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 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about VEU
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- What you're buyingA correlation of 0.99 with VEA (Vanguard FTSE Developed Markets ETF) over 5 years: effectively the same bet as the larger fund. Consistency ↓
- Right nowOver the past 6 months, VEU rose 1.4% against 8.0% for the S&P 500 and 7.8% for the Nasdaq 100. At a glance ↓
- Fund or market?A move of its own: VEU fell 1.9% over the past 3 months, while the S&P 500 rose 2.5%.
- Long termVEU turned $10,000 into $24,000 over the past decade, against $41,600 in the S&P 500. VEU finished ahead of the S&P 500 in five of its 18 calendar years. Growth of $10,000 ↓
- In a crashVEU has tended to fall harder than the S&P 500 in crashes, about 1.2 times the index's decline. Crash tests ↓
- DiversificationAgainst the S&P 500, VEU has a correlation of 0.79 over 5 years, more closely than 61% of ETFs with at least $100 million in assets. Next to an index fund it is some diversification, but not a hedge. When the S&P 500 had a down month, VEU usually fell with it (17 of 22 months). By year ↓
- Better options
- Popular alternatives
- VYMI (Vanguard International High Dividend Yield ETF) and IDV (iShares International Select Dividend ETF) earned more than VEU with less volatility over the past 5 years. VYMI returned 13.2% a year at 14.8% volatility, against 8.4% a year at 16.4%.
- Nearby categories and themes
- DIVI (Franklin International Core Dividend Tilt Index ETF, international dividend equity) and DBEF (Xtrackers MSCI EAFE Hedged Equity ETF, international equity) earned more than VEU with less volatility over the past 5 years. DIVI returned 13.3% a year at 15.5% volatility, against 8.4% a year at 16.4%.
- Whole market
- 97 of the 3,641 stocks and funds worth at least $500 million earned more than VEU with less volatility over the past 5 years, among them VTV (Vanguard Morningstar Value ETF), VIG (Vanguard Dividend Appreciation ETF) and SCHD (Schwab U.S. Dividend Equity ETF).
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.
- $10,000 invested in VEU at the end of September 2007 would have grown to $23,885 by September 2026, less than the $70,725 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of VEU, and JNJ finished highest, at $70,127.
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. 1,254 of the 1,801 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.
- SPY (S&P 500)$70,725+607% total · +10.8% a year
- JNJ$70,127+601% total · +10.8% a year
- VTI$69,591+596% total · +10.8% a year
- NVS$59,702+497% total · +9.9% 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
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,407 of the 3,630 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.
- 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
- SCHF$16,548+65.5% total · +10.6% a year
- VEA$16,310+63.1% total · +10.3% a year
- VEU$15,846+58.5% total · +9.6% a year
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.
- 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.
- Over 18 full calendar years, VEU's best was 2009, when it returned 37.6%, and its worst was 2008, when it lost 43.4%. It lost money in six of those years.
- VEU is 6.2% below its all-time high.
The fund
- Issuer
- Vanguard
- Began trading
- March 2007
- Expense ratio
- 0.04%per year
- Assets
- $96B
- Category
- International
Returns
- Past 1 year
- +14.8%total return
- Past 3 years
- +76.2%+20.8% a year
- Past 5 years
- +49.4%+8.4% a year
- Past 10 years
- +140%+9.2% 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
- 0.57return per unit of risk, 5 years
- Worst decline ever
- −61.5%Oct 2007 to Mar 2009
- From its all-time high
- −6.2%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.
- VEU lands in the broad middle of the market on every measure here. VEU's 3-year return ranks in the top 33% of the 1,950 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 | VEU | Rank | Standing |
|---|---|---|---|
| 1-year return | +14.8% | 882 of 2,488 | top 35% |
| 3-year return | +76.2% | 649 of 1,950 | top 33% |
| 5-year return | +49.4% | 676 of 1,563 | top 43% |
| 10-year return | +140% | 511 of 958 | bottom 48% |
| Volatility, 5 years | 16.4% | 751 of 1,563 | top 48% |
| Sharpe ratio, 5 years | 0.57 | 762 of 1,563 | top 49% |
| Worst decline, past 10 years | −35.0% | 348 of 951 | top 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.
- 97 ETFs worth at least $500 million sit in the green region: each earned more than VEU over the past 5 years with smaller price swings. That is 3% of the 3,641 screened.
- Among those with at least half VEU's swings, LVHI has the best return for its risk: 16.9% a year at 11.1% volatility, 32% less than VEU's 16.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.57 for VEU.
- Among VEU's popular alternatives, VYMI and IDV are in the region. VYMI earned 13.2% a year against 8.4% a year for VEU, at 14.8% volatility, 10% less than VEU's 16.4%.
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 44 more of the 97 in the green region (the strongest, one per fund family). 3,641 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 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.
- 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 8.4% a year at 16.4%.
- Looking beyond its popular alternatives, DIVI (international dividend equity) and DBEF (international equity) earned more than VEU with less volatility over the past 5 years. DIVI returned 13.3% a year at 15.5% volatility, against 8.4% a year at 16.4%.
