VEU vs. ALLW

Last updated Jun 14, 2026

VEU (Vanguard FTSE All-World ex-US ETF) and ALLW (State Street Bridgewater All Weather ETF) are both exchange-traded funds - VEU is a Foreign Large Cap Equities fund tracking the FTSE All-World ex US Index, while ALLW is a Tactical Allocation fund actively managed by State Street. VEU is passively managed, while ALLW is actively managed. Over the past year, VEU returned 30.59% vs 19.67% for ALLW. A 0.74 correlation means they provide meaningful diversification when combined. VEU charges 0.04%/yr vs 0.85%/yr for ALLW.

Performance

VEU vs. ALLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US ETF (VEU) and State Street Bridgewater All Weather ETF (ALLW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEU achieves a 14.08% return, which is significantly higher than ALLW's 7.24% return.

VEU

• 1D: 0.40%
• 1M: 3.43%
• YTD: 14.08%
• 6M: 15.91%
• 1Y: 30.59%
• 3Y*: 18.67%
• 5Y*: 8.56%
• 10Y*: 10.41%

ALLW

• 1D: 0.10%
• 1M: -0.30%
• YTD: 7.24%
• 6M: 7.64%
• 1Y: 19.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VEU vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
VEU Vanguard FTSE All-World ex-US ETF	14.08%	21.75%
ALLW State Street Bridgewater All Weather ETF	7.24%	15.44%

Correlation

The correlation between VEU and ALLW is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.74

The correlation between VEU and ALLW has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

Return for Risk

VEU vs. ALLW — Risk / Return Rank

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

VEU

VEU Risk / Return Rank: 61
VEU Sharpe Ratio Rank: 62
VEU Sortino Ratio Rank: 61
VEU Omega Ratio Rank: 63
VEU Calmar Ratio Rank: 58
VEU Martin Ratio Rank: 62

ALLW

ALLW Risk / Return Rank: 62
ALLW Sharpe Ratio Rank: 61
ALLW Sortino Ratio Rank: 57
ALLW Omega Ratio Rank: 62
ALLW Calmar Ratio Rank: 61
ALLW Martin Ratio Rank: 68

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 vs. ALLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US ETF (VEU) and State Street Bridgewater All Weather ETF (ALLW). 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	ALLW	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.77	+0.02
Sortino ratio: Return per unit of downside risk	2.48	2.38	+0.10
Omega ratio: Gain probability vs. loss probability	1.33	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.53	2.67	-0.13
Martin ratio: Return relative to average drawdown	9.70	10.87	-1.16

VEU vs. ALLW - Sharpe Ratio Comparison

The current VEU Sharpe Ratio is 1.79, which is comparable to the ALLW Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of VEU and ALLW, 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

VEU vs. ALLW - Drawdown Comparison

The maximum VEU drawdown since its inception was -61.52%, which is greater than ALLW's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for VEU and ALLW.

Drawdown Indicators

	VEU	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-61.52%	-8.78%	-52.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-7.23%	-4.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	—	—
Current Drawdown Current decline from peak	-1.42%	-2.58%	+1.16%
Average Drawdown Average peak-to-trough decline	-13.12%	-1.23%	-11.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	1.77%	+1.22%

Volatility

VEU vs. ALLW - Volatility Comparison

Vanguard FTSE All-World ex-US ETF (VEU) has a higher volatility of 6.77% compared to State Street Bridgewater All Weather ETF (ALLW) at 4.39%. This indicates that VEU's price experiences larger fluctuations and is considered to be riskier than ALLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEU	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	4.39%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	14.06%	9.23%	+4.83%
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	10.93%	+5.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	12.72%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.25%	12.72%	+4.53%

VEU vs. ALLW - Expense Ratio Comparison

VEU has a 0.04% expense ratio, which is lower than ALLW's 0.85% expense ratio.

Dividends

VEU vs. ALLW - Dividend Comparison

VEU's dividend yield for the trailing twelve months is around 2.62%, less than ALLW's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALLW State Street Bridgewater All Weather ETF	4.36%	4.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEU Vanguard FTSE All-World ex-US ETF	2.62%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both VEU and ALLW in my portfolio?

VEU and ALLW have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEU or ALLW?

VEU has higher volatility (6.77%) compared to ALLW (4.39%). In terms of maximum drawdown, VEU dropped -61.52% vs ALLW's -8.78%.

Which ETF is better, VEU or ALLW?

On 1-year performance, VEU leads with 30.59% vs 19.67% for ALLW. On fees, VEU is cheaper at 0.04% per year. On volatility, ALLW has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEU or ALLW?

Over the 1-year period, VEU has performed better with a 30.59% return vs 19.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEU or ALLW?

VEU is cheaper with a 0.04% expense ratio, compared with 0.85% for ALLW.

Which ETF pays a higher dividend yield, VEU or ALLW?

ALLW has the higher dividend yield at 4.36%, compared with 2.62% for VEU.

What is the main difference between VEU and ALLW?

VEU is categorized as Foreign Large Cap Equities, while ALLW is Tactical Allocation. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.04% for VEU and 0.85% for ALLW.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (1.79 vs 1.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.