VGK vs EXS1: returns, risk and drawdowns compared
Vanguard FTSE Europe ETF against iShares Core DAX UCITS ETF (DE), over the same 6 years (July 2020 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2020 to October 2026, VGK returned 12.6% a year and EXS1 11.5% a year on average, so VGK came out ahead by 1.1% a year. VGK was the more volatile of the two (17.2% against 15.9% a year), and the deepest falls from a month-end high were 31.0% for VGK and 24.2% for EXS1.
The correlation of monthly returns was 0.88: they usually moved together. Over 41 rolling 3-year periods, VGK did better in 32% and EXS1 in 68%.
VGK trades in USD and EXS1 in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| VGK | EXS1 | |
|---|---|---|
| Annual return (CAGR) | +12.6% | +11.5% |
| Total return | +112% | +99% |
| Annual volatility | 17.2% | 15.9% |
| Maximum drawdown (month-end) | −31.0% | −24.2% |
| Worst month | −9.9% | −11.1% |
| Best month | +16.4% | +15.0% |
| Positive months | 64% | 62% |
| Best year | 2025: +35.8% | 2025: +22.6% |
| Worst year | 2022: −16.0% | 2022: −12.8% |
| 1-year return | +10.7% | +3.8% |
| 5 years, a year | +8.4% | +9.6% |
| 10 years, a year | — | +8.3% |
| Trading currency | USD | EUR |
First nine rows: the same 76 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: VGK vs EXS1
Returns by calendar year
| Year | VGK | EXS1 |
|---|---|---|
| 2025 | +35.8% | +22.6% |
| 2024 | +1.9% | +18.1% |
| 2023 | +20.2% | +19.4% |
| 2022 | −16.0% | −12.8% |
| 2021 | +16.9% | +15.2% |
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, VGK or EXS1?
From July 2020 to October 2026, VGK returned +12.6% a year and EXS1 +11.5% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods VGK did better in 32% of cases. Past returns do not predict future returns.
Which is riskier, VGK or EXS1?
Over the same months annual volatility was 17.2% for VGK and 15.9% for EXS1; the deepest fall from a month-end high was 31.0% and 24.2%, and the worst single month −9.9% and −11.1%.
How correlated are VGK and EXS1?
The correlation of their monthly returns was 0.88: 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.