VEUVIG: +10.4% a year, volatility 14.1%SCHD: +9.7% a year, volatility 14.3%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%RWL: +13.7% a year, volatility 14.4%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%FDL: +13.9% a year, volatility 14.4%GCOW: +14.1% a year, volatility 13.6%IWX: +12.7% a year, volatility 13.8%EQWL: +11.6% a year, volatility 15.0%BUFR: +9.9% a year, volatility 10.5%DIVB: +13.9% a year, volatility 15.4%DHS: +12.0% a year, volatility 13.9%RODM: +10.6% a year, volatility 13.5%FGD: +11.6% a year, volatility 14.8%FDLO: +9.8% a year, volatility 13.0%DBMF: +9.8% a year, volatility 12.4%EQL: +13.5% a year, volatility 14.5%ROUS: +12.3% a year, volatility 14.4%FDRR: +12.6% a year, volatility 15.0%DGT: +13.8% a year, volatility 15.1%QDEF: +12.7% a year, volatility 13.7%DJD: +11.8% a year, volatility 13.3%DIVI: +13.4% a year, volatility 15.5%QDPL: +11.8% a year, volatility 15.0%TDVG: +9.6% a year, volatility 13.8%FTQI: +11.5% a year, volatility 14.8%SSUS: +10.5% a year, volatility 15.4%FDVV: +13.2% a year, volatility 14.6%DIVO: +11.1% a year, volatility 11.9%EMLP: +14.9% a year, volatility 14.5%HDEF: +12.8% a year, volatility 14.2%HFXI: +11.4% a year, volatility 15.3%DDWM: +12.3% a year, volatility 13.4%DEM: +9.6% a year, volatility 15.5%RLY: +9.9% a year, volatility 13.3%DBA: +10.7% a year, volatility 13.8%AUSF: +13.2% a year, volatility 13.6%VEU: +8.5% a year, volatility 16.4%SPY (S&P 500): +12.7% a year, volatility 17.1%VYMI: +13.2% a year, volatility 14.8%FNDF: +13.6% a year, volatility 16.3%VTI: +11.5% a year, volatility 17.5%IDV: +12.8% a year, volatility 15.5%VT: +10.3% a year, volatility 16.2%AVDE: +10.1% a year, volatility 16.4%LVHI: +17.0% a year, volatility 11.1%DBEF: +13.1% a year, volatility 13.8%AVDV: +13.9% a year, volatility 17.4%DXJ: +26.6% a year, volatility 19.1%EMXC: +11.1% a year, volatility 19.5%BBCA: +11.4% a year, volatility 16.7%FTLS: +10.2% a year, volatility 10.4%PTNQ: +9.7% a year, volatility 14.1%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%PTLC: +9.5% a year, volatility 11.8%SIXA: +12.8% a year, volatility 12.7%VTV: +12.1% a year, volatility 13.7%GLD: +17.7% a year, volatility 18.9%VEUSPY (S&P 500)VTIVTAVDELVHIAVDVDXJBBCAFTLSPTNQSIXAGLD
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than VEU?

Investments that beat VEU over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat VEU over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks VEU's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than VEU follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than VEU's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× VEU's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than VEU's.

