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VEF.TO vs. XEU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEF.TO vs. XEU.TO

Last updated Jun 4, 2026

VEF.TO (Vanguard FTSE Developed All Cap Ex US) and XEU.TO (iShares MSCI Europe IMI Index ETF) are both exchange-traded funds - VEF.TO is a Global Equities fund tracking the Spliced FTSE Developed ex US Index Hedged in CAD, while XEU.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD. Both are passively managed. Over the past 10 years, VEF.TO returned 11.33%/yr vs 9.77%/yr for XEU.TO. A 0.68 correlation means they provide meaningful diversification when combined. VEF.TO charges 0.22%/yr vs 0.28%/yr for XEU.TO.

Performance

VEF.TO vs. XEU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Developed All Cap Ex US (VEF.TO) and iShares MSCI Europe IMI Index ETF (XEU.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VEF.TO achieves a 16.05% return, which is significantly higher than XEU.TO's 6.82% return. Over the past 10 years, VEF.TO has outperformed XEU.TO with an annualized return of 11.33%, while XEU.TO has yielded a comparatively lower 9.77% annualized return.

VEF.TO

1D
-0.44%
1M
7.02%
YTD
16.05%
6M
18.30%
1Y
33.85%
3Y*
19.04%
5Y*
12.71%
10Y*
11.33%

XEU.TO

1D
-0.82%
1M
5.05%
YTD
6.82%
6M
8.23%
1Y
18.70%
3Y*
17.08%
5Y*
10.84%
10Y*
9.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEF.TO vs. XEU.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEF.TO
Vanguard FTSE Developed All Cap Ex US		16.05%24.61%10.91%18.02%-7.54%18.04%2.10%22.61%-11.96%16.90%
XEU.TO
iShares MSCI Europe IMI Index ETF		6.82%29.40%9.36%17.36%-10.48%16.36%3.16%18.30%-8.11%18.48%

Correlation

The correlation between VEF.TO and XEU.TO is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.84

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

0.78

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

0.78

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

0.76

Correlation (All Time)
Calculated using the full available price history since Apr 24, 2014

0.68

The correlation between VEF.TO and XEU.TO shifts across timeframes, from 0.68 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

VEF.TO vs. XEU.TO - Sectors Allocation Comparison

Sectors
VEF.TO
XEU.TO

Financial Services

23.3%
22.5%

Industrials

19.2%
15.6%

Technology

13.8%
8.4%

Healthcare

8.2%
10.5%

Basic Materials

7.5%
5.3%

Consumer Cyclical

7.5%
6.5%

Consumer Defensive

5.6%
8.0%

Energy

5.4%
4.0%

Communication Services

3.4%
3.3%

Utilities

3.3%
3.5%

Real Estate

2.7%
1.4%

Financial Services

VEF.TO
23.3%
XEU.TO
22.5%

Industrials

VEF.TO
19.2%
XEU.TO
15.6%

Technology

VEF.TO
13.8%
XEU.TO
8.4%

Healthcare

VEF.TO
8.2%
XEU.TO
10.5%

Basic Materials

VEF.TO
7.5%
XEU.TO
5.3%

Consumer Cyclical

VEF.TO
7.5%
XEU.TO
6.5%

Consumer Defensive

VEF.TO
5.6%
XEU.TO
8.0%

Energy

VEF.TO
5.4%
XEU.TO
4.0%

Communication Services

VEF.TO
3.4%
XEU.TO
3.3%

Utilities

VEF.TO
3.3%
XEU.TO
3.5%

Real Estate

VEF.TO
2.7%
XEU.TO
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Developed All Cap Ex US

iShares MSCI Europe IMI Index ETF

Often compared with VEF.TO:
VEF.TO vs. XEF.TOVEF.TO vs. VDU.TOVEF.TO vs. VEAVEF.TO vs. VFV.TOVEF.TO vs. VXUSVEF.TO vs. XEH.TOVEF.TO vs. VUG
Often compared with XEU.TO:
XEU.TO vs. XEH.TOXEU.TO vs. XEF.TOXEU.TO vs. VE.TOXEU.TO vs. VEAXEU.TO vs. HXS.TOXEU.TO vs. XUS.TOXEU.TO vs. XDIV.TO

Return for Risk

VEF.TO vs. XEU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEF.TO
VEF.TO Risk / Return Rank: 7676
Overall Rank
VEF.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
VEF.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
VEF.TO Omega Ratio Rank: 8181
Omega Ratio Rank
VEF.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
VEF.TO Martin Ratio Rank: 7676
Martin Ratio Rank
XEU.TO
XEU.TO Risk / Return Rank: 3535
Overall Rank
XEU.TO Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
XEU.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
XEU.TO Omega Ratio Rank: 3636
Omega Ratio Rank
XEU.TO Calmar Ratio Rank: 3232
Calmar Ratio Rank
XEU.TO Martin Ratio Rank: 3838
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.

