VIHAX vs. VEUSX

Last updated Aug 4, 2026

VIHAX (Vanguard International High Dividend Yield Index Fund Admiral Shares) and VEUSX (Vanguard European Stock Index Fund Admiral Shares) are both mutual funds - VIHAX is a Large Cap Value Equities fund tracking the FTSE All-World ex US High Dividend Yield Index, while VEUSX is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, VIHAX returned 11.24%/yr vs 10.00%/yr for VEUSX. Their correlation of 0.92 means they have usually moved in the same direction. VIHAX charges 0.16%/yr vs 0.08%/yr for VEUSX.

Performance

VIHAX vs. VEUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX) and Vanguard European Stock Index Fund Admiral Shares (VEUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIHAX achieves a 17.32% return, which is significantly higher than VEUSX's 10.42% return. Over the past 10 years, VIHAX has outperformed VEUSX with an annualized return of 11.24%, while VEUSX has yielded a comparatively lower 10.00% annualized return.

VIHAX

• 1D: -0.62%
• 1M: 4.34%
• 6M: 10.32%
• YTD: 17.32%
• 1Y: 34.48%
• 3Y*: 21.86%
• 5Y*: 14.01%
• 10Y*: 11.24%
• ALL TIME*: 11.22%

VEUSX

• 1D: -0.56%
• 1M: 1.32%
• 6M: 4.70%
• YTD: 10.42%
• 1Y: 24.06%
• 3Y*: 16.62%
• 5Y*: 9.30%
• 10Y*: 10.00%
• ALL TIME*: 6.84%

*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)
VEUSX Vanguard European Stock Index Fund Admiral Shares	$0.00	$0.00	$0.00
VIHAX Vanguard International High Dividend Yield Index Fund Admiral Shares	$0.00	$0.00	$0.00

VIHAX vs. VEUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIHAX Vanguard International High Dividend Yield Index Fund Admiral Shares	17.32%	38.01%	6.96%	16.81%	-6.88%	15.01%	-0.73%	20.03%	-12.38%	22.40%
VEUSX Vanguard European Stock Index Fund Admiral Shares	10.42%	35.41%	2.01%	19.99%	-16.06%	16.28%	6.43%	24.22%	-14.81%	27.04%

Correlation

The correlation between VIHAX and VEUSX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Mar 7, 2016	0.92

The correlation between VIHAX and VEUSX has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

VIHAX vs. VEUSX - Sectors Allocation Comparison

Sectors	VIHAX	VEUSX
Financial Services	42.4%	24.1%
Energy	7.9%	4.5%
Consumer Defensive	6.7%	7.8%
Healthcare	6.5%	12.6%
Basic Materials	6.5%	5.2%
Industrials	6.1%	20.0%
Consumer Cyclical	6.0%	7.0%
Technology	5.3%	9.9%
Utilities	5.2%	4.5%
Communication Services	3.5%	2.8%
Real Estate	1.1%	1.5%

Return for Risk

VIHAX vs. VEUSX — Risk / Return Rank

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

VIHAX

VIHAX Risk / Return Rank: 94
VIHAX Sharpe Ratio Rank: 97
VIHAX Sortino Ratio Rank: 95
VIHAX Omega Ratio Rank: 93
VIHAX Calmar Ratio Rank: 91
VIHAX Martin Ratio Rank: 92

VEUSX

VEUSX Risk / Return Rank: 53
VEUSX Sharpe Ratio Rank: 56
VEUSX Sortino Ratio Rank: 57
VEUSX Omega Ratio Rank: 51
VEUSX Calmar Ratio Rank: 49
VEUSX Martin Ratio Rank: 51

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.

VIHAX vs. VEUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX) and Vanguard European Stock Index Fund Admiral Shares (VEUSX). 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.

	VIHAX	VEUSX	Difference
Sharpe ratio: Return per unit of total volatility	2.86	1.52	+1.34
Sortino ratio: Return per unit of downside risk	3.94	2.21	+1.74
Omega ratio: Gain probability vs. loss probability	1.53	1.27	+0.25
Calmar ratio: Return relative to maximum drawdown	3.63	1.99	+1.65
Martin ratio: Return relative to average drawdown	13.90	7.50	+6.40

VIHAX vs. VEUSX - Sharpe Ratio Comparison

The current VIHAX Sharpe Ratio is 2.86, which is higher than the VEUSX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VIHAX and VEUSX, 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

VIHAX vs. VEUSX - Drawdown Comparison

The maximum VIHAX drawdown since its inception was -38.80%, smaller than the maximum VEUSX drawdown of -63.28%. Use the drawdown chart below to compare losses from any high point for VIHAX and VEUSX.

Drawdown Indicators

	VIHAX	VEUSX	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-63.28%	+24.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.53%	-11.97%	+2.44%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-13.96%	+1.67%
Max Drawdown (5Y) Largest decline over 5 years	-23.92%	-32.72%	+8.80%
Max Drawdown (10Y) Largest decline over 10 years	-38.80%	-36.87%	-1.93%
Current Drawdown Current decline from peak	-0.62%	-0.56%	-0.06%
Average Drawdown Average peak-to-trough decline	-5.94%	-12.88%	+6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	3.16%	-0.67%

Volatility

VIHAX vs. VEUSX - Volatility Comparison

The current volatility for Vanguard International High Dividend Yield Index Fund Admiral Shares (VIHAX) is 3.46%, while Vanguard European Stock Index Fund Admiral Shares (VEUSX) has a volatility of 4.20%. This indicates that VIHAX experiences smaller price fluctuations and is considered to be less risky than VEUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIHAX	VEUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	4.20%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	10.28%	13.33%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.13%	15.67%	-3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.76%	17.44%	-3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	17.77%	-2.22%

VIHAX vs. VEUSX - Expense Ratio Comparison

VIHAX has a 0.16% expense ratio, which is higher than VEUSX's 0.08% 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

VIHAX vs. VEUSX - Dividend Comparison

VIHAX's dividend yield for the trailing twelve months is around 3.45%, more than VEUSX's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEUSX Vanguard European Stock Index Fund Admiral Shares	2.82%	2.84%	3.58%	3.13%	3.22%	3.02%	2.08%	3.26%	3.92%	2.70%	3.52%	3.24%
VIHAX Vanguard International High Dividend Yield Index Fund Admiral Shares	3.45%	3.69%	4.85%	4.58%	4.70%	4.30%	3.22%	5.63%	4.28%	3.16%	2.37%	0.00%

Frequently Asked Questions

Can I hold both VIHAX and VEUSX in my portfolio?

With a correlation of 0.91, VIHAX and VEUSX 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, VIHAX or VEUSX?

VEUSX has higher volatility (4.20%) compared to VIHAX (3.46%). In terms of maximum drawdown, VIHAX dropped -38.80% vs VEUSX's -63.28%.

Which has better risk-adjusted returns?

VIHAX currently has the higher Sharpe Ratio (2.86 vs 1.52), 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.