Screen the whole market against VEU for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with VEU?lower diversifies moreExpenseper year
VEUVanguard FTSE All-World ex-US ETF · this page
+8.5%16.4%0.58−35.0%+143%1.000.04%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.790.09%
Popular alternativesbest 6 shownThe investments people most often weigh against VEU. 8 of 23 passed at least one test.
VYMIVanguard International High Dividend Yield ETF · International Equity
Higher return, lower volatilityHigher return in most periods+13.2%14.8%0.92−40.0%+176%0.930.07%
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Higher return, similar volatilityHigher return in most periods+13.6%16.3%0.87−40.2%+194%0.960.25%
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Higher return in most periods+11.5%17.5%0.71−35.0%+302%0.790.03%
IDViShares International Select Dividend ETF · International Equity
Higher return, lower volatility+12.8%15.5%0.86−42.5%+159%0.870.50%
VTVanguard Total World Stock ETF · Global Equity
Higher return in most periods+10.3%16.2%0.69−34.2%+223%0.920.06%
AVDEAvantis International Equity ETF · Developed International Equity
Higher return in most periods+10.1%16.4%0.67−37.0%—0.970.23%
Same and neighboring categories, and shared themesbest 6 shownEverything else in International Equity and the categories next to it (Developed International Equity, Emerging Markets Equity), plus VEU's specific themes. 15 of 44 passed at least one test.
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher return in most periods+17.0%11.1%1.48−32.4%+194%0.760.40%
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Higher return, lower volatilityHigher return in most periods+13.1%13.8%0.96−32.5%+206%0.870.35%
AVDVAvantis International Small Cap Value ETF · International Equity
Higher return, similar volatilityHigher return in most periods+13.9%17.4%0.84−43.0%—0.930.36%
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.550.48%
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity
Higher return in most periods+11.1%19.5%0.64−42.8%—0.850.25%
BBCAJPMorgan BetaBuilders Canada ETF · International Equity
Higher return in most periods+11.4%16.7%0.73−42.8%—0.860.19%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 362 of 3,566 passed at least one test.
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+10.2%10.4%0.99−20.6%+158%0.710.95%
PTNQPacer Trendpilot 100 ETF · Technology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+9.7%14.1%0.73−28.1%+305%0.550.65%
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.48—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.32—
PTLCPacer Trendpilot US Large Cap ETF · Broad Market
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+9.5%11.8%0.83−26.6%+188%0.540.60%
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%12.7%1.01−18.4%—0.810.31%
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher return in most periods+12.1%13.7%0.90−36.8%+235%0.800.03%
GLDSPDR Gold Shares · Gold
Higher Sharpe, smaller worst declineSmaller losses in recent crashes+17.7%18.9%0.96−26.4%+213%0.470.40%
What these numbers mean for VEU
Annual return
VEU returned 8.5% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $15,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
VEU's volatility over the past 5 years was 16.4%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VEU's return lands within 16.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
VEU's Sharpe ratio over the past 5 years was 0.58, against 0.79 for the S&P 500, so VEU earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
VEU's worst fall from a peak to a low over the past 10 years was 35.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 35.0% fall takes a 53.8% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, VEU's monthly returns had a correlation of 0.79 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against VEU instead: the lower it is, the more that option would diversify a VEU holding. Guide: Correlation and diversification →
Show all 92 stocks and funds worth at least $500 million that earned more than VEU with less volatility

Out of 3,633 tested over 5 years. The strongest 47 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with VEUExpense
1
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Whole market+10.2%10.4%0.99−20.6%+158%0.710.95%