- Across the whole market, 97 of the 3,641 stocks and funds worth at least $500 million earned more than VEU with less volatility over the past 5 years, among them VTV, VIG and SCHD.
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.
| 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 VEU?lower diversifies more | Expenseper year | |||
| VEUVanguard FTSE All-World ex-US ETF · this page | +8.4% | 16.4% | 0.57 | −35.0% | +140% | 1.00 | 0.04% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.79 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against VEU. 11 of 23 passed at least one test. | |||||||||
VYMIVanguard International High Dividend Yield ETF · International Dividend Equity | Higher return, lower volatilityHigher return in most periods | +13.2% | 14.8% | 0.92 | −40.0% | +174% | 0.93 | 0.07% | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, similar volatilityHigher return in most periods | +11.4% | 17.5% | 0.71 | −35.0% | +298% | 0.79 | 0.03% | |
FNDFSchwab Fundamental International Large Company Index ETF · International Large-Cap Equity | Higher return, similar volatilityHigher return in most periods | +13.6% | 16.3% | 0.87 | −40.2% | +193% | 0.96 | 0.25% | |
IDViShares International Select Dividend ETF · International Dividend Equity | Higher return, lower volatility | +12.7% | 15.5% | 0.85 | −42.5% | +159% | 0.87 | 0.50% | |
 VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Higher return in most periods | +9.1% | 16.9% | 0.60 | −35.8% | +152% | 0.99 | 0.03% | |
 VTVanguard Total World Stock ETF · Global Equity | Higher return in most periods | +10.1% | 16.2% | 0.68 | −34.2% | +220% | 0.92 | 0.06% | |
| 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, International Dividend Equity), plus VEU's specific themes. 71 of 209 passed at least one test. | |||||||||
DIVIFranklin International Core Dividend Tilt Index ETF · International Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.3% | 15.5% | 0.89 | −27.7% | +182% | 0.95 | 0.09% | |
DFIVDimensional - International Value ETF · International Large-Cap Value | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.89 | 0.27% | |
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Higher return, lower volatilityHigher return in most periods | +12.9% | 13.8% | 0.95 | −32.5% | +204% | 0.87 | 0.35% | |
SCHYSchwab International Dividend Equity ETF · International Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +9.5% | 13.3% | 0.76 | −24.0% | — | 0.88 | 0.08% | |
AVDVAvantis International Small Cap Value ETF · International Equity | Higher return, similar volatilityHigher return in most periods | +13.6% | 17.4% | 0.82 | −43.0% | — | 0.93 | 0.36% | |
EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +7.7% | 11.9% | 0.69 | −27.6% | +100% | 0.84 | 0.20% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 362 of 3,472 passed at least one test. | |||||||||
FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +10.1% | 10.5% | 0.97 | −20.6% | +155% | 0.71 | 0.95% | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.32 | — | |
PTLCPacer Trendpilot US Large Cap ETF · Tactical Equity | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.3% | 11.9% | 0.81 | −26.6% | +185% | 0.54 | 0.60% | |
SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.81 | 0.31% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.9% | 16.9% | 0.86 | −19.5% | — | 0.78 | 0.15% | |
 NVSNovartis AG · Pharmaceuticals | Higher Sharpe, smaller worst declineHigher return in most periods | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.62 | — | |
PTNQPacer Trendpilot 100 ETF · Tactical Asset Allocation | Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.4% | 14.2% | 0.70 | −28.1% | +292% | 0.55 | 0.65% | |
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +8.2% | 7.4% | 1.10 | −9.9% | — | 0.75 | 0.85% | |
What these numbers mean for VEU
- Annual return
- VEU returned 8.4% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $14,900. 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 17.2%. 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 0.57, against 0.78 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 97 stocks and funds worth at least $500 million that earned more than VEU with less volatility
Out of 3,641 tested over 5 years. The strongest 51 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 VEU | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity | Whole market | +10.1% | 10.5% | 0.97 | −20.6% | +155% | 0.71 | 0.95% |
