REFA vs. VEU

Last updated Jul 4, 2026

REFA (Columbia Research Enhanced International Equity ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - REFA tracks the Beta Advantage Research Enhanced International Equity Index while VEU tracks the FTSE All-World ex US Index. Both are passively managed. Their correlation of 0.93 suggests significant overlap in exposure. REFA charges 0.32%/yr vs 0.04%/yr for VEU.

Performance

REFA vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Research Enhanced International Equity ETF (REFA) 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, REFA achieves a 11.14% return, which is significantly lower than VEU's 13.50% return.

REFA

• 1D: 1.35%
• 1M: 2.81%
• 6M: 9.75%
• YTD: 11.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VEU

• 1D: 0.31%
• 1M: -0.95%
• 6M: 11.79%
• YTD: 13.50%
• 1Y: 26.34%
• 3Y*: 18.51%
• 5Y*: 8.81%
• 10Y*: 9.99%

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

REFA vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025
REFA Columbia Research Enhanced International Equity ETF	11.14%	0.33%
VEU Vanguard FTSE All-World ex-US ETF	13.50%	1.16%

Correlation

The correlation between REFA and VEU is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.93

Return for Risk

REFA vs. VEU — Risk / Return Rank

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

REFA

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: 59
VEU Sortino Ratio Rank: 56
VEU Omega Ratio Rank: 59
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.

REFA vs. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) 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.

	REFA	VEU	Difference
Sharpe ratio: Return per unit of total volatility	—	1.62	—
Sortino ratio: Return per unit of downside risk	—	2.25	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.33	—
Martin ratio: Return relative to average drawdown	—	8.84	—

Drawdowns

REFA vs. VEU - Drawdown Comparison

The maximum REFA drawdown since its inception was -11.23%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for REFA and VEU.

Drawdown Indicators

	REFA	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-11.23%	-61.52%	+50.29%
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	-0.36%	-2.64%	+2.28%
Average Drawdown Average peak-to-trough decline	-2.79%	-13.09%	+10.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.01%	—

Volatility

Volatility by Period

	REFA	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.02%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	16.45%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.61%	16.31%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	17.04%	+1.57%

REFA vs. VEU - Expense Ratio Comparison

REFA has a 0.32% expense ratio, which is higher than VEU's 0.04% expense ratio.

Dividends

REFA vs. VEU - Dividend Comparison

REFA's dividend yield for the trailing twelve months is around 0.03%, less than VEU's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
REFA Columbia Research Enhanced International Equity ETF	0.03%	0.03%	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	2.55%	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 REFA and VEU in my portfolio?

With a correlation of 0.93, REFA 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, REFA 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, REFA or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.32% for REFA.

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

VEU has the higher dividend yield at 2.55%, compared with 0.03% for REFA.

What is the main difference between REFA and VEU?

REFA tracks Beta Advantage Research Enhanced International Equity Index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: Columbia Threadneedle and Vanguard. Their fees differ too: 0.32% for REFA and 0.04% for VEU.