BRF vs. VEA

Last updated Jun 4, 2026

BRF (VanEck Vectors Brazil Small-Cap ETF) and VEA (Vanguard FTSE Developed Markets ETF) are both exchange-traded funds - BRF is a Latin America Equities fund tracking the MVIS Brazil Small-Cap Index, while VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, BRF returned 6.61%/yr vs 10.17%/yr for VEA. A 0.57 correlation means they provide meaningful diversification when combined. BRF charges 0.60%/yr vs 0.03%/yr for VEA.

Performance

BRF vs. VEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Brazil Small-Cap ETF (BRF) and Vanguard FTSE Developed Markets ETF (VEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRF achieves a 5.08% return, which is significantly lower than VEA's 14.92% return. Over the past 10 years, BRF has underperformed VEA with an annualized return of 6.61%, while VEA has yielded a comparatively higher 10.17% annualized return.

BRF

• 1D: -4.64%
• 1M: -10.08%
• YTD: 5.08%
• 6M: -0.52%
• 1Y: 20.45%
• 3Y*: 5.49%
• 5Y*: -3.39%
• 10Y*: 6.61%

VEA

• 1D: -0.90%
• 1M: 5.54%
• YTD: 14.92%
• 6M: 18.15%
• 1Y: 32.48%
• 3Y*: 19.77%
• 5Y*: 9.60%
• 10Y*: 10.17%

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

BRF vs. VEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRF VanEck Vectors Brazil Small-Cap ETF	5.08%	54.17%	-35.02%	37.21%	-14.38%	-20.40%	-21.07%	40.66%	-12.07%	54.63%
VEA Vanguard FTSE Developed Markets ETF	14.92%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	22.62%	-14.75%	26.42%

Correlation

The correlation between BRF and VEA is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since May 15, 2009	0.57

The correlation between BRF and VEA shifts across timeframes, from 0.51 (5 years) to 0.62 (1 year), reflecting how their relationship changes across market environments.

BRF vs. VEA - Sectors Allocation Comparison

Sectors	BRF	VEA
Consumer Cyclical	14.2%	7.5%
Real Estate	14.1%	2.7%
Industrials	13.5%	19.2%
Basic Materials	12.9%	7.5%
Consumer Defensive	10.3%	5.6%
Utilities	9.4%	3.3%
Financial Services	8.9%	23.3%
Healthcare	6.0%	8.2%
Energy	5.7%	5.4%
Technology	4.0%	13.8%
Communication Services	-	3.4%

Return for Risk

BRF vs. VEA — Risk / Return Rank

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

BRF

BRF Risk / Return Rank: 23
BRF Sharpe Ratio Rank: 21
BRF Sortino Ratio Rank: 21
BRF Omega Ratio Rank: 21
BRF Calmar Ratio Rank: 26
BRF Martin Ratio Rank: 26

VEA

VEA Risk / Return Rank: 59
VEA Sharpe Ratio Rank: 60
VEA Sortino Ratio Rank: 60
VEA Omega Ratio Rank: 60
VEA Calmar Ratio Rank: 55
VEA Martin Ratio Rank: 60

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.

BRF vs. VEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Brazil Small-Cap ETF (BRF) and Vanguard FTSE Developed Markets ETF (VEA). 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.

	BRF	VEA	Difference
Sharpe ratio: Return per unit of total volatility	0.72	2.09	-1.36
Sortino ratio: Return per unit of downside risk	1.14	2.87	-1.73
Omega ratio: Gain probability vs. loss probability	1.15	1.38	-0.23
Calmar ratio: Return relative to maximum drawdown	1.27	2.81	-1.53
Martin ratio: Return relative to average drawdown	3.58	10.94	-7.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRF vs. VEA - Sharpe Ratio Comparison

The current BRF Sharpe Ratio is 0.72, which is lower than the VEA Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of BRF and VEA, 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

	BRF	VEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	2.09	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.58	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.59	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.25	-0.19

Drawdowns

BRF vs. VEA - Drawdown Comparison

The maximum BRF drawdown since its inception was -82.26%, which is greater than VEA's maximum drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for BRF and VEA.

Drawdown Indicators

	BRF	VEA	Difference
Max Drawdown Largest peak-to-trough decline	-82.26%	-60.68%	-21.58%
Max Drawdown (1Y) Largest decline over 1 year	-16.11%	-11.63%	-4.48%
Max Drawdown (3Y) Largest decline over 3 years	-37.81%	-13.45%	-24.36%
Max Drawdown (5Y) Largest decline over 5 years	-50.49%	-29.71%	-20.78%
Max Drawdown (10Y) Largest decline over 10 years	-60.43%	-35.73%	-24.70%
Current Drawdown Current decline from peak	-48.77%	-0.90%	-47.87%
Average Drawdown Average peak-to-trough decline	-45.74%	-13.29%	-32.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	2.98%	+2.74%

Volatility

BRF vs. VEA - Volatility Comparison

VanEck Vectors Brazil Small-Cap ETF (BRF) has a higher volatility of 10.39% compared to Vanguard FTSE Developed Markets ETF (VEA) at 5.66%. This indicates that BRF's price experiences larger fluctuations and is considered to be riskier than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRF	VEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	5.66%	+4.73%
Volatility (6M) Calculated over the trailing 6-month period	24.39%	13.32%	+11.07%
Volatility (1Y) Calculated over the trailing 1-year period	28.46%	15.66%	+12.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.66%	16.55%	+15.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.94%	17.36%	+16.58%

BRF vs. VEA - Expense Ratio Comparison

BRF has a 0.60% expense ratio, which is higher than VEA's 0.03% expense ratio.

Dividends

BRF vs. VEA - Dividend Comparison

BRF's dividend yield for the trailing twelve months is around 5.28%, more than VEA's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRF VanEck Vectors Brazil Small-Cap ETF	5.28%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%
VEA Vanguard FTSE Developed Markets ETF	2.62%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%

Frequently Asked Questions

Can I hold both BRF and VEA in my portfolio?

BRF and VEA have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRF or VEA?

BRF has higher volatility (10.39%) compared to VEA (5.66%). In terms of maximum drawdown, BRF dropped -82.26% vs VEA's -60.68%.

Which ETF is better, BRF or VEA?

On 10-year performance, VEA leads with 10.17% vs 6.61% for BRF. On fees, VEA is cheaper at 0.03% per year. On volatility, VEA has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRF or VEA?

Over the 10-year period, VEA has performed better with a 10.17% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRF or VEA?

VEA is cheaper with a 0.03% expense ratio, compared with 0.60% for BRF.

Which ETF pays a higher dividend yield, BRF or VEA?

BRF has the higher dividend yield at 5.28%, compared with 2.62% for VEA.

What is the main difference between BRF and VEA?

BRF is categorized as Latin America Equities, while VEA is Foreign Large Cap Equities. BRF tracks MVIS Brazil Small-Cap Index, while VEA tracks FTSE Developed All Cap ex US Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.60% for BRF and 0.03% for VEA.

Which has better risk-adjusted returns?

VEA currently has the higher Sharpe Ratio (2.09 vs 0.72), 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.