Relative Intelligence · International Equity
How Vanguard FTSE Europe ETF (VGK) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VGK alone. It places VGK (Vanguard FTSE Europe 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 VGK stands in the market, and of the alternatives worth a closer look.
Period covered: VGK's full trading record, from March 2005 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.
On this page12 sections
Key findings
- Right nowOver the past 6 months, VGK fell 0.3% while the S&P 500 rose 9.1%. At a glance ↓
- Fund or market?VGK fell 0.3% over the past 3 months, in line with the developed international stock ETF EFA (iShares MSCI EAFE ETF), which rose 1.1%. The S&P 500 rose 3.9%.
- Long termVGK turned $10,000 into $25,000 over the past decade, against $42,100 in the S&P 500. VGK finished ahead of the S&P 500 in seven of its 20 calendar years. Growth of $10,000 ↓
- In a crashVGK has tended to fall harder than the S&P 500 in crashes, about 1.3 times the index's decline. Crash tests ↓
- DiversificationOver 10 years, VGK's beta versus the S&P 500 was 0.89: in the S&P 500's rising months it gained 83% as much as the index, and in falling months it lost 1.0 times as much. When the S&P 500 had a down month, VGK usually fell with it (17 of 22 months). By year ↓
- Better options
- Popular alternatives
- EWU (iShares MSCI United Kingdom ETF), HEDJ (WisdomTree Europe Hedged Equity Fund) and DBEU (Xtrackers MSCI Europe Hedged Equity ETF) earned more than VGK with less volatility over the past 5 years. EWU returned 11.4% a year at 16.4% volatility, against 8.4% a year at 17.9%.
- Nearby categories and themes
- DFIV (Dimensional - International Value ETF, international equity) and LVHI (Franklin International Low Volatility High Dividend Index ETF, international equity) earned more than VGK with less volatility over the past 5 years. DFIV returned 14.8% a year at 16.4% volatility, against 8.4% a year at 17.9%.
- Whole market
- 176 of the 3,633 stocks and funds worth at least $500 million earned more than VGK with less volatility over the past 5 years, among them VOO (Vanguard S&P 500 ETF), IVV (iShares Core S&P 500 ETF) and KO (Coca-Cola).
How much would $10,000 in VGK have grown?
This chart tracks a hypothetical $10,000 investment in VGK over the past 21 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VGK over the same span and VGK'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: VGK began trading on March 10, 2005, so the chart cannot reach back to the dot-com bust. It covers the most recent 21 years of VGK's record, starting at the end of September 2005.
- $10,000 invested in VGK at the end of September 2005 would have grown to $35,679 by September 2026, less than the $90,973 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of VGK, and BRK-B finished highest, at $91,163.
Choose a period
From the end of September 2005 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,036 of the 1,562 stocks and funds worth at least $500 million that traded the whole period ended ahead of VGK; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- BRK-B$91,163+812% total · +11.1% a year
- SPY (S&P 500)$90,973+810% total · +11.1% a year
- EWN$58,507+485% total · +8.8% a year
- EWL$49,580+396% total · +7.9% a year
- VPL$36,360+264% total · +6.3% a year
- EEM$36,181+262% total · +6.3% a year
- VGK$35,679+257% total · +6.2% a year
- EWP$35,322+253% total · +6.2% a year
- EWU$27,698+177% total · +5.0% a year
- EWI$22,182+122% total · +3.9% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,454 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VGK; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- EWP$25,684+157% total · +20.8% a year
- DFIV$20,643+106% total · +15.6% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- EWU$17,545+75.4% total · +11.9% a year
- DBEU$17,460+74.6% total · +11.8% a year
- HEDJ$16,639+66.4% total · +10.7% a year
- VPL$16,611+66.1% total · +10.7% a year
- VEA$16,310+63.1% total · +10.3% a year
- VGK$15,561+55.6% total · +9.2% a year
- EWN$15,532+55.3% total · +9.2% a year
VGK 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: VGK began trading on March 10, 2005, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- VGK's deepest decline since it began trading in 2005 was 63.6%, from October 2007 to March 2009. It took about five years from the low to climb back to its old high.
- Over 20 full calendar years, VGK's best was 2025, when it returned 35.8%, and its worst was 2008, when it lost 44.6%. It lost money in seven of those years.
- VGK is 6.2% below its all-time high.
The fund
- Issuer
- Vanguard
- Began trading
- March 2005
- Expense ratio
- 0.06%per year
- Assets
- $37B
- Category
- International
Returns
- Past 1 year
- +10.7%total return
- Past 3 years
- +70.9%+19.6% a year
- Past 5 years
- +49.6%+8.4% a year
- Past 10 years
- +150%+9.6% a year
- Best calendar year
- +35.8%2025
- Worst calendar year
- −44.6%2008
- Losing years
- 7 of 20full calendar years
Risk
- Volatility
- 17.9%typical yearly swing, 5 years
- Sharpe ratio
- 0.54return per unit of risk, 5 years
- Worst decline ever
- −63.6%Oct 2007 to Mar 2009
- From its all-time high
- −6.2%below the peak
VGK against the whole market
Where VGK ranks among every stock and fund, and what across the market has done better.
How does VGK rank among all ETFs?
This section ranks VGK 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 VGK stacks up against its peers, these rankings show where it stands in the market as a whole.
- VGK lands in the broad middle of the market on every measure here. VGK's 3-year return ranks in the top 39% of the 1,949 ETFs with at least $100 million in assets with 3 years of history.
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.
| Measure | VGK | Rank | Standing |
|---|---|---|---|
| 1-year return | +10.7% | 1,208 of 2,485 | top 49% |
| 3-year return | +70.9% | 761 of 1,949 | top 39% |
| 5-year return | +49.6% | 683 of 1,560 | top 44% |
| 10-year return | +150% | 471 of 958 | top 49% |
| Volatility, 5 years | 17.9% | 946 of 1,560 | bottom 40% |
| Sharpe ratio, 5 years | 0.54 | 841 of 1,560 | bottom 47% |
| Worst decline, past 10 years | −37.2% | 447 of 951 | top 47% |
What has beaten VGK 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). VGK sits where the dashed lines cross. Anything in the green box above and to the left earned more than VGK 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.
