VFWSX vs. QFVOX

Last updated Aug 4, 2026

VFWSX (Vanguard FTSE All-World ex-US Index Fund Institutional Shares) and QFVOX (Pear Tree Polaris Foreign Value Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, VFWSX returned 9.66%/yr vs 10.51%/yr for QFVOX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. VFWSX charges 0.08%/yr vs 1.40%/yr for QFVOX.

Performance

VFWSX vs. QFVOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX) and Pear Tree Polaris Foreign Value Fund (QFVOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFWSX achieves a 13.59% return, which is significantly lower than QFVOX's 21.28% return. Over the past 10 years, VFWSX has underperformed QFVOX with an annualized return of 9.66%, while QFVOX has yielded a comparatively higher 10.51% annualized return.

VFWSX

• 1D: 0.09%
• 1M: 0.42%
• 6M: 7.12%
• YTD: 13.59%
• 1Y: 28.96%
• 3Y*: 17.63%
• 5Y*: 9.22%
• 10Y*: 9.66%
• ALL TIME*: 5.43%

QFVOX

• 1D: 1.71%
• 1M: 3.79%
• 6M: 13.92%
• YTD: 21.28%
• 1Y: 39.79%
• 3Y*: 19.09%
• 5Y*: 11.83%
• 10Y*: 10.51%
• ALL TIME*: 7.27%

*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)
QFVOX Pear Tree Polaris Foreign Value Fund	$0.00	$0.00	$0.00
VFWSX Vanguard FTSE All-World ex-US Index Fund Institutional Shares	$0.00	$0.00	$0.00

VFWSX vs. QFVOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFWSX Vanguard FTSE All-World ex-US Index Fund Institutional Shares	13.59%	32.38%	5.45%	15.59%	-15.48%	8.11%	11.37%	21.58%	-13.97%	27.24%
QFVOX Pear Tree Polaris Foreign Value Fund	21.28%	33.85%	-0.70%	19.88%	-17.14%	19.44%	2.65%	17.93%	-13.28%	25.24%

Correlation

The correlation between VFWSX and QFVOX is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Mar 8, 2007	0.72

The correlation between VFWSX and QFVOX shifts across timeframes, from 0.54 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VFWSX vs. QFVOX — Risk / Return Rank

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

VFWSX

VFWSX Risk / Return Rank: 72
VFWSX Sharpe Ratio Rank: 73
VFWSX Sortino Ratio Rank: 68
VFWSX Omega Ratio Rank: 72
VFWSX Calmar Ratio Rank: 75
VFWSX Martin Ratio Rank: 72

QFVOX

QFVOX Risk / Return Rank: 91
QFVOX Sharpe Ratio Rank: 94
QFVOX Sortino Ratio Rank: 91
QFVOX Omega Ratio Rank: 89
QFVOX Calmar Ratio Rank: 90
QFVOX Martin Ratio Rank: 89

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.

VFWSX vs. QFVOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX) and Pear Tree Polaris Foreign Value Fund (QFVOX). 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.

	VFWSX	QFVOX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.52	-0.75
Sortino ratio: Return per unit of downside risk	2.43	3.44	-1.01
Omega ratio: Gain probability vs. loss probability	1.33	1.47	-0.14
Calmar ratio: Return relative to maximum drawdown	2.52	3.54	-1.02
Martin ratio: Return relative to average drawdown	9.35	12.57	-3.22

VFWSX vs. QFVOX - Sharpe Ratio Comparison

The current VFWSX Sharpe Ratio is 1.77, which is comparable to the QFVOX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of VFWSX and QFVOX, 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

VFWSX vs. QFVOX - Drawdown Comparison

The maximum VFWSX drawdown since its inception was -61.60%, smaller than the maximum QFVOX drawdown of -70.51%. Use the drawdown chart below to compare losses from any high point for VFWSX and QFVOX.

Drawdown Indicators

	VFWSX	QFVOX	Difference
Max Drawdown Largest peak-to-trough decline	-61.60%	-70.51%	+8.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-11.02%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-14.92%	+1.66%
Max Drawdown (5Y) Largest decline over 5 years	-29.17%	-32.90%	+3.73%
Max Drawdown (10Y) Largest decline over 10 years	-34.87%	-45.52%	+10.65%
Current Drawdown Current decline from peak	-2.38%	0.00%	-2.38%
Average Drawdown Average peak-to-trough decline	-13.15%	-15.22%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	3.09%	-0.04%

Volatility

VFWSX vs. QFVOX - Volatility Comparison

Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX) has a higher volatility of 5.28% compared to Pear Tree Polaris Foreign Value Fund (QFVOX) at 4.42%. This indicates that VFWSX's price experiences larger fluctuations and is considered to be riskier than QFVOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFWSX	QFVOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	4.42%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	13.92%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	15.51%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.51%	15.59%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	16.37%	-0.39%

VFWSX vs. QFVOX - Expense Ratio Comparison

VFWSX has a 0.08% expense ratio, which is lower than QFVOX's 1.40% expense ratio.

Dividends

VFWSX vs. QFVOX - Dividend Comparison

VFWSX's dividend yield for the trailing twelve months is around 2.54%, less than QFVOX's 4.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QFVOX Pear Tree Polaris Foreign Value Fund	4.66%	5.66%	1.95%	1.88%	1.43%	10.11%	1.58%	1.14%	0.98%	0.60%	1.02%	1.58%
VFWSX Vanguard FTSE All-World ex-US Index Fund Institutional Shares	2.54%	3.08%	3.23%	3.31%	3.10%	3.06%	1.99%	3.10%	3.28%	2.67%	2.97%	2.97%

Frequently Asked Questions

Can I hold both VFWSX and QFVOX in my portfolio?

VFWSX and QFVOX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFWSX or QFVOX?

VFWSX has higher volatility (5.28%) compared to QFVOX (4.42%). In terms of maximum drawdown, VFWSX dropped -61.60% vs QFVOX's -70.51%.

Which has better risk-adjusted returns?

QFVOX currently has the higher Sharpe Ratio (2.52 vs 1.77), 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.