HDAW vs. VEU

Last updated Jun 5, 2026

HDAW (Xtrackers MSCI All World ex US High Dividend Yield Equity ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - HDAW tracks the MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index while VEU tracks the FTSE All-World ex US Index. Both are passively managed. A 0.68 correlation means they provide meaningful diversification when combined. HDAW charges 0.20%/yr vs 0.04%/yr for VEU.

Performance

HDAW vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) and Vanguard FTSE All-World ex-US ETF (VEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HDAW

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VEU

• 1D: 0.15%
• 1M: 3.74%
• YTD: 14.77%
• 6M: 17.23%
• 1Y: 31.73%
• 3Y*: 19.86%
• 5Y*: 8.71%
• 10Y*: 9.88%

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

HDAW vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	0.00%	0.00%	6.53%	16.58%	-5.74%	9.73%	-3.67%	22.40%	-13.63%	13.22%
VEU Vanguard FTSE All-World ex-US ETF	14.77%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	21.83%	-14.18%	27.40%

Correlation

The correlation between HDAW and VEU is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.68

The correlation between HDAW and VEU shifts across timeframes, from 0.42 (3 years) to 0.70 (10 years), reflecting how their relationship changes across market environments.

HDAW vs. VEU - Sectors Allocation Comparison

Sectors	HDAW	VEU
Financial Services	25.2%	23.3%
Basic Materials	12.4%	7.1%
Healthcare	12.3%	7.1%
Consumer Defensive	10.1%	5.1%
Energy	9.1%	5.2%
Consumer Cyclical	7.5%	8.2%
Industrials	6.6%	15.7%
Technology	6.3%	18.5%
Communication Services	4.7%	4.6%
Utilities	4.0%	3.2%
Real Estate	1.8%	2.0%

Return for Risk

HDAW vs. VEU — Risk / Return Rank

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

VEU

VEU Risk / Return Rank: 62
VEU Sharpe Ratio Rank: 64
VEU Sortino Ratio Rank: 63
VEU Omega Ratio Rank: 64
VEU Calmar Ratio Rank: 57
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.

HDAW vs. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) 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.

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

Sharpe Ratios by Period

	HDAW	VEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.09	—
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	—	0.25	—

Drawdowns

Drawdown Indicators

	HDAW	VEU	Difference
Max Drawdown Largest peak-to-trough decline	—	-61.52%	—
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	—	-29.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	—	-0.82%	—
Average Drawdown Average peak-to-trough decline	—	-13.13%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.93%	—

Volatility

Volatility by Period

	HDAW	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.04%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	15.28%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.06%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.20%	—

HDAW vs. VEU - Expense Ratio Comparison

HDAW has a 0.20% 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

HDAW vs. VEU - Dividend Comparison

HDAW has not paid dividends to shareholders, while VEU's dividend yield for the trailing twelve months is around 2.60%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	0.00%	0.00%	2.68%	4.85%	7.00%	4.84%	4.27%	3.95%	4.02%	4.09%	2.92%	1.18%
VEU Vanguard FTSE All-World ex-US ETF	2.60%	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 HDAW and VEU in my portfolio?

HDAW and VEU have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDAW 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, HDAW or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.20% for HDAW.

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

VEU has the higher dividend yield at 2.60%, compared with 0.00% for HDAW.

What is the main difference between HDAW and VEU?

HDAW tracks MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: Deutsche Bank and Vanguard. Their fees differ too: 0.20% for HDAW and 0.04% for VEU.