VEF.TO vs. XEU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed All Cap Ex US (VEF.TO) and iShares MSCI Europe IMI Index ETF (XEU.TO). 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.

VEF.TOXEU.TODifference
Sharpe ratioReturn per unit of total volatility
2.59
1.32

+1.27

Sortino ratioReturn per unit of downside risk
3.54
1.90

+1.64

Omega ratioGain probability vs. loss probability

1.50

1.24

+0.25

Calmar ratioReturn relative to maximum drawdown

3.44

1.57

+1.87

Martin ratioReturn relative to average drawdown

14.77

6.06

+8.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEF.TO vs. XEU.TO - Sharpe Ratio Comparison

The current VEF.TO Sharpe Ratio is 2.59, which is higher than the XEU.TO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of VEF.TO and XEU.TO, 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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Sharpe Ratios by Period

VEF.TOXEU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.59

1.32

+1.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.95

0.74

+0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.61

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.53

+0.18

Drawdowns

VEF.TO vs. XEU.TO - Drawdown Comparison

The maximum VEF.TO drawdown since its inception was -33.03%, roughly equal to the maximum XEU.TO drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for VEF.TO and XEU.TO.

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Drawdown Indicators

VEF.TOXEU.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.03%

-32.02%

-1.01%

Max Drawdown (1Y)

Largest decline over 1 year

-9.89%

-11.94%

+2.05%

Max Drawdown (3Y)

Largest decline over 3 years

-13.78%

-14.62%

+0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-16.35%

-26.96%

+10.61%

Max Drawdown (10Y)

Largest decline over 10 years

-33.03%

-32.02%

-1.01%

Current Drawdown

Current decline from peak

-0.44%

-1.74%

+1.30%

Average Drawdown

Average peak-to-trough decline

-4.27%

-5.38%

+1.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.30%

3.09%

-0.79%

Volatility

VEF.TO vs. XEU.TO - Volatility Comparison

Vanguard FTSE Developed All Cap Ex US (VEF.TO) and iShares MSCI Europe IMI Index ETF (XEU.TO) have volatilities of 4.94% and 5.16%, 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.

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Volatility by Period

VEF.TOXEU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.94%

5.16%

-0.22%

Volatility (6M)

Calculated over the trailing 6-month period

11.06%

11.85%

-0.79%

Volatility (1Y)

Calculated over the trailing 1-year period

13.11%

14.22%

-1.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.51%

14.72%

-1.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.50%

16.09%

-0.59%

VEF.TO vs. XEU.TO - Expense Ratio Comparison

VEF.TO has a 0.22% expense ratio, which is lower than XEU.TO's 0.28% expense ratio.

Dividends

VEF.TO vs. XEU.TO - Dividend Comparison

VEF.TO's dividend yield for the trailing twelve months is around 2.05%, less than XEU.TO's 2.31% yield.

PositionTTM20252024202320222021202020192018201720162015
VEF.TO
Vanguard FTSE Developed All Cap Ex US		2.05%2.61%2.55%2.50%2.21%2.55%1.73%2.41%2.64%2.21%2.31%2.39%
XEU.TO
iShares MSCI Europe IMI Index ETF		2.31%2.47%2.68%2.96%3.03%2.42%1.98%3.56%3.28%2.27%2.91%2.33%

Frequently Asked Questions

VEF.TO and XEU.TO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VEF.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VEF.TO is cheaper with a 0.22% expense ratio, compared with 0.28% for XEU.TO.

VEF.TO is categorized as Global Equities, while XEU.TO is Europe Equities. VEF.TO tracks Spliced FTSE Developed ex US Index Hedged in CAD, while XEU.TO tracks Morningstar Eur GR CAD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VEF.TO and 0.28% for XEU.TO.

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