APIE vs. VEU

Last updated Jun 5, 2026

APIE (ActivePassive International Equity ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds. APIE is actively managed, while VEU is passively managed. Over the past 3 years, APIE returned 18.65%/yr vs 19.86%/yr for VEU. Their correlation of 0.88 suggests significant overlap in exposure. APIE charges 0.45%/yr vs 0.04%/yr for VEU.

Performance

APIE vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive International Equity ETF (APIE) and Vanguard FTSE All-World ex-US ETF (VEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APIE achieves a 9.24% return, which is significantly lower than VEU's 14.77% return.

APIE

• 1D: 1.05%
• 1M: 3.52%
• YTD: 9.24%
• 6M: 10.87%
• 1Y: 24.15%
• 3Y*: 18.65%
• 5Y*: —
• 10Y*: —

VEU

• 1D: 0.15%
• 1M: 3.74%
• YTD: 14.77%
• 6M: 17.23%
• 1Y: 31.73%
• 3Y*: 19.86%
• 5Y*: 8.71%
• 10Y*: 9.88%

*Multi-year figures are annualized to reflect compound growth (CAGR)

APIE vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APIE ActivePassive International Equity ETF	9.24%	31.46%	7.37%	7.98%
VEU Vanguard FTSE All-World ex-US ETF	14.77%	32.35%	5.56%	7.56%

Correlation

The correlation between APIE and VEU is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.88

The correlation between APIE and VEU has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

APIE vs. VEU - Sectors Allocation Comparison

Sectors	APIE	VEU
Technology	21.5%	18.5%
Financial Services	19.9%	23.3%
Industrials	14.4%	15.7%
Consumer Cyclical	9.8%	8.2%
Healthcare	9.2%	7.1%
Communication Services	7.2%	4.6%
Consumer Defensive	5.7%	5.1%
Basic Materials	5.4%	7.1%
Energy	3.4%	5.2%
Utilities	2.7%	3.2%
Real Estate	0.6%	2.0%

Return for Risk

APIE vs. VEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APIE

APIE Risk / Return Rank: 42
APIE Sharpe Ratio Rank: 43
APIE Sortino Ratio Rank: 43
APIE Omega Ratio Rank: 41
APIE Calmar Ratio Rank: 40
APIE Martin Ratio Rank: 45

VEU

VEU Risk / Return Rank: 62
VEU Sharpe Ratio Rank: 64
VEU Sortino Ratio Rank: 63
VEU Omega Ratio Rank: 64
VEU Calmar Ratio Rank: 57
VEU Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APIE vs. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive International Equity ETF (APIE) and Vanguard FTSE All-World ex-US ETF (VEU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	APIE	VEU	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.09	-0.59
Sortino ratio: Return per unit of downside risk	2.15	2.89	-0.73
Omega ratio: Gain probability vs. loss probability	1.26	1.38	-0.12
Calmar ratio: Return relative to maximum drawdown	1.95	2.79	-0.83
Martin ratio: Return relative to average drawdown	7.17	10.84	-3.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APIE vs. VEU - Sharpe Ratio Comparison

The current APIE Sharpe Ratio is 1.50, which is comparable to the VEU Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of APIE and VEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APIE	VEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	2.09	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.25	+0.82

Drawdowns

APIE vs. VEU - Drawdown Comparison

The maximum APIE drawdown since its inception was -15.94%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for APIE and VEU.

Drawdown Indicators

	APIE	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-15.94%	-61.52%	+45.58%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-11.43%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-15.94%	-13.69%	-2.25%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-0.48%	-0.82%	+0.34%
Average Drawdown Average peak-to-trough decline	-2.75%	-13.13%	+10.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.93%	+0.45%

Volatility

APIE vs. VEU - Volatility Comparison

ActivePassive International Equity ETF (APIE) and Vanguard FTSE All-World ex-US ETF (VEU) have volatilities of 5.56% and 5.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APIE	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	5.45%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	13.04%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.19%	15.28%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	16.06%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	17.20%	-0.37%

APIE vs. VEU - Expense Ratio Comparison

APIE has a 0.45% expense ratio, which is higher than VEU's 0.04% expense ratio.

Dividends

APIE vs. VEU - Dividend Comparison

APIE's dividend yield for the trailing twelve months is around 3.40%, more than VEU's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APIE ActivePassive International Equity ETF	3.40%	3.71%	2.14%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEU Vanguard FTSE All-World ex-US ETF	2.60%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both APIE and VEU in my portfolio?

With a correlation of 0.91, APIE and VEU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, APIE or VEU?

APIE has higher volatility (5.56%) compared to VEU (5.45%). In terms of maximum drawdown, APIE dropped -15.94% vs VEU's -61.52%.

Which ETF is better, APIE or VEU?

On 3-year performance, VEU leads with 19.86% vs 18.65% for APIE. On fees, VEU is cheaper at 0.04% per year. On volatility, VEU has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APIE or VEU?

Over the 3-year period, VEU has performed better with a 19.86% return vs 18.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APIE or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.45% for APIE.

Which ETF pays a higher dividend yield, APIE or VEU?

APIE has the higher dividend yield at 3.40%, compared with 2.60% for VEU.

What is the main difference between APIE and VEU?

They also come from different issuers: ActivePassive and Vanguard. Their fees differ too: 0.45% for APIE and 0.04% for VEU.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (2.09 vs 1.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.