VERX.DE vs. ESNB.DE

Last updated Jul 17, 2026

VERX.DE (Vanguard FTSE Developed Europe ex UK UCITS ETF Distributing) and ESNB.DE (Expat Serbia BELEX15 UCITS ETF) are both Europe Equities funds - VERX.DE tracks the MSCI Europe Ex UK NR EUR while ESNB.DE tracks the BELEX15 Index. Both are passively managed. Over the past 5 years, VERX.DE returned 9.74%/yr vs -1.86%/yr for ESNB.DE. At a 0.01 correlation, their price movements are largely independent. VERX.DE charges 0.10%/yr vs 1.38%/yr for ESNB.DE.

Performance

VERX.DE vs. ESNB.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard FTSE Developed Europe ex UK UCITS ETF Distributing (VERX.DE) and Expat Serbia BELEX15 UCITS ETF (ESNB.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VERX.DE achieves a 10.84% return, which is significantly higher than ESNB.DE's -7.20% return.

VERX.DE

• 1D: 0.02%
• 1M: 1.09%
• 6M: 6.96%
• YTD: 10.84%
• 1Y: 21.85%
• 3Y*: 14.75%
• 5Y*: 9.74%
• 10Y*: —

ESNB.DE

• 1D: -0.13%
• 1M: -0.90%
• 6M: -6.17%
• YTD: -7.20%
• 1Y: -5.12%
• 3Y*: -1.71%
• 5Y*: -1.86%
• 10Y*: —

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

VERX.DE vs. ESNB.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VERX.DE Vanguard FTSE Developed Europe ex UK UCITS ETF Distributing	10.84%	21.23%	6.74%	17.64%	-12.50%	24.56%	2.35%	28.65%	-9.41%
ESNB.DE Expat Serbia BELEX15 UCITS ETF	-7.20%	0.82%	0.78%	2.90%	-8.70%	5.74%	-3.42%	5.43%	-7.45%

Correlation

The correlation between VERX.DE and ESNB.DE is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 16, 2018	0.01

Return for Risk

VERX.DE vs. ESNB.DE — Risk / Return Rank

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

VERX.DE

VERX.DE Risk / Return Rank: 58
VERX.DE Sharpe Ratio Rank: 59
VERX.DE Sortino Ratio Rank: 61
VERX.DE Omega Ratio Rank: 61
VERX.DE Calmar Ratio Rank: 52
VERX.DE Martin Ratio Rank: 58

ESNB.DE

ESNB.DE Risk / Return Rank: 5
ESNB.DE Sharpe Ratio Rank: 5
ESNB.DE Sortino Ratio Rank: 5
ESNB.DE Omega Ratio Rank: 5
ESNB.DE Calmar Ratio Rank: 5
ESNB.DE Martin Ratio Rank: 4

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.

VERX.DE vs. ESNB.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Europe ex UK UCITS ETF Distributing (VERX.DE) and Expat Serbia BELEX15 UCITS ETF (ESNB.DE). 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.

	VERX.DE	ESNB.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.57	-0.52	+2.09
Sortino ratio: Return per unit of downside risk	2.31	-0.69	+3.00
Omega ratio: Gain probability vs. loss probability	1.30	0.91	+0.38
Calmar ratio: Return relative to maximum drawdown	2.13	-0.49	+2.62
Martin ratio: Return relative to average drawdown	8.00	-1.05	+9.05

VERX.DE vs. ESNB.DE - Sharpe Ratio Comparison

The current VERX.DE Sharpe Ratio is 1.57, which is higher than the ESNB.DE Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of VERX.DE and ESNB.DE, 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

VERX.DE vs. ESNB.DE - Drawdown Comparison

The maximum VERX.DE drawdown since its inception was -34.47%, which is greater than ESNB.DE's maximum drawdown of -22.77%. Use the drawdown chart below to compare losses from any high point for VERX.DE and ESNB.DE.

Drawdown Indicators

	VERX.DE	ESNB.DE	Difference
Max Drawdown Largest peak-to-trough decline	-34.47%	-22.77%	-11.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-10.40%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-16.31%	-12.60%	-3.71%
Max Drawdown (5Y) Largest decline over 5 years	-22.88%	-15.85%	-7.03%
Current Drawdown Current decline from peak	-1.75%	-13.87%	+12.12%
Average Drawdown Average peak-to-trough decline	-5.05%	-8.44%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	4.88%	-2.16%

Volatility

VERX.DE vs. ESNB.DE - Volatility Comparison

Vanguard FTSE Developed Europe ex UK UCITS ETF Distributing (VERX.DE) has a higher volatility of 3.42% compared to Expat Serbia BELEX15 UCITS ETF (ESNB.DE) at 3.07%. This indicates that VERX.DE's price experiences larger fluctuations and is considered to be riskier than ESNB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VERX.DE	ESNB.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	3.07%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	6.22%	+5.52%
Volatility (1Y) Calculated over the trailing 1-year period	13.90%	9.76%	+4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	10.53%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	12.11%	+3.95%

VERX.DE vs. ESNB.DE - Expense Ratio Comparison

VERX.DE has a 0.10% expense ratio, which is lower than ESNB.DE's 1.38% expense ratio.

Dividends

VERX.DE vs. ESNB.DE - Dividend Comparison

VERX.DE's dividend yield for the trailing twelve months is around 2.47%, while ESNB.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESNB.DE Expat Serbia BELEX15 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VERX.DE Vanguard FTSE Developed Europe ex UK UCITS ETF Distributing	2.47%	2.67%	2.92%	2.75%	3.02%	2.28%	1.95%	2.80%	3.23%	0.23%

Frequently Asked Questions

Can I hold both VERX.DE and ESNB.DE in my portfolio?

VERX.DE and ESNB.DE have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VERX.DE or ESNB.DE?

On fees, VERX.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VERX.DE or ESNB.DE?

VERX.DE is cheaper with a 0.10% expense ratio, compared with 1.38% for ESNB.DE.

What is the main difference between VERX.DE and ESNB.DE?

VERX.DE tracks MSCI Europe Ex UK NR EUR, while ESNB.DE tracks BELEX15 Index. They also come from different issuers: Vanguard and Expat. Their fees differ too: 0.10% for VERX.DE and 1.38% for ESNB.DE.