DFAX vs VEU: Grades, Fees and Holdings Compared

Dimensional World ex U.S. Core Equity 2 ETF

DFAXBNYSE Arca

Vanguard FTSE All-World ex-US ETF

VEUANYSE Arca

Overlap

49.4%by weight

Expense ratio

VEU −0.24pt a year

DFAX0.28%VEU0.04%

Avg volume · 30D

VEU 3.6×the volume

DFAX721KVEU2.57M

5Y return · a year

DFAX +1.2pt

DFAX+9.6%VEU+8.4%

DFAX vs VEU Performance

Oct 29, 2021 – Oct 30, 2026

+58.0%DFAX+49.8%VEU

Expense ratio: DFAX 0.28%; VEU 0.04%, better
Fund size: DFAX $12.1B; VEU $95.7B
1Y total return: DFAX +15.7%, better; VEU +13.8%
Yield (12M): DFAX 2.50%, better; VEU 2.43%
Holdings: DFAX 10528; VEU 3820
Avg volume (30D): DFAX 721K sh; VEU 2.57M sh, better
NAV per share: DFAX $35.90; VEU $80.49
52W range

ETF.net Grade

Pillar letters and Scores for DFAX, VEU, with each pillar’s weight
Pillar	DFAX	VEU
Cost30% weight	C45	A93Higher
Mission25% weight	A100	A100
Risk15% weight	C53	B55Higher
Tradability15% weight	C50	B55Higher
Holdings10% weight	A85Higher	B60
Durability5% weight	C51	A82Higher

Rank among Total International Market funds

How we build Categories ›

Same Category. DFAX and VEU are both graded against the same 8 Total International Market funds, so their Grades compare head to head.

Total International Market⁠

Category · 8 funds

See all 8 ›

VEU ranks 2nd and DFAX 4th of 8 funds in the Total International Market Category.

Rank 1AVXUSVanguard Total International Stock ETFScore 80
Rank 2AVEUVanguard FTSE All-World ex-US ETFScore 79
Rank 3AIXUSiShares Core MSCI Total International Stock ETFScore 76
Rank 4BDFAXDimensional World ex U.S. Core Equity 2 ETFScore 64
Rank 5BACWXiShares MSCI ACWI ex U.S. ETFScore 58

Our read on each fund

ETF.net Research

DFAXBDimensional World ex U.S. Core Equity 2 ETF

VEUAVanguard FTSE All-World ex-US ETF

In short

DFAX No data

VEU One ticker for everything outside America: roughly 3,800 stocks spanning developed and emerging markets, for 0.04% a year. Vanguard has run it since 2007, and it costs a fraction of what the typical international blend fund charges.

Stated mandate

DFAX No data

VEU The fund seeks to track the investment performance of the FTSE All-World ex US Index, providing broad exposure to developed and emerging non-U.S. equity markets.

Why people hold it

DFAX No data

VEU At 0.04% a year, it undercuts the typical international blend fund (0.28% median) and comes in below IXUS and VPL at 0.07%, never mind ACWX at 0.32%.
About 3,800 stocks across developed and emerging markets outside the US. One line in your portfolio, most of the planet's listed companies behind it.vanguard.com
Trading since 2007, now a multi-billion-dollar fund that changes hands actively, and it has stayed tight to its stated job of tracking the FTSE All-World ex US Index.
One of the strongest builds in the international blend group: broad mandate, rock-bottom fee, steady index discipline.

Worth knowing

DFAX No data

VEU No US stocks, by design. This is the other half of a portfolio rather than the whole of one.vanguard.com
Emerging markets come baked in, not bolted on. Hold a dedicated EM fund alongside it and you'll own some of the same names twice.
Everything inside is priced in foreign currency, so exchange rates push returns around on top of what the stocks do. Income arrives quarterly.

Full DFAX profile⁠

Full VEU profile⁠

DFAX vs VEU Holdings

How DFAX and VEU differ

Overlap by weight

49.4%

Shared holdings make up 87.4% of VEU and 65.5% of DFAX.

Level by level

Holdings2,736 in both49.4%
Sector11 Sectors90.9%
Countryby domicile92.9%
Asset classEquity100%

Sector

Sector weights in DFAX and VEU, widest gap first
Sector	More in DFAXMore in VEU	DFAX	VEU
Financials	VEU +4.2 points	19.9%	24.1%
Materials	DFAX +3.9 points	10.7%	6.8%
Technology	VEU +3.7 points	18.2%	21.9%
Energy	DFAX +2.2 points	7.0%	4.8%
Industrials	DFAX +1.6 points	16.0%	14.4%
Consumer Discretionary	DFAX +1.1 points	8.5%	7.4%
Health Care	VEU +0.6 points	6.2%	6.8%
Communication	VEU +0.5 points	3.9%	4.4%
Consumer Staples	DFAX +0.3 points	5.0%	4.7%
Real Estate	VEU +0.2 points	1.6%	1.8%
Utilities	Same weight	2.9%	2.9%

