FGDL vs. VSS

Last updated Jun 14, 2026

FGDL (Franklin Responsibly Sourced Gold ETF) and VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) are both exchange-traded funds - FGDL is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while VSS is a Foreign Small & Mid Cap Equities fund tracking the FTSE Global Small Cap ex US Index. Both are passively managed. Over the past 3 years, FGDL returned 29.18%/yr vs 15.73%/yr for VSS. At a 0.42 correlation, their price movements are largely independent. FGDL charges 0.15%/yr vs 0.07%/yr for VSS.

Performance

FGDL vs. VSS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Responsibly Sourced Gold ETF (FGDL) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGDL achieves a -2.81% return, which is significantly lower than VSS's 10.04% return.

FGDL

• 1D: -0.20%
• 1M: -9.80%
• YTD: -2.81%
• 6M: -2.54%
• 1Y: 22.12%
• 3Y*: 29.18%
• 5Y*: —
• 10Y*: —

VSS

• 1D: 0.50%
• 1M: -2.16%
• YTD: 10.04%
• 6M: 12.05%
• 1Y: 24.95%
• 3Y*: 15.73%
• 5Y*: 5.58%
• 10Y*: 8.49%

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

FGDL vs. VSS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FGDL Franklin Responsibly Sourced Gold ETF	-2.81%	64.15%	27.31%	12.92%	0.72%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	10.04%	29.61%	2.94%	15.52%	1.21%

Correlation

The correlation between FGDL and VSS is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022	0.42

Return for Risk

FGDL vs. VSS — Risk / Return Rank

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

FGDL

FGDL Risk / Return Rank: 26
FGDL Sharpe Ratio Rank: 28
FGDL Sortino Ratio Rank: 25
FGDL Omega Ratio Rank: 30
FGDL Calmar Ratio Rank: 24
FGDL Martin Ratio Rank: 24

VSS

VSS Risk / Return Rank: 49
VSS Sharpe Ratio Rank: 49
VSS Sortino Ratio Rank: 48
VSS Omega Ratio Rank: 51
VSS Calmar Ratio Rank: 46
VSS Martin Ratio Rank: 51

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.

FGDL vs. VSS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Responsibly Sourced Gold ETF (FGDL) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). 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.

	FGDL	VSS	Difference
Sharpe ratio: Return per unit of total volatility	0.87	1.51	-0.64
Sortino ratio: Return per unit of downside risk	1.23	2.10	-0.87
Omega ratio: Gain probability vs. loss probability	1.18	1.28	-0.10
Calmar ratio: Return relative to maximum drawdown	0.97	2.03	-1.05
Martin ratio: Return relative to average drawdown	2.78	7.61	-4.83

FGDL vs. VSS - Sharpe Ratio Comparison

The current FGDL Sharpe Ratio is 0.87, which is lower than the VSS Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of FGDL and VSS, 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

FGDL vs. VSS - Drawdown Comparison

The maximum FGDL drawdown since its inception was -24.73%, smaller than the maximum VSS drawdown of -43.51%. Use the drawdown chart below to compare losses from any high point for FGDL and VSS.

Drawdown Indicators

	FGDL	VSS	Difference
Max Drawdown Largest peak-to-trough decline	-24.73%	-43.51%	+18.78%
Max Drawdown (1Y) Largest decline over 1 year	-24.73%	-11.62%	-13.11%
Max Drawdown (3Y) Largest decline over 3 years	-24.73%	-15.73%	-9.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.51%	—
Current Drawdown Current decline from peak	-22.35%	-3.05%	-19.30%
Average Drawdown Average peak-to-trough decline	-3.97%	-9.63%	+5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.64%	3.09%	+5.55%

Volatility

FGDL vs. VSS - Volatility Comparison

Franklin Responsibly Sourced Gold ETF (FGDL) has a higher volatility of 8.01% compared to Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) at 6.52%. This indicates that FGDL's price experiences larger fluctuations and is considered to be riskier than VSS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGDL	VSS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.01%	6.52%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	24.16%	13.55%	+10.61%
Volatility (1Y) Calculated over the trailing 1-year period	27.60%	15.60%	+12.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.27%	16.59%	+2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.27%	17.30%	+1.97%

FGDL vs. VSS - Expense Ratio Comparison

FGDL has a 0.15% expense ratio, which is higher than VSS's 0.07% 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

FGDL vs. VSS - Dividend Comparison

FGDL has not paid dividends to shareholders, while VSS's dividend yield for the trailing twelve months is around 3.08%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGDL Franklin Responsibly Sourced Gold ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	3.08%	3.39%	3.44%	3.14%	2.30%	2.74%	1.90%	3.25%	2.80%	2.83%	2.93%	2.66%

Frequently Asked Questions

Can I hold both FGDL and VSS in my portfolio?

FGDL and VSS have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGDL or VSS?

FGDL has higher volatility (8.01%) compared to VSS (6.52%). In terms of maximum drawdown, FGDL dropped -24.73% vs VSS's -43.51%.

Which ETF is better, FGDL or VSS?

On 3-year performance, FGDL leads with 29.18% vs 15.73% for VSS. On fees, VSS is cheaper at 0.07% per year. On volatility, VSS has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FGDL or VSS?

Over the 3-year period, FGDL has performed better with a 29.18% return vs 15.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FGDL or VSS?

VSS is cheaper with a 0.07% expense ratio, compared with 0.15% for FGDL.

Which ETF pays a higher dividend yield, FGDL or VSS?

VSS has the higher dividend yield at 3.08%, compared with 0.00% for FGDL.

What is the main difference between FGDL and VSS?

FGDL is categorized as Precious Metals, while VSS is Foreign Small & Mid Cap Equities. FGDL tracks LBMA Gold Price PM ($/ozt), while VSS tracks FTSE Global Small Cap ex US Index. They also come from different issuers: Franklin Templeton and Vanguard. Their fees differ too: 0.15% for FGDL and 0.07% for VSS.

Which has better risk-adjusted returns?

VSS currently has the higher Sharpe Ratio (1.51 vs 0.87), 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.