VEUR vs EZU: returns, risk and drawdowns compared
Vanguard FTSE Developed Europe UCITS ETF (Dist) against iShares MSCI Eurozone ETF, over the same 7 years (February 2019 to October 2026) with dividends reinvested.
Data updated October 2026
From February 2019 to October 2026, VEUR returned 8.0% a year and EZU 10.5% a year on average, so EZU came out ahead by 2.5% a year. EZU was the more volatile of the two (19.8% against 14.8% a year), and the deepest falls from a month-end high were 23.2% for VEUR and 34.6% for EZU.
The correlation of monthly returns was 0.84: they usually moved together. Over 58 rolling 3-year periods, VEUR did better in 34% and EZU in 66%.
VEUR trades in EUR and EZU in USD: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| VEUR | EZU | |
|---|---|---|
| Annual return (CAGR) | +8.0% | +10.5% |
| Total return | +81% | +116% |
| Annual volatility | 14.8% | 19.8% |
| Maximum drawdown (month-end) | −23.2% | −34.6% |
| Worst month | −14.7% | −18.6% |
| Best month | +14.1% | +19.7% |
| Positive months | 62% | 62% |
| Best year | 2021: +21.7% | 2025: +40.0% |
| Worst year | 2022: −13.2% | 2022: −17.2% |
| 1-year return | +14.7% | +7.2% |
| 5 years, a year | +7.0% | +8.7% |
| 10 years, a year | — | +9.6% |
| Trading currency | EUR | USD |
First nine rows: the same 93 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: VEUR vs EZU
Returns by calendar year
| Year | VEUR | EZU |
|---|---|---|
| 2025 | +18.6% | +40.0% |
| 2024 | +5.9% | +2.2% |
| 2023 | +12.7% | +23.4% |
| 2022 | −13.2% | −17.2% |
| 2021 | +21.7% | +13.9% |
| 2020 | −4.9% | +7.6% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, VEUR or EZU?
From February 2019 to October 2026, VEUR returned +8.0% a year and EZU +10.5% a year, with dividends reinvested, each in its own trading currency (EUR and USD). Over rolling 3-year periods VEUR did better in 34% of cases. Past returns do not predict future returns.
Which is riskier, VEUR or EZU?
Over the same months annual volatility was 14.8% for VEUR and 19.8% for EZU; the deepest fall from a month-end high was 23.2% and 34.6%, and the worst single month −14.7% and −18.6%.
How correlated are VEUR and EZU?
The correlation of their monthly returns was 0.84: they usually moved together. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.