VEU vs VOE
Vanguard FTSE All World Ex US ETF vs Vanguard Morningstar Mid-Cap Value ETF
Which is better, VEU or VOE?
Large Cap Blend against Mid Cap Value.
VEU has a lower expense ratio. VEU led over 1Y, 3Y and 5Y, VOE over the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | VEU | VOE |
|---|---|---|
| Expense Ratio | 0.04%Best | 0.05% |
| AUM | $70.4B | $24.2B |
| Dividend Yield | 2.48% | 1.80% |
| Holdings | 3,895 | 174 |
| YTD Return | +11.37% | +11.91%Best |
| 1Y Return | +17.63%Best | +15.63% |
| 3Y Return (annualized) | +20.69%Best | +17.87% |
| 5Y Return (annualized) | +9.46%Best | +9.27% |
| Volatility (annualized) | 17.7%Best | 17.8% |
| Max Drawdown | -62.8%Best | -63.4% |
| $10,000 over 5 years | $15,714Best | $15,578 |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Value |
| Inception | Mar 2, 2007 | Aug 17, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Mar 8, 2007 to Oct 1, 2026 (19.6 years).
VEU vs VOE growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.6 years both funds cover.
VEU vs VOE Performance
Vanguard FTSE All World Ex US ETF (VEU) is an ETF from Vanguard (US) and Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US). Over the past year VEU returned +17.63% while VOE returned +15.63%. Year to date, VEU is up 11.37% versus a gain of 11.91% for VOE.
Over three years, VEU compounded at +20.69% per year against +17.87% for VOE; over five years the annualized figures are +9.46% and +9.27% respectively. Across the full 20-year window we track, VOE has the edge at +7.12% annualized vs +3.38%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOE has been the more volatile fund, with annualized monthly volatility of 17.8% compared with 17.7% for VEU. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -62.8% for VEU and -63.4% for VOE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
VEU charges 0.04% per year while VOE charges 0.05%. On a $10,000 position that is $4 vs $5 annually, a gap of $1 per year that compounds over a long holding period. On income, VEU currently yields 2.48% against 1.80% for VOE.
Holdings Overlap
At least 1.9% of VOE's money is in holdings VEU also owns.
Stated as a floor: for VEU, our book for it covers 94.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
VOE and VEU share little of their money.
5 positions in common, counted across the 3,645 positions we hold weights for in VEU and 171 in VOE, against full books of 3,895 and 174.
You are not choosing between two funds in isolation.
Whichever of VEU and VOE you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, VEU or VOE?
VEU has an expense ratio of 0.04% while VOE charges 0.05%. VEU is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, VEU or VOE?
Over the past year VEU returned +17.63% vs +15.63% for VOE, so VEU leads on 1-year performance. Over the longest common window we track (20 years), VEU annualized +3.38% vs +7.12% for VOE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VEU or VOE?
VOE has been the more volatile fund at 17.8% annualized versus 17.7% for VEU. Worst drawdown: VEU -62.8% vs VOE -63.4%.
Should I hold both VEU and VOE?
VEU and VOE have a monthly-return correlation of 0.85, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between VEU and VOE?
At least 1.9% of VOE's money is in holdings VEU also owns. Our book for VEU is partial, so the real figure is this or higher. They hold 5 positions in common, counted across the 3,645 positions we hold weights for in VEU and 171 in VOE.
Which pays a higher dividend, VEU or VOE?
VEU yields 2.48% while VOE yields 1.80%, so VEU currently pays the higher dividend yield.
Is VOE better than VEU?
VEU has a lower expense ratio. VEU led over 1Y, 3Y and 5Y, VOE over the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.