2
PTNQPacer Trendpilot 100 ETF · Technology
Whole market+9.7%14.1%0.73−28.1%+305%0.550.65%
3
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%—0.810.31%
4
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.800.03%
5
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Same or nearby category+17.0%11.1%1.48−32.4%+194%0.760.40%
6
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.810.04%
7
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.720.06%
8
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.780.56%
9
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.650.08%
10
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.810.39%
11
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.760.79%
12
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.780.85%
13
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.650.43%
14
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.780.60%
15
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.820.20%
16
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Same or nearby category+13.1%13.8%0.96−32.5%+206%0.870.35%
17
VYMIVanguard International High Dividend Yield ETF · International Equity
Popular alternative+13.2%14.8%0.92−40.0%+176%0.930.07%
18
EQWLInvesco S&P 100 Equal Weight ETF · Broad Market
Whole market+11.6%15.0%0.81−34.3%+291%0.850.30%
19
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%—0.800.10%
20
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.800.05%
21
DHSWisdomTree U.S. High Dividend Fund · Dividend & Income
Whole market+12.0%13.9%0.89−37.4%+156%0.660.38%
22
RODMHartford Multifactor Developed Markets (ex-US) ETF · International
Whole market+10.6%13.5%0.82−36.0%+141%0.930.29%
23
FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International
Whole market+11.6%14.8%0.82−44.8%+155%0.880.55%
24
FDLOFidelity Low Volatility Factor ETF · Broad Market
Whole market+9.8%13.0%0.79−34.4%+249%0.750.15%
25
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%—-0.300.85%
26
EQLALPS Equal Sector Weight ETF · Broad Market
Whole market+13.5%14.5%0.94−34.2%+387%0.830.19%
27
ROUSHartford Multifactor US Equity ETF · Broad Market
Whole market+12.3%14.4%0.88−35.5%+238%0.820.19%
28
FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income
Whole market+12.6%15.0%0.87−36.5%+265%0.810.15%
29
DGTState Street SPDR Global Dow ETF · International
Whole market+13.8%15.1%0.94−34.4%+261%0.940.50%
30
QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income
Whole market+12.7%13.7%0.94−35.7%+228%0.810.40%
31
DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income
Whole market+11.8%13.3%0.91−34.7%+227%0.760.07%
32
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.950.09%
33
QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · Dividend & Income
Whole market+11.8%15.0%0.82−22.6%—0.780.60%
34
TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income
Whole market+9.6%13.8%0.73−19.2%—0.820.50%
35
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Whole market+11.5%14.8%0.82−19.4%+121%0.690.75%
36
SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market
Whole market+10.5%15.4%0.73−23.8%—0.790.77%
37
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.820.15%
38
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income
Whole market+11.1%11.9%0.95−30.0%—0.730.56%
39
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.580.95%
40
HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International
Whole market+12.8%14.2%0.92−36.4%+134%0.870.09%
41
IDViShares International Select Dividend ETF · International Equity
Popular alternative+12.8%15.5%0.86−42.5%+159%0.870.50%
42
HFXINYLI FTSE International Equity Currency Neutral ETF · International
Whole market+11.4%15.3%0.79−32.4%+180%0.960.19%
43
DDWMWisdomTree Dynamic International Equity Fund · International
Whole market+12.3%13.4%0.94−35.0%+149%0.930.40%
44
DEMWisdomTree Emerging Markets High Dividend Fund · International Equity
Same or nearby category+9.6%15.5%0.67−37.8%+133%0.880.63%
45
RLYState Street Multi-Asset Real Return ETF · Multi-Asset
Whole market+9.9%13.3%0.78−34.2%+128%0.700.50%
46
DBAInvesco DB Agriculture Fund · Alternatives
Whole market+10.7%13.8%0.81−35.3%+62.2%0.190.90%
47
AUSFGlobal X - Adaptive U.S. Factor ETF · International
Whole market+13.2%13.6%0.99−44.2%—0.660.27%

