FRGN vs. VEU

Last updated Jul 17, 2026

FRGN (Horizon International Equity ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds. FRGN is actively managed, while VEU is passively managed. With a 0.95 correlation, they move nearly in lockstep. FRGN charges 0.75%/yr vs 0.04%/yr for VEU.

Performance

FRGN vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon International Equity ETF (FRGN) 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, FRGN achieves a 20.21% return, which is significantly higher than VEU's 12.47% return.

FRGN

• 1D: -1.37%
• 1M: -3.47%
• 6M: 13.50%
• YTD: 20.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VEU

• 1D: -1.09%
• 1M: -2.49%
• 6M: 7.82%
• YTD: 12.47%
• 1Y: 26.08%
• 3Y*: 17.40%
• 5Y*: 8.97%
• 10Y*: 9.60%

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

FRGN vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025
FRGN Horizon International Equity ETF	20.21%	1.47%
VEU Vanguard FTSE All-World ex-US ETF	12.47%	2.77%

Correlation

The correlation between FRGN and VEU 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 (All Time) Calculated using the full available price history since Dec 3, 2025	0.95

FRGN vs. VEU - Sectors Allocation Comparison

Sectors	FRGN	VEU
Technology	23.2%	21.6%
Financial Services	18.0%	22.6%
Industrials	13.7%	15.0%
Basic Materials	10.3%	7.1%
Energy	8.7%	4.7%
Healthcare	7.7%	6.7%
Consumer Cyclical	7.2%	8.0%
Communication Services	4.9%	4.5%
Consumer Defensive	3.7%	4.9%
Real Estate	1.4%	1.9%
Utilities	1.2%	3.0%

Return for Risk

FRGN vs. VEU — Risk / Return Rank

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

FRGN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VEU

VEU Risk / Return Rank: 58
VEU Sharpe Ratio Rank: 57
VEU Sortino Ratio Rank: 56
VEU Omega Ratio Rank: 58
VEU Calmar Ratio Rank: 57
VEU 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.

FRGN vs. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon International Equity ETF (FRGN) 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.

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.

	FRGN	VEU	Difference
Sharpe ratio: Return per unit of total volatility	—	1.57	—
Sortino ratio: Return per unit of downside risk	—	2.17	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.29	—
Martin ratio: Return relative to average drawdown	—	8.56	—

Drawdowns

FRGN vs. VEU - Drawdown Comparison

The maximum FRGN drawdown since its inception was -12.40%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for FRGN and VEU.

Drawdown Indicators

	FRGN	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-12.40%	-61.52%	+49.12%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.43%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-4.62%	-3.53%	-1.09%
Average Drawdown Average peak-to-trough decline	-2.50%	-13.07%	+10.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.05%	—

Volatility

Volatility by Period

	FRGN	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	22.05%	16.70%	+5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	16.33%	+5.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.05%	17.04%	+5.01%

FRGN vs. VEU - Expense Ratio Comparison

FRGN has a 0.75% expense ratio, which is higher than VEU's 0.04% expense ratio.

Dividends

FRGN vs. VEU - Dividend Comparison

FRGN's dividend yield for the trailing twelve months is around 0.21%, less than VEU's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRGN Horizon International Equity ETF	0.21%	0.25%	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	2.58%	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 FRGN and VEU in my portfolio?

With a correlation of 0.95, FRGN and VEU 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 ETF is better, FRGN 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, FRGN or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.75% for FRGN.

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

VEU has the higher dividend yield at 2.58%, compared with 0.21% for FRGN.

What is the main difference between FRGN and VEU?

They also come from different issuers: Horizon and Vanguard. Their fees differ too: 0.75% for FRGN and 0.04% for VEU.