- One stock and 175 ETFs worth at least $500 million sit in the green region: each earned more than VGK over the past 5 years with smaller price swings. That is 5% of the 3,633 screened.
- Among those with at least half VGK's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 38% less than VGK's 17.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.54 for VGK.
- Among VGK's popular alternatives, DBEU, EWU and HEDJ are in the region. DBEU earned 11.2% a year against 8.4% a year for VGK, at 14.4% volatility, 20% less than VGK's 17.9%.
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 VGK; faint dots are 65 more of the 176 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than VGK?
Investments that beat VGK over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among VGK's popular alternatives, EWU, HEDJ and DBEU earned more than VGK with less volatility over the past 5 years. EWU returned 11.4% a year at 16.4% volatility, against 8.4% a year at 17.9%.
- Looking beyond its popular alternatives, DFIV (international equity) and LVHI (international equity) earned more than VGK with less volatility over the past 5 years. DFIV returned 14.8% a year at 16.4% volatility, against 8.4% a year at 17.9%.
- Across the whole market, 176 of the 3,633 stocks and funds worth at least $500 million earned more than VGK with less volatility over the past 5 years, among them VOO, IVV and KO.
How this works
The table below lists investments that beat VGK 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 VGK'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 VGK 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 VGK'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× VGK's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than VGK's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with VGK?lower diversifies more | Expenseper year | |||
| VGKVanguard FTSE Europe ETF · this page | +8.4% | 17.9% | 0.54 | −37.2% | +150% | 1.00 | 0.06% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.77 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against VGK. 9 of 22 passed at least one test. | |||||||||
EWUiShares MSCI United Kingdom ETF · International | Higher return, lower volatilityHigher return in most periods | +11.4% | 16.4% | 0.74 | −43.3% | +130% | 0.93 | 0.50% | |
HEDJWisdomTree Europe Hedged Equity Fund · International | Higher return, lower volatilityHigher return in most periods | +10.4% | 16.9% | 0.67 | −38.2% | +158% | 0.87 | 0.58% | |
DBEUXtrackers MSCI Europe Hedged Equity ETF · International | Higher return, lower volatilityHigher return in most periods | +11.2% | 14.4% | 0.82 | −34.5% | +178% | 0.91 | 0.46% | |
| SPYState Street SPDR S&P 500 ETF · US Large-Cap Equity | Higher return, similar volatilityHigher return in most periods | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.77 | 0.09% | |
 VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Higher return in most periods | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.97 | 0.03% | |
EWLiShares MSCI Switzerland ETF · Broad Market | Smaller losses in recent crashes | +7.2% | 16.3% | 0.51 | −29.0% | +160% | 0.92 | 0.50% | |
| 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 VGK's specific themes. 32 of 57 passed at least one test. | |||||||||
DFIVDimensional - International Value ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.92 | 0.27% | |
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% | 0.81 | 0.40% | |
IDMOInvesco S&P International Developed Momentum ETF · International Equity | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.91 | 0.25% | |
FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Higher return, lower volatilityHigher return in most periods | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.94 | 0.25% | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return, similar volatilityHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.48 | 0.48% | |
EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +7.6% | 11.9% | 0.68 | −27.6% | +97.7% | 0.88 | 0.20% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 508 of 3,558 passed at least one test. | |||||||||
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.57 | — | |
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% | 0.70 | 0.95% | |
PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.47 | 0.60% | |
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% | 0.43 | 0.65% | |
 VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.83 | 0.04% | |
 DFACDimensional - US Core Equity 2 ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.79 | 0.21% | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.36 | — | |
AOAiShares Core 80/20 Aggressive Allocation ETF · Multi-Asset | Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +8.6% | 13.1% | 0.69 | −28.4% | +165% | 0.89 | 0.19% | |
What these numbers mean for VGK
- Annual return
- VGK returned 8.4% 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 $15,000. 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
- VGK's volatility over the past 5 years was 17.9%, 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, VGK's return lands within 17.9% 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
- VGK's Sharpe ratio over the past 5 years was 0.54, against 0.79 for the S&P 500, so VGK 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
- VGK's worst fall from a peak to a low over the past 10 years was 37.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 37.2% fall takes a 59.3% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, VGK's monthly returns had a correlation of 0.77 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 VGK instead: the lower it is, the more that option would diversify a VGK holding. Guide: Correlation and diversification →
Show all 176 stocks and funds worth at least $500 million that earned more than VGK with less volatility
Out of 3,633 tested over 5 years. The strongest 75 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with VGK | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.70 | 0.95% |
| 2 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.47 | 0.60% |
| 3 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.43 | 0.65% |
| 4 | VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.83 | 0.04% |
| 5 | DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.79 | 0.21% |
| 6 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.78 | 0.15% |
| 7 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.80 | 0.20% |
| 8 | DFIVDimensional - International Value ETF · International Equity | Same or nearby category | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.92 | 0.27% |
| 9 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.72 | 0.12% |
| 10 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.70 | 0.08% |
| 11 | DFAIDimensional - International Core Equity Market ETF · Developed International Equity | Same or nearby category | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.98 | 0.18% |
| 12 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.95 | 0.09% |
| 13 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.77 | 0.03% |
| 14 | QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · Dividend & Income | Whole market | +11.8% | 15.0% | 0.82 | −22.6% | — | 0.75 | 0.60% |
| 15 | FFLCFidelity Fundamental Large Cap Core ETF · Broad Market | Whole market | +15.7% | 16.8% | 0.95 | −19.7% | — | 0.75 | 0.38% |