VEU against its popular alternatives

The investments people most often weigh against VEU, compared period by period and year by year.

How do VEU's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at VEU, which divides the map into what did better or worse on each measure.

Green points earned more than VEU with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVEU: 8.6% a year, volatility 16.4%SPY (S&P 500): 12.7% a year, volatility 17.1%FNDF: 13.6% a year, volatility 16.3%VYMI: 13.2% a year, volatility 14.8%EFV: 13.6% a year, volatility 15.9%VT: 10.3% a year, volatility 16.2%IDV: 12.8% a year, volatility 15.5%AVDE: 10.1% a year, volatility 16.4%DFAX: 9.8% a year, volatility 16.1%DFAI: 9.7% a year, volatility 16.0%IEMG: 6.8% a year, volatility 19.4%IDEV: 8.7% a year, volatility 16.4%IEFA: 8.3% a year, volatility 16.6%EFG: 3.5% a year, volatility 18.5%IXUS: 8.2% a year, volatility 16.6%VWO: 5.2% a year, volatility 17.5%VTI: 11.5% a year, volatility 17.5%SCHF: 9.5% a year, volatility 16.8%VEA: 9.3% a year, volatility 16.9%VIGI: 4.9% a year, volatility 14.5%EFA: 8.6% a year, volatility 16.6%BNDX: 0.2% a year, volatility 4.9%VEUSPY (S&P 500)FNDFVYMIVTAVDEDFAXIEMGIDEVEFGVWOVTIVEAVIGIBNDX0.0%5.0%10.0%15.0%20.0%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVEU: 8.6% a year, volatility 16.4%SPY (S&P 500): 12.7% a year, volatility 17.1%FNDF: 13.6% a year, volatility 16.3%VYMI: 13.2% a year, volatility 14.8%EFV: 13.6% a year, volatility 15.9%VT: 10.3% a year, volatility 16.2%IDV: 12.8% a year, volatility 15.5%AVDE: 10.1% a year, volatility 16.4%DFAX: 9.8% a year, volatility 16.1%DFAI: 9.7% a year, volatility 16.0%IEMG: 6.8% a year, volatility 19.4%IDEV: 8.7% a year, volatility 16.4%IEFA: 8.3% a year, volatility 16.6%EFG: 3.5% a year, volatility 18.5%IXUS: 8.2% a year, volatility 16.6%VWO: 5.2% a year, volatility 17.5%VTI: 11.5% a year, volatility 17.5%SCHF: 9.5% a year, volatility 16.8%VEA: 9.3% a year, volatility 16.9%VIGI: 4.9% a year, volatility 14.5%EFA: 8.6% a year, volatility 16.6%BNDX: 0.2% a year, volatility 4.9%VEUSPY (S&P 500)FNDFEFVVTAVDEIEMGIDEVEFGVWOVTISCHFVIGIBNDX
All figures
InvestmentAnnual returnVolatility
FNDF Schwab Fundamental International Large Company Index ETF+13.6%16.3%
EFV iShares MSCI EAFE Value ETF+13.6%15.9%
VYMI Vanguard International High Dividend Yield ETF+13.2%14.8%
IDV iShares International Select Dividend ETF+12.8%15.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
VTI Vanguard Morningstar Total Stock Market ETF+11.5%17.5%
VT Vanguard Total World Stock ETF+10.3%16.2%
AVDE Avantis International Equity ETF+10.1%16.4%
DFAX Dimensional World ex U.S. Core Equity 2 ETF+9.8%16.1%
DFAI Dimensional - International Core Equity Market ETF+9.7%16.0%
SCHF Schwab International Equity ETF+9.5%16.8%
VEA Vanguard FTSE Developed Markets ETF+9.3%16.9%
IDEV iShares Core MSCI International Developed Markets ETF+8.7%16.4%
EFA iShares MSCI EAFE ETF+8.6%16.6%
VEU This pageVanguard FTSE All-World ex-US ETF+8.6%16.4%
IEFA iShares Core MSCI EAFE ETF+8.3%16.6%
IXUS iShares Core MSCI Total International Stock ETF+8.2%16.6%
IEMG iShares Core MSCI Emerging Markets ETF+6.8%19.4%
VWO Vanguard FTSE Emerging Markets ETF+5.2%17.5%
VIGI Vanguard International Dividend Appreciation ETF+4.9%14.5%
EFG iShares MSCI EAFE Growth ETF+3.5%18.5%
BNDX Vanguard Total International Bond ETF+0.2%4.9%
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Has VEU consistently beaten its popular alternatives?

