VEU vs. BKIE

Last updated Jun 4, 2026

VEU (Vanguard FTSE All-World ex-US ETF) and BKIE (BNY Mellon International Equity ETF) are both Foreign Large Cap Equities funds - VEU tracks the FTSE All-World ex US Index while BKIE tracks the Morningstar Developed Markets ex-US Large Cap Index. Both are passively managed. Over the past 5 years, VEU returned 8.67%/yr vs 9.05%/yr for BKIE. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.04% expense ratio.

Performance

VEU vs. BKIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US ETF (VEU) and BNY Mellon International Equity ETF (BKIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEU achieves a 14.60% return, which is significantly higher than BKIE's 8.46% return.

VEU

• 1D: -0.98%
• 1M: 5.07%
• YTD: 14.60%
• 6M: 17.34%
• 1Y: 32.37%
• 3Y*: 19.62%
• 5Y*: 8.67%
• 10Y*: 9.94%

BKIE

• 1D: -0.89%
• 1M: 3.12%
• YTD: 8.46%
• 6M: 11.11%
• 1Y: 22.58%
• 3Y*: 17.39%
• 5Y*: 9.05%
• 10Y*: —

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

VEU vs. BKIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VEU Vanguard FTSE All-World ex-US ETF	14.60%	32.35%	5.56%	15.84%	-15.58%	8.27%	39.59%
BKIE BNY Mellon International Equity ETF	8.46%	32.08%	4.63%	18.25%	-13.60%	13.75%	34.17%

Correlation

The correlation between VEU and BKIE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020	0.96

The correlation between VEU and BKIE has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

VEU vs. BKIE - Sectors Allocation Comparison

Sectors	VEU	BKIE
Financial Services	23.3%	25.8%
Technology	18.5%	10.1%
Industrials	15.7%	18.6%
Consumer Cyclical	8.2%	7.3%
Basic Materials	7.1%	7.2%
Healthcare	7.1%	9.1%
Energy	5.2%	5.9%
Consumer Defensive	5.1%	6.2%
Communication Services	4.6%	4.2%
Utilities	3.2%	3.7%
Real Estate	2.0%	2.0%

Return for Risk

VEU vs. BKIE — Risk / Return Rank

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

VEU

VEU Risk / Return Rank: 60
VEU Sharpe Ratio Rank: 62
VEU Sortino Ratio Rank: 61
VEU Omega Ratio Rank: 62
VEU Calmar Ratio Rank: 56
VEU Martin Ratio Rank: 61

BKIE

BKIE Risk / Return Rank: 43
BKIE Sharpe Ratio Rank: 43
BKIE Sortino Ratio Rank: 43
BKIE Omega Ratio Rank: 43
BKIE Calmar Ratio Rank: 39
BKIE Martin Ratio Rank: 46

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. BKIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US ETF (VEU) and BNY Mellon International Equity ETF (BKIE). 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.

	VEU	BKIE	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.56	+0.57
Sortino ratio: Return per unit of downside risk	2.94	2.23	+0.71
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	2.85	1.99	+0.86
Martin ratio: Return relative to average drawdown	11.06	7.68	+3.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEU vs. BKIE - Sharpe Ratio Comparison

The current VEU Sharpe Ratio is 2.13, which is higher than the BKIE Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of VEU and BKIE, 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

	VEU	BKIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.56	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.56	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.92	-0.66

Drawdowns

VEU vs. BKIE - Drawdown Comparison

The maximum VEU drawdown since its inception was -61.52%, which is greater than BKIE's maximum drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for VEU and BKIE.

Drawdown Indicators

	VEU	BKIE	Difference
Max Drawdown Largest peak-to-trough decline	-61.52%	-28.19%	-33.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-11.41%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	-13.19%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-28.19%	-1.12%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	—	—
Current Drawdown Current decline from peak	-0.98%	-1.33%	+0.35%
Average Drawdown Average peak-to-trough decline	-13.13%	-4.98%	-8.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.95%	-0.02%

Volatility

VEU vs. BKIE - Volatility Comparison

Vanguard FTSE All-World ex-US ETF (VEU) has a higher volatility of 5.59% compared to BNY Mellon International Equity ETF (BKIE) at 4.42%. This indicates that VEU's price experiences larger fluctuations and is considered to be riskier than BKIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEU	BKIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	4.42%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	12.17%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	14.58%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	16.12%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	16.34%	+0.87%

VEU vs. BKIE - Expense Ratio Comparison

Both VEU and BKIE have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VEU vs. BKIE - Dividend Comparison

VEU's dividend yield for the trailing twelve months is around 2.61%, less than BKIE's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKIE BNY Mellon International Equity ETF	3.26%	3.12%	3.31%	2.88%	2.97%	2.58%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%
VEU Vanguard FTSE All-World ex-US ETF	2.61%	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 BKIE in my portfolio?

With a correlation of 0.96, VEU and BKIE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VEU or BKIE?

VEU has higher volatility (5.59%) compared to BKIE (4.42%). In terms of maximum drawdown, VEU dropped -61.52% vs BKIE's -28.19%.

Which ETF is better, VEU or BKIE?

On 5-year performance, BKIE leads with 9.05% vs 8.67% for VEU. Both ETFs have the same 0.04% expense ratio. On volatility, BKIE has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEU or BKIE?

Over the 5-year period, BKIE has performed better with a 9.05% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEU or BKIE?

VEU and BKIE have the same expense ratio: 0.04% per year.

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

BKIE has the higher dividend yield at 3.26%, compared with 2.61% for VEU.

What is the main difference between VEU and BKIE?

VEU tracks FTSE All-World ex US Index, while BKIE tracks Morningstar Developed Markets ex-US Large Cap Index. They also come from different issuers: Vanguard and BNY Mellon.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (2.13 vs 1.56), 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.