VGK vs. VIOO

Last updated Jun 24, 2026

VGK (Vanguard FTSE Europe ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both exchange-traded funds - VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index, while VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, VGK returned 10.38%/yr vs 11.31%/yr for VIOO. A 0.67 correlation means they provide meaningful diversification when combined. VGK charges 0.06%/yr vs 0.07%/yr for VIOO.

Performance

VGK vs. VIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Europe ETF (VGK) and Vanguard S&P Small-Cap 600 ETF (VIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGK achieves a 6.16% return, which is significantly lower than VIOO's 19.31% return. Over the past 10 years, VGK has underperformed VIOO with an annualized return of 10.38%, while VIOO has yielded a comparatively higher 11.31% annualized return.

VGK

• 1D: -1.24%
• 1M: -0.13%
• YTD: 6.16%
• 6M: 6.16%
• 1Y: 19.10%
• 3Y*: 16.76%
• 5Y*: 8.57%
• 10Y*: 10.38%

VIOO

• 1D: -0.35%
• 1M: 4.23%
• YTD: 19.31%
• 6M: 16.84%
• 1Y: 34.71%
• 3Y*: 16.19%
• 5Y*: 6.28%
• 10Y*: 11.31%

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

VGK vs. VIOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGK Vanguard FTSE Europe ETF	6.16%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%
VIOO Vanguard S&P Small-Cap 600 ETF	19.31%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%

Correlation

The correlation between VGK and VIOO is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.67

The correlation between VGK and VIOO has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

VGK vs. VIOO - Sectors Allocation Comparison

Sectors	VGK	VIOO
Financial Services	23.6%	16.9%
Industrials	19.3%	15.5%
Healthcare	11.9%	11.0%
Consumer Defensive	8.4%	3.5%
Technology	8.2%	15.5%
Consumer Cyclical	6.8%	13.4%
Basic Materials	5.3%	5.1%
Energy	5.3%	5.9%
Utilities	4.7%	2.0%
Communication Services	3.3%	3.6%
Real Estate	1.5%	7.7%

Return for Risk

VGK vs. VIOO — Risk / Return Rank

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

VGK

VGK Risk / Return Rank: 35
VGK Sharpe Ratio Rank: 35
VGK Sortino Ratio Rank: 35
VGK Omega Ratio Rank: 34
VGK Calmar Ratio Rank: 33
VGK Martin Ratio Rank: 39

VIOO

VIOO Risk / Return Rank: 67
VIOO Sharpe Ratio Rank: 62
VIOO Sortino Ratio Rank: 64
VIOO Omega Ratio Rank: 57
VIOO Calmar Ratio Rank: 79
VIOO Martin Ratio Rank: 74

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.

VGK vs. VIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Europe ETF (VGK) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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.

	VGK	VIOO	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.97	-0.75
Sortino ratio: Return per unit of downside risk	1.79	2.85	-1.06
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.12
Calmar ratio: Return relative to maximum drawdown	1.59	3.98	-2.39
Martin ratio: Return relative to average drawdown	5.89	13.43	-7.54

VGK vs. VIOO - Sharpe Ratio Comparison

The current VGK Sharpe Ratio is 1.21, which is lower than the VIOO Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VGK and VIOO, 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

VGK vs. VIOO - Drawdown Comparison

The maximum VGK drawdown since its inception was -63.61%, which is greater than VIOO's maximum drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for VGK and VIOO.

Drawdown Indicators

	VGK	VIOO	Difference
Max Drawdown Largest peak-to-trough decline	-63.61%	-44.15%	-19.46%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-8.77%	-3.32%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-27.93%	+13.62%
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	-27.93%	-4.81%
Max Drawdown (10Y) Largest decline over 10 years	-37.24%	-44.15%	+6.91%
Current Drawdown Current decline from peak	-1.91%	-0.47%	-1.44%
Average Drawdown Average peak-to-trough decline	-13.31%	-7.31%	-6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	2.59%	+0.66%

Volatility

VGK vs. VIOO - Volatility Comparison

Vanguard FTSE Europe ETF (VGK) and Vanguard S&P Small-Cap 600 ETF (VIOO) have volatilities of 4.96% and 4.97%, 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

	VGK	VIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	4.97%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.38%	12.11%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	15.81%	17.77%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	21.40%	-3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	22.98%	-4.42%

VGK vs. VIOO - Expense Ratio Comparison

VGK has a 0.06% expense ratio, which is lower than VIOO's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VGK vs. VIOO - Dividend Comparison

VGK's dividend yield for the trailing twelve months is around 2.95%, more than VIOO's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGK Vanguard FTSE Europe ETF	2.95%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%
VIOO Vanguard S&P Small-Cap 600 ETF	1.14%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%

Frequently Asked Questions

Can I hold both VGK and VIOO in my portfolio?

VGK and VIOO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGK or VIOO?

VIOO has higher volatility (4.97%) compared to VGK (4.96%). In terms of maximum drawdown, VGK dropped -63.61% vs VIOO's -44.15%.

Which ETF is better, VGK or VIOO?

On 10-year performance, VIOO leads with 11.31% vs 10.38% for VGK. On fees, VGK is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VGK or VIOO?

Over the 10-year period, VIOO has performed better with a 11.31% return vs 10.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VGK or VIOO?

VGK is cheaper with a 0.06% expense ratio, compared with 0.07% for VIOO.

Which ETF pays a higher dividend yield, VGK or VIOO?

VGK has the higher dividend yield at 2.95%, compared with 1.14% for VIOO.

What is the main difference between VGK and VIOO?

VGK is categorized as Europe Equities, while VIOO is Small Cap Blend Equities. VGK tracks FTSE Developed Europe All Cap Index, while VIOO tracks S&P SmallCap 600 Index. Their fees differ too: 0.06% for VGK and 0.07% for VIOO.

Which has better risk-adjusted returns?

VIOO currently has the higher Sharpe Ratio (1.97 vs 1.21), 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.