| 16 | IHEiShares U.S. Pharmaceuticals ETF · Broad Market | Whole market | +12.6% | 16.8% | 0.80 | −29.6% | +151% | 0.57 | 0.37% |
| 17 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare | Whole market | +11.9% | 16.9% | 0.75 | −32.1% | +153% | 0.55 | 0.60% |
| 18 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.84 | 0.31% |
| 19 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.57 | — |
| 20 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.77 | 0.49% |
| 21 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.82 | 0.03% |
| 22 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Same or nearby category | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.81 | 0.40% |
| 23 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.84 | 0.19% |
| 24 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.74 | 0.06% |
| 25 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +186% | 0.83 | 0.48% |
| 26 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.87 | 0.06% |
| 27 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.80 | 0.56% |
| 28 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.81 | 0.39% |
| 29 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.74 | 0.79% |
| 30 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.84 | 0.15% |
| 31 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.76 | 0.85% |
| 32 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.71 | 0.43% |
| 33 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.78 | 0.12% |
| 34 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.59 | 0.95% |
| 35 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Same or nearby category | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.94 | 0.25% |
| 36 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.81 | 0.60% |
| 37 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Same or nearby category | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.90 | 0.35% |
| 38 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.77 | 0.12% |
| 39 | IDViShares International Select Dividend ETF · International Equity | Same or nearby category | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.89 | 0.50% |
| 40 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Same or nearby category | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.86 | 0.19% |
| 41 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.86 | 0.30% |
| 42 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.91 | 0.09% |
| 43 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.79 | 0.10% |
| 44 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.82 | 0.05% |
| 45 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Same or nearby category | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.75 | 0.39% |
| 46 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.94 | 0.19% |
| 47 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.77 | 0.56% |
| 48 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.70 | 0.38% |
| 49 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.95 | 0.29% |
| 50 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.89 | 0.55% |
| 51 | EWUiShares MSCI United Kingdom ETF · International | Popular alternative | +11.4% | 16.4% | 0.74 | −43.3% | +130% | 0.93 | 0.50% |
| 52 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.72 | 0.27% |
| 53 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.34 | 0.85% |
| 54 | HEDJWisdomTree Europe Hedged Equity Fund · International | Popular alternative | +10.4% | 16.9% | 0.67 | −38.2% | +158% | 0.87 | 0.58% |
| 55 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.81 | 0.19% |
| 56 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.82 | 0.15% |
| 57 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.93 | 0.50% |
| 58 | FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income | Whole market | +13.1% | 16.0% | 0.85 | −44.6% | +203% | 0.85 | 0.59% |
| 59 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.90 | 0.50% |
| 60 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.83 | 0.40% |
| 61 | DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income | Whole market | +11.8% | 13.3% | 0.91 | −34.7% | +227% | 0.80 | 0.07% |
| 62 | PJPInvesco Pharmaceuticals ETF · Healthcare | Whole market | +11.2% | 16.6% | 0.72 | −34.0% | +135% | 0.54 | 0.58% |
| 63 | IPKWInvesco International BuyBack Achievers ETF · International | Whole market | +11.0% | 17.0% | 0.71 | −47.3% | +197% | 0.88 | 0.55% |
| 64 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.85 | 0.50% |
| 65 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.68 | 0.36% |
| 66 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.63 | 0.75% |
| 67 | CMDYiShares Bloomberg Roll Select Commodity Strategy ETF · Commodities | Whole market | +9.5% | 15.7% | 0.66 | −31.2% | — | 0.25 | 0.29% |
| 68 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | — | 0.73 | 0.77% |
| 69 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.16 | 0.98% |
| 70 | DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market | Whole market | +11.3% | 16.1% | 0.75 | −33.1% | — | 0.79 | 0.39% |
| 71 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Same or nearby category | +9.6% | 15.5% | 0.67 | −37.8% | +133% | 0.77 | 0.63% |
| 72 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.70 | 0.50% |
| 73 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.68 | 0.55% |
| 74 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.21 | 0.90% |
| 75 | FXUFirst Trust Utilities AlphaDEX Fund · Utilities | Whole market | +11.2% | 16.6% | 0.72 | −34.8% | +138% | 0.65 | 0.61% |
VGK against its popular alternatives
The investments people most often weigh against VGK, compared period by period and year by year.
How do VGK'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 VGK, which divides the map into what did better or worse on each measure.
- Five of the 20 popular alternatives, led by EWU, DBEU and HEDJ, were both more rewarding and calmer than VGK over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, VGK returned 8.4% a year, less than the S&P 500's 12.7%, with higher volatility (17.9% against 17.1%).
Green points earned more than VGK with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| EWP iShares MSCI Spain ETF | +19.2% | 20.3% |
| EWI iShares MSCI Italy ETF | +15.0% | 21.1% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| EWU iShares MSCI United Kingdom ETF | +11.4% | 16.4% |
| DBEU Xtrackers MSCI Europe Hedged Equity ETF | +11.2% | 14.4% |
| HEDJ WisdomTree Europe Hedged Equity Fund | +10.3% | 16.9% |
| FEZ State Street SPDR EURO STOXX 50 ETF | +10.1% | 20.6% |
| VPL Vanguard FTSE Pacific ETF | +9.5% | 18.6% |
| VEA Vanguard FTSE Developed Markets ETF | +9.3% | 16.9% |
| FEP First Trust Europe AlphaDEX Fund | +9.2% | 19.6% |
| EZU iShares MSCI Eurozone ETF | +8.7% | 20.0% |
| IEV iShares Europe ETF | +8.7% | 17.6% |
| VGK This pageVanguard FTSE Europe ETF | +8.4% | 17.9% |
| VXUS Vanguard Total International Stock ETF | +8.3% | 16.4% |
| SPEU State Street SPDR Portfolio Europe ETF | +8.2% | 17.5% |
| ENOR iShares MSCI Norway ETF | +7.5% | 21.9% |
| EWN iShares MSCI Netherlands ETF | +7.2% | 23.4% |
| EWL iShares MSCI Switzerland ETF | +7.2% | 16.3% |
| EWG iShares MSCI Germany ETF | +6.9% | 20.6% |
| EEM iShares MSCI Emerging Markets ETF | +6.3% | 20.0% |
| EWQ iShares MSCI France ETF | +5.1% | 19.8% |
| EFNL iShares MSCI Finland ETF | +4.8% | 20.1% |
Has VGK consistently beaten its popular alternatives?
