# VEU ETF: fees, returns, drawdowns and holdings

> What VEU holds, its 0.04% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

Vanguard FTSE All-World ex-US ETF (VEU) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares in thousands of large and medium-sized companies based outside the United States. It charges 0.04% a year. From March 2007 to October 2026 it returned about 5.3% a year, and its worst drop was −61.5%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.04% a year (about $4 on $10,000).
- Started trading on March 2, 2007.
- Last close: $81.54 on October 16, 2026.
- Return over the last year: 15.8%.
- Worst drop since 2007: −61.5%.
- 2 Tactfolio classic strategies hold it.

## How has VEU done since 2007?

From March 2007 to October 2026, VEU returned about 5.3% a year. The S&P 500 returned about 11.0% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $27,495 at the end, with every dividend reinvested.

| Period | VEU | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −2.1% | 1.5% |
| 3 months | −0.6% | 1.9% |
| 6 months | 2.0% | 9.3% |
| Year to date | 11.8% | 12.8% |
| 1 year | 15.8% | 16.8% |
| 3 years, per year | 19.7% | 22.0% |
| 5 years, per year | 8.6% | 12.8% |
| 10 years, per year | 9.4% | 15.4% |
| Since 2007, per year | 5.3% | 11.0% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## VEU returns by month and year

VEU rose in 135 of its 236 months (57%). Its best month was May 2009, at 15.2%. Its worst was October 2008, at −22.8%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 5.7% | 5.3% | −8.1% | 7.8% | 3.8% | 0.2% | −1.1% | 2.9% | −2.5% | −1.7% |  |  | 11.8% |
| 2025 | 3.4% | 2.1% | 0.4% | 2.8% | 4.6% | 3.8% | −0.9% | 4.1% | 3.4% | 1.8% | 0.4% | 2.6% | 32.4% |
| 2024 | −1.7% | 3.2% | 3.4% | −2.5% | 4.0% | −0.6% | 2.5% | 2.6% | 2.5% | −4.5% | −0.4% | −2.6% | 5.6% |
| 2023 | 8.7% | −4.4% | 2.8% | 1.9% | −3.4% | 4.5% | 3.8% | −4.4% | −3.4% | −3.2% | 8.2% | 4.9% | 15.8% |
| 2022 | −2.4% | −3.1% | −0.5% | −6.5% | 1.6% | −7.7% | 3.4% | −4.4% | −9.7% | 3.4% | 13.2% | −2.2% | −15.6% |
| 2021 | 0.4% | 2.1% | 1.7% | 2.6% | 3.2% | −0.5% | −1.4% | 1.5% | −3.4% | 2.7% | −4.3% | 3.7% | 8.3% |
| 2020 | −3.4% | −6.6% | −15.1% | 6.8% | 4.7% | 4.4% | 3.9% | 4.4% | −1.7% | −2.1% | 12.6% | 5.7% | 11.1% |
| 2019 | 7.6% | 1.6% | 1.0% | 2.9% | −5.5% | 5.9% | −1.8% | −2.4% | 2.8% | 3.5% | 1.1% | 4.2% | 21.8% |
| 2018 | 5.7% | −5.3% | −0.4% | 0.6% | −2.0% | −2.1% | 2.9% | −2.3% | 0.4% | −8.3% | 1.5% | −4.9% | −14.2% |
| 2017 | 4.1% | 1.3% | 3.0% | 2.1% | 3.0% | 0.5% | 3.4% | 0.6% | 1.8% | 1.9% | 0.6% | 2.1% | 27.4% |
| 2016 | −5.6% | −2.4% | 8.3% | 2.1% | −0.8% | −0.7% | 4.3% | 0.7% | 1.6% | −1.7% | −2.1% | 1.9% | 4.9% |
| 2015 | 0.0% | 5.9% | −1.4% | 4.7% | −1.0% | −2.8% | −0.3% | −7.8% | −4.0% | 6.7% | −1.3% | −2.5% | −4.8% |
| 2014 | −5.8% | 5.6% | 0.5% | 1.5% | 1.9% | 1.7% | −1.5% | 1.0% | −4.9% | 0.2% | −0.3% | −4.0% | −4.5% |
| 2013 | 2.4% | −1.4% | 0.6% | 3.8% | −3.3% | −3.6% | 4.7% | −2.0% | 7.6% | 3.3% | 0.3% | 1.5% | 14.1% |
| 2012 | 6.9% | 5.3% | −0.9% | −1.8% | −11.4% | 6.5% | 0.5% | 2.6% | 3.5% | 0.8% | 1.8% | 5.1% | 18.9% |
| 2011 | 0.8% | 2.7% | −0.2% | 5.5% | −3.2% | −1.1% | −2.4% | −8.5% | −13.0% | 11.5% | −2.6% | −2.4% | −14.0% |
| 2010 | −5.8% | 1.3% | 6.7% | −1.8% | −10.9% | −1.3% | 10.8% | −3.4% | 10.6% | 3.6% | −4.1% | 8.1% | 11.8% |
| 2009 | −13.0% | −9.2% | 10.1% | 13.2% | 15.2% | −2.1% | 10.6% | 2.9% | 5.7% | −3.2% | 4.9% | 1.4% | 37.6% |
| 2008 | −7.8% | −0.2% | −0.1% | 5.9% | 1.4% | −8.4% | −3.7% | −5.1% | −12.5% | −22.8% | −6.8% | 8.5% | −43.4% |
| 2007 (part) |  |  | 3.5% | 4.0% | 3.3% | 0.7% | −1.2% | −0.2% | 6.2% | 6.4% | −5.0% | −2.0% | 16.0% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is VEU compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.77.** When the S&P 500 moved 1% in a day, VEU tended to move about 0.77%.
- **Correlation 0.80.** VEU mostly moved with the S&P 500.
- **Up and down months.** In months the S&P 500 rose, VEU rose 78% as much on average. In months it fell, VEU fell 83% as much.