This section compares VEU with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than VEU helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than VEU over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
VEU Vanguard FTSE All-World ex-US ETF (this page)—−3.8%+1.0%+1.4%+10.5%+15.1%+78.3%+50.7%+143%16.4%0.58−35.0%0.04%$96B—
FNDF QualifiedSchwab Fundamental International Large Company Index ETF5/5 short3/3 longAll-weather−2.1%+3.1%+4.9%+18.4%+27.2%+95.8%+89.2%+194%16.3%0.87−40.2%0.25%$26B80%
VYMI QualifiedVanguard International High Dividend Yield ETF5/5 short3/3 longAll-weather−1.8%+2.7%+4.5%+15.6%+24.3%+93.7%+86.1%+176%14.8%0.92−40.0%0.07%$22B72%
EFV QualifiediShares MSCI EAFE Value ETF5/5 short3/3 longAll-weather−2.7%+1.7%+3.9%+12.8%+21.4%+92.4%+89.0%+157%15.9%0.88−43.2%0.31%$31B73%
VTI QualifiedVanguard Morningstar Total Stock Market ETF4/5 short3/3 longAll-weather−0.8%+3.2%+8.3%+13.1%+15.2%+87.9%+72.6%+302%17.5%0.71−35.0%0.03%$2.3T73%
VT QualifiedVanguard Total World Stock ETF4/5 short3/3 longAll-weather−1.9%+2.5%+5.5%+12.0%+15.0%+83.8%+63.3%+223%16.2%0.69−34.2%0.06%$101B82%
IDV QualifiediShares International Select Dividend ETF3/5 short3/3 long−2.9%+1.0%0.0%+11.1%+22.0%+105%+82.6%+159%15.5%0.86−42.5%0.50%$8.3B64%
AVDE QualifiedAvantis International Equity ETF3/5 short2/3 long−2.6%+1.9%+0.9%+10.2%+16.4%+83.7%+61.8%—16.4%0.67−37.0%0.23%$19B86%
DFAX QualifiedDimensional World ex U.S. Core Equity 2 ETF3/5 short2/3 long−3.6%+2.3%+1.1%+12.0%+17.9%+82.8%+59.3%—16.1%0.66−28.1%0.28%$12B91%
SCHF InternationalSchwab International Equity ETF2/5 short3/3 long−3.8%+0.7%+1.7%+11.7%+17.3%+80.9%+57.7%+155%16.8%0.63−34.9%0.03%$68B93%
VEA InternationalVanguard FTSE Developed Markets ETF2/5 short3/3 long−3.5%+1.0%+1.4%+11.5%+17.0%+81.0%+55.9%+153%16.9%0.61−35.8%0.03%$314B94%
SPDW InternationalState Street SPDR Portfolio Developed World ex-US ETF2/5 short3/3 long−3.6%+1.0%+1.9%+11.8%+17.0%+81.6%+54.9%+153%16.8%0.61−35.0%0.03%$41B94%
AVNM InternationalAvantis All International Markets Equity ETF3/5 short1/3 long−3.6%+2.5%+1.4%+12.1%+18.4%+87.7%————−14.0%0.31%$789M90%
DFAI InternationalDimensional - International Core Equity Market ETF3/5 short1/3 long−1.7%+1.9%+1.7%+10.1%+15.8%+78.5%+59.0%—16.0%0.66−27.4%0.18%$18B89%
IEMG InternationaliShares Core MSCI Emerging Markets ETF2/5 short1/3 long−7.6%+0.2%+0.6%+13.0%+17.0%+83.4%+39.0%+122%19.4%0.44−38.7%0.09%$151B77%
VIGI InternationalVanguard International Dividend Appreciation ETF3/5 short0/3 long+0.8%+3.8%+5.3%+7.9%+9.0%+48.4%+26.7%+122%14.5%0.40−31.0%0.07%$9.2B79%
IDEV InternationaliShares Core MSCI International Developed Markets ETF2/5 short0/3 long−2.0%+1.5%+1.5%+9.2%+13.8%+75.7%+51.5%—16.4%0.59−34.8%0.04%$33B90%
IEFA InternationaliShares Core MSCI EAFE ETF1/5 short0/3 long−2.4%+1.2%+1.3%+8.8%+12.8%+72.4%+49.0%+140%16.6%0.56−34.8%0.07%$190B89%
EFA InternationaliShares MSCI EAFE ETF1/5 short0/3 long−2.3%+1.1%+1.4%+8.6%+12.5%+71.2%+51.0%+139%16.6%0.58−34.2%0.32%$77B88%
EFG InternationaliShares MSCI EAFE Growth ETF1/5 short0/3 long−1.8%+0.4%−1.1%+4.5%+4.1%+51.3%+18.5%+111%18.5%0.28−35.8%0.34%$15B78%
BNDX BondsVanguard Total International Bond ETF1/5 short0/3 long0.0%−1.0%−1.2%−0.7%−1.4%+13.4%+0.8%+15.0%4.9%0.06−16.2%0.07%$122B—
IXUS InternationaliShares Core MSCI Total International Stock ETF0/5 short0/3 long−3.8%+1.1%+1.2%+10.6%+14.8%+78.3%+48.4%+140%16.6%0.56−36.2%0.07%$58B98%
VXUS InternationalVanguard Total International Stock ETF0/5 short0/3 long−3.9%+1.0%+0.9%+10.2%+14.6%+77.2%+48.6%+140%16.4%0.57−36.0%0.05%$666B95%
ACWX InternationaliShares MSCI ACWI ex U.S. ETF0/5 short0/3 long−3.8%+1.0%+1.5%+10.6%+15.0%+78.1%+49.0%+136%16.6%0.56−35.3%0.32%$17B98%
VWO InternationalVanguard FTSE Emerging Markets ETF0/5 short0/3 long−4.7%+0.7%−0.8%+6.4%+8.3%+67.2%+29.1%+102%17.5%0.38−36.4%0.06%$165B78%