| 2 | DIVIFranklin International Core Dividend Tilt Index ETF · International Dividend Equity | Same or nearby category | +13.3% | 15.5% | 0.89 | −27.7% | +182% | 0.95 | 0.09% |
| 3 | QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · US Dividend Equity | Whole market | +11.6% | 15.0% | 0.81 | −22.6% | — | 0.78 | 0.60% |
| 4 | SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Whole market | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.81 | 0.31% |
| 5 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.2% | 13.7% | 0.91 | −36.8% | +237% | 0.80 | 0.03% |
| 6 |  VIGVanguard Dividend Appreciation ETF · Dividend Growth | Whole market | +10.4% | 14.1% | 0.77 | −31.7% | +258% | 0.81 | 0.04% |
| 7 |  VYMVanguard High Dividend Yield ETF · High Dividend Yield | Whole market | +11.6% | 13.8% | 0.87 | −35.2% | +209% | 0.78 | 0.04% |
| 8 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +10.2% | 14.4% | 0.75 | −33.4% | +256% | 0.72 | 0.06% |
| 9 | HDViShares Core High Dividend ETF · High Dividend Yield | Whole market | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.65 | 0.08% |
| 10 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +15.9% | 15.1% | 1.06 | −41.3% | — | 0.78 | 0.56% |
| 11 | DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Whole market | +11.7% | 14.0% | 0.87 | −32.0% | +271% | 0.80 | 0.28% |
| 12 | 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% |
| 13 | PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer | Whole market | +10.4% | 8.6% | 1.20 | −18.2% | — | 0.76 | 0.79% |
| 14 | FDVVFidelity High Dividend ETF · High Dividend Yield | Whole market | +13.4% | 14.6% | 0.94 | −40.2% | +255% | 0.82 | 0.15% |
| 15 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield | Whole market | +14.6% | 14.5% | 1.02 | −41.4% | +207% | 0.65 | 0.43% |
| 16 | FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer | Whole market | +11.0% | 10.5% | 1.04 | −13.6% | — | 0.78 | 0.85% |
| 17 | POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer | Whole market | +9.9% | 8.0% | 1.22 | −18.8% | — | 0.75 | 0.79% |
| 18 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +15.2% | 14.5% | 1.06 | −43.6% | +155% | 0.58 | 0.95% |
| 19 | GCOWPacer Global Cash Cows Dividend ETF · Global Equity | Whole market | +14.4% | 13.6% | 1.06 | −37.6% | +170% | 0.78 | 0.60% |
| 20 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Same or nearby category | +12.9% | 13.8% | 0.95 | −32.5% | +204% | 0.87 | 0.35% |
| 21 | VYMIVanguard International High Dividend Yield ETF · International Dividend Equity | Popular alternative | +13.2% | 14.8% | 0.92 | −40.0% | +174% | 0.93 | 0.07% |
| 22 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.8% | 10.5% | 0.95 | −13.7% | — | 0.80 | 0.10% |
| 23 | PWVInvesco Large Cap Value ETF · US Large-Cap Value | Whole market | +13.7% | 14.2% | 0.98 | −37.6% | +226% | 0.72 | 0.55% |
| 24 | DHSWisdomTree U.S. High Dividend Fund · High Dividend Yield | Whole market | +12.4% | 13.9% | 0.91 | −37.4% | +159% | 0.66 | 0.38% |
| 25 | FNDBSchwab Fundamental U.S. Broad Market Index ETF · US Total Market | Whole market | +13.1% | 15.1% | 0.90 | −38.1% | +285% | 0.82 | 0.25% |
| 26 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · Global Equity | Whole market | +11.7% | 14.8% | 0.82 | −44.8% | +155% | 0.88 | 0.55% |
| 27 | QUSState Street SPDR MSCI USA StrategicFactors ETF · US Multifactor Equity | Whole market | +11.1% | 14.2% | 0.81 | −33.8% | +276% | 0.83 | 0.15% |
| 28 | HFXINYLI FTSE International Equity Currency Neutral ETF · International Large-Cap Equity | Same or nearby category | +11.2% | 15.3% | 0.78 | −32.4% | +178% | 0.96 | 0.19% |
| 29 | RODMHartford Multifactor Developed Markets (ex-US) ETF · Developed International Equity | Same or nearby category | +10.6% | 13.5% | 0.82 | −36.0% | +142% | 0.93 | 0.29% |
| 30 | FDLOFidelity Low Volatility Factor ETF · US Low-Volatility Equity | Whole market | +9.7% | 13.0% | 0.78 | −34.4% | +249% | 0.75 | 0.15% |
| 31 | SDOGALPS Sector Dividend Dogs ETF · US Dividend Equity | Whole market | +10.9% | 15.3% | 0.76 | −43.6% | +164% | 0.77 | 0.36% |
| 32 | AUSFGlobal X - Adaptive U.S. Factor ETF · US Multifactor Equity | Whole market | +13.6% | 13.6% | 1.01 | −44.2% | — | 0.66 | 0.27% |
| 33 | DBMFiMGP DBi Managed Futures Strategy ETF · Managed Futures | Whole market | +9.5% | 12.4% | 0.80 | −20.4% | — | -0.30 | 0.85% |
| 34 | DBEUXtrackers MSCI Europe Hedged Equity ETF · European Equity | Same or nearby category | +11.0% | 14.4% | 0.80 | −34.5% | +177% | 0.84 | 0.46% |
| 35 | FDRRFidelity Dividend ETF for Rising Rates · US Dividend Equity | Whole market | +12.7% | 15.0% | 0.88 | −36.5% | +264% | 0.81 | 0.15% |
