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VAE.AX vs. VEQ.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VAE.AX vs. VEQ.AX

Last updated Jul 16, 2026
Documentation

VAE.AX (Vanguard FTSE Asia ex Japan Shares Index ETF) and VEQ.AX (Vanguard FTSE Europe Shares ETF) are both exchange-traded funds - VAE.AX is a Asia Pacific Equities fund tracking the FTSE Asia Pacific ex Japan, Australia and New Zealand Index, while VEQ.AX is a Europe Equities fund tracking the Vanguard FTSE Europe Shares Index. Both are passively managed. Over the past 10 years, VAE.AX returned 9.73%/yr vs 9.65%/yr for VEQ.AX. At a 0.46 correlation, their price movements are largely independent.

Performance

VAE.AX vs. VEQ.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard FTSE Asia ex Japan Shares Index ETF (VAE.AX) and Vanguard FTSE Europe Shares ETF (VEQ.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VAE.AX achieves a 14.07% return, which is significantly higher than VEQ.AX's 2.32% return. Both investments have delivered pretty close results over the past 10 years, with VAE.AX having a 9.73% annualized return and VEQ.AX not far behind at 9.65%.

VAE.AX

1D
-2.15%
1M
-4.88%
6M
8.90%
YTD
14.07%
1Y
26.35%
3Y*
19.84%
5Y*
7.50%
10Y*
9.73%

VEQ.AX

1D
0.47%
1M
0.55%
6M
0.83%
YTD
2.32%
1Y
8.94%
3Y*
13.35%
5Y*
9.30%
10Y*
9.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VAE.AX vs. VEQ.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VAE.AX
Vanguard FTSE Asia ex Japan Shares Index ETF		14.07%23.98%22.74%3.18%-14.06%0.49%12.05%17.01%-5.50%27.59%
VEQ.AX
Vanguard FTSE Europe Shares ETF		2.32%25.53%10.16%16.98%-10.66%21.83%-3.34%24.19%-6.81%16.93%

Correlation

The correlation between VAE.AX and VEQ.AX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

Correlation (3Y)
Calculated over the trailing 3-year period

0.37

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (10Y)
Calculated over the trailing 10-year period

0.46

Correlation (All Time)
Calculated using the full available price history since Dec 9, 2015

0.46

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Vanguard FTSE Asia ex Japan Shares Index ETF

Vanguard FTSE Europe Shares ETF

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Return for Risk

VAE.AX vs. VEQ.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VAE.AX
VAE.AX Risk / Return Rank: 4949
Overall Rank
VAE.AX Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
VAE.AX Sortino Ratio Rank: 4444
Sortino Ratio Rank
VAE.AX Omega Ratio Rank: 4747
Omega Ratio Rank
VAE.AX Calmar Ratio Rank: 5757
Calmar Ratio Rank
VAE.AX Martin Ratio Rank: 5050
Martin Ratio Rank
VEQ.AX
VEQ.AX Risk / Return Rank: 2525
Overall Rank
VEQ.AX Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
VEQ.AX Sortino Ratio Rank: 2525
Sortino Ratio Rank
VEQ.AX Omega Ratio Rank: 2727
Omega Ratio Rank
VEQ.AX Calmar Ratio Rank: 2121
Calmar Ratio Rank
VEQ.AX Martin Ratio Rank: 2525
Martin Ratio Rank
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.

VAE.AX vs. VEQ.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Asia ex Japan Shares Index ETF (VAE.AX) and Vanguard FTSE Europe Shares ETF (VEQ.AX). 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.

VAE.AXVEQ.AXDifference
Sharpe ratioReturn per unit of total volatility
1.35
0.78

+0.57

Sortino ratioReturn per unit of downside risk
1.88
1.18

+0.70

Omega ratioGain probability vs. loss probability

1.25

1.16

+0.10

Calmar ratioReturn relative to maximum drawdown

2.32

0.79

+1.54

Martin ratioReturn relative to average drawdown

6.98

2.57

+4.42

VAE.AX vs. VEQ.AX - Sharpe Ratio Comparison

The current VAE.AX Sharpe Ratio is 1.35, which is higher than the VEQ.AX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of VAE.AX and VEQ.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VAE.AX vs. VEQ.AX - Drawdown Comparison

The maximum VAE.AX drawdown since its inception was -31.55%, which is greater than VEQ.AX's maximum drawdown of -28.50%. Use the drawdown chart below to compare losses from any high point for VAE.AX and VEQ.AX.

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Drawdown Indicators

VAE.AXVEQ.AXDifference

Max Drawdown

Largest peak-to-trough decline

-31.55%

-28.50%

-3.05%

Max Drawdown (1Y)

Largest decline over 1 year

-10.43%

-12.42%

+1.99%

Max Drawdown (3Y)

Largest decline over 3 years

-10.43%

-12.42%

+1.99%

Max Drawdown (5Y)

Largest decline over 5 years

-28.79%

-25.44%

-3.35%

Max Drawdown (10Y)

Largest decline over 10 years

-31.55%

-28.50%

-3.05%

Current Drawdown

Current decline from peak

-8.01%

-1.79%

-6.22%

Average Drawdown

Average peak-to-trough decline

-7.69%

-5.47%

-2.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.54%

3.86%

-0.32%

Volatility

VAE.AX vs. VEQ.AX - Volatility Comparison

Vanguard FTSE Asia ex Japan Shares Index ETF (VAE.AX) has a higher volatility of 8.45% compared to Vanguard FTSE Europe Shares ETF (VEQ.AX) at 2.53%. This indicates that VAE.AX's price experiences larger fluctuations and is considered to be riskier than VEQ.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VAE.AXVEQ.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.45%

2.53%

+5.92%

Volatility (6M)

Calculated over the trailing 6-month period

16.54%

11.15%

+5.39%

Volatility (1Y)

Calculated over the trailing 1-year period

18.03%

12.62%

+5.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.44%

13.43%

+2.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.78%

14.12%

+0.66%

Dividends

VAE.AX vs. VEQ.AX - Dividend Comparison

VAE.AX's dividend yield for the trailing twelve months is around 1.18%, less than VEQ.AX's 1.52% yield.

PositionTTM2025202420232022202120202019201820172016
VAE.AX
Vanguard FTSE Asia ex Japan Shares Index ETF		1.18%2.29%3.07%1.93%0.73%0.58%1.00%1.83%2.59%1.44%2.26%
VEQ.AX
Vanguard FTSE Europe Shares ETF		1.52%2.28%1.39%2.56%2.06%1.91%2.32%2.62%2.36%1.77%2.35%

Frequently Asked Questions

VAE.AX and VEQ.AX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VAE.AX is categorized as Asia Pacific Equities, while VEQ.AX is Europe Equities. VAE.AX tracks FTSE Asia Pacific ex Japan, Australia and New Zealand Index, while VEQ.AX tracks Vanguard FTSE Europe Shares Index.

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