VEURX vs. VOE

Last updated Jun 5, 2026

VEURX (Vanguard European Stock Index Fund) and VOE (Vanguard Mid-Cap Value ETF) are both funds - VEURX is a Europe Equities fund managed by Vanguard, while VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index. Over the past 10 years, VEURX returned 9.09%/yr vs 10.58%/yr for VOE. A 0.74 correlation means they provide meaningful diversification when combined. VEURX charges 0.25%/yr vs 0.05%/yr for VOE.

Performance

VEURX vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard European Stock Index Fund (VEURX) and Vanguard Mid-Cap Value ETF (VOE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEURX achieves a 5.68% return, which is significantly lower than VOE's 11.76% return. Over the past 10 years, VEURX has underperformed VOE with an annualized return of 9.09%, while VOE has yielded a comparatively higher 10.58% annualized return.

VEURX

• 1D: -1.25%
• 1M: 1.29%
• YTD: 5.68%
• 6M: 8.81%
• 1Y: 17.30%
• 3Y*: 16.22%
• 5Y*: 8.09%
• 10Y*: 9.09%

VOE

• 1D: 0.91%
• 1M: 1.77%
• YTD: 11.76%
• 6M: 12.39%
• 1Y: 24.53%
• 3Y*: 17.01%
• 5Y*: 8.65%
• 10Y*: 10.58%

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

VEURX vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEURX Vanguard European Stock Index Fund	5.68%	35.20%	1.88%	19.83%	-16.16%	16.14%	6.29%	24.02%	-14.88%	26.81%
VOE Vanguard Mid-Cap Value ETF	11.76%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between VEURX and VOE is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 28, 2006	0.74

The correlation between VEURX and VOE has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.

Return for Risk

VEURX vs. VOE — Risk / Return Rank

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

VEURX

VEURX Risk / Return Rank: 18
VEURX Sharpe Ratio Rank: 17
VEURX Sortino Ratio Rank: 17
VEURX Omega Ratio Rank: 17
VEURX Calmar Ratio Rank: 18
VEURX Martin Ratio Rank: 22

VOE

VOE Risk / Return Rank: 69
VOE Sharpe Ratio Rank: 66
VOE Sortino Ratio Rank: 69
VOE Omega Ratio Rank: 63
VOE Calmar Ratio Rank: 72
VOE Martin Ratio Rank: 73

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.

VEURX vs. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard European Stock Index Fund (VEURX) and Vanguard Mid-Cap Value ETF (VOE). 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.

	VEURX	VOE	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.15	-0.96
Sortino ratio: Return per unit of downside risk	1.73	3.09	-1.36
Omega ratio: Gain probability vs. loss probability	1.22	1.38	-0.16
Calmar ratio: Return relative to maximum drawdown	1.51	3.56	-2.05
Martin ratio: Return relative to average drawdown	5.55	13.50	-7.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEURX vs. VOE - Sharpe Ratio Comparison

The current VEURX Sharpe Ratio is 1.19, which is lower than the VOE Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of VEURX and VOE, 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

	VEURX	VOE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	2.15	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.54	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.56	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.44	-0.06

Drawdowns

VEURX vs. VOE - Drawdown Comparison

The maximum VEURX drawdown since its inception was -63.33%, roughly equal to the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for VEURX and VOE.

Drawdown Indicators

	VEURX	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-63.33%	-61.50%	-1.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.97%	-6.93%	-5.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.97%	-18.45%	+4.48%
Max Drawdown (5Y) Largest decline over 5 years	-32.81%	-19.70%	-13.11%
Max Drawdown (10Y) Largest decline over 10 years	-37.03%	-43.18%	+6.15%
Current Drawdown Current decline from peak	-2.43%	0.00%	-2.43%
Average Drawdown Average peak-to-trough decline	-12.67%	-8.35%	-4.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	1.82%	+1.42%

Volatility

VEURX vs. VOE - Volatility Comparison

Vanguard European Stock Index Fund (VEURX) has a higher volatility of 5.40% compared to Vanguard Mid-Cap Value ETF (VOE) at 2.68%. This indicates that VEURX's price experiences larger fluctuations and is considered to be riskier than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEURX	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	2.68%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	8.16%	+4.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.23%	11.48%	+3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	16.04%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	18.83%	-0.60%

VEURX vs. VOE - Expense Ratio Comparison

VEURX has a 0.25% expense ratio, which is higher than VOE's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VEURX vs. VOE - Dividend Comparison

VEURX's dividend yield for the trailing twelve months is around 2.65%, more than VOE's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEURX Vanguard European Stock Index Fund	2.65%	2.70%	3.44%	3.00%	3.07%	2.90%	1.97%	3.14%	3.77%	2.55%	3.35%	3.09%
VOE Vanguard Mid-Cap Value ETF	1.86%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both VEURX and VOE in my portfolio?

VEURX and VOE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEURX or VOE?

VEURX has higher volatility (5.40%) compared to VOE (2.68%). In terms of maximum drawdown, VEURX dropped -63.33% vs VOE's -61.50%.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.15 vs 1.19), 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.