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How did VEU do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where VEU ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VEU and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: VEU began trading on March 8, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of VEU; gray means the two finished within a fraction of a point. The rank row places VEU among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of VEU202520242023202220212020201920182017201620152014201320122011201020092008
VEU This pageVanguard FTSE All-World ex-US ETF—+32.4%+5.6%+15.9%−15.6%+8.3%+11.1%+21.8%−14.2%+27.4%+4.9%−4.8%−4.5%+14.1%+18.9%−14.0%+11.8%+37.6%−43.4%
Rank among alternativesTop quarter in 3 of 1814 of 226 of 2216 of 2114 of 2117 of 207 of 1911 of 1811 of 186 of 178 of 1510 of 156 of 1510 of 133 of 109 of 106 of 103 of 96 of 8
SPY S&P 500State Street SPDR S&P 500 ETF13 of 18+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%
FNDF Schwab Fundamental International Large Company Index ETF5 of 12+40.9%+2.3%+20.2%−7.8%+14.9%+3.6%+18.4%−14.2%+24.0%+7.9%−5.2%−6.5%——————
VYMI Vanguard International High Dividend Yield ETF6 of 9+38.0%+7.1%+17.1%−7.0%+15.4%−1.1%+18.5%−12.7%+22.4%—————————
EFV iShares MSCI EAFE Value ETF7 of 18+42.2%+5.3%+18.9%−5.2%+11.1%−3.0%+15.8%−14.7%+21.2%+5.1%−5.9%−6.8%+21.9%+18.8%−12.4%+4.5%+28.4%−41.7%
VTI Vanguard Morningstar Total Stock Market ETF13 of 18+17.1%+23.8%+26.0%−19.5%+25.7%+21.1%+30.7%−5.2%+21.2%+12.8%+0.4%+12.5%+33.4%+16.4%+1.0%+17.4%+28.9%−37.0%
VT Vanguard Total World Stock ETF12 of 17+22.4%+16.5%+22.0%−18.0%+18.3%+16.6%+26.8%−9.8%+24.5%+8.5%−1.9%+3.7%+22.9%+17.2%−7.5%+13.1%+32.6%—
IDV iShares International Select Dividend ETF9 of 18+52.2%+4.0%+10.3%−6.5%+12.1%−5.9%+23.5%−10.4%+19.7%+7.9%−10.7%−6.3%+18.6%+19.5%−7.2%+11.9%+60.6%−52.1%
AVDE Avantis International Equity ETF4 of 6+38.0%+4.9%+17.2%−13.7%+13.6%+8.3%————————————
DFAX Dimensional World ex U.S. Core Equity 2 ETF3 of 4+35.4%+4.8%+16.6%−14.5%——————————————
SCHF Schwab International Equity ETF7 of 16+34.6%+3.3%+18.3%−14.8%+11.4%+9.5%+22.2%−14.2%+26.1%+3.0%−2.6%−5.6%+18.9%+18.8%−12.6%+9.3%——
VEA Vanguard FTSE Developed Markets ETF8 of 18+35.2%+3.1%+17.9%−15.3%+11.7%+9.7%+22.6%−14.8%+26.4%+2.6%−0.4%−5.9%+21.8%+18.6%−12.3%+8.4%+27.4%−40.6%
AVNM Avantis All International Markets Equity ETF1 of 2+38.3%+5.5%————————————————
DFAI Dimensional - International Core Equity Market ETF4 of 5+34.1%+4.7%+17.5%−12.9%+13.9%—————————————
IEMG iShares Core MSCI Emerging Markets ETF5 of 13+32.5%+6.5%+11.5%−20.0%−0.6%+17.8%+17.8%−14.9%+37.4%+10.3%−14.3%−3.4%−2.8%—————
VIGI Vanguard International Dividend Appreciation ETF4 of 9+16.9%+2.7%+16.3%−16.8%+12.5%+14.7%+27.5%−11.5%+28.0%—————————
IDEV iShares Core MSCI International Developed Markets ETF4 of 8+32.6%+4.5%+17.3%−15.0%+13.0%+8.3%+23.2%−14.1%——————————
IEFA iShares Core MSCI EAFE ETF5 of 13+32.1%+3.3%+17.9%−15.3%+11.6%+8.2%+22.6%−14.1%+26.6%+1.6%+0.7%−6.3%+22.5%—————
EFA iShares MSCI EAFE ETF7 of 18+31.6%+3.5%+18.4%−14.4%+11.5%+7.6%+22.0%−13.8%+25.1%+1.4%−1.0%−6.2%+21.4%+18.8%−12.2%+8.2%+27.0%−41.0%
EFG iShares MSCI EAFE Growth ETF11 of 18+20.7%+1.5%+17.5%−23.1%+11.0%+17.8%+27.5%−12.9%+28.8%−3.1%+3.7%−5.9%+21.6%+18.3%−12.9%+13.1%+24.2%−40.2%
BNDX Vanguard Total International Bond ETF4 of 12+2.9%+3.6%+8.8%−12.8%−2.3%+4.6%+7.8%+2.8%+2.4%+4.6%+1.2%+8.8%——————
IXUS iShares Core MSCI Total International Stock ETF1 of 13+32.4%+5.2%+15.8%−16.5%+8.9%+10.8%+21.7%−14.4%+28.1%+4.7%−4.7%−5.0%+13.7%—————
VWO Vanguard FTSE Emerging Markets ETF7 of 18+25.6%+10.6%+9.3%−18.0%+1.3%+15.2%+20.8%−14.8%+31.5%+12.2%−15.8%0.0%−4.9%+19.2%−18.8%+19.5%+76.3%−52.5%
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Risk and diversification

