VEU vs. FPXI

Last updated Jun 24, 2026

VEU (Vanguard FTSE All-World ex-US ETF) and FPXI (First Trust International Equity Opportunities ETF) are both Foreign Large Cap Equities funds - VEU tracks the FTSE All-World ex US Index while FPXI tracks the IPOX International Index. Both are passively managed. Over the past 10 years, VEU returned 10.40%/yr vs 13.94%/yr for FPXI. A 0.75 correlation means they provide meaningful diversification when combined. VEU charges 0.04%/yr vs 0.70%/yr for FPXI.

Performance

VEU vs. FPXI - Performance Comparison

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

Returns By Period

In the year-to-date period, VEU achieves a 13.01% return, which is significantly lower than FPXI's 38.06% return. Over the past 10 years, VEU has underperformed FPXI with an annualized return of 10.40%, while FPXI has yielded a comparatively higher 13.94% annualized return.

VEU

• 1D: -3.06%
• 1M: 0.69%
• YTD: 13.01%
• 6M: 12.81%
• 1Y: 30.08%
• 3Y*: 19.26%
• 5Y*: 8.60%
• 10Y*: 10.40%

FPXI

• 1D: -5.63%
• 1M: 8.84%
• YTD: 38.06%
• 6M: 35.72%
• 1Y: 51.16%
• 3Y*: 29.56%
• 5Y*: 4.36%
• 10Y*: 13.94%

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

VEU vs. FPXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEU Vanguard FTSE All-World ex-US ETF	13.01%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	21.83%	-14.18%	27.40%
FPXI First Trust International Equity Opportunities ETF	38.06%	26.37%	12.62%	9.56%	-31.83%	-15.73%	71.50%	33.69%	-13.07%	39.32%

Correlation

The correlation between VEU and FPXI is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014	0.75

The correlation between VEU and FPXI has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

VEU vs. FPXI - Sectors Allocation Comparison

Sectors	VEU	FPXI
Financial Services	22.6%	4.2%
Technology	21.6%	37.3%
Industrials	15.0%	21.5%
Consumer Cyclical	8.0%	6.5%
Basic Materials	7.1%	13.2%
Healthcare	6.7%	10.9%
Consumer Defensive	4.9%	0.7%
Energy	4.7%	2.1%
Communication Services	4.5%	2.2%
Utilities	3.0%	1.0%
Real Estate	1.9%	0.5%

Return for Risk

VEU vs. FPXI — Risk / Return Rank

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

VEU

VEU Risk / Return Rank: 56
VEU Sharpe Ratio Rank: 56
VEU Sortino Ratio Rank: 54
VEU Omega Ratio Rank: 57
VEU Calmar Ratio Rank: 55
VEU Martin Ratio Rank: 59

FPXI

FPXI Risk / Return Rank: 64
FPXI Sharpe Ratio Rank: 63
FPXI Sortino Ratio Rank: 59
FPXI Omega Ratio Rank: 57
FPXI Calmar Ratio Rank: 73
FPXI 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. FPXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US ETF (VEU) and First Trust International Equity Opportunities ETF (FPXI). 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	FPXI	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.93	-0.09
Sortino ratio: Return per unit of downside risk	2.52	2.60	-0.08
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.64	3.48	-0.84
Martin ratio: Return relative to average drawdown	10.12	11.66	-1.53

VEU vs. FPXI - Sharpe Ratio Comparison

The current VEU Sharpe Ratio is 1.84, which is comparable to the FPXI Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of VEU and FPXI, 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. FPXI - Drawdown Comparison

The maximum VEU drawdown since its inception was -61.52%, which is greater than FPXI's maximum drawdown of -55.78%. Use the drawdown chart below to compare losses from any high point for VEU and FPXI.

Drawdown Indicators

	VEU	FPXI	Difference
Max Drawdown Largest peak-to-trough decline	-61.52%	-55.78%	-5.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-14.77%	+3.34%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	-20.58%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-29.14%	-50.75%	+21.61%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-55.78%	+20.80%
Current Drawdown Current decline from peak	-3.06%	-5.63%	+2.57%
Average Drawdown Average peak-to-trough decline	-13.10%	-20.17%	+7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	4.40%	-1.42%

Volatility

VEU vs. FPXI - Volatility Comparison

The current volatility for Vanguard FTSE All-World ex-US ETF (VEU) is 7.10%, while First Trust International Equity Opportunities ETF (FPXI) has a volatility of 13.69%. This indicates that VEU experiences smaller price fluctuations and is considered to be less risky than FPXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEU	FPXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.10%	13.69%	-6.59%
Volatility (6M) Calculated over the trailing 6-month period	14.47%	23.40%	-8.93%
Volatility (1Y) Calculated over the trailing 1-year period	16.44%	26.63%	-10.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	22.33%	-6.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	21.46%	-4.38%

VEU vs. FPXI - Expense Ratio Comparison

VEU has a 0.04% expense ratio, which is lower than FPXI's 0.70% expense ratio.

Dividends

VEU vs. FPXI - Dividend Comparison

VEU's dividend yield for the trailing twelve months is around 2.56%, more than FPXI's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPXI First Trust International Equity Opportunities ETF	0.58%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%
VEU Vanguard FTSE All-World ex-US ETF	2.56%	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 FPXI in my portfolio?

VEU and FPXI have a correlation of 0.83, 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 FPXI?

FPXI has higher volatility (13.69%) compared to VEU (7.10%). In terms of maximum drawdown, VEU dropped -61.52% vs FPXI's -55.78%.

Which ETF is better, VEU or FPXI?

On 10-year performance, FPXI leads with 13.94% vs 10.40% for VEU. On fees, VEU is cheaper at 0.04% per year. On volatility, VEU has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEU or FPXI?

Over the 10-year period, FPXI has performed better with a 13.94% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEU or FPXI?

VEU is cheaper with a 0.04% expense ratio, compared with 0.70% for FPXI.

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

VEU has the higher dividend yield at 2.56%, compared with 0.58% for FPXI.

What is the main difference between VEU and FPXI?

VEU tracks FTSE All-World ex US Index, while FPXI tracks IPOX International Index. They also come from different issuers: Vanguard and First Trust. Their fees differ too: 0.04% for VEU and 0.70% for FPXI.

Which has better risk-adjusted returns?

FPXI currently has the higher Sharpe Ratio (1.93 vs 1.84), 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.