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VGS.AX vs. VDCO.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VGS.AX vs. VDCO.AX

Last updated Jul 16, 2026
Documentation

VGS.AX (Vanguard MSCI Index International Shares ETF) and VDCO.AX (Vanguard Diversified Conservative Index ETF) are both Global Equities funds from Vanguard - VGS.AX tracks the Vanguard MSCI Index International Shares Index while VDCO.AX tracks the Vanguard Diversified Conservative Index Index. Both are passively managed. Over the past 5 years, VGS.AX returned 12.49%/yr vs 2.59%/yr for VDCO.AX. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

VGS.AX vs. VDCO.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard MSCI Index International Shares ETF (VGS.AX) and Vanguard Diversified Conservative Index ETF (VDCO.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VGS.AX achieves a 5.31% return, which is significantly higher than VDCO.AX's 2.01% return.

VGS.AX

1D
-0.01%
1M
1.72%
6M
4.14%
YTD
5.31%
1Y
13.66%
3Y*
17.60%
5Y*
12.49%
10Y*
13.63%

VDCO.AX

1D
0.09%
1M
0.09%
6M
1.96%
YTD
2.01%
1Y
5.49%
3Y*
6.60%
5Y*
2.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VGS.AX vs. VDCO.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VGS.AX
Vanguard MSCI Index International Shares ETF		5.31%12.89%29.23%22.54%-12.72%29.67%5.76%29.16%-0.01%0.59%
VDCO.AX
Vanguard Diversified Conservative Index ETF		2.01%7.45%6.44%7.89%-10.41%4.36%5.01%12.41%0.52%0.42%

Correlation

The correlation between VGS.AX and VDCO.AX is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.54

Correlation (5Y)
Calculated over the trailing 5-year period

0.60

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2017

0.57

The correlation between VGS.AX and VDCO.AX has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

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Vanguard MSCI Index International Shares ETF

Vanguard Diversified Conservative Index ETF

Return for Risk

VGS.AX vs. VDCO.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VGS.AX
VGS.AX Risk / Return Rank: 4242
Overall Rank
VGS.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VGS.AX Sortino Ratio Rank: 4747
Sortino Ratio Rank
VGS.AX Omega Ratio Rank: 5252
Omega Ratio Rank
VGS.AX Calmar Ratio Rank: 3030
Calmar Ratio Rank
VGS.AX Martin Ratio Rank: 3232
Martin Ratio Rank
VDCO.AX
VDCO.AX Risk / Return Rank: 3636
Overall Rank
VDCO.AX Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
VDCO.AX Sortino Ratio Rank: 3636
Sortino Ratio Rank
VDCO.AX Omega Ratio Rank: 3838
Omega Ratio Rank
VDCO.AX Calmar Ratio Rank: 3434
Calmar Ratio Rank
VDCO.AX Martin Ratio Rank: 4040
Martin Ratio Rank
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.

VGS.AX vs. VDCO.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard MSCI Index International Shares ETF (VGS.AX) and Vanguard Diversified Conservative Index ETF (VDCO.AX). 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.

VGS.AXVDCO.AXDifference
Sharpe ratioReturn per unit of total volatility
1.41
1.05

+0.35

Sortino ratioReturn per unit of downside risk
1.98
1.59

+0.38

Omega ratioGain probability vs. loss probability

1.27

1.21

+0.06

Calmar ratioReturn relative to maximum drawdown

1.28

1.43

-0.15

Martin ratioReturn relative to average drawdown

3.83

5.21

-1.38

VGS.AX vs. VDCO.AX - Sharpe Ratio Comparison

The current VGS.AX Sharpe Ratio is 1.41, which is higher than the VDCO.AX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of VGS.AX and VDCO.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VGS.AX vs. VDCO.AX - Drawdown Comparison

The maximum VGS.AX drawdown since its inception was -23.39%, which is greater than VDCO.AX's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for VGS.AX and VDCO.AX.

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Drawdown Indicators

VGS.AXVDCO.AXDifference

Max Drawdown

Largest peak-to-trough decline

-23.39%

-13.68%

-9.71%

Max Drawdown (1Y)

Largest decline over 1 year

-10.72%

-3.89%

-6.83%

Max Drawdown (3Y)

Largest decline over 3 years

-13.82%

-4.36%

-9.46%

Max Drawdown (5Y)

Largest decline over 5 years

-20.53%

-13.68%

-6.85%

Max Drawdown (10Y)

Largest decline over 10 years

-23.39%

—

—

Current Drawdown

Current decline from peak

-0.36%

-0.46%

+0.10%

Average Drawdown

Average peak-to-trough decline

-4.18%

-2.87%

-1.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.65%

1.08%

+2.57%

Volatility

VGS.AX vs. VDCO.AX - Volatility Comparison

Vanguard MSCI Index International Shares ETF (VGS.AX) has a higher volatility of 2.21% compared to Vanguard Diversified Conservative Index ETF (VDCO.AX) at 1.18%. This indicates that VGS.AX's price experiences larger fluctuations and is considered to be riskier than VDCO.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VGS.AXVDCO.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.21%

1.18%

+1.03%

Volatility (6M)

Calculated over the trailing 6-month period

7.83%

4.70%

+3.13%

Volatility (1Y)

Calculated over the trailing 1-year period

9.77%

5.30%

+4.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.41%

5.45%

+6.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.92%

5.61%

+7.31%

Dividends

VGS.AX vs. VDCO.AX - Dividend Comparison

VGS.AX's dividend yield for the trailing twelve months is around 0.97%, less than VDCO.AX's 4.92% yield.

PositionTTM20252024202320222021202020192018201720162015
VDCO.AX
Vanguard Diversified Conservative Index ETF		4.92%2.33%0.79%1.03%1.77%7.86%3.73%1.26%0.89%0.00%0.00%0.00%
VGS.AX
Vanguard MSCI Index International Shares ETF		0.97%2.49%1.76%1.82%1.42%1.75%2.24%2.42%2.19%2.25%3.29%2.35%

Frequently Asked Questions

VGS.AX and VDCO.AX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VGS.AX tracks Vanguard MSCI Index International Shares Index, while VDCO.AX tracks Vanguard Diversified Conservative Index Index.

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