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VEU vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEU vs. EFAV

Last updated Aug 4, 2026
Documentation

VEU (Vanguard FTSE All-World ex-US ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both Foreign Large Cap Equities funds - VEU tracks the FTSE All-World ex US Index while EFAV tracks the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, VEU returned 9.63%/yr vs 6.41%/yr for EFAV. Their correlation of 0.85 means they have usually moved in the same direction. VEU charges 0.04%/yr vs 0.20%/yr for EFAV.

Performance

VEU vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US ETF (VEU) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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 achieves a 13.83% return, which is significantly higher than EFAV's 9.53% return. Over the past 10 years, VEU has outperformed EFAV with an annualized return of 9.63%, while EFAV has yielded a comparatively lower 6.41% annualized return.

VEU

1D
0.45%
1M
0.29%
6M
7.13%
YTD
13.83%
1Y
28.98%
3Y*
18.48%
5Y*
9.01%
10Y*
9.63%
ALL TIME*
5.48%

EFAV

1D
-0.24%
1M
4.16%
6M
5.55%
YTD
9.53%
1Y
15.74%
3Y*
14.94%
5Y*
6.67%
10Y*
6.41%
ALL TIME*
7.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFAV

iShares MSCI EAFE Min Vol Factor ETF
$49.00M$48.85M$45.04M

VEU

Vanguard FTSE All-World ex-US ETF
$232.81M$239.63M$222.48M

VEU vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEU
Vanguard FTSE All-World ex-US ETF		13.83%32.35%5.56%15.84%-15.58%8.27%11.10%21.83%-14.18%27.40%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		9.53%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between VEU and EFAV is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.62

Correlation (3Y)
Balances recent behavior with more history.

0.75

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.81

Correlation (10Y)
Provides a long-term view across more market conditions.

0.84

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.85

Over the past year, the correlation between VEU and EFAV has dropped to 0.62 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

VEU vs. EFAV - Sectors Allocation Comparison

Sectors
VEU
EFAV

Technology

23.2%
4.4%

Financial Services

23.1%
19.7%

Industrials

14.7%
15.7%

Consumer Cyclical

7.6%
5.1%

Healthcare

6.8%
12.2%

Basic Materials

6.5%
1.6%

Consumer Defensive

4.9%
12.6%

Energy

4.3%
7.7%

Communication Services

4.2%
9.1%

Utilities

3.0%
9.0%

Real Estate

1.8%
2.9%

Technology

VEU
23.2%
EFAV
4.4%

Financial Services

VEU
23.1%
EFAV
19.7%

Industrials

VEU
14.7%
EFAV
15.7%

Consumer Cyclical

VEU
7.6%
EFAV
5.1%

Healthcare

VEU
6.8%
EFAV
12.2%

Basic Materials

VEU
6.5%
EFAV
1.6%

Consumer Defensive

VEU
4.9%
EFAV
12.6%

Energy

VEU
4.3%
EFAV
7.7%

Communication Services

VEU
4.2%
EFAV
9.1%

Utilities

VEU
3.0%
EFAV
9.0%

Real Estate

VEU
1.8%
EFAV
2.9%

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 All-World ex-US ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with VEU:
VEU vs. VXUSVEU vs. VEAVEU vs. VOOVEU vs. VGKVEU vs. SPYVEU vs. ACWXVEU vs. VTI
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

VEU vs. EFAV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VEU
VEU Risk / Return Rank: 7373
Overall Rank
VEU Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
VEU Sortino Ratio Rank: 7373
Sortino Ratio Rank
VEU Omega Ratio Rank: 7575
Omega Ratio Rank
VEU Calmar Ratio Rank: 7272
Calmar Ratio Rank
VEU Martin Ratio Rank: 7474
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 6060
Overall Rank
EFAV Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 6363
Sortino Ratio Rank
EFAV Omega Ratio Rank: 6262
Omega Ratio Rank
EFAV Calmar Ratio Rank: 6666
Calmar Ratio Rank
EFAV Martin Ratio Rank: 4747
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VEU vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US ETF (VEU) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

VEUEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.72
1.49

+0.22

Sortino ratioReturn per unit of downside risk
2.38
2.15

+0.23

Omega ratioGain probability vs. loss probability

1.32

1.27

+0.04

Calmar ratioReturn relative to maximum drawdown

2.55

2.37

+0.17

Martin ratioReturn relative to average drawdown

9.31

5.52

+3.79

VEU vs. EFAV - Sharpe Ratio Comparison

The current VEU Sharpe Ratio is 1.72, which is comparable to the EFAV Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VEU and EFAV, 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 vs. EFAV - Drawdown Comparison

The maximum VEU drawdown since its inception was -61.52%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for VEU and EFAV.

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Drawdown Indicators

VEUEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-61.52%

-27.56%

-33.96%

Max Drawdown (1Y)

Largest decline over 1 year

-11.43%

-6.66%

-4.77%

Max Drawdown (3Y)

Largest decline over 3 years

-13.69%

-8.65%

-5.04%

Max Drawdown (5Y)

Largest decline over 5 years

-29.14%

-27.46%

-1.68%

Max Drawdown (10Y)

Largest decline over 10 years

-34.98%

-27.56%

-7.42%

Current Drawdown

Current decline from peak

-2.36%

-1.32%

-1.04%

Average Drawdown

Average peak-to-trough decline

-13.04%

-4.76%

-8.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

2.86%

+0.26%

Volatility

VEU vs. EFAV - Volatility Comparison

Vanguard FTSE All-World ex-US ETF (VEU) has a higher volatility of 5.32% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 2.77%. This indicates that VEU's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEUEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.32%

2.77%

+2.55%

Volatility (6M)

Calculated over the trailing 6-month period

15.02%

8.84%

+6.18%

Volatility (1Y)

Calculated over the trailing 1-year period

16.96%

10.60%

+6.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.37%

11.88%

+4.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

13.04%

+4.04%

VEU vs. EFAV - Expense Ratio Comparison

VEU has a 0.04% expense ratio, which is lower than EFAV's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VEU vs. EFAV - Dividend Comparison

VEU's dividend yield for the trailing twelve months is around 2.54%, less than EFAV's 3.08% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.08%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
VEU
Vanguard FTSE All-World ex-US ETF		2.54%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

VEU and EFAV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEU has higher volatility (5.32%) compared to EFAV (2.77%). In terms of maximum drawdown, VEU dropped -61.52% vs EFAV's -27.56%.

On 10-year performance, VEU leads with 9.63% vs 6.41% for EFAV. On fees, VEU is cheaper at 0.04% per year. On volatility, EFAV has been the lower-risk option at 2.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VEU has performed better with a 9.63% return vs 6.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VEU is cheaper with a 0.04% expense ratio, compared with 0.20% for EFAV.

EFAV has the higher dividend yield at 3.08%, compared with 2.54% for VEU.

VEU tracks FTSE All-World ex US Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.04% for VEU and 0.20% for EFAV.

VEU currently has the higher Sharpe Ratio (1.72 vs 1.49), 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.

Portfolio Optimizer

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