VEU vs. PATN

Last updated Aug 4, 2026

VEU (Vanguard FTSE All-World ex-US ETF) and PATN (Pacer Nasdaq International Patent Leaders ETF) are both Foreign Large Cap Equities funds - VEU tracks the FTSE All-World ex US Index while PATN tracks the Nasdaq International Patent Leaders Index. Both are passively managed. Over the past year, VEU returned 28.98% vs 53.28% for PATN. Their correlation of 0.91 means they have usually moved in the same direction. VEU charges 0.04%/yr vs 0.65%/yr for PATN.

Performance

VEU vs. PATN - Performance Comparison

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

Returns By Period

In the year-to-date period, VEU achieves a 13.83% return, which is significantly lower than PATN's 28.74% 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%

PATN

• 1D: 0.61%
• 1M: -3.34%
• 6M: 17.25%
• YTD: 28.74%
• 1Y: 53.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PATN Pacer Nasdaq International Patent Leaders ETF	$6.30M	$4.83M	$3.83M
VEU Vanguard FTSE All-World ex-US ETF	$232.81M	$239.63M	$222.48M

VEU vs. PATN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VEU Vanguard FTSE All-World ex-US ETF	13.83%	32.35%	-4.44%
PATN Pacer Nasdaq International Patent Leaders ETF	28.74%	40.01%	-1.73%

Correlation

The correlation between VEU and PATN is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.91

The correlation between VEU and PATN has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

VEU vs. PATN - Sectors Allocation Comparison

Sectors	VEU	PATN
Technology	23.2%	43.9%
Financial Services	23.1%	0.7%
Industrials	14.7%	17.5%
Consumer Cyclical	7.6%	10.5%
Healthcare	6.8%	9.5%
Basic Materials	6.5%	3.2%
Consumer Defensive	4.9%	6.2%
Energy	4.3%	0.9%
Communication Services	4.2%	7.0%
Utilities	3.0%	-
Real Estate	1.8%	-

Return for Risk

VEU vs. PATN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VEU

VEU Risk / Return Rank: 73
VEU Sharpe Ratio Rank: 74
VEU Sortino Ratio Rank: 73
VEU Omega Ratio Rank: 75
VEU Calmar Ratio Rank: 72
VEU Martin Ratio Rank: 74

PATN

PATN Risk / Return Rank: 83
PATN Sharpe Ratio Rank: 85
PATN Sortino Ratio Rank: 79
PATN Omega Ratio Rank: 83
PATN Calmar Ratio Rank: 88
PATN Martin Ratio Rank: 82

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. PATN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US ETF (VEU) and Pacer Nasdaq International Patent Leaders ETF (PATN). 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	PATN	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.11	-0.39
Sortino ratio: Return per unit of downside risk	2.38	2.71	-0.33
Omega ratio: Gain probability vs. loss probability	1.32	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	2.55	3.72	-1.17
Martin ratio: Return relative to average drawdown	9.31	11.66	-2.35

VEU vs. PATN - Sharpe Ratio Comparison

The current VEU Sharpe Ratio is 1.72, which is comparable to the PATN Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of VEU and PATN, 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. PATN - Drawdown Comparison

The maximum VEU drawdown since its inception was -61.52%, which is greater than PATN's maximum drawdown of -16.77%. Use the drawdown chart below to compare losses from any high point for VEU and PATN.

Drawdown Indicators

	VEU	PATN	Difference
Max Drawdown Largest peak-to-trough decline	-61.52%	-16.77%	-44.75%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-14.40%	+2.97%
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	-2.36%	-9.34%	+6.98%
Average Drawdown Average peak-to-trough decline	-13.04%	-3.44%	-9.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	4.58%	-1.46%

Volatility

VEU vs. PATN - Volatility Comparison

The current volatility for Vanguard FTSE All-World ex-US ETF (VEU) is 5.32%, while Pacer Nasdaq International Patent Leaders ETF (PATN) has a volatility of 8.80%. This indicates that VEU experiences smaller price fluctuations and is considered to be less risky than PATN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEU	PATN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	8.80%	-3.48%
Volatility (6M) Calculated over the trailing 6-month period	15.02%	22.85%	-7.83%
Volatility (1Y) Calculated over the trailing 1-year period	16.96%	25.38%	-8.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.37%	22.70%	-6.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	22.70%	-5.62%

VEU vs. PATN - Expense Ratio Comparison

VEU has a 0.04% expense ratio, which is lower than PATN's 0.65% expense ratio.

Dividends

VEU vs. PATN - Dividend Comparison

VEU's dividend yield for the trailing twelve months is around 2.54%, more than PATN's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PATN Pacer Nasdaq International Patent Leaders ETF	1.69%	2.25%	0.30%	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	2.54%	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

Can I hold both VEU and PATN in my portfolio?

With a correlation of 0.90, VEU and PATN 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 PATN?

PATN has higher volatility (8.80%) compared to VEU (5.32%). In terms of maximum drawdown, VEU dropped -61.52% vs PATN's -16.77%.

Which ETF is better, VEU or PATN?

On 1-year performance, PATN leads with 53.28% vs 28.98% for VEU. On fees, VEU is cheaper at 0.04% per year. On volatility, VEU has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEU or PATN?

Over the 1-year period, PATN has performed better with a 53.28% return vs 28.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEU or PATN?

VEU is cheaper with a 0.04% expense ratio, compared with 0.65% for PATN.

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

VEU has the higher dividend yield at 2.54%, compared with 1.69% for PATN.

What is the main difference between VEU and PATN?

VEU tracks FTSE All-World ex US Index, while PATN tracks Nasdaq International Patent Leaders Index. They also come from different issuers: Vanguard and Pacer. Their fees differ too: 0.04% for VEU and 0.65% for PATN.

Which has better risk-adjusted returns?

PATN currently has the higher Sharpe Ratio (2.11 vs 1.72), 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.