How VEU has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were VEU's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents VEU's five deepest drawdowns since it began trading in 2007, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: VEU began trading on March 8, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means VEU fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringVEU fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−61.5%−54.7%Oct 2007Mar 200917 monthsJul 20145.3 years
Late-2018 sell-off−35.0%−18.8%Jan 2018Mar 20202.2 yearsNov 20208 months
2022 bear market−29.3%−14.3%Jun 2021Oct 202216 monthsMay 202419 months
2015 China and oil sell-off−25.1%−4.9%Jul 2014Feb 201619 monthsMay 201715 months
No named crash−13.7%−12.2%Mar 2025Apr 20251 monthMay 20251 month

How did VEU do in stock market crashes?

This section measures how far VEU, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: VEU began trading on March 8, 2007, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VEU.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
VEU This pageVanguard FTSE All-World ex-US ETF—−2.5%−28.3%−32.8%−14.9%−6.2%−20.7%−24.6%0.0%−61.5%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
FNDF Schwab Fundamental International Large Company Index ETF1 of 6−3.0%−25.5%−35.7%−16.8%−5.7%−21.6%————
VYMI Vanguard International High Dividend Yield ETF2 of 5−3.3%−24.0%−36.1%−13.0%−5.9%—————
EFV iShares MSCI EAFE Value ETF2 of 9−3.6%−25.8%−36.3%−15.9%−5.7%−25.0%−23.3%−0.5%−63.9%—
VTI Vanguard Morningstar Total Stock Market ETF4 of 9−4.0%−25.2%−35.0%−20.0%−6.3%−14.1%−19.5%−1.9%−55.5%—
VT Vanguard Total World Stock ETF3 of 8−3.3%−26.2%−34.1%−17.8%−6.2%−17.2%−21.8%−0.7%——
IDV iShares International Select Dividend ETF4 of 9−2.2%−29.2%−42.5%−13.9%−5.4%−18.3%−21.0%0.0%−70.2%—
AVDE Avantis International Equity ETF0 of 3−3.0%−28.4%−35.7%———————
DFAX Dimensional World ex U.S. Core Equity 2 ETF0 of 2−2.7%−27.9%————————
SCHF Schwab International Equity ETF2 of 8−2.4%−28.4%−33.5%−16.4%−5.8%−20.1%−23.5%−0.5%——
VEA Vanguard FTSE Developed Markets ETF3 of 9−2.5%−28.8%−34.1%−17.1%−5.9%−19.9%−23.1%−0.2%−60.7%—
DFAI Dimensional - International Core Equity Market ETF1 of 2−2.7%−27.1%————————
IEMG iShares Core MSCI Emerging Markets ETF2 of 6−2.6%−30.4%−31.7%−12.0%−6.7%−21.6%————
VIGI Vanguard International Dividend Appreciation ETF4 of 5−1.7%−27.1%−30.3%−13.9%−6.2%—————
IDEV iShares Core MSCI International Developed Markets ETF1 of 5−2.5%−28.4%−33.9%−17.2%−5.5%—————
IEFA iShares Core MSCI EAFE ETF1 of 6−2.5%−29.2%−33.2%−17.1%−5.8%−19.9%————
EFA iShares MSCI EAFE ETF1 of 9−2.5%−28.7%−32.6%−16.3%−5.9%−20.7%−22.7%−0.2%−61.0%—
EFG iShares MSCI EAFE Growth ETF5 of 9−1.3%−34.2%−29.0%−17.1%−5.9%−17.0%−23.7%−0.1%−58.4%—
BNDX Vanguard Total International Bond ETF6 of 60.0%−13.7%−5.9%−0.8%−0.2%−1.1%————
IXUS iShares Core MSCI Total International Stock ETF1 of 6−2.5%−28.9%−33.7%−15.4%−6.0%−19.9%————
VWO Vanguard FTSE Emerging Markets ETF2 of 9−2.7%−27.9%−30.6%−11.3%−6.8%−23.8%−27.9%0.0%−67.7%—
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How closely does VEU move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares VEU with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than VEU's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
VEU This pageVanguard FTSE All-World ex-US ETF76%89%0.850.80
VTI Vanguard Morningstar Total Stock Market ETF100%103%0.971.02
FNDF Schwab Fundamental International Large Company Index ETF81%87%0.930.80
VYMI Vanguard International High Dividend Yield ETF75%80%0.930.74
VT Vanguard Total World Stock ETF90%98%0.920.94
EFV iShares MSCI EAFE Value ETF75%84%0.890.76
IDV iShares International Select Dividend ETF76%87%0.870.78
SCHF Schwab International Equity ETF79%93%0.860.84
IEMG iShares Core MSCI Emerging Markets ETF71%83%0.860.77
VEA Vanguard FTSE Developed Markets ETF81%96%0.840.86
IXUS iShares Core MSCI Total International Stock ETF76%91%0.840.81
VWO Vanguard FTSE Emerging Markets ETF63%75%0.840.69
EFA iShares MSCI EAFE ETF76%92%0.830.81
BNDX Vanguard Total International Bond ETF11%13%0.830.14
IEFA iShares Core MSCI EAFE ETF77%94%0.820.82
VIGI Vanguard International Dividend Appreciation ETF70%88%0.800.73
EFG iShares MSCI EAFE Growth ETF78%104%0.750.87
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What diversifies VEU?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with VEU's. Because such investments tend not to fall at the same time, pairing VEU with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which VEU lost money. The last two columns show a portfolio that is 80% VEU and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222018201520142011200880/20 mix volatility80/20 mix annual return
VEU Vanguard FTSE All-World ex-US ETF (this page)1.00+50.7%0.58−15.6%−14.2%−4.8%−4.5%−14.0%−43.4%15.1%+9.6%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.47+135%0.97+21.5%−15.5%−35.3%+16.2%——14.2%+11.9%
GLD CommoditiesSPDR Gold Shares0.47+126%0.96−0.8%−1.9%−10.7%−2.2%+9.6%+4.9%14.0%+11.6%
XLE EnergyState Street Energy Select Sector SPDR ETF0.27+177%0.93+64.4%−18.2%−21.5%−8.7%+2.8%−39.0%14.4%+12.8%
AMLP EnergyAlerian MLP ETF0.34+111%0.89+25.5%−12.6%−25.7%+4.8%+10.2%—13.8%+11.7%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.30+59.7%0.82+21.6%—————11.6%+10.2%
DBA AlternativesInvesco DB Agriculture Fund0.19+66.4%0.81+2.5%−8.7%−17.2%+2.6%−10.7%−19.1%12.7%+10.1%
USO CommoditiesUnited States Oil Fund, LP-0.09+176%0.73+29.0%−19.6%−46.0%−42.4%−2.3%−56.3%13.7%+13.5%
FLSP AlternativesFranklin Systematic Style Premia ETF0.00+49.8%0.68+0.5%—————12.2%+9.7%