This section compares VGK 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 VGK helps separate lasting outperformance from a single strong stretch.
- Seven of the 22 popular alternatives, led by SPY, EWP and DBEU, outperformed VGK in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- SPY outperformed VGK in every long-term period and in all but one short-term period, the most consistent record in the group.
- DBEU, SPY and VEA earned more for the risk they took than VGK (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than VGK 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| VGK Vanguard FTSE Europe ETF (this page) | — | −2.3% | −0.3% | −0.3% | +5.3% | +10.7% | +70.9% | +49.6% | +150% | 17.9% | 0.54 | −37.2% | 0.06% | $37B | — |
| SPY QualifiedState Street SPDR S&P 500 ETF | 5/5 short3/3 longAll-weather | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1% | 0.79 | −33.7% | 0.09% | $823B | 62% |
| EWP QualifiediShares MSCI Spain ETF | 3/5 short3/3 long | −5.5% | −1.0% | +1.6% | +7.8% | +19.8% | +141% | +140% | +196% | 20.3% | 0.97 | −46.4% | 0.50% | $2.0B | 58% |
| DBEU QualifiedXtrackers MSCI Europe Hedged Equity ETF | 5/5 short2/3 long | −1.1% | +1.1% | +4.3% | +10.0% | +15.3% | +64.8% | +70.1% | +178% | 14.4% | 0.82 | −34.5% | 0.46% | $785M | 97% |
| EWU QualifiediShares MSCI United Kingdom ETF | 5/5 short2/3 long | +0.1% | +3.0% | +0.9% | +9.0% | +17.1% | +74.1% | +71.5% | +130% | 16.4% | 0.74 | −43.3% | 0.50% | $3.8B | 80% |
| VEA QualifiedVanguard FTSE Developed Markets ETF | 4/5 short2/3 long | −3.5% | +1.0% | +1.4% | +11.5% | +17.0% | +81.0% | +55.9% | +153% | 16.9% | 0.61 | −35.8% | 0.03% | $314B | 89% |
| VPL QualifiedVanguard FTSE Pacific ETF | 4/5 short2/3 long | −6.6% | +2.0% | +3.6% | +20.0% | +24.0% | +87.4% | +57.3% | +141% | 18.6% | 0.58 | −33.9% | 0.07% | $14B | 74% |
| EWN QualifiediShares MSCI Netherlands ETF | 3/5 short2/3 long | −4.2% | −2.3% | +2.4% | +12.0% | +15.8% | +94.1% | +41.9% | +229% | 23.4% | 0.42 | −43.6% | 0.50% | $627M | 70% |
| FEP InternationalFirst Trust Europe AlphaDEX Fund | 2/5 short3/3 long | −3.6% | −0.5% | −1.6% | +6.1% | +14.8% | +102% | +55.4% | +166% | 19.6% | 0.55 | −46.1% | 0.80% | $491M | 74% |
| EWI Broad MarketiShares MSCI Italy ETF | 1/5 short3/3 long | −8.5% | −6.6% | −2.7% | +3.5% | +12.9% | +110% | +101% | +247% | 21.1% | 0.77 | −43.0% | 0.50% | $1.2B | 53% |
| FEZ Broad MarketState Street SPDR EURO STOXX 50 ETF | 0/5 short3/3 long | −4.9% | −2.2% | −0.9% | +2.3% | +6.3% | +74.7% | +62.0% | +164% | 20.6% | 0.57 | −39.7% | 0.29% | $4.1B | 86% |
| HEDJ InternationalWisdomTree Europe Hedged Equity Fund | 2/5 short2/3 long | −1.9% | +0.9% | +1.2% | +5.0% | +8.1% | +55.1% | +63.6% | +158% | 16.9% | 0.67 | −38.2% | 0.58% | $1.7B | 80% |
| EZU InternationaliShares MSCI Eurozone ETF | 0/5 short2/3 long | −4.9% | −2.8% | −1.7% | +2.7% | +7.2% | +75.7% | +51.9% | +149% | 20.0% | 0.52 | −41.4% | 0.50% | $9.3B | 88% |
| EWL Broad MarketiShares MSCI Switzerland ETF | 5/5 short1/3 long | +3.7% | +1.1% | +2.7% | +6.3% | +11.2% | +57.6% | +41.9% | +160% | 16.3% | 0.51 | −29.0% | 0.50% | $2.9B | 65% |
| ENOR Broad MarketiShares MSCI Norway ETF | 5/5 short1/3 long | −0.8% | +10.5% | +3.8% | +29.1% | +35.6% | +89.1% | +43.8% | +144% | 21.9% | 0.44 | −54.2% | 0.53% | $315M | 63% |
| VXUS InternationalVanguard Total International Stock ETF | 4/5 short1/3 long | −3.9% | +1.0% | +0.9% | +10.2% | +14.6% | +77.2% | +48.6% | +140% | 16.4% | 0.57 | −36.0% | 0.05% | $666B | 81% |
| EEM InternationaliShares MSCI Emerging Markets ETF | 3/5 short1/3 long | −8.0% | −0.4% | +0.7% | +13.2% | +17.6% | +84.9% | +35.7% | +110% | 20.0% | 0.41 | −39.8% | 0.72% | $29B | 75% |
| EFNL Broad MarketiShares MSCI Finland ETF | 1/5 short1/3 long | −8.6% | −0.4% | −5.4% | +5.5% | +17.7% | +84.5% | +26.6% | +121% | 20.1% | 0.34 | −38.7% | 0.53% | $392M | 81% |
| EWG InternationaliShares MSCI Germany ETF | 1/5 short1/3 long | −2.7% | +1.4% | −1.7% | −0.7% | +0.9% | +74.7% | +39.7% | +103% | 20.6% | 0.43 | −46.8% | 0.49% | $1.5B | 80% |
| IEV InternationaliShares Europe ETF | 0/5 short1/3 long | −2.4% | −0.8% | −0.5% | +4.6% | +10.2% | +67.8% | +51.8% | +144% | 17.6% | 0.56 | −36.6% | 0.60% | $1.6B | 96% |
| SPEU InternationalState Street SPDR Portfolio Europe ETF | 0/5 short0/3 long | −2.2% | −0.4% | −0.4% | +5.0% | +10.5% | +70.3% | +48.4% | +149% | 17.5% | 0.54 | −36.8% | 0.07% | $699M | 98% |
| IEUR InternationaliShares Core MSCI Europe ETF | 0/5 short0/3 long | −2.3% | −0.4% | −0.3% | +5.4% | +10.4% | +69.8% | +48.6% | +147% | 17.8% | 0.54 | −37.0% | 0.10% | $9.4B | 97% |
| EWQ Broad MarketiShares MSCI France ETF | 0/5 short0/3 long | −5.2% | −6.3% | −7.7% | −5.3% | −4.6% | +34.3% | +28.0% | +128% | 19.8% | 0.35 | −39.2% | 0.50% | $338M | 77% |
How did VGK do year by year?