| Measure | VEU | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 8.7% | 12.8% |
| Volatility | 16.4% | 17.1% |
| Worst drop | −28.5% | −24.5% |
| Sharpe ratio | 0.59 | 0.79 |
| Sortino ratio | 0.87 | 1.15 |
| Calmar ratio | 0.31 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is VEU above its 200-day average?

VEU closed 1.0% above its 200-day average on October 16, 2026. A rule that holds VEU only above that average would hold it today.

- Its 50-day average is 4.3% above its 200-day average.
- It closed 5.4% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for VEU](https://tactfolio.com/builder) and backtest it in a minute.

## What was VEU's worst drop?

A drawdown is how far a fund falls from its last high point. VEU's worst fall was −61.5%, from October 31, 2007 to March 9, 2009. It got back to that high on July 1, 2014. On October 16, 2026 it was 5.4% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −61.5% | Oct 31, 2007 | Mar 9, 2009 | Jul 1, 2014 | 16 months | 5.3 years |
| −35.0% | Jan 26, 2018 | Mar 23, 2020 | Nov 11, 2020 | 2.2 years | 8 months |
| −29.3% | Jun 14, 2021 | Oct 12, 2022 | May 9, 2024 | 16 months | 19 months |
| −25.0% | Jul 3, 2014 | Feb 11, 2016 | May 2, 2017 | 19 months | 15 months |
| −13.7% | Mar 19, 2025 | Apr 8, 2025 | May 2, 2025 | 20 days | 24 days |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does VEU hold?

This fund owns shares in thousands of large and medium-sized companies based outside the United States. It includes developed countries, like Japan and the United Kingdom, and emerging markets, like China and India. It leaves out most small companies.

It tracks the FTSE All-World ex US Index. It had 3,810 holdings as of September 30, 2026, according to Vanguard.

| Fact | VEU |
| --- | --- |
| Full name | Vanguard FTSE All-World ex-US ETF |
| Issuer | Vanguard |
| Expense ratio | 0.04% a year |
| Started trading | March 2, 2007 |
| Tracks | FTSE All-World ex US Index |
| Type | International stocks, ETF |
| Holdings | 3,810 holdings as of September 30, 2026 |
| Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) |

## What is the VEU expense ratio?

VEU charges 0.04% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.04% fee comes to about $4 a year. Of the 162 ETFs on Tactfolio, 80% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold VEU?

2 classic strategies hold VEU at least some of the time. Each is a set of written rules you can open, test and copy.

- [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md), by Gary Antonacci, 2014
- [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md), by Corey Hoffstein (Newfound Research), 2019

## How does VEU compare with similar ETFs?

Funds that can stand in for VEU:

- [VXUS](https://tactfolio.com/etf/VXUS.md): Vanguard Total International Stock ETF, 0.05% a year
- [IXUS](https://tactfolio.com/etf/IXUS.md): iShares Core MSCI Total International Stock ETF, 0.07% a year
- [SCHF](https://tactfolio.com/etf/SCHF.md): Schwab International Equity ETF, 0.03% a year
- [VEA](https://tactfolio.com/etf/VEA.md): Vanguard FTSE Developed Markets ETF, 0.03% a year

See [all 8 VEU alternatives](https://tactfolio.com/alternatives/VEU.md), compared on the same dates as VEU.

## Test VEU in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add VEU, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for VEU and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from Vanguard. We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of VEU?

VEU charges 0.04% a year, according to Vanguard as of October 16, 2026. That is about $4 a year for every $10,000 you hold.

### When did VEU start trading?

VEU started trading on March 2, 2007. It is run by Vanguard.

### What does VEU track?

VEU tracks the FTSE All-World ex US Index. This fund owns shares in thousands of large and medium-sized companies based outside the United States.

### How much has VEU returned per year?

From March 2007 to October 2026, VEU returned about 5.3% a year with dividends reinvested. Its worst drop was −61.5%. Past returns do not tell you what it will do next.

### Is VEU above its 200-day moving average?

On October 16, 2026, VEU closed 1.0% above its 200-day moving average. This page updates after each US market close.

### Which strategies use VEU?

2 of Tactfolio's classic strategies hold VEU, including Dual Momentum: Antonacci’s Global Equities Momentum (GEM), Diversified Dual Momentum (Newfound Research).

## Sources

- [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.