VSS: Vanguard FTSE All-World ex-US Small-Cap ETF returns, drawdowns and risk
Funds on developed markets outside the United States: Europe, Japan, Australia, Canada.
Data updated October 2026
VSS · US exchange · USDCategory: International developed markets ETFsData from June 2020
From June 2020 to October 2026 VSS returned 10.8% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $19,280.
Its deepest fall was 33.9%, from September 2021 to October 2022, and it took about 44 months to get back to the previous high. Annual volatility was 16.4%; at the last close it was 5.6% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 76 months both have data, the correlation of monthly returns was 0.83: they usually moved together. Beta was 0.89. In months when SPY rose, VSS moved 82% as much on average; in months when SPY fell, 98% as much.
Key figures
- Annual return (CAGR)
- +10.8%
- 1-year return
- +10.0%
- 5 years, a year
- +5.3%
- 10 years, a year
- —
- Annual volatility
- 16.4%
- Maximum drawdown
- −33.9%
- Sharpe ratio
- 0.54
- Worst year
- 2022: −21.5%
Trailing returns
| Period | VSS | SPY |
|---|---|---|
| 1 year | +10.0% | +16.6% |
| 3 years, a year | +19.0% | +23.1% |
| 5 years, a year | +5.3% | +12.7% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: VSS vs SPY
Month-end values from July 2020, the first month both funds have data.
VSS drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | VSS | SPY |
|---|---|---|
| 2026(partial) | +7.1% | +13.3% |
| 2025 | +29.6% | +17.7% |
| 2024 | +2.9% | +24.9% |
| 2023 | +17.6% | +26.2% |
| 2022 | −21.5% | −18.2% |
| 2021 | +13.1% | +28.7% |
| 2020(partial) | +29.2% | — |
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.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of VSS?
From June 2020 to October 2026 VSS returned 10.8% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +5.3% a year. Over the last 12 months: +10.0%.
What was the worst drawdown of VSS?
33.9%, from September 2021 to October 2022; it took about 44 months from the previous high to get back to it.
How volatile is VSS?
Annual volatility was 16.4% over the period. Its worst month was −10.8% and 61% of months were positive. Worst calendar year: 2022 (−21.5%).
How closely does VSS follow SPY?
Over 76 months the correlation of monthly returns was 0.83, so they usually moved together, with a beta of 0.89.
Use VSS in a free tool
Other International developed markets ETFs
- All International developed markets ETFsReturns and risk side by side
- VXUS — Vanguard Total International Stock ETFCAGR +6.5%
- VEA — Vanguard FTSE Developed Markets ETFCAGR +12.9%
- IEFA — iShares Core MSCI EAFE ETFCAGR +8.3%
- EFA — iShares MSCI EAFE ETFCAGR +5.1%
- IXUS — iShares Core MSCI Total International Stock ETFCAGR +7.7%
- SCZ — iShares MSCI EAFE Small-Cap ETFCAGR +5.4%
- EWJ — iShares MSCI Japan ETFCAGR +6.8%
- EWC — iShares MSCI Canada ETFCAGR +6.8%
- EWA — iShares MSCI Australia ETFCAGR +6.0%
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.