This table shows each investment's total return in every full calendar year since 2006, along with where VGK ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VGK and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: VGK began trading on March 10, 2005, so the table starts with 2006, its first full calendar year, and cannot show how it fared during the dot-com bust.
- VGK finished ahead of the S&P 500 in seven of its 20 full calendar years.
- Among its popular alternatives, DBEU came out ahead of VGK most often, in eight of the 12 years both traded.
- Ranked against its popular alternatives each year, VGK finished in the top quarter in no of 20 years and in the bottom quarter in no. In 2025, it ranked 7 of 21.
Newest year first. Green marks a year in which the fund came out ahead of VGK; gray means the two finished within a fraction of a point. The rank row places VGK among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of VGK | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VGK This pageVanguard FTSE Europe ETF | — | +35.8% | +1.9% | +20.2% | −16.0% | +16.9% | +5.5% | +24.9% | −14.9% | +27.0% | −0.4% | −1.9% | −7.1% | +24.4% | +21.5% | −11.7% | +6.0% | +31.4% | −44.6% | +13.3% | +33.0% |
| Rank among alternatives | Top quarter in 0 of 20 | 7 of 21 | 14 of 21 | 9 of 21 | 13 of 21 | 9 of 21 | 11 of 21 | 10 of 21 | 13 of 21 | 10 of 21 | 16 of 21 | 12 of 21 | 11 of 21 | 9 of 20 | 8 of 18 | 7 of 16 | 7 of 16 | 5 of 15 | 10 of 15 | 8 of 14 | 5 of 14 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 13 of 20 | +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% | +5.1% | +15.9% |
| EWP iShares MSCI Spain ETF | 11 of 20 | +78.0% | +5.7% | +30.3% | −5.2% | +0.2% | −4.0% | +11.9% | −15.3% | +27.0% | −1.8% | −15.6% | −6.3% | +31.9% | +5.4% | −9.8% | −18.8% | +33.1% | −36.8% | +20.9% | +49.2% |
| DBEU Xtrackers MSCI Europe Hedged Equity ETF | 8 of 12 | +22.2% | +9.2% | +17.4% | −6.2% | +24.0% | −1.4% | +27.3% | −8.5% | +14.6% | +8.5% | +4.3% | +2.3% | — | — | — | — | — | — | — | — |
| EWU iShares MSCI United Kingdom ETF | 7 of 20 | +34.9% | +6.8% | +12.4% | −4.4% | +18.2% | −11.8% | +21.3% | −14.3% | +21.5% | −1.2% | −7.0% | −7.6% | +19.5% | +15.2% | −3.9% | +10.2% | +36.3% | −46.5% | +6.5% | +30.3% |
| VEA Vanguard FTSE Developed Markets ETF | 8 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% | — | — |
| VPL Vanguard FTSE Pacific ETF | 9 of 20 | +32.7% | +1.7% | +15.6% | −15.2% | +1.1% | +16.6% | +18.2% | −14.4% | +28.8% | +5.3% | +2.1% | −4.8% | +17.9% | +15.9% | −13.8% | +15.6% | +20.4% | −34.0% | +4.4% | +11.6% |
| EWN iShares MSCI Netherlands ETF | 11 of 20 | +34.9% | +1.7% | +22.1% | −24.4% | +22.7% | +23.2% | +32.5% | −15.3% | +33.7% | +4.1% | +1.5% | −5.7% | +28.7% | +22.0% | −16.0% | +5.0% | +40.7% | −47.5% | +18.0% | +31.7% |
| FEP First Trust Europe AlphaDEX Fund | 7 of 14 | +55.8% | +3.4% | +16.8% | −23.0% | +17.0% | +4.1% | +24.9% | −19.1% | +36.3% | +0.8% | +2.8% | −10.2% | +30.0% | +23.4% | — | — | — | — | — | — |
| EWI iShares MSCI Italy ETF | 7 of 20 | +55.7% | +10.2% | +30.6% | −14.2% | +14.4% | +1.7% | +26.9% | −17.2% | +28.7% | −8.6% | +3.1% | −10.9% | +19.1% | +15.3% | −24.1% | −14.2% | +22.1% | −46.8% | +3.7% | +32.4% |
| FEZ State Street SPDR EURO STOXX 50 ETF | 10 of 20 | +37.8% | +3.6% | +27.2% | −14.3% | +14.8% | +4.9% | +26.1% | −15.9% | +24.8% | +0.7% | −4.0% | −9.7% | +25.8% | +22.7% | −16.4% | −8.0% | +25.3% | −42.5% | +20.4% | +31.8% |
| HEDJ WisdomTree Europe Hedged Equity Fund | 10 of 16 | +23.5% | +4.7% | +26.9% | −10.1% | +23.5% | −3.4% | +27.5% | −9.3% | +13.5% | +10.2% | +5.9% | +4.7% | +20.3% | +18.8% | −9.2% | +3.3% | — | — | — | — |
| EZU iShares MSCI Eurozone ETF | 9 of 20 | +40.0% | +2.2% | +23.4% | −17.2% | +13.9% | +7.6% | +23.3% | −16.8% | +27.9% | +1.8% | −1.7% | −9.9% | +27.1% | +23.9% | −18.1% | −3.1% | +26.6% | −45.8% | +18.4% | +35.5% |