| 36 | DGTState Street SPDR Global Dow ETF · Global Equity | Whole market | +13.9% | 15.1% | 0.95 | −34.4% | +260% | 0.94 | 0.50% |
| 37 | DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield | Whole market | +12.5% | 13.3% | 0.95 | −34.7% | +233% | 0.76 | 0.07% |
| 38 | FJUNFT Vest U.S. Equity Buffer ETF - June · S&P 500 Buffer | Whole market | +10.4% | 10.6% | 0.99 | −13.3% | — | 0.77 | 0.85% |
| 39 | SCHYSchwab International Dividend Equity ETF · International Dividend Equity | Same or nearby category | +9.5% | 13.3% | 0.76 | −24.0% | — | 0.88 | 0.08% |
| 40 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Nasdaq Options Income | Whole market | +11.4% | 14.8% | 0.81 | −19.5% | +118% | 0.69 | 0.75% |
| 41 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity | Whole market | +10.3% | 10.3% | 1.01 | −11.7% | — | 0.57 | 0.31% |
| 42 | QSPTFT Vest Nasdaq-100 Buffer ETF - September · Nasdaq-100 Buffer | Whole market | +11.9% | 14.9% | 0.83 | −22.6% | — | 0.69 | 0.90% |
| 43 | SSUSStrategy Shares Day Hagan Smart Sector ETF · US Large-Cap Equity | Whole market | +10.3% | 15.4% | 0.71 | −23.8% | — | 0.79 | 0.77% |
| 44 | DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income | Whole market | +10.9% | 11.9% | 0.94 | −30.0% | — | 0.73 | 0.56% |
| 45 | FTHIFirst Trust BuyWrite Income ETF · Covered Call Income | Whole market | +10.0% | 13.3% | 0.79 | −32.6% | +124% | 0.75 | 0.75% |
| 46 | IDViShares International Select Dividend ETF · International Dividend Equity | Popular alternative | +12.7% | 15.5% | 0.85 | −42.5% | +159% | 0.87 | 0.50% |
| 47 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Same or nearby category | +9.6% | 15.5% | 0.67 | −37.8% | +128% | 0.88 | 0.63% |
| 48 | DDWMWisdomTree Dynamic International Equity Fund · International Dividend Equity | Same or nearby category | +12.2% | 13.4% | 0.93 | −35.0% | +148% | 0.93 | 0.40% |
| 49 | RLYState Street Multi-Asset Real Return ETF · Inflation Protection | Whole market | +10.0% | 13.3% | 0.79 | −34.2% | +128% | 0.70 | 0.50% |
| 50 | DBAInvesco DB Agriculture Fund · Agricultural Commodities | Whole market | +10.8% | 13.8% | 0.81 | −35.3% | +58.9% | 0.19 | 0.90% |
| 51 | EDIVState Street SPDR S&P Emerging Markets Dividend ETF · International Equity | Same or nearby category | +11.1% | 13.8% | 0.83 | −40.7% | +117% | 0.84 | 0.49% |
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.
- Nine of the 20 popular alternatives, led by EFV, FNDF and VYMI, were both more rewarding and calmer than VEU over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, VEU returned 8.4% a year, less than the S&P 500's 12.5%, with lower volatility (16.4% against 17.2%).
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.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| EFV iShares MSCI EAFE Value ETF | +13.6% | 15.9% |
| FNDF Schwab Fundamental International Large Company Index ETF | +13.6% | 16.3% |
| VYMI Vanguard International High Dividend Yield ETF | +13.2% | 14.8% |
| IDV iShares International Select Dividend ETF | +12.7% | 15.5% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| VTI Vanguard Morningstar Total Stock Market ETF | +11.4% | 17.5% |
| VT Vanguard Total World Stock ETF | +10.1% | 16.2% |
| AVDE Avantis International Equity ETF | +9.9% | 16.4% |
| DFAI Dimensional - International Core Equity Market ETF | +9.6% | 16.0% |
| DFAX Dimensional World ex U.S. Core Equity 2 ETF | +9.6% | 16.1% |
| SCHF Schwab International Equity ETF | +9.4% | 16.8% |
| VEA Vanguard FTSE Developed Markets ETF | +9.1% | 16.9% |
| IDEV iShares Core MSCI International Developed Markets ETF | +8.6% | 16.4% |
| EFA iShares MSCI EAFE ETF | +8.5% | 16.6% |
| VEU This pageVanguard FTSE All-World ex-US ETF | +8.4% | 16.4% |
| IEFA iShares Core MSCI EAFE ETF | +8.2% | 16.6% |
| IXUS iShares Core MSCI Total International Stock ETF | +8.0% | 16.6% |
| IEMG iShares Core MSCI Emerging Markets ETF | +6.5% | 19.5% |
| VIGI Vanguard International Dividend Appreciation ETF | +5.1% | 14.5% |
| VWO Vanguard FTSE Emerging Markets ETF | +5.0% | 17.5% |
| EFG iShares MSCI EAFE Growth ETF | +3.2% | 18.5% |
| BNDX Vanguard Total International Bond ETF | +0.2% | 4.9% |
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.
- 11 of the 24 popular alternatives, led by FNDF, VYMI and EFV, outperformed VEU in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- FNDF, VYMI and EFV outperformed VEU in every long-term period and in all but one short-term period, the most consistent record in the group.
