VXUS vs VWO: Returns, Drawdowns and Dividends Since 2016
VXUS (Vanguard Total International Stock ETF) and VWO (Vanguard FTSE Emerging Markets ETF) mostly moved together (a daily correlation of 0.909, where 1 would mean identical). VXUS came out ahead, returning 9.2% a year with dividends reinvested from January 2016 to November 2026, against 8.3% for VWO.
Bought on any day and held five years, VXUS finished ahead 89% of the time. Both fell about 36% at their worst, in March 2020.
| Measure | VXUS | VWO |
|---|---|---|
| Annual return | 9.2% | 8.3% |
| $10,000 grew to | $25,875 | $23,830 |
| Worst decline | −36.0%Mar 2020 | −36.4%Mar 2020 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 17.2% | 19.3% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.47 | 0.40 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 2.4% | 2.2% |
| Best year | +32.3%2025 | +31.5%2017 |
| Worst year | −16.1%2022 | −18.0%2022 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.909 | |
VXUS: Vanguard Total International Stock ETFVWO: Vanguard FTSE Emerging Markets ETF
Jan 4, 2016 to Nov 4, 2026, dividends reinvested.
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Worst declines
VXUS fell 36.0% from Jan 26, 2018 to Mar 23, 2020 and was back at its high on Nov 16, 2020. VWO fell 36.4% from Jan 26, 2018 to Mar 23, 2020 and was back at its high on Nov 16, 2020.
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Year by year
VXUS was ahead in 7 of the 11 calendar years.
| Year | VXUS | VWO | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +12.0% | +5.0% | VXUS+7.0 |
| 2025 | +32.3% | +25.6% | VXUS+6.8 |
| 2024 | +5.1% | +10.6% | VWO+5.5 |
| 2023 | +15.9% | +9.3% | VXUS+6.6 |
| 2022 | −16.1% | −18.0% | VXUS+1.9 |
| 2021 | +9.0% | +1.3% | VXUS+7.7 |
| 2020 | +10.7% | +15.2% | VWO+4.5 |
| 2019 | +21.8% | +20.8% | VXUS+1.0 |
| 2018 | −14.4% | −14.8% | VXUS+0.3 |
| 2017 | +27.5% | +31.5% | VWO+4.0 |
| 2016 (from Jan 4) | +6.7% | +15.5% | VWO+8.8 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from Jan 4, 2016, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 2,474 | VXUS60% | +1.1 |
| 3 years | 1,970 | VXUS72% | +4.6 |
| 5 years | 1,466 | VXUS89% | +10.3 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Over the past 12 months VXUS paid 2.4% of its price in dividends and VWO 2.2%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | VXUS | VWO |
|---|---|---|
| 2026 (to Nov 4) | $0.62 3 payments | $0.18 2 payments |
| 2025 | $2.40 4 payments | $1.50 4 payments |
| 2024 | $1.98 4 payments | $1.41 4 payments |
| 2023 | $1.88 4 payments | $1.45 4 payments |
| 2022 | $1.60 4 payments | $1.60 4 payments |
| 2021 | $1.97 4 payments | $1.30 4 payments |
| 2020 | $1.29 4 payments | $0.95 4 payments |
| 2019 | $1.71 4 payments | $1.44 4 payments |
| 2018 | $1.50 4 payments | $1.10 4 payments |
| 2017 | $1.55 4 payments | $1.06 4 payments |
| 2016 (from Jan 4) | $1.34 4 payments | $0.90 4 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- VXUS
- Vanguard Total International Stock ETF, an ETF launched Jan 28, 2011. FinLab prices start Jan 4, 2016.
- VXUS price and signal backtests
- VWO
- Vanguard FTSE Emerging Markets ETF, an ETF launched Mar 10, 2005. FinLab prices start Jan 4, 2016.
- VWO price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, Jan 4, 2016 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.