| EWL iShares MSCI Switzerland ETF | 10 of 20 | +32.9% | −2.8% | +17.6% | −18.9% | +20.2% | +11.8% | +31.6% | −9.2% | +23.3% | −2.5% | +0.2% | −1.7% | +25.7% | +21.8% | −7.9% | +14.5% | +22.0% | −27.2% | +5.5% | +30.0% |
| ENOR iShares MSCI Norway ETF | 4 of 13 | +32.0% | −2.3% | +4.8% | −12.5% | +18.7% | +2.6% | +12.8% | −8.5% | +22.0% | +18.7% | −16.6% | −22.0% | +9.4% | — | — | — | — | — | — | — |
| VXUS Vanguard Total International Stock ETF | 5 of 14 | +32.3% | +5.1% | +15.9% | −16.1% | +9.0% | +10.7% | +21.7% | −14.4% | +27.5% | +4.8% | −4.2% | −4.7% | +14.6% | +18.6% | — | — | — | — | — | — |
| EEM iShares MSCI Emerging Markets ETF | 8 of 20 | +34.0% | +6.5% | +9.0% | −20.5% | −3.6% | +17.1% | +18.3% | −15.3% | +37.3% | +10.8% | −16.2% | −3.9% | −3.7% | +19.1% | −18.8% | +16.5% | +69.0% | −48.9% | +33.3% | +31.3% |
| EFNL iShares MSCI Finland ETF | 7 of 13 | +53.6% | −5.3% | −0.1% | −17.3% | +10.5% | +20.2% | +13.6% | −6.8% | +23.8% | +3.4% | +3.5% | −5.6% | +37.9% | — | — | — | — | — | — | — |
| EWG iShares MSCI Germany ETF | 9 of 20 | +35.8% | +9.8% | +23.3% | −22.3% | +5.9% | +10.6% | +19.2% | −21.4% | +27.4% | +3.6% | −2.8% | −11.9% | +30.8% | +32.3% | −17.7% | +8.2% | +20.5% | −43.5% | +33.7% | +35.0% |
| IEV iShares Europe ETF | 1 of 20 | +35.6% | +1.4% | +20.2% | −14.2% | +16.7% | +4.1% | +24.0% | −14.7% | +24.9% | −0.2% | −3.3% | −7.3% | +24.1% | +20.6% | −11.3% | +3.6% | +28.9% | −43.4% | +11.9% | +32.6% |
| SPEU State Street SPDR Portfolio Europe ETF | 5 of 20 | +35.8% | +1.9% | +19.9% | −16.0% | +16.2% | +6.4% | +26.2% | −13.8% | +23.8% | −2.5% | −3.9% | −8.3% | +21.2% | +17.3% | −8.0% | −3.2% | +28.4% | −42.4% | +13.5% | +26.7% |
| EWQ iShares MSCI France ETF | 10 of 20 | +28.9% | −5.6% | +21.7% | −12.1% | +21.4% | +2.9% | +26.7% | −12.9% | +29.1% | +4.9% | +0.3% | −10.7% | +24.2% | +24.3% | −17.7% | −2.5% | +27.3% | −41.5% | +12.1% | +33.6% |
Risk and diversification
How VGK 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 VGK's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents VGK's five deepest drawdowns since it began trading in 2005, 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: VGK began trading on March 10, 2005, 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.
- In all five of VGK's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: VGK fell 24.9% from July 2014 to February 2016, while the S&P 500 slipped only 4.9%.
- The slowest recovery came after VGK fell 63.6% from October 2007 to March 2009; it did not regain that peak until April 2014, five years later.
Green means VGK fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | VGK fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −63.6% | −54.7% | Oct 2007 | Mar 2009 | 17 months | Apr 2014 | 5.1 years |
| Late-2018 sell-off | −37.2% | −13.1% | Jan 2018 | Mar 2020 | 2.2 years | Nov 2020 | 8 months |
| 2022 bear market | −32.8% | −18.3% | Sep 2021 | Sep 2022 | 12 months | Feb 2024 | 17 months |
| 2015 China and oil sell-off | −24.9% | −4.9% | Jul 2014 | Feb 2016 | 19 months | May 2017 | 15 months |
| No named crash | −14.3% | −11.2% | Mar 2025 | Apr 2025 | 1 month | May 2025 | 1 month |
How did VGK do in stock market crashes?
This section measures how far VGK, 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: VGK began trading on March 10, 2005, 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.
- Among its popular alternatives, VPL held up best, falling less than VGK in seven of the nine crashes they both traded through.
- VGK began trading after the dot-com bust, but seven of its popular alternatives lived through it. The mildest fall among them was EWU's 41.6%, against 47.5% for the S&P 500.
