TIER vs. VEU

Last updated Aug 2, 2026

TIER (T. Rowe Price International Equity Research ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds. TIER is actively managed, while VEU is passively managed. Over the past year, TIER returned 28.71% vs 28.40% for VEU. Their 0.97 correlation means they have historically moved very closely together. TIER charges 0.38%/yr vs 0.04%/yr for VEU.

Performance

TIER vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price International Equity Research ETF (TIER) and Vanguard FTSE All-World ex-US ETF (VEU). 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 TIER having a 13.45% return and VEU slightly lower at 13.33%.

TIER

• 1D: -0.02%
• 1M: 0.20%
• 6M: 7.64%
• YTD: 13.45%
• 1Y: 28.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.17%

VEU

• 1D: -0.22%
• 1M: -0.16%
• 6M: 7.25%
• YTD: 13.33%
• 1Y: 28.40%
• 3Y*: 17.58%
• 5Y*: 9.15%
• 10Y*: 9.66%
• ALL TIME*: 5.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TIER T. Rowe Price International Equity Research ETF	$89.46K	$365.95K	$202.50K
VEU Vanguard FTSE All-World ex-US ETF	$230.24M	$229.52M	$221.55M

TIER vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025
TIER T. Rowe Price International Equity Research ETF	13.45%	12.72%
VEU Vanguard FTSE All-World ex-US ETF	13.33%	13.75%

Correlation

The correlation between TIER and VEU is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.97

The correlation between TIER and VEU has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

TIER vs. VEU - Sectors Allocation Comparison

Sectors	TIER	VEU
Financial Services	24.7%	23.1%
Technology	24.4%	23.2%
Industrials	13.4%	14.7%
Consumer Cyclical	7.7%	7.6%
Basic Materials	6.6%	6.5%
Healthcare	5.8%	6.8%
Communication Services	5.1%	4.2%
Energy	4.6%	4.3%
Consumer Defensive	4.4%	4.9%
Utilities	2.5%	3.0%
Real Estate	0.9%	1.8%

Return for Risk

TIER vs. VEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TIER

TIER Risk / Return Rank: 71
TIER Sharpe Ratio Rank: 72
TIER Sortino Ratio Rank: 72
TIER Omega Ratio Rank: 74
TIER Calmar Ratio Rank: 67
TIER Martin Ratio Rank: 71

VEU

VEU Risk / Return Rank: 73
VEU Sharpe Ratio Rank: 74
VEU Sortino Ratio Rank: 72
VEU Omega Ratio Rank: 74
VEU Calmar Ratio Rank: 72
VEU Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TIER vs. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Equity Research ETF (TIER) 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.

	TIER	VEU	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.66	+0.01
Sortino ratio: Return per unit of downside risk	2.34	2.31	+0.03
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.34	2.46	-0.12
Martin ratio: Return relative to average drawdown	8.83	9.00	-0.17

TIER vs. VEU - Sharpe Ratio Comparison

The current TIER Sharpe Ratio is 1.67, which is comparable to the VEU Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of TIER and VEU, 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

TIER vs. VEU - Drawdown Comparison

The maximum TIER drawdown since its inception was -12.07%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for TIER and VEU.

Drawdown Indicators

	TIER	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-12.07%	-61.52%	+49.45%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-11.43%	-0.64%
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	-2.63%	-2.79%	+0.16%
Average Drawdown Average peak-to-trough decline	-1.91%	-13.05%	+11.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.12%	+0.08%

Volatility

TIER vs. VEU - Volatility Comparison

T. Rowe Price International Equity Research ETF (TIER) and Vanguard FTSE All-World ex-US ETF (VEU) have volatilities of 5.23% and 5.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIER	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	5.31%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	15.16%	15.10%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	16.96%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	16.37%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	17.08%	-0.55%

TIER vs. VEU - Expense Ratio Comparison

TIER has a 0.38% expense ratio, which is higher than VEU's 0.04% expense ratio.

Dividends

TIER vs. VEU - Dividend Comparison

TIER's dividend yield for the trailing twelve months is around 0.66%, less than VEU's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TIER T. Rowe Price International Equity Research ETF	0.66%	0.74%	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	2.56%	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 TIER and VEU in my portfolio?

With a correlation of 0.98, TIER 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 is riskier, TIER or VEU?

VEU has higher volatility (5.31%) compared to TIER (5.23%). In terms of maximum drawdown, TIER dropped -12.07% vs VEU's -61.52%.

Which ETF is better, TIER or VEU?

On 1-year performance, TIER leads with 28.71% vs 28.40% for VEU. On fees, VEU is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIER or VEU?

Over the 1-year period, TIER has performed better with a 28.71% return vs 28.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIER or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.38% for TIER.

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

VEU has the higher dividend yield at 2.56%, compared with 0.66% for TIER.

What is the main difference between TIER and VEU?

They also come from different issuers: T. Rowe Price and Vanguard. Their fees differ too: 0.38% for TIER and 0.04% for VEU.

Which has better risk-adjusted returns?

TIER currently has the higher Sharpe Ratio (1.67 vs 1.66), 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.