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VEU.AX vs. VGS.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEU.AX vs. VGS.AX

Last updated Jul 16, 2026
Documentation

VEU.AX (Vanguard All-World ex-US Shares Index ETF) and VGS.AX (Vanguard MSCI Index International Shares ETF) are both Global Equities funds from Vanguard - VEU.AX tracks the Vanguard All-World ex-US Shares Index Index while VGS.AX tracks the Vanguard MSCI Index International Shares Index. Both are passively managed. Over the past 10 years, VEU.AX returned 10.36%/yr vs 13.63%/yr for VGS.AX. A 0.76 correlation means they provide meaningful diversification when combined.

Performance

VEU.AX vs. VGS.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard All-World ex-US Shares Index ETF (VEU.AX) and Vanguard MSCI Index International Shares ETF (VGS.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, VEU.AX achieves a 8.18% return, which is significantly higher than VGS.AX's 5.31% return. Over the past 10 years, VEU.AX has underperformed VGS.AX with an annualized return of 10.36%, while VGS.AX has yielded a comparatively higher 13.63% annualized return.

VEU.AX

1D
-0.73%
1M
-1.21%
6M
4.42%
YTD
8.18%
1Y
18.44%
3Y*
17.07%
5Y*
10.68%
10Y*
10.36%

VGS.AX

1D
-0.01%
1M
1.72%
6M
4.14%
YTD
5.31%
1Y
13.66%
3Y*
17.60%
5Y*
12.49%
10Y*
13.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEU.AX vs. VGS.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEU.AX
Vanguard All-World ex-US Shares Index ETF		8.18%23.17%16.80%14.76%-8.44%14.15%2.08%22.31%-6.28%15.86%
VGS.AX
Vanguard MSCI Index International Shares ETF		5.31%12.89%29.23%22.54%-12.72%29.67%5.76%29.16%-0.01%12.95%

Correlation

The correlation between VEU.AX and VGS.AX is 0.69, 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

0.69

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

0.68

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

0.72

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

0.76

Correlation (All Time)
Calculated using the full available price history since Nov 18, 2014

0.76

The correlation between VEU.AX and VGS.AX has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

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Vanguard All-World ex-US Shares Index ETF

Vanguard MSCI Index International Shares ETF

Return for Risk

VEU.AX vs. VGS.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEU.AX
VEU.AX Risk / Return Rank: 5151
Overall Rank
VEU.AX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
VEU.AX Sortino Ratio Rank: 5252
Sortino Ratio Rank
VEU.AX Omega Ratio Rank: 5757
Omega Ratio Rank
VEU.AX Calmar Ratio Rank: 4444
Calmar Ratio Rank
VEU.AX Martin Ratio Rank: 5151
Martin Ratio Rank
VGS.AX
VGS.AX Risk / Return Rank: 4242
Overall Rank
VGS.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VGS.AX Sortino Ratio Rank: 4747
Sortino Ratio Rank
VGS.AX Omega Ratio Rank: 5252
Omega Ratio Rank
VGS.AX Calmar Ratio Rank: 3030
Calmar Ratio Rank
VGS.AX Martin Ratio Rank: 3232
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.

VEU.AX vs. VGS.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard All-World ex-US Shares Index ETF (VEU.AX) and Vanguard MSCI Index International Shares ETF (VGS.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.

VEU.AXVGS.AXDifference
Sharpe ratioReturn per unit of total volatility
1.46
1.41

+0.05

Sortino ratioReturn per unit of downside risk
2.10
1.98

+0.12

Omega ratioGain probability vs. loss probability

1.29

1.27

+0.02

Calmar ratioReturn relative to maximum drawdown

1.83

1.28

+0.55

Martin ratioReturn relative to average drawdown

7.08

3.83

+3.25

VEU.AX vs. VGS.AX - Sharpe Ratio Comparison

The current VEU.AX Sharpe Ratio is 1.46, which is comparable to the VGS.AX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of VEU.AX and VGS.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

VEU.AX vs. VGS.AX - Drawdown Comparison

The maximum VEU.AX drawdown since its inception was -23.05%, roughly equal to the maximum VGS.AX drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for VEU.AX and VGS.AX.

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Drawdown Indicators

VEU.AXVGS.AXDifference

Max Drawdown

Largest peak-to-trough decline

-23.05%

-23.39%

+0.34%

Max Drawdown (1Y)

Largest decline over 1 year

-9.87%

-10.72%

+0.85%

Max Drawdown (3Y)

Largest decline over 3 years

-9.87%

-13.82%

+3.95%

Max Drawdown (5Y)

Largest decline over 5 years

-18.46%

-20.53%

+2.07%

Max Drawdown (10Y)

Largest decline over 10 years

-23.05%

-23.39%

+0.34%

Current Drawdown

Current decline from peak

-2.39%

-0.36%

-2.03%

Average Drawdown

Average peak-to-trough decline

-5.33%

-4.18%

-1.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

3.65%

-1.05%

Volatility

VEU.AX vs. VGS.AX - Volatility Comparison

Vanguard All-World ex-US Shares Index ETF (VEU.AX) has a higher volatility of 3.99% compared to Vanguard MSCI Index International Shares ETF (VGS.AX) at 2.21%. This indicates that VEU.AX's price experiences larger fluctuations and is considered to be riskier than VGS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEU.AXVGS.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.99%

2.21%

+1.78%

Volatility (6M)

Calculated over the trailing 6-month period

11.17%

7.83%

+3.34%

Volatility (1Y)

Calculated over the trailing 1-year period

12.40%

9.77%

+2.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.20%

12.41%

-1.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.70%

12.92%

-1.22%

Dividends

VEU.AX vs. VGS.AX - Dividend Comparison

VEU.AX's dividend yield for the trailing twelve months is around 2.65%, more than VGS.AX's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
VEU.AX
Vanguard All-World ex-US Shares Index ETF		2.65%3.11%3.69%4.26%3.33%3.09%2.32%3.17%1.63%0.87%1.05%1.21%
VGS.AX
Vanguard MSCI Index International Shares ETF		0.97%2.49%1.76%1.82%1.42%1.75%2.24%2.42%2.19%2.25%3.29%2.35%

Frequently Asked Questions

VEU.AX and VGS.AX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEU.AX tracks Vanguard All-World ex-US Shares Index Index, while VGS.AX tracks Vanguard MSCI Index International Shares Index.

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