- VGK fell further than the S&P 500 in five of the nine crashes it has traded through. The clearest case was the 2008 financial crisis, when VGK fell 63.6% and the S&P 500 fell 55.2%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VGK.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VGK This pageVanguard FTSE Europe ETF | — | −2.5% | −32.3% | −36.6% | −17.3% | −5.6% | −21.0% | −25.6% | −0.7% | −63.6% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 5 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| EWP iShares MSCI Spain ETF | 4 of 9 | −3.9% | −28.0% | −38.5% | −13.3% | −6.4% | −28.9% | −26.3% | 0.0% | −61.2% | −45.1% |
| DBEU Xtrackers MSCI Europe Hedged Equity ETF | 4 of 6 | −4.5% | −17.7% | −34.5% | −13.8% | −4.0% | −21.0% | — | — | — | — |
| EWU iShares MSCI United Kingdom ETF | 3 of 9 | −2.1% | −24.9% | −40.2% | −15.3% | −5.5% | −22.4% | −20.2% | −0.5% | −64.0% | −41.6% |
| VEA Vanguard FTSE Developed Markets ETF | 5 of 9 | −2.5% | −28.8% | −34.1% | −17.1% | −5.9% | −19.9% | −23.1% | −0.2% | −60.7% | — |
| VPL Vanguard FTSE Pacific ETF | 7 of 9 | −2.2% | −26.6% | −28.5% | −16.3% | −6.5% | −18.4% | −18.3% | −0.2% | −55.5% | — |
| EWN iShares MSCI Netherlands ETF | 2 of 9 | −2.6% | −39.7% | −34.7% | −17.4% | −5.9% | −19.3% | −25.9% | −0.7% | −65.2% | −52.3% |
| FEP First Trust Europe AlphaDEX Fund | 1 of 7 | −3.9% | −38.1% | −42.7% | −23.2% | −5.6% | −19.3% | −26.6% | — | — | — |
| EWI iShares MSCI Italy ETF | 1 of 9 | −4.5% | −35.0% | −40.5% | −19.5% | −5.1% | −32.1% | −33.7% | 0.0% | −70.2% | −44.7% |
| FEZ State Street SPDR EURO STOXX 50 ETF | 0 of 9 | −3.0% | −33.7% | −37.8% | −17.6% | −6.3% | −24.0% | −31.9% | −1.9% | −63.9% | — |
| HEDJ WisdomTree Europe Hedged Equity Fund | 5 of 8 | −4.6% | −22.1% | −37.6% | −14.6% | −4.1% | −23.6% | −19.6% | 0.0% | — | — |
| EZU iShares MSCI Eurozone ETF | 0 of 9 | −3.0% | −34.8% | −38.1% | −18.9% | −6.0% | −22.0% | −30.7% | −0.5% | −65.3% | — |
| EWL iShares MSCI Switzerland ETF | 7 of 9 | −0.6% | −28.7% | −27.8% | −13.7% | −5.4% | −18.0% | −22.0% | −1.1% | −51.6% | −43.7% |
| ENOR iShares MSCI Norway ETF | 0 of 6 | −4.0% | −32.7% | −45.1% | −24.2% | −5.3% | −26.8% | — | — | — | — |
| VXUS Vanguard Total International Stock ETF | 5 of 7 | −2.5% | −28.4% | −33.4% | −15.1% | −6.1% | −20.2% | −24.2% | — | — | — |
| EEM iShares MSCI Emerging Markets ETF | 4 of 9 | −2.7% | −31.4% | −30.8% | −12.1% | −6.8% | −22.3% | −28.0% | 0.0% | −66.4% | — |
| EFNL iShares MSCI Finland ETF | 3 of 6 | −2.0% | −33.5% | −34.5% | −18.6% | −4.9% | −14.6% | — | — | — | — |
| EWG iShares MSCI Germany ETF | 0 of 9 | −2.8% | −40.0% | −38.9% | −20.1% | −5.9% | −21.5% | −34.8% | −0.8% | −63.1% | −66.0% |
| IEV iShares Europe ETF | 3 of 9 | −2.3% | −30.5% | −35.6% | −16.7% | −5.6% | −21.5% | −25.7% | −0.6% | −63.2% | — |
| SPEU State Street SPDR Portfolio Europe ETF | 3 of 9 | −2.4% | −32.2% | −36.3% | −14.7% | −5.7% | −22.4% | −26.1% | 0.0% | −62.4% | — |
| EWQ iShares MSCI France ETF | 3 of 9 | −2.8% | −31.4% | −38.2% | −19.4% | −5.9% | −20.6% | −31.1% | 0.0% | −61.2% | −52.1% |
How closely does VGK 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 VGK with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- 14 of the 20 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than VGK's 0.80, led by DBEU, EWP and EWI.
- DBEU took just 69% of the S&P 500's losses, against 104% for VGK, while still keeping 70% of its gains.
- Over the past 10 years, VGK captured 83% of the S&P 500's gains in rising months and 104% of its losses in falling months, with a beta of 0.89. Its share of the market's losses was larger than its share of the gains.
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 VGK's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| VGK This pageVanguard FTSE Europe ETF | 83% | 104% | 0.80 | 0.89 |
| DBEU Xtrackers MSCI Europe Hedged Equity ETF | 70% | 69% | 1.02 | 0.69 |
| EWP iShares MSCI Spain ETF | 81% | 83% | 0.97 | 0.81 |
| EWI iShares MSCI Italy ETF | 95% | 98% | 0.97 | 0.95 |
| HEDJ WisdomTree Europe Hedged Equity Fund | 76% | 85% | 0.90 | 0.81 |
| VPL Vanguard FTSE Pacific ETF | 75% | 85% | 0.88 | 0.79 |
| EWN iShares MSCI Netherlands ETF | 99% | 112% | 0.88 | 1.05 |
| EWL iShares MSCI Switzerland ETF | 74% | 87% | 0.85 | 0.71 |
| VEA Vanguard FTSE Developed Markets ETF | 81% | 96% | 0.84 | 0.86 |
| VXUS Vanguard Total International Stock ETF | 76% | 91% | 0.84 | 0.82 |
| EEM iShares MSCI Emerging Markets ETF | 70% | 84% | 0.83 | 0.77 |
| FEZ State Street SPDR EURO STOXX 50 ETF | 91% | 111% | 0.82 | 0.97 |
| EZU iShares MSCI Eurozone ETF | 87% | 107% | 0.81 | 0.95 |
| IEV iShares Europe ETF | 81% | 101% | 0.81 | 0.86 |
| SPEU State Street SPDR Portfolio Europe ETF | 83% | 103% | 0.81 | 0.88 |
| EWU iShares MSCI United Kingdom ETF | 71% | 89% | 0.80 | 0.75 |
| FEP First Trust Europe AlphaDEX Fund | 90% | 113% | 0.80 | 1.00 |
| EFNL iShares MSCI Finland ETF | 75% | 94% | 0.80 | 0.86 |
| ENOR iShares MSCI Norway ETF | 85% | 109% | 0.78 | 0.96 |
| EWQ iShares MSCI France ETF | 83% | 106% | 0.78 | 0.92 |
| EWG iShares MSCI Germany ETF | 86% | 121% | 0.71 | 1.00 |
What diversifies VGK?
