FDEV vs. VEU

Last updated Jun 3, 2026

FDEV (Fidelity International Multifactor ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - FDEV tracks the Fidelity Targeted International Factor Index while VEU tracks the FTSE All-World ex US Index. Both are passively managed. Over the past 5 years, FDEV returned 7.33%/yr vs 9.10%/yr for VEU. Their correlation of 0.89 suggests significant overlap in exposure. FDEV charges 0.39%/yr vs 0.04%/yr for VEU.

Performance

FDEV vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Multifactor ETF (FDEV) 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, FDEV achieves a 4.41% return, which is significantly lower than VEU's 15.73% return.

FDEV

• 1D: 0.22%
• 1M: -2.26%
• YTD: 4.41%
• 6M: 7.53%
• 1Y: 13.97%
• 3Y*: 14.89%
• 5Y*: 7.33%
• 10Y*: —

VEU

• 1D: 0.73%
• 1M: 5.19%
• YTD: 15.73%
• 6M: 18.94%
• 1Y: 33.06%
• 3Y*: 20.01%
• 5Y*: 9.10%
• 10Y*: 10.05%

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

FDEV vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FDEV Fidelity International Multifactor ETF	4.41%	30.36%	5.84%	13.37%	-16.54%	11.00%	5.49%	10.06%
VEU Vanguard FTSE All-World ex-US ETF	15.73%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	11.44%

Correlation

The correlation between FDEV and VEU is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 1, 2019	0.89

The correlation between FDEV and VEU has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

FDEV vs. VEU - Sectors Allocation Comparison

Sectors	FDEV	VEU
Financial Services	21.9%	23.3%
Industrials	15.9%	15.7%
Healthcare	13.3%	7.1%
Energy	10.8%	5.2%
Consumer Defensive	9.5%	5.1%
Utilities	8.1%	3.2%
Communication Services	7.2%	4.6%
Consumer Cyclical	4.5%	8.2%
Basic Materials	4.1%	7.1%
Technology	3.7%	18.5%
Real Estate	-	2.0%

Return for Risk

FDEV vs. VEU — Risk / Return Rank

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

FDEV

FDEV Risk / Return Rank: 35
FDEV Sharpe Ratio Rank: 33
FDEV Sortino Ratio Rank: 31
FDEV Omega Ratio Rank: 32
FDEV Calmar Ratio Rank: 37
FDEV Martin Ratio Rank: 43

VEU

VEU Risk / Return Rank: 64
VEU Sharpe Ratio Rank: 65
VEU Sortino Ratio Rank: 64
VEU Omega Ratio Rank: 65
VEU Calmar Ratio Rank: 60
VEU Martin Ratio Rank: 64

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.

FDEV vs. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Multifactor ETF (FDEV) 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.

	FDEV	VEU	Difference
Sharpe ratio Return per unit of total volatility	1.18	2.18	-1.00
Sortino ratio Return per unit of downside risk	1.68	3.00	-1.32
Omega ratio Gain probability vs. loss probability	1.22	1.40	-0.18
Calmar ratio Return relative to maximum drawdown	1.83	3.01	-1.18
Martin ratio Return relative to average drawdown	6.99	11.72	-4.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDEV vs. VEU - Sharpe Ratio Comparison

The current FDEV Sharpe Ratio is 1.18, which is lower than the VEU Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of FDEV 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

	FDEV	VEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	2.18	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.57	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.26	+0.27

Drawdowns

FDEV vs. VEU - Drawdown Comparison

The maximum FDEV drawdown since its inception was -30.11%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for FDEV and VEU.

Drawdown Indicators

	FDEV	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-30.11%	-61.52%	+31.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.46%	-11.43%	+2.97%
Max Drawdown (3Y) Largest decline over 3 years	-10.47%	-13.69%	+3.22%
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	-29.31%	+0.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-4.30%	0.00%	-4.30%
Average Drawdown Average peak-to-trough decline	-6.29%	-13.14%	+6.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.93%	-0.72%

Volatility

FDEV vs. VEU - Volatility Comparison

The current volatility for Fidelity International Multifactor ETF (FDEV) is 3.72%, while Vanguard FTSE All-World ex-US ETF (VEU) has a volatility of 5.57%. This indicates that FDEV 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

	FDEV	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	5.57%	-1.85%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	13.01%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	15.28%	-3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	16.07%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.33%	17.21%	-1.88%

FDEV vs. VEU - Expense Ratio Comparison

FDEV has a 0.39% expense ratio, which is higher than VEU's 0.04% expense ratio.

Dividends

FDEV vs. VEU - Dividend Comparison

FDEV's dividend yield for the trailing twelve months is around 2.81%, more than VEU's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDEV Fidelity International Multifactor ETF	2.81%	2.86%	2.99%	2.80%	2.65%	2.81%	1.88%	2.73%	0.00%	0.00%	0.00%	0.00%
VEU Vanguard FTSE All-World ex-US ETF	2.58%	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 FDEV and VEU in my portfolio?

FDEV and VEU have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDEV or VEU?

VEU has higher volatility (5.57%) compared to FDEV (3.72%). In terms of maximum drawdown, FDEV dropped -30.11% vs VEU's -61.52%.

Which ETF is better, FDEV or VEU?

On 5-year performance, VEU leads with 9.10% vs 7.33% for FDEV. On fees, VEU is cheaper at 0.04% per year. On volatility, FDEV has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEV or VEU?

Over the 5-year period, VEU has performed better with a 9.10% return vs 7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEV or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.39% for FDEV.

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

FDEV has the higher dividend yield at 2.81%, compared with 2.58% for VEU.

What is the main difference between FDEV and VEU?

FDEV tracks Fidelity Targeted International Factor Index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.39% for FDEV and 0.04% for VEU.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (2.18 vs 1.18), 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.