FEZ vs. VGK

Last updated Jun 24, 2026

FEZ (State Street SPDR EURO STOXX 50 ETF) and VGK (Vanguard FTSE Europe ETF) are both Europe Equities funds - FEZ tracks the EURO STOXX 50 Index while VGK tracks the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, FEZ returned 11.53%/yr vs 10.38%/yr for VGK. With a 0.96 correlation, they move nearly in lockstep. FEZ charges 0.29%/yr vs 0.06%/yr for VGK.

Performance

FEZ vs. VGK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR EURO STOXX 50 ETF (FEZ) and Vanguard FTSE Europe ETF (VGK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FEZ having a 6.43% return and VGK slightly lower at 6.16%. Over the past 10 years, FEZ has outperformed VGK with an annualized return of 11.53%, while VGK has yielded a comparatively lower 10.38% annualized return.

FEZ

• 1D: -1.75%
• 1M: 1.84%
• YTD: 6.43%
• 6M: 6.45%
• 1Y: 19.20%
• 3Y*: 18.06%
• 5Y*: 10.43%
• 10Y*: 11.53%

VGK

• 1D: -1.24%
• 1M: -0.13%
• YTD: 6.16%
• 6M: 6.16%
• 1Y: 19.10%
• 3Y*: 16.76%
• 5Y*: 8.57%
• 10Y*: 10.38%

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

FEZ vs. VGK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ State Street SPDR EURO STOXX 50 ETF	6.43%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
VGK Vanguard FTSE Europe ETF	6.16%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between FEZ and VGK is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 10, 2005	0.96

The correlation between FEZ and VGK has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

FEZ vs. VGK - Sectors Allocation Comparison

Sectors	FEZ	VGK
Financial Services	23.8%	23.6%
Technology	19.6%	8.2%
Industrials	19.3%	19.3%
Consumer Cyclical	9.3%	6.8%
Consumer Defensive	5.9%	8.4%
Healthcare	5.6%	11.9%
Energy	5.3%	5.3%
Utilities	5.0%	4.7%
Basic Materials	3.8%	5.3%
Communication Services	2.6%	3.3%
Real Estate	-	1.5%

Return for Risk

FEZ vs. VGK — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 30
FEZ Sharpe Ratio Rank: 30
FEZ Sortino Ratio Rank: 30
FEZ Omega Ratio Rank: 28
FEZ Calmar Ratio Rank: 29
FEZ Martin Ratio Rank: 34

VGK

VGK Risk / Return Rank: 35
VGK Sharpe Ratio Rank: 35
VGK Sortino Ratio Rank: 35
VGK Omega Ratio Rank: 34
VGK Calmar Ratio Rank: 33
VGK Martin Ratio Rank: 39

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.

FEZ vs. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR EURO STOXX 50 ETF (FEZ) and Vanguard FTSE Europe ETF (VGK). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FEZ	VGK	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.21	-0.17
Sortino ratio: Return per unit of downside risk	1.58	1.79	-0.21
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.42	1.59	-0.17
Martin ratio: Return relative to average drawdown	4.82	5.89	-1.07

FEZ vs. VGK - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 1.05, which is comparable to the VGK Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of FEZ and VGK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEZ vs. VGK - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, roughly equal to the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for FEZ and VGK.

Drawdown Indicators

	FEZ	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-63.61%	-0.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-12.09%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-14.31%	-1.54%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-32.74%	-2.31%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-37.24%	-2.45%
Current Drawdown Current decline from peak	-2.33%	-1.91%	-0.42%
Average Drawdown Average peak-to-trough decline	-17.04%	-13.31%	-3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	3.25%	+0.74%

Volatility

FEZ vs. VGK - Volatility Comparison

State Street SPDR EURO STOXX 50 ETF (FEZ) has a higher volatility of 5.85% compared to Vanguard FTSE Europe ETF (VGK) at 4.96%. This indicates that FEZ's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEZ	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	4.96%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	13.38%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	18.40%	15.81%	+2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.70%	17.96%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	18.56%	+2.19%

FEZ vs. VGK - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

FEZ vs. VGK - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.64%, less than VGK's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.64%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
VGK Vanguard FTSE Europe ETF	2.95%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both FEZ and VGK in my portfolio?

With a correlation of 0.95, FEZ and VGK 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, FEZ or VGK?

FEZ has higher volatility (5.85%) compared to VGK (4.96%). In terms of maximum drawdown, FEZ dropped -64.21% vs VGK's -63.61%.

Which ETF is better, FEZ or VGK?

On 10-year performance, FEZ leads with 11.53% vs 10.38% for VGK. On fees, VGK is cheaper at 0.06% per year. On volatility, VGK has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or VGK?

Over the 10-year period, FEZ has performed better with a 11.53% return vs 10.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.29% for FEZ.

Which ETF pays a higher dividend yield, FEZ or VGK?

VGK has the higher dividend yield at 2.95%, compared with 2.64% for FEZ.

What is the main difference between FEZ and VGK?

FEZ tracks EURO STOXX 50 Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.29% for FEZ and 0.06% for VGK.

Which has better risk-adjusted returns?

VGK currently has the higher Sharpe Ratio (1.21 vs 1.05), 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.