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 VGK's. Because such investments tend not to fall at the same time, pairing VGK with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in VGK into DBMF would have cut the portfolio's volatility by 24% over the past 5 years and raised its annual return (+9.2% for VGK alone, +9.9% for the mix).
- Among large ETFs, DXJ, GLD and XLE have moved largely independently of VGK over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
- MPC made money in four of the seven calendar years in which VGK lost money.
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 VGK lost money. The last two columns show a portfolio that is 80% VGK and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2016 | 2015 | 2014 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VGK Vanguard FTSE Europe ETF (this page) | 1.00 | +49.6% | 0.54 | −16.0% | −14.9% | −0.4% | −1.9% | −7.1% | −11.7% | −44.6% | 17.1% | +9.3% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.48 | +225% | 1.34 | +6.0% | −19.8% | +1.1% | +7.7% | +8.1% | −16.1% | −20.8% | 15.1% | +12.8% |
| GLD CommoditiesSPDR Gold Shares | 0.41 | +126% | 0.96 | −0.8% | −1.9% | +8.0% | −10.7% | −2.2% | +9.6% | +4.9% | 15.4% | +11.3% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.32 | +177% | 0.93 | +64.4% | −18.2% | +28.0% | −21.5% | −8.7% | +2.8% | −39.0% | 16.1% | +12.5% |
| AMLP EnergyAlerian MLP ETF | 0.39 | +111% | 0.89 | +25.5% | −12.6% | +14.9% | −25.7% | +4.8% | +10.2% | — | 15.5% | +11.3% |
| PTLC Broad MarketPacer Trendpilot US Large Cap ETF | 0.47 | +57.4% | 0.83 | −8.6% | +1.5% | +4.4% | — | — | — | — | 14.9% | +9.7% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.34 | +59.7% | 0.82 | +21.6% | — | — | — | — | — | — | 13.0% | +9.9% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.21 | +66.4% | 0.81 | +2.5% | −8.7% | −3.1% | −17.2% | +2.6% | −10.7% | −19.1% | 14.3% | +9.8% |
| RING InternationaliShares MSCI Global Gold Miners ETF | 0.49 | +201% | 0.77 | −15.4% | −13.2% | +58.7% | −25.8% | −17.6% | — | — | 18.7% | +13.7% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2016 | 2015 | 2014 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VGK Vanguard FTSE Europe ETF (this page) | 1.00 | +49.6% | 0.54 | −16.0% | −14.9% | −0.4% | −1.9% | −7.1% | −11.7% | −44.6% | 17.1% | +9.3% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.30 | +479% | 1.55 | +54.1% | −24.5% | −17.5% | +12.6% | +23.0% | +8.1% | −39.6% | 16.1% | +15.1% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.24 | +3,143% | 1.47 | +1.3% | −16.3% | +7.4% | −6.0% | +12.9% | −24.4% | −20.5% | 20.0% | +27.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.36 | +1,636% | 1.46 | +17.0% | +0.8% | +18.3% | +67.7% | −10.4% | −17.0% | −15.2% | 18.8% | +23.5% |
| MCK Medical - DistributionMcKesson Corporation | 0.15 | +413% | 1.44 | +51.8% | −28.4% | −28.3% | −4.5% | +29.3% | +11.8% | −40.4% | 15.3% | +14.6% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.23 | +690% | 1.41 | +86.6% | −8.2% | +0.7% | +17.4% | +0.4% | — | — | 16.4% | +17.2% |
Common questions
What was VGK's worst drawdown?
VGK's deepest decline since it began trading in 2005 was 63.6%, from October 2007 to March 2009. It took about five years from the low to climb back to its old high. Because VGK launched in March 2005, that record does not include the dot-com bust.
What were VGK's best and worst years?
Over 20 full calendar years, VGK's best year was 2025, when it returned 35.8%. Its worst was 2008, with a return of -44.6%.
Is there a better investment than VGK?
Among VGK's popular alternatives, EWU, HEDJ and DBEU earned more than VGK with less volatility over the past 5 years. EWU returned 11.4% a year at 16.4% volatility, against 8.4% a year at 17.9%. Looking beyond its popular alternatives, DFIV (international equity) and LVHI (international equity) earned more than VGK with less volatility over the past 5 years. DFIV returned 14.8% a year at 16.4% volatility, against 8.4% a year at 17.9%.
Is VGK more volatile than the S&P 500?
Yes. VGK's volatility over the past 5 years was 17.9%, 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, VGK's return lands within 17.9% 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 VGK's Sharpe ratio?
VGK's Sharpe ratio over the past 5 years was 0.54, against 0.79 for the S&P 500, so VGK 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 VGK with the S&P 500?
Over the past 5 years, VGK's monthly returns had a correlation of 0.77 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 VGK instead: the lower it is, the more that option would diversify a VGK holding.
What are the best alternatives to VGK?
Of the 22 popular alternatives we compared, seven outperformed VGK in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SPY, EWP and DBEU.
Did VGK outperform the S&P 500?
VGK finished ahead of the S&P 500 (SPY) in seven of 20 full calendar years. In 2025, it returned +35.8%, against +17.7% for the index.
How did VGK do in stock market crashes?
VGK fell less than the S&P 500 (SPY) in four of the nine major crashes it has traded through, and further in five. The clearest case was the 2008 financial crisis, when VGK fell 63.6% and the S&P 500 fell 55.2%.
What diversifies VGK?
These had a low correlation with VGK over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.48), GLD (correlation 0.41) and XLE (correlation 0.32); among large stocks, CAH (correlation 0.30), CLS (correlation 0.24) and FIX (correlation 0.36). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than VGK's. Returns within 0.5 points or 3% of VGK's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to VGK
- SPYState Street SPDR S&P 500 ETF
- VEAVanguard FTSE Developed Markets ETF
VXUSVanguard Total International Stock ETF
NVDA
AAPL
GOOG
MSFT
AMZN