- VT, DFAI and DFAX earned more for the risk they took than VEU (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 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.
| 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 | ||
| VEU Vanguard FTSE All-World ex-US ETF (this page) | — | −5.3% | −1.9% | +1.4% | +9.3% | +14.8% | +76.2% | +49.4% | +140% | 16.4% | 0.57 | −35.0% | 0.04% | $96B | — |
| FNDF QualifiedSchwab Fundamental International Large Company Index ETF | 5/5 short3/3 longAll-weather | −2.9% | +0.7% | +5.5% | +17.9% | +27.3% | +94.9% | +89.2% | +193% | 16.3% | 0.87 | −40.2% | 0.25% | $26B | 80% |
| VYMI QualifiedVanguard International High Dividend Yield ETF | 5/5 short3/3 longAll-weather | −2.1% | +0.5% | +5.7% | +15.1% | +24.3% | +93.1% | +86.1% | +174% | 14.8% | 0.92 | −40.0% | 0.07% | $22B | 72% |
| EFV QualifiediShares MSCI EAFE Value ETF | 5/5 short3/3 longAll-weather | −2.9% | −0.5% | +5.6% | +12.5% | +21.8% | +92.0% | +89.4% | +156% | 15.9% | 0.89 | −43.2% | 0.31% | $31B | 73% |
| VTI QualifiedVanguard Morningstar Total Stock Market ETF | 4/5 short3/3 longAll-weather | −1.4% | +1.9% | +7.3% | +12.4% | +15.3% | +87.3% | +71.5% | +298% | 17.5% | 0.71 | −35.0% | 0.03% | $2.3T | 73% |
| VT QualifiedVanguard Total World Stock ETF | 4/5 short3/3 longAll-weather | −2.9% | +0.6% | +4.9% | +11.1% | +14.9% | +82.6% | +62.0% | +220% | 16.2% | 0.68 | −34.2% | 0.06% | $101B | 82% |
| VEA QualifiedVanguard FTSE Developed Markets ETF | 4/5 short3/3 longAll-weather | −4.7% | −1.5% | +2.1% | +10.6% | +17.1% | +79.6% | +54.8% | +152% | 16.9% | 0.60 | −35.8% | 0.03% | $314B | 94% |
| IDV QualifiediShares International Select Dividend ETF | 3/5 short3/3 long | −3.1% | −1.5% | +0.3% | +10.4% | +21.3% | +105% | +81.7% | +159% | 15.5% | 0.85 | −42.5% | 0.50% | $8.3B | 64% |
| SCHF QualifiedSchwab International Equity ETF | 3/5 short3/3 long | −4.9% | −1.7% | +2.4% | +11.0% | +17.6% | +79.6% | +56.6% | +154% | 16.8% | 0.62 | −34.9% | 0.03% | $68B | 93% |
| SPDW QualifiedState Street SPDR Portfolio Developed World ex-US ETF | 3/5 short3/3 long | −4.8% | −1.4% | +2.6% | +11.1% | +17.2% | +80.3% | +53.9% | +152% | 16.8% | 0.60 | −35.0% | 0.03% | $41B | 94% |
| AVDE QualifiedAvantis International Equity ETF | 3/5 short2/3 long | −3.8% | −0.9% | +1.7% | +9.2% | +16.2% | +82.6% | +60.4% | — | 16.4% | 0.66 | −37.0% | 0.23% | $19B | 86% |
| DFAX QualifiedDimensional World ex U.S. Core Equity 2 ETF | 3/5 short2/3 long | −5.2% | −0.7% | +0.6% | +10.6% | +17.3% | +81.2% | +57.8% | — | 16.1% | 0.65 | −28.1% | 0.28% | $12B | 91% |
| DFAI InternationalDimensional - International Core Equity Market ETF | 4/5 short1/3 long | −2.6% | −0.2% | +3.0% | +9.5% | +16.0% | +77.6% | +58.2% | — | 16.0% | 0.66 | −27.4% | 0.18% | $18B | 89% |
| AVNM InternationalAvantis All International Markets Equity ETF | 3/5 short1/3 long | −5.4% | −1.1% | +0.9% | +10.5% | +17.6% | +85.2% | — | — | — | — | −14.0% | 0.31% | $789M | 90% |
| IEMG InternationaliShares Core MSCI Emerging Markets ETF | 2/5 short1/3 long | −10.1% | −4.5% | −2.4% | +10.2% | +15.4% | +78.9% | +37.0% | +115% | 19.5% | 0.42 | −38.7% | 0.09% | $151B | 77% |
| IEFA InternationaliShares Core MSCI EAFE ETF | 3/5 short0/3 long | −3.3% | −1.0% | +2.6% | +8.2% | +13.1% | +71.3% | +48.1% | +140% | 16.6% | 0.56 | −34.8% | 0.07% | $190B | 89% |
| EFA InternationaliShares MSCI EAFE ETF | 3/5 short0/3 long | −3.1% | −1.1% | +2.8% | +8.0% | +13.0% | +70.1% | +50.0% | +138% | 16.6% | 0.57 | −34.2% | 0.32% | $77B | 88% |
| VIGI InternationalVanguard International Dividend Appreciation ETF | 3/5 short0/3 long | +2.2% | +4.7% | +9.0% | +9.5% | +11.5% | +50.5% | +28.5% | +127% | 14.5% | 0.42 | −31.0% | 0.07% | $9.2B | 79% |
| IDEV InternationaliShares Core MSCI International Developed Markets ETF | 3/5 short0/3 long | −3.0% | −0.6% | +2.8% | +8.7% | +14.2% | +74.7% | +50.7% | — | 16.4% | 0.59 | −34.8% | 0.04% | $33B | 90% |
| BNDX BondsVanguard Total International Bond ETF | 2/5 short0/3 long | +0.1% | −0.7% | −0.8% | −0.4% | −1.3% | +13.4% | +1.0% | +15.4% | 4.9% | 0.06 | −16.2% | 0.07% | $122B | — |
| EFG InternationaliShares MSCI EAFE Growth ETF | 1/5 short0/3 long | −3.2% | −1.9% | −0.1% | +3.7% | +4.5% | +49.7% | +16.9% | +110% | 18.5% | 0.26 | −35.8% | 0.34% | $15B | 78% |
| IXUS InternationaliShares Core MSCI Total International Stock ETF | 0/5 short0/3 long | −5.4% | −1.9% | +1.1% | +9.3% | +14.5% | +76.2% | +46.9% | +138% | 16.6% | 0.55 | −36.2% | 0.07% | $58B | 98% |
