VUAA.L vs. VEUA.L

Last updated Jun 13, 2026

VUAA.L (Vanguard S&P 500 UCITS ETF USD Accumulation) and VEUA.L (Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating) are both exchange-traded funds - VUAA.L is a S&P 500 fund tracking the S&P 500 Net Total Return, while VEUA.L is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, VUAA.L returned 13.22%/yr vs 8.97%/yr for VEUA.L. A 0.71 correlation means they provide meaningful diversification when combined. VUAA.L charges 0.07%/yr vs 0.10%/yr for VEUA.L.

Performance

VUAA.L vs. VEUA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) and Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VUAA.L is traded in USD, while VEUA.L is traded in GBP. To make them comparable, the VEUA.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VUAA.L achieves a 8.41% return, which is significantly higher than VEUA.L's 7.28% return.

VUAA.L

• 1D: 2.02%
• 1M: 0.41%
• YTD: 8.41%
• 6M: 9.69%
• 1Y: 24.57%
• 3Y*: 20.75%
• 5Y*: 13.22%
• 10Y*: —

VEUA.L

• 1D: 1.48%
• 1M: 2.70%
• YTD: 7.28%
• 6M: 9.79%
• 1Y: 17.84%
• 3Y*: 16.90%
• 5Y*: 8.97%
• 10Y*: —

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

VUAA.L vs. VEUA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation	8.41%	17.37%	25.27%	26.68%	-18.63%	29.34%	20.33%	8.81%
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	7.28%	35.58%	2.75%	19.45%	-14.45%	15.77%	6.24%	-3.28%

Correlation

The correlation between VUAA.L and VEUA.L is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jul 23, 2019	0.71

The correlation between VUAA.L and VEUA.L has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

VUAA.L vs. VEUA.L - Sectors Allocation Comparison

Sectors	VUAA.L	VEUA.L
Technology	35.7%	8.5%
Financial Services	11.6%	24.0%
Communication Services	11.3%	3.0%
Consumer Cyclical	10.2%	6.6%
Healthcare	8.5%	12.9%
Industrials	8.3%	19.7%
Consumer Defensive	4.9%	8.3%
Energy	3.5%	5.3%
Utilities	2.4%	5.0%
Real Estate	1.9%	1.1%
Basic Materials	1.8%	5.6%

Return for Risk

VUAA.L vs. VEUA.L — Risk / Return Rank

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

VUAA.L

VUAA.L Risk / Return Rank: 74
VUAA.L Sharpe Ratio Rank: 73
VUAA.L Sortino Ratio Rank: 78
VUAA.L Omega Ratio Rank: 72
VUAA.L Calmar Ratio Rank: 68
VUAA.L Martin Ratio Rank: 76

VEUA.L

VEUA.L Risk / Return Rank: 50
VEUA.L Sharpe Ratio Rank: 54
VEUA.L Sortino Ratio Rank: 53
VEUA.L Omega Ratio Rank: 56
VEUA.L Calmar Ratio Rank: 42
VEUA.L Martin Ratio Rank: 45

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.

VUAA.L vs. VEUA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) and Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L). 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.

	VUAA.L	VEUA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.21	+0.82
Sortino ratio: Return per unit of downside risk	3.01	1.79	+1.21
Omega ratio: Gain probability vs. loss probability	1.37	1.22	+0.14
Calmar ratio: Return relative to maximum drawdown	2.99	1.53	+1.47
Martin ratio: Return relative to average drawdown	12.46	5.39	+7.07

VUAA.L vs. VEUA.L - Sharpe Ratio Comparison

The current VUAA.L Sharpe Ratio is 2.04, which is higher than the VEUA.L Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of VUAA.L and VEUA.L, 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

VUAA.L vs. VEUA.L - Drawdown Comparison

The maximum VUAA.L drawdown since its inception was -34.05%, smaller than the maximum VEUA.L drawdown of -37.85%. Use the drawdown chart below to compare losses from any high point for VUAA.L and VEUA.L.

Drawdown Indicators

	VUAA.L	VEUA.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.05%	-37.85%	+3.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-11.65%	+3.47%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-13.89%	-4.50%
Max Drawdown (5Y) Largest decline over 5 years	-24.36%	-31.84%	+7.48%
Current Drawdown Current decline from peak	-2.26%	-0.93%	-1.33%
Average Drawdown Average peak-to-trough decline	-4.99%	-7.36%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.30%	-1.33%

Volatility

VUAA.L vs. VEUA.L - Volatility Comparison

The current volatility for Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) is 3.99%, while Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) has a volatility of 4.28%. This indicates that VUAA.L experiences smaller price fluctuations and is considered to be less risky than VEUA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUAA.L	VEUA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	4.28%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	12.18%	-3.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.03%	14.65%	-2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	18.98%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	20.46%	-2.65%

VUAA.L vs. VEUA.L - Expense Ratio Comparison

VUAA.L has a 0.07% expense ratio, which is lower than VEUA.L's 0.10% 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

VUAA.L vs. VEUA.L - Dividend Comparison

Neither VUAA.L nor VEUA.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.63%

Frequently Asked Questions

Can I hold both VUAA.L and VEUA.L in my portfolio?

VUAA.L and VEUA.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VUAA.L or VEUA.L?

On fees, VUAA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VUAA.L or VEUA.L?

VUAA.L is cheaper with a 0.07% expense ratio, compared with 0.10% for VEUA.L.

What is the main difference between VUAA.L and VEUA.L?

VUAA.L is categorized as S&P 500, while VEUA.L is Europe Equities. VUAA.L tracks S&P 500 Net Total Return, while VEUA.L tracks MSCI Europe NR EUR. Their fees differ too: 0.07% for VUAA.L and 0.10% for VEUA.L.