VGS and VEU overlap by about 21%: they do quite different jobs. VEU is cheaper (0.07% vs 0.18% a year), about $110 a year less on $100,000. VGS is the bigger fund ($18.7b vs $6.5b). They cover almost opposite parts of the world. VGS holds developed markets outside Australia, about 70% US. VEU holds the world outside the US, including Australia and emerging markets. VEU is US-domiciled, so you need to complete a US W-8BEN tax form.
📅 As at 30 September 2026: fees, size, flows and returns from the TMX Australia funds report; overlap from published holdings as at 30 September 2026.
VGS
Vanguard MSCI Index International Shares ETFVGS invests in more than a thousand large companies across the world’s developed markets outside Australia, weighted by size. It is one of the most popular ways for Australians to own global shares.
VEU
Vanguard All-World Ex-Us Shares Index ETFVEU invests in large and mid-sized companies around the world outside the US, including Australia and emerging markets. It is US-domiciled.
VGS vs VEU side by side
Green marks the cheaper, bigger or better-performing fund on each line. Past returns are not a reliable guide to the future.
| VGS | VEU | |
|---|---|---|
| Issuer | Vanguard | Vanguard |
| Index | MSCI World ex Australia Index | FTSE All-World ex US Index |
| Fee (a year) | 0.18% | 0.07% |
| Size | $18.7b | $6.5b |
| Net money in, September | +$532m | +$133m |
| 1-year return | +10.1% | +14.0% |
| 5-year return | +75% | +55% |
| Listed | 2014 | 2009 |
| Distributions | Quarterly | Quarterly |
| Top 10 holdings | 35% of fund | 19% of fund |
| Trend now | Base | Base |
How much do VGS and VEU overlap?
About 21% of their holdings are the same, by weight: low overlap, so they do quite different jobs.
The biggest companies they both own
| Company | VGS | VEU |
|---|---|---|
| Asml Holding NVInformation Technology | 0.9% | 2.3% |
| HSBC Holdings PLCFinancials | 0.5% | 1.0% |
| Roche Holding AGHealth Care | 0.4% | 1.2% |
| Royal Bank of Canada/TorontoFinancials | 0.4% | 1.0% |
| Novartis AGHealth Care | 0.4% | 1.0% |
| Shell plcEnergy | 0.4% | 1.1% |
| Mitsubishi UFJ Financial Group IncFinancials | 0.3% | 0.9% |
| AstraZeneca PLCHealth Care | 0.3% | 1.0% |
| Nestle SAConsumer Staples | 0.3% | 0.9% |
| Siemens AGIndustrials | 0.3% | 0.8% |
Only in VGS
- NVIDIA Corp 7.0%
- Apple Inc 6.5%
- Microsoft Corp 4.8%
- Alphabet (Google) 4.8%
- Amazon.com Inc 3.2%
Only in VEU
- Taiwan Semiconductor Manufacturing Co Ltd 5.2%
- Samsung Electronics Co Ltd 3.3%
- SK hynix Inc 2.4%
- Tencent Holdings Ltd 0.9%
- BHP Group Ltd 0.7%
Sectors and countries
Sectors
Countries
Trend: base, uptrend or downtrend?
Past year of prices, shaded by trend stage. The dashed line is the 200-day exponential average. As at 4 November 2026. How base and trend works.
VGS or VEU: which suits who?
Where either fits depends on the rest of your portfolio: whether it’s your core or a satellite. See core and satellite investing and our full profiles of VGS.
See the exact overlap with everything you hold, plus the trend of each ETF, in our free calculator.
More comparisons
VGS vs VEU FAQs
Is VGS or VEU better?
Neither is better for everyone. They cover almost opposite parts of the world. VGS holds developed markets outside Australia, about 70% US. VEU holds the world outside the US, including Australia and emerging markets. VEU is US-domiciled, so you need to complete a US W-8BEN tax form. Choose VGS if you want one fund for developed markets, including the US. Choose VEU if you already hold US shares, for example through IVV or VTS, and want the rest of the world.
What is the difference between VGS and VEU?
VGS and VEU overlap by about 21%: they do quite different jobs. VEU is cheaper (0.07% vs 0.18% a year), about $110 a year less on $100,000. VGS is the bigger fund ($18.7b vs $6.5b). They cover almost opposite parts of the world. VGS holds developed markets outside Australia, about 70% US. VEU holds the world outside the US, including Australia and emerging markets. VEU is US-domiciled, so you need to complete a US W-8BEN tax form.
Should I own both VGS and VEU?
Yes, they can work together: only about 21% of their holdings are the same, so each adds something different. Check the fit with your other ETFs first.
Which is cheaper, VGS or VEU?
VEU is cheaper (0.07% vs 0.18% a year), about $110 a year less on $100,000. Fees are taken from the fund’s returns, not charged separately.
Fees, size, flows and returns: TMX Australia Funds Report to 30 September 2026; returns are total returns and the 5-year figure is cumulative. Overlap, sectors and countries are based on each fund’s published holdings, scaled to the part of each fund we can see; VEU: Shown via developed (ex-US) and emerging market indexes as a stand-in.. Trend stages are a technical indicator based on 10, 20, 50 and 200-day exponential moving averages; they describe the past, not the future. General information only, not a recommendation to buy or sell VGS or VEU. Consider the PDS and TMD, and your own circumstances, before investing.