| VXUS InternationalVanguard Total International Stock ETF | 0/5 short0/3 long | −5.4% | −1.9% | +0.8% | +8.9% | +14.3% | +75.1% | +47.2% | +137% | 16.4% | 0.56 | −36.0% | 0.05% | $666B | 95% |
| ACWX InternationaliShares MSCI ACWI ex U.S. ETF | 0/5 short0/3 long | −5.4% | −1.9% | +1.5% | +9.3% | +14.8% | +76.2% | +47.6% | +134% | 16.7% | 0.55 | −35.3% | 0.32% | $17B | 98% |
| VWO InternationalVanguard FTSE Emerging Markets ETF | 0/5 short0/3 long | −7.0% | −3.2% | −3.0% | +3.8% | +6.7% | +63.5% | +27.4% | +95.9% | 17.5% | 0.36 | −36.4% | 0.06% | $165B | 78% |
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.
- Among its popular alternatives, DFAI came out ahead of VEU most often, in four of the five years both traded.
- VEU finished ahead of the S&P 500 in five of its 18 full calendar years.
- Ranked against its popular alternatives each year, VEU finished in the top quarter in three of 18 years and in the bottom quarter in two. In 2025, it ranked 14 of 22.
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.
| Investment | Years ahead of VEU | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 alternatives | Top quarter in 3 of 18 | 14 of 22 | 6 of 22 | 16 of 21 | 14 of 21 | 17 of 20 | 7 of 19 | 11 of 18 | 11 of 18 | 6 of 17 | 8 of 15 | 10 of 15 | 6 of 15 | 10 of 13 | 3 of 10 | 9 of 10 | 6 of 10 | 3 of 9 | 6 of 8 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 13 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 ETF | 5 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 ETF | 6 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 ETF | 7 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 ETF | 13 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 ETF | 12 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% | — |
| 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% |
| IDV iShares International Select Dividend ETF | 9 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% |
| SCHF Schwab International Equity ETF | 7 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% | — | — |
| AVDE Avantis International Equity ETF | 4 of 6 | +38.0% | +4.9% | +17.2% | −13.7% | +13.6% | +8.3% | — | — | — | — | — | — | — | — | — | — | — | — |
| DFAX Dimensional World ex U.S. Core Equity 2 ETF | 3 of 4 | +35.4% | +4.8% | +16.6% | −14.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DFAI Dimensional - International Core Equity Market ETF | 4 of 5 | +34.1% | +4.7% | +17.5% | −12.9% | +13.9% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| AVNM Avantis All International Markets Equity ETF | 1 of 2 | +38.3% | +5.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| IEMG iShares Core MSCI Emerging Markets ETF | 5 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% | — | — | — | — | — |
| IEFA iShares Core MSCI EAFE ETF | 5 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 ETF | 7 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% |
| VIGI Vanguard International Dividend Appreciation ETF | 4 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 ETF | 4 of 8 | +32.6% | +4.5% | +17.3% | −15.0% | +13.0% | +8.3% | +23.2% | −14.1% | — | — | — | — | — | — | — | — | — | — |
| BNDX Vanguard Total International Bond ETF | 4 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% | — | — | — | — | — | — |
| EFG iShares MSCI EAFE Growth ETF | 11 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% |
| IXUS iShares Core MSCI Total International Stock ETF | 1 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 ETF | 7 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% |
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.
- In all five of VEU's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: VEU fell 25.1% from July 2014 to February 2016, while the S&P 500 slipped only 4.9%.
- The slowest recovery came after VEU fell 61.5% from October 2007 to March 2009; it did not regain that peak until July 2014, five years later.
Green means VEU fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | VEU fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −61.5% | −54.7% | Oct 2007 | Mar 2009 | 17 months | Jul 2014 | 5.3 years |
| Late-2018 sell-off | −35.0% | −18.8% | Jan 2018 | Mar 2020 | 2.2 years | Nov 2020 | 8 months |
| 2022 bear market | −29.3% | −14.3% | Jun 2021 | Oct 2022 | 16 months | May 2024 | 19 months |
| 2015 China and oil sell-off | −25.1% | −4.9% | Jul 2014 | Feb 2016 | 19 months | May 2017 | 15 months |
| No named crash | −13.7% | −12.2% | Mar 2025 | Apr 2025 | 1 month | May 2025 | 1 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.
