VEA vs. VEUA.L

Last updated Jun 7, 2026

VEA (Vanguard FTSE Developed Markets ETF) and VEUA.L (Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating) are both exchange-traded funds - VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index, while VEUA.L is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, VEA returned 8.83%/yr vs 8.69%/yr for VEUA.L. A 0.77 correlation means they provide meaningful diversification when combined. VEA charges 0.03%/yr vs 0.10%/yr for VEUA.L.

Performance

VEA vs. VEUA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Developed Markets ETF (VEA) and Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VEA is traded in USD, while VEUA.L is traded in GBP. To make them comparable, the VEUA.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VEA achieves a 10.91% return, which is significantly higher than VEUA.L's 5.08% return.

VEA

• 1D: -3.72%
• 1M: -0.72%
• YTD: 10.91%
• 6M: 13.57%
• 1Y: 26.79%
• 3Y*: 18.26%
• 5Y*: 8.83%
• 10Y*: 9.63%

VEUA.L

• 1D: -1.23%
• 1M: -0.17%
• YTD: 5.08%
• 6M: 8.35%
• 1Y: 16.64%
• 3Y*: 16.60%
• 5Y*: 8.69%
• 10Y*: —

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

VEA vs. VEUA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEA Vanguard FTSE Developed Markets ETF	10.91%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	7.02%
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	5.08%	35.58%	2.75%	19.45%	-14.45%	15.77%	6.24%	-3.28%

Correlation

The correlation between VEA and VEUA.L is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019	0.77

The correlation between VEA and VEUA.L has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.

VEA vs. VEUA.L - Sectors Allocation Comparison

Sectors	VEA	VEUA.L
Financial Services	23.3%	24.0%
Industrials	19.2%	19.7%
Technology	13.8%	8.5%
Healthcare	8.2%	12.9%
Basic Materials	7.5%	5.6%
Consumer Cyclical	7.5%	6.6%
Consumer Defensive	5.6%	8.3%
Energy	5.4%	5.3%
Communication Services	3.4%	3.0%
Utilities	3.3%	5.0%
Real Estate	2.7%	1.1%

Return for Risk

VEA vs. VEUA.L — Risk / Return Rank

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

VEA

VEA Risk / Return Rank: 50
VEA Sharpe Ratio Rank: 50
VEA Sortino Ratio Rank: 48
VEA Omega Ratio Rank: 51
VEA Calmar Ratio Rank: 48
VEA Martin Ratio Rank: 54

VEUA.L

VEUA.L Risk / Return Rank: 45
VEUA.L Sharpe Ratio Rank: 48
VEUA.L Sortino Ratio Rank: 48
VEUA.L Omega Ratio Rank: 50
VEUA.L Calmar Ratio Rank: 39
VEUA.L Martin Ratio Rank: 42

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.

VEA vs. VEUA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Markets ETF (VEA) and Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L). 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.

	VEA	VEUA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.14	+0.56
Sortino ratio: Return per unit of downside risk	2.33	1.69	+0.64
Omega ratio: Gain probability vs. loss probability	1.31	1.21	+0.10
Calmar ratio: Return relative to maximum drawdown	2.35	1.42	+0.93
Martin ratio: Return relative to average drawdown	9.12	5.04	+4.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEA vs. VEUA.L - Sharpe Ratio Comparison

The current VEA Sharpe Ratio is 1.70, which is higher than the VEUA.L Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of VEA and VEUA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VEA	VEUA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.14	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.46	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.43	-0.19

Drawdowns

VEA vs. VEUA.L - Drawdown Comparison

The maximum VEA drawdown since its inception was -60.68%, which is greater than VEUA.L's maximum drawdown of -37.85%. Use the drawdown chart below to compare losses from any high point for VEA and VEUA.L.

Drawdown Indicators

	VEA	VEUA.L	Difference
Max Drawdown Largest peak-to-trough decline	-60.68%	-37.85%	-22.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.63%	-11.65%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-13.45%	-13.89%	+0.44%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-31.84%	+2.13%
Max Drawdown (10Y) Largest decline over 10 years	-35.73%	—	—
Current Drawdown Current decline from peak	-4.36%	-2.97%	-1.39%
Average Drawdown Average peak-to-trough decline	-13.29%	-7.37%	-5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.29%	-0.30%

Volatility

VEA vs. VEUA.L - Volatility Comparison

Vanguard FTSE Developed Markets ETF (VEA) has a higher volatility of 6.17% compared to Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) at 4.27%. This indicates that VEA's price experiences larger fluctuations and is considered to be riskier than VEUA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEA	VEUA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	4.27%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	12.07%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	14.55%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	18.96%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.39%	20.49%	-3.10%

VEA vs. VEUA.L - Expense Ratio Comparison

VEA has a 0.03% expense ratio, which is lower than VEUA.L's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VEA vs. VEUA.L - Dividend Comparison

VEA's dividend yield for the trailing twelve months is around 2.71%, while VEUA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEA Vanguard FTSE Developed Markets ETF	2.71%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEA and VEUA.L in my portfolio?

VEA and VEUA.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEA or VEUA.L?

On fees, VEA is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEA or VEUA.L?

VEA is cheaper with a 0.03% expense ratio, compared with 0.10% for VEUA.L.

What is the main difference between VEA and VEUA.L?

VEA is categorized as Foreign Large Cap Equities, while VEUA.L is Europe Equities. VEA tracks FTSE Developed All Cap ex US Index, while VEUA.L tracks MSCI Europe NR EUR. Their fees differ too: 0.03% for VEA and 0.10% for VEUA.L.