Stocks

InvestmentCorrelation5Y returnSharpe20222018201520142011200880/20 mix volatility80/20 mix annual return
VEU Vanguard FTSE All-World ex-US ETF (this page)1.00+50.7%0.58−15.6%−14.2%−4.8%−4.5%−14.0%−43.4%15.1%+9.6%
CAH Medical - DistributionCardinal Health, Inc.0.28+479%1.55+54.1%−24.5%+12.6%+23.0%+8.1%−39.6%14.5%+15.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.29+3,143%1.47+1.3%−16.3%−6.0%+12.9%−24.4%−20.5%19.1%+27.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.38+1,636%1.46+17.0%+0.8%+67.7%−10.4%−17.0%−15.2%17.6%+23.8%
MCK Medical - DistributionMcKesson Corporation0.11+413%1.44+51.8%−28.4%−4.5%+29.3%+11.8%−40.4%13.6%+14.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.22+690%1.41+86.6%−8.2%+17.4%+0.4%——14.9%+17.5%
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Common questions

What was VEU's worst drawdown?

VEU's deepest decline since it began trading in 2007 was 61.5%, from October 2007 to March 2009. It took about five years from the low to climb back to its old high. Because VEU launched in March 2007, that record does not include the dot-com bust.

What were VEU's best and worst years?

Over 18 full calendar years, VEU's best year was 2009, when it returned 37.6%. Its worst was 2008, with a return of -43.4%.

Is there a better investment than VEU?

Among VEU's popular alternatives, VYMI and IDV earned more than VEU with less volatility over the past 5 years. VYMI returned 13.2% a year at 14.8% volatility, against 8.5% a year at 16.4%. Looking beyond its popular alternatives, LVHI (international equity) and DBEF (international equity) earned more than VEU with less volatility over the past 5 years. LVHI returned 17.0% a year at 11.1% volatility, against 8.5% a year at 16.4%.

Is VEU more volatile than the S&P 500?

No. VEU's volatility over the past 5 years was 16.4%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VEU's return lands within 16.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is VEU's Sharpe ratio?

VEU's Sharpe ratio over the past 5 years was 0.58, against 0.79 for the S&P 500, so VEU earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is VEU with the S&P 500?

Over the past 5 years, VEU's monthly returns had a correlation of 0.79 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against VEU instead: the lower it is, the more that option would diversify a VEU holding.

What are the best alternatives to VEU?

Of the 24 popular alternatives we compared, eight outperformed VEU in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: FNDF, VYMI and EFV.

Did VEU outperform the S&P 500?

VEU finished ahead of the S&P 500 (SPY) in five of 18 full calendar years. In 2025, it returned +32.4%, against +17.7% for the index.

How did VEU do in stock market crashes?

VEU fell less than the S&P 500 (SPY) in four of the nine major crashes it has traded through, and further in four. The clearest case was the late-2018 sell-off, when VEU fell 14.9% and the S&P 500 fell 19.3%.

What diversifies VEU?

These had a low correlation with VEU over the past 5 years and still earned a positive 5-year return: among large ETFs, MLPX (correlation 0.47), GLD (correlation 0.47) and XLE (correlation 0.27); among large stocks, CAH (correlation 0.28), CLS (correlation 0.29) and FIX (correlation 0.38). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to VEU