- Among its popular alternatives, BNDX held up best, falling less than VEU in all six crashes they both traded through.
- VEU fell less than the S&P 500 in four of the nine crashes it has traded through. The clearest case was the late-2018 sell-off, when VEU fell 14.9% and the S&P 500 fell 19.3%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VEU.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 ETF | 4 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 ETF | 1 of 6 | −3.0% | −25.5% | −35.7% | −16.8% | −5.7% | −21.6% | — | — | — | — |
| VYMI Vanguard International High Dividend Yield ETF | 2 of 5 | −3.3% | −24.0% | −36.1% | −13.0% | −5.9% | — | — | — | — | — |
| EFV iShares MSCI EAFE Value ETF | 2 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 ETF | 4 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 ETF | 3 of 8 | −3.3% | −26.2% | −34.1% | −17.8% | −6.2% | −17.2% | −21.8% | −0.7% | — | — |
| VEA Vanguard FTSE Developed Markets ETF | 3 of 9 | −2.5% | −28.8% | −34.1% | −17.1% | −5.9% | −19.9% | −23.1% | −0.2% | −60.7% | — |
| IDV iShares International Select Dividend ETF | 4 of 9 | −2.2% | −29.2% | −42.5% | −13.9% | −5.4% | −18.3% | −21.0% | 0.0% | −70.2% | — |
| SCHF Schwab International Equity ETF | 2 of 8 | −2.4% | −28.4% | −33.5% | −16.4% | −5.8% | −20.1% | −23.5% | −0.5% | — | — |
| AVDE Avantis International Equity ETF | 0 of 3 | −3.0% | −28.4% | −35.7% | — | — | — | — | — | — | — |
| DFAX Dimensional World ex U.S. Core Equity 2 ETF | 0 of 2 | −2.7% | −27.9% | — | — | — | — | — | — | — | — |
| DFAI Dimensional - International Core Equity Market ETF | 1 of 2 | −2.7% | −27.1% | — | — | — | — | — | — | — | — |
| IEMG iShares Core MSCI Emerging Markets ETF | 2 of 6 | −2.6% | −30.4% | −31.7% | −12.0% | −6.7% | −21.6% | — | — | — | — |
| IEFA iShares Core MSCI EAFE ETF | 1 of 6 | −2.5% | −29.2% | −33.2% | −17.1% | −5.8% | −19.9% | — | — | — | — |
| EFA iShares MSCI EAFE ETF | 1 of 9 | −2.5% | −28.7% | −32.6% | −16.3% | −5.9% | −20.7% | −22.7% | −0.2% | −61.0% | — |
| VIGI Vanguard International Dividend Appreciation ETF | 4 of 5 | −1.7% | −27.1% | −30.3% | −13.9% | −6.2% | — | — | — | — | — |
| IDEV iShares Core MSCI International Developed Markets ETF | 1 of 5 | −2.5% | −28.4% | −33.9% | −17.2% | −5.5% | — | — | — | — | — |
| BNDX Vanguard Total International Bond ETF | 6 of 6 | 0.0% | −13.7% | −5.9% | −0.8% | −0.2% | −1.1% | — | — | — | — |
| EFG iShares MSCI EAFE Growth ETF | 5 of 9 | −1.3% | −34.2% | −29.0% | −17.1% | −5.9% | −17.0% | −23.7% | −0.1% | −58.4% | — |
| IXUS iShares Core MSCI Total International Stock ETF | 1 of 6 | −2.5% | −28.9% | −33.7% | −15.4% | −6.0% | −19.9% | — | — | — | — |
| VWO Vanguard FTSE Emerging Markets ETF | 2 of 9 | −2.7% | −27.9% | −30.6% | −11.3% | −6.8% | −23.8% | −27.9% | 0.0% | −67.7% | — |
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.
- Eight of the 16 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than VEU's 0.85, led by VTI, FNDF and VYMI.
- VWO took just 75% of the S&P 500's losses, against 89% for VEU, while still keeping 63% of its gains.
- Over the past 10 years, VEU captured 76% of the S&P 500's gains in rising months and 89% of its losses in falling months, with a beta of 0.80. 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 VEU's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| VEU This pageVanguard FTSE All-World ex-US ETF | 76% | 89% | 0.85 | 0.80 |
| VTI Vanguard Morningstar Total Stock Market ETF | 100% | 103% | 0.97 | 1.02 |
| FNDF Schwab Fundamental International Large Company Index ETF | 81% | 87% | 0.93 | 0.80 |
| VYMI Vanguard International High Dividend Yield ETF | 75% | 80% | 0.93 | 0.74 |
| VT Vanguard Total World Stock ETF | 90% | 98% | 0.92 | 0.94 |
| EFV iShares MSCI EAFE Value ETF | 75% | 84% | 0.89 | 0.76 |
| IDV iShares International Select Dividend ETF | 76% | 87% | 0.87 | 0.78 |
| SCHF Schwab International Equity ETF | 79% | 93% | 0.86 | 0.84 |
| IEMG iShares Core MSCI Emerging Markets ETF | 71% | 83% | 0.86 | 0.77 |
| VEA Vanguard FTSE Developed Markets ETF | 81% | 96% | 0.84 | 0.86 |
| IXUS iShares Core MSCI Total International Stock ETF | 76% | 91% | 0.84 | 0.81 |
| VWO Vanguard FTSE Emerging Markets ETF | 63% | 75% | 0.84 | 0.69 |
| EFA iShares MSCI EAFE ETF | 76% | 92% | 0.83 | 0.81 |
| BNDX Vanguard Total International Bond ETF | 11% | 13% | 0.83 | 0.14 |
| IEFA iShares Core MSCI EAFE ETF | 77% | 94% | 0.82 | 0.82 |
| VIGI Vanguard International Dividend Appreciation ETF | 70% | 88% | 0.80 | 0.73 |
| EFG iShares MSCI EAFE Growth ETF | 78% | 104% | 0.75 | 0.87 |
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.
