VFWAX vs. VXUS

Last updated Jun 25, 2026

VFWAX (Vanguard FTSE All-World ex-US Index Fund Admiral Shares) and VXUS (Vanguard Total International Stock ETF) are both funds - VFWAX is a Foreign Large Cap Equities fund tracking the FTSE All-World ex US Index, while VXUS is a Global Equities fund tracking the FTSE Global All Cap ex US Index. Both are passively managed. Over the past 10 years, VFWAX returned 10.32%/yr vs 10.22%/yr for VXUS. With a 0.98 correlation, they move nearly in lockstep. VFWAX charges 0.11%/yr vs 0.05%/yr for VXUS.

Performance

VFWAX vs. VXUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX) and Vanguard Total International Stock ETF (VXUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VFWAX having a 12.82% return and VXUS slightly lower at 12.42%. Both investments have delivered pretty close results over the past 10 years, with VFWAX having a 10.32% annualized return and VXUS not far behind at 10.22%.

VFWAX

• 1D: -3.05%
• 1M: 0.50%
• YTD: 12.82%
• 6M: 12.69%
• 1Y: 28.04%
• 3Y*: 19.07%
• 5Y*: 8.54%
• 10Y*: 10.32%

VXUS

• 1D: -0.08%
• 1M: 0.31%
• YTD: 12.42%
• 6M: 12.16%
• 1Y: 27.37%
• 3Y*: 18.87%
• 5Y*: 8.23%
• 10Y*: 10.22%

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

VFWAX vs. VXUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares	12.82%	32.32%	5.43%	15.55%	-15.51%	8.08%	11.34%	21.53%	-13.97%	27.20%
VXUS Vanguard Total International Stock ETF	12.42%	32.35%	5.08%	15.86%	-16.08%	8.98%	10.66%	21.75%	-14.43%	27.46%

Correlation

The correlation between VFWAX and VXUS is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.98

The correlation between VFWAX and VXUS has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

VFWAX vs. VXUS - Sectors Allocation Comparison

Sectors	VFWAX	VXUS
Financial Services	22.6%	21.7%
Technology	21.6%	21.0%
Industrials	15.0%	15.6%
Consumer Cyclical	8.0%	8.2%
Basic Materials	7.1%	7.6%
Healthcare	6.7%	6.8%
Consumer Defensive	4.9%	4.8%
Energy	4.7%	4.7%
Communication Services	4.5%	4.4%
Utilities	3.0%	3.0%
Real Estate	1.9%	2.4%

Return for Risk

VFWAX vs. VXUS — Risk / Return Rank

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

VFWAX

VFWAX Risk / Return Rank: 51
VFWAX Sharpe Ratio Rank: 51
VFWAX Sortino Ratio Rank: 45
VFWAX Omega Ratio Rank: 52
VFWAX Calmar Ratio Rank: 53
VFWAX Martin Ratio Rank: 54

VXUS

VXUS Risk / Return Rank: 55
VXUS Sharpe Ratio Rank: 55
VXUS Sortino Ratio Rank: 53
VXUS Omega Ratio Rank: 56
VXUS Calmar Ratio Rank: 55
VXUS Martin Ratio Rank: 58

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.

VFWAX vs. VXUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX) and Vanguard Total International Stock ETF (VXUS). 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.

	VFWAX	VXUS	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.69	+0.25
Sortino ratio: Return per unit of downside risk	2.61	2.32	+0.29
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	2.67	2.44	+0.23
Martin ratio: Return relative to average drawdown	10.31	9.35	+0.96

VFWAX vs. VXUS - Sharpe Ratio Comparison

The current VFWAX Sharpe Ratio is 1.94, which is comparable to the VXUS Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of VFWAX and VXUS, 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

VFWAX vs. VXUS - Drawdown Comparison

The maximum VFWAX drawdown since its inception was -34.93%, roughly equal to the maximum VXUS drawdown of -35.97%. Use the drawdown chart below to compare losses from any high point for VFWAX and VXUS.

Drawdown Indicators

	VFWAX	VXUS	Difference
Max Drawdown Largest peak-to-trough decline	-34.93%	-35.97%	+1.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-11.27%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-13.25%	-13.58%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-29.20%	-29.44%	+0.24%
Max Drawdown (10Y) Largest decline over 10 years	-34.93%	-35.97%	+1.04%
Current Drawdown Current decline from peak	-3.05%	-3.12%	+0.07%
Average Drawdown Average peak-to-trough decline	-7.17%	-8.19%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.93%	0.00%

Volatility

VFWAX vs. VXUS - Volatility Comparison

Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX) and Vanguard Total International Stock ETF (VXUS) have volatilities of 6.93% and 7.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFWAX	VXUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	7.07%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	14.44%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	16.34%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.43%	16.27%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	17.02%	-1.04%

VFWAX vs. VXUS - Expense Ratio Comparison

VFWAX has a 0.11% expense ratio, which is higher than VXUS'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

VFWAX vs. VXUS - Dividend Comparison

VFWAX's dividend yield for the trailing twelve months is around 2.53%, less than VXUS's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares	2.53%	3.05%	3.20%	3.28%	3.07%	3.03%	1.97%	3.07%	3.24%	2.67%	2.96%	2.95%
VXUS Vanguard Total International Stock ETF	2.59%	3.18%	3.37%	3.24%	3.09%	3.10%	2.14%	3.06%	3.18%	2.73%	2.93%	2.83%

Frequently Asked Questions

Can I hold both VFWAX and VXUS in my portfolio?

With a correlation of 0.98, VFWAX and VXUS 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, VFWAX or VXUS?

VXUS has higher volatility (7.07%) compared to VFWAX (6.93%). In terms of maximum drawdown, VFWAX dropped -34.93% vs VXUS's -35.97%.

Which has better risk-adjusted returns?

VFWAX currently has the higher Sharpe Ratio (1.94 vs 1.69), 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.