EXUS.L vs. VEU

Last updated Jun 4, 2026

EXUS.L (Xtrackers MSCI World ex USA UCITS ETF 1C USD) and VEU (Vanguard FTSE All-World ex-US ETF) are both exchange-traded funds - EXUS.L is a Global Equities fund tracking the MSCI World ex USA index, while VEU is a Foreign Large Cap Equities fund tracking the FTSE All-World ex US Index. Both are passively managed. Over the past year, EXUS.L returned 22.79% vs 32.37% for VEU. A 0.72 correlation means they provide meaningful diversification when combined. EXUS.L charges 0.15%/yr vs 0.04%/yr for VEU.

Performance

EXUS.L vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.L) 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, EXUS.L achieves a 8.61% return, which is significantly lower than VEU's 14.60% return.

EXUS.L

• 1D: -0.53%
• 1M: 3.48%
• YTD: 8.61%
• 6M: 11.84%
• 1Y: 22.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VEU

• 1D: -0.98%
• 1M: 5.07%
• YTD: 14.60%
• 6M: 17.34%
• 1Y: 32.37%
• 3Y*: 19.62%
• 5Y*: 8.67%
• 10Y*: 9.94%

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

EXUS.L vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EXUS.L Xtrackers MSCI World ex USA UCITS ETF 1C USD	8.61%	31.98%	1.23%
VEU Vanguard FTSE All-World ex-US ETF	14.60%	32.35%	2.28%

Correlation

The correlation between EXUS.L and VEU is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.72

The correlation between EXUS.L and VEU has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

EXUS.L vs. VEU - Sectors Allocation Comparison

Sectors	EXUS.L	VEU
Financial Services	26.2%	23.3%
Industrials	18.6%	15.7%
Technology	10.1%	18.5%
Healthcare	9.2%	7.1%
Consumer Cyclical	7.1%	8.2%
Basic Materials	7.0%	7.1%
Consumer Defensive	6.4%	5.1%
Energy	5.9%	5.2%
Communication Services	4.0%	4.6%
Utilities	3.7%	3.2%
Real Estate	1.7%	2.0%

Return for Risk

EXUS.L vs. VEU — Risk / Return Rank

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

EXUS.L

EXUS.L Risk / Return Rank: 44
EXUS.L Sharpe Ratio Rank: 43
EXUS.L Sortino Ratio Rank: 46
EXUS.L Omega Ratio Rank: 44
EXUS.L Calmar Ratio Rank: 42
EXUS.L Martin Ratio Rank: 46

VEU

VEU Risk / Return Rank: 60
VEU Sharpe Ratio Rank: 62
VEU Sortino Ratio Rank: 61
VEU Omega Ratio Rank: 62
VEU Calmar Ratio Rank: 56
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.

EXUS.L vs. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.L) 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.

	EXUS.L	VEU	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.13	-0.58
Sortino ratio: Return per unit of downside risk	2.30	2.94	-0.64
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	2.10	2.85	-0.74
Martin ratio: Return relative to average drawdown	7.76	11.06	-3.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXUS.L vs. VEU - Sharpe Ratio Comparison

The current EXUS.L Sharpe Ratio is 1.54, which is comparable to the VEU Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of EXUS.L 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

	EXUS.L	VEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.13	-0.58
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	1.18	0.25	+0.92

Drawdowns

EXUS.L vs. VEU - Drawdown Comparison

The maximum EXUS.L drawdown since its inception was -12.85%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for EXUS.L and VEU.

Drawdown Indicators

	EXUS.L	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-12.85%	-61.52%	+48.67%
Max Drawdown (1Y) Largest decline over 1 year	-10.74%	-11.43%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.69%	—
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	-0.92%	-0.98%	+0.06%
Average Drawdown Average peak-to-trough decline	-2.36%	-13.13%	+10.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.93%	0.00%

Volatility

EXUS.L vs. VEU - Volatility Comparison

The current volatility for Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.L) is 4.34%, while Vanguard FTSE All-World ex-US ETF (VEU) has a volatility of 5.59%. This indicates that EXUS.L experiences smaller price fluctuations and is considered to be less risky than VEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXUS.L	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	5.59%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	13.04%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	15.29%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	16.07%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	17.21%	-1.91%

EXUS.L vs. VEU - Expense Ratio Comparison

EXUS.L has a 0.15% expense ratio, which is higher than VEU's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EXUS.L vs. VEU - Dividend Comparison

EXUS.L has not paid dividends to shareholders, while VEU's dividend yield for the trailing twelve months is around 2.61%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXUS.L Xtrackers MSCI World ex USA UCITS ETF 1C USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEU Vanguard FTSE All-World ex-US ETF	2.61%	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 EXUS.L and VEU in my portfolio?

EXUS.L and VEU have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EXUS.L or VEU?

On fees, VEU is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EXUS.L or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.15% for EXUS.L.

What is the main difference between EXUS.L and VEU?

EXUS.L is categorized as Global Equities, while VEU is Foreign Large Cap Equities. EXUS.L tracks MSCI World ex USA index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: Xtrackers and Vanguard. Their fees differ too: 0.15% for EXUS.L and 0.04% for VEU.