VEVE.AS vs. SPDW
VEVE.AS (Vanguard FTSE Developed World UCITS ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both exchange-traded funds - VEVE.AS is a Global Equities fund tracking the MSCI ACWI NR USD, while SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, VEVE.AS returned 12.95%/yr vs 9.80%/yr for SPDW. A 0.64 correlation means they provide meaningful diversification when combined. VEVE.AS charges 0.12%/yr vs 0.04%/yr for SPDW.
Performance
VEVE.AS vs. SPDW - Performance Comparison
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Different Trading Currencies
VEVE.AS is traded in EUR, while SPDW is traded in USD. To make them comparable, the SPDW values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, VEVE.AS achieves a 12.81% return, which is significantly lower than SPDW's 16.67% return. Over the past 10 years, VEVE.AS has outperformed SPDW with an annualized return of 12.95%, while SPDW has yielded a comparatively lower 9.80% annualized return.
VEVE.AS
- 1D
- -0.27%
- 1M
- 5.23%
- YTD
- 12.81%
- 6M
- 13.33%
- 1Y
- 26.42%
- 3Y*
- 18.25%
- 5Y*
- 13.13%
- 10Y*
- 12.95%
SPDW
- 1D
- 0.17%
- 1M
- 4.84%
- YTD
- 16.67%
- 6M
- 18.42%
- 1Y
- 29.66%
- 3Y*
- 16.92%
- 5Y*
- 10.46%
- 10Y*
- 9.80%
VEVE.AS vs. SPDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEVE.AS Vanguard FTSE Developed World UCITS ETF | 12.81% | 8.22% | 26.33% | 19.38% | -13.20% | 31.47% | 6.50% | 29.40% | -4.85% | 8.40% |
SPDW SPDR Portfolio World ex-US ETF | 16.67% | 18.76% | 10.38% | 14.28% | -10.77% | 19.78% | 0.84% | 25.18% | -10.19% | 10.35% |
Correlation
The correlation between VEVE.AS and SPDW is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014 | 0.64 |
The correlation between VEVE.AS and SPDW has been stable across timeframes, ranging from 0.56 to 0.64 - a consistent structural relationship.
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Return for Risk
VEVE.AS vs. SPDW — Risk / Return Rank
VEVE.AS
SPDW
VEVE.AS vs. SPDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed World UCITS ETF (VEVE.AS) and SPDR Portfolio World ex-US ETF (SPDW). 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.
| VEVE.AS | SPDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.41 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.21 | 3.06 | +1.15 |
| Martin ratioReturn relative to average drawdown | 17.34 | 12.90 | +4.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VEVE.AS | SPDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.35 | 2.18 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | 0.75 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | 0.61 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.33 | +0.02 |
Drawdowns
VEVE.AS vs. SPDW - Drawdown Comparison
The maximum VEVE.AS drawdown since its inception was -33.57%, smaller than the maximum SPDW drawdown of -54.18%. Use the drawdown chart below to compare losses from any high point for VEVE.AS and SPDW.
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Drawdown Indicators
| VEVE.AS | SPDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.57% | -54.18% | +20.61% |
Max Drawdown (1Y)Largest decline over 1 year | -6.19% | -9.72% | +3.53% |
Max Drawdown (3Y)Largest decline over 3 years | -21.08% | -15.90% | -5.18% |
Max Drawdown (5Y)Largest decline over 5 years | -21.08% | -17.79% | -3.29% |
Max Drawdown (10Y)Largest decline over 10 years | -33.57% | -34.36% | +0.79% |
Current DrawdownCurrent decline from peak | -0.56% | -0.42% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -10.28% | +3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 2.31% | -0.80% |
Volatility
VEVE.AS vs. SPDW - Volatility Comparison
The current volatility for Vanguard FTSE Developed World UCITS ETF (VEVE.AS) is 2.88%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 4.49%. This indicates that VEVE.AS experiences smaller price fluctuations and is considered to be less risky than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEVE.AS | SPDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.88% | 4.49% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 7.89% | 11.39% | -3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.08% | 13.66% | -2.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 14.00% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.61% | 16.00% | +1.61% |
VEVE.AS vs. SPDW - Expense Ratio Comparison
VEVE.AS has a 0.12% expense ratio, which is higher than SPDW's 0.04% 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
VEVE.AS vs. SPDW - Dividend Comparison
VEVE.AS's dividend yield for the trailing twelve months is around 1.23%, less than SPDW's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDW SPDR Portfolio World ex-US ETF | 2.86% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
VEVE.AS Vanguard FTSE Developed World UCITS ETF | 1.23% | 1.41% | 1.46% | 1.73% | 2.04% | 1.43% | 1.61% | 1.89% | 2.28% | 1.97% | 1.98% | 2.05% |
Frequently Asked Questions
VEVE.AS and SPDW have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPDW is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.12% for VEVE.AS.
VEVE.AS is categorized as Global Equities, while SPDW is Foreign Large Cap Equities. VEVE.AS tracks MSCI ACWI NR USD, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.12% for VEVE.AS and 0.04% for SPDW.
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