- Moving a fifth of the money in VEU into DBMF would have cut the portfolio's volatility by 23% over the past 5 years and raised its annual return (+9.6% for VEU alone, +10.2% for the mix).
- Among large ETFs, MLPX, XLE and GLD have moved largely independently of VEU over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- CAH made money in four of the six calendar years in which VEU 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 VEU lost money. The last two columns show a portfolio that is 80% VEU and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2014 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VEU Vanguard FTSE All-World ex-US ETF (this page) | 1.00 | +49.4% | 0.57 | −15.6% | −14.2% | −4.8% | −4.5% | −14.0% | −43.4% | 15.1% | +9.6% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.47 | +138% | 0.98 | +21.5% | −15.5% | −35.3% | +16.2% | — | — | 14.2% | +11.9% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.27 | +178% | 0.94 | +64.4% | −18.2% | −21.5% | −8.7% | +2.8% | −39.0% | 14.4% | +12.8% |
| GLD CommoditiesSPDR Gold Shares | 0.47 | +120% | 0.93 | −0.8% | −1.9% | −10.7% | −2.2% | +9.6% | +4.9% | 14.0% | +11.6% |
| AMLP EnergyAlerian MLP ETF | 0.34 | +114% | 0.90 | +25.5% | −12.6% | −25.7% | +4.8% | +10.2% | — | 13.8% | +11.7% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.19 | +66.7% | 0.81 | +2.5% | −8.7% | −17.2% | +2.6% | −10.7% | −19.1% | 12.7% | +10.1% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.30 | +57.5% | 0.80 | +21.6% | — | — | — | — | — | 11.6% | +10.2% |
| USO CommoditiesUnited States Oil Fund, LP | -0.09 | +180% | 0.74 | +29.0% | −19.6% | −46.0% | −42.4% | −2.3% | −56.3% | 13.7% | +13.5% |
| FLSP AlternativesFranklin Systematic Style Premia ETF | 0.00 | +51.1% | 0.69 | +0.5% | — | — | — | — | — | 12.2% | +9.7% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2014 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VEU Vanguard FTSE All-World ex-US ETF (this page) | 1.00 | +49.4% | 0.57 | −15.6% | −14.2% | −4.8% | −4.5% | −14.0% | −43.4% | 15.1% | +9.6% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.28 | +471% | 1.54 | +54.1% | −24.5% | +12.6% | +23.0% | +8.1% | −39.6% | 14.5% | +15.4% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.29 | +2,780% | 1.43 | +1.3% | −16.3% | −6.0% | +12.9% | −24.4% | −20.5% | 19.1% | +27.9% |
| MCK Medical - DistributionMcKesson Corporation | 0.11 | +397% | 1.41 | +51.8% | −28.4% | −4.5% | +29.3% | +11.8% | −40.4% | 13.6% | +14.9% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.38 | +1,452% | 1.41 | +17.0% | +0.8% | +67.7% | −10.4% | −17.0% | −15.2% | 17.6% | +23.8% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.22 | +660% | 1.39 | +86.6% | −8.2% | +17.4% | +0.4% | — | — | 14.9% | +17.5% |
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 8.4% a year at 16.4%. Looking beyond its popular alternatives, DIVI (international dividend equity) and DBEF (international equity) earned more than VEU with less volatility over the past 5 years. DIVI returned 13.3% a year at 15.5% volatility, against 8.4% 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 17.2%. 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 0.57, against 0.78 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, 11 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), XLE (correlation 0.27) and GLD (correlation 0.47); among large stocks, CAH (correlation 0.28), CLS (correlation 0.29) and MCK (correlation 0.11). 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 VEU's. Returns within 0.5 points or 3% of VEU'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 VEU
- VTIVanguard Morningstar Total Stock Market ETF
- VTVanguard Total World Stock ETF
- VEAVanguard FTSE Developed Markets ETF
SCHFSchwab International Equity ETF
SPDWState Street SPDR Portfolio Developed World ex-US ETF
IEMGiShares Core MSCI Emerging Markets ETF
IEFAiShares Core MSCI EAFE ETF
EFAiShares MSCI EAFE ETF
BNDXVanguard Total International Bond ETF
IXUSiShares Core MSCI Total International Stock ETF
VXUSVanguard Total International Stock ETF
VWOVanguard FTSE Emerging Markets ETF