Country, concentration and asset class

Country by domicile

Country weights in DFAX and VEU, widest gap first
Country	More in DFAXMore in VEU	DFAX	VEU
Taiwan	DFAX +2.3 points	11.8%	9.5%
South Africa	VEU +1.6 points	1.4%	3.0%
United Kingdom	VEU +1.5 points	6.6%	8.1%
United States	DFAX +1.0 points	1.0%	0.0%
France	VEU +1.0 points	4.0%	5.0%
South Korea	VEU +0.9 points	6.0%	6.9%
Netherlands	VEU +0.7 points	2.4%	3.1%
Canada	VEU +0.5 points	7.2%	7.7%
Other countries (32)	DFAX +2.8 points	59.5%	56.7%

Outside the US: DFAX 64% developed, 36% emerging. VEU 65% developed, 35% emerging.

Concentration

Weight in the 10 largest Holdings

DFAX8.9%
VEU15.2%

Securities held

DFAX10,488
VEU3,778

Asset class

DFAX: Equity
VEU: Equity

Holdings

Only in DFAX7,752
In both2,736
Only in VEU1,042

Only in DFAX

7,752 securities, 34.5% of DFAX by weight

Taiwan Semiconductor Manu1.05%
Asml Holding NV0.76%
Novartis AG Adr0.69%
Shell PLC0.55%
Samsung Electronics Co Lt0.31%
Bp PLC0.28%
Royal Bank of Canada0.25%
Canadian Natural Resource0.24%
Suncor Energy Inc.0.23%
Hsbc Holdings PLC0.22%
Basf SE0.20%
Astrazeneca PLC0.20%
Banco Bilbao Vizcaya Arge0.19%
Tesco PLC0.17%
Commerzbank Ag-Tend0.16%
Bhp Group Ltd0.15%
Cenovus Energy Inc0.15%
Ubs Group AG0.15%
Helvetia Baloise Holding0.14%
Aib Group PLC0.14%
Icici Bank Ltd0.14%
Deutsche Bank AG0.13%
Toronto-Dominion Bank0.13%
Kinross Gold Corp0.13%
Nordea Bank Abp0.12%
Bank of Nova Scotia/The0.12%
Gsk PLC0.11%
Unilever PLC0.10%
Bank of Montreal0.10%
Bt Group PLC0.10%
Manulife Financial Corp0.10%
Nutrien Ltd0.09%
Sun Life Financial Inc0.09%
Banco Comercial Portugues0.09%
Barclays PLC0.09%
Rio Tinto PLC Adr0.09%
Bombardier Inc0.09%
Bharat Electronics Ltd0.09%
Tc Energy Corp0.08%
Sunbelt Rentals Holdings0.08%
Bharti Airtel Ltd0.08%
Gold Fields Ltd0.08%
Stmicroelectronics NV0.08%
Imperial Oil Ltd0.08%
Pembina Pipeline Corp0.07%
Agnico Eagle Mines Ltd0.07%
Axis Bank Ltd0.07%
Tata Steel Ltd0.07%
Canadian National Railway0.07%
Magna International Inc0.07%

Only in VEU

1,042 securities, 11.9% of VEU by weight

SLBBH11420.91%
SoftBank Group Corp0.37%
Samsung Electronics-Pref0.28%
HDFC Bank Ltd0.21%
SK Square Co Ltd0.18%
ICICI Bank Ltd0.18%
Air Liquide SA0.18%
Investor AB0.17%
Nordea Bank Abp0.16%
L'Oreal SA0.15%
TC Energy Corp0.15%
Bharti Airtel Ltd0.14%
Basf SE0.12%
Compass Group PLC0.12%
Al Rajhi Bank0.12%
ORIX Corp0.10%
Japan Post Bank Co Ltd0.10%
Waste Connections Inc0.10%
Tesco PLC0.09%
Cameco Corp0.09%
Goodman Group0.09%
3i Group PLC0.08%
Nutrien Ltd0.08%
STMicroelectronics NV0.08%
Power Corp of Canada0.08%
Alcon AG0.08%
Saudi National Bank/The0.08%
Axis Bank Ltd0.07%
Engie SA0.07%
Kyocera Corp0.07%
Bajaj Finance Ltd0.07%
AIB Group PLC0.07%
adidas AG0.07%
Larsen & Toubro Ltd0.07%
Infosys Ltd0.06%
First Abu Dhabi Bank PJSC0.06%
Kotak Mahindra Bank Ltd0.06%
Baidu Inc0.06%
InterContinental Hotels Group PLC0.06%
Tata Consultancy Services Ltd0.05%
Emirates Telecommunications Group Co PJSC0.05%
Sun Pharmaceutical Industries Ltd0.05%
Coca-Cola Europacific Partners PLC0.05%
Samsung C&T Corp0.05%
Kia Corp0.05%
Investor AB0.05%
Bombardier Inc0.05%
Helvetia Baloise Holding AG0.05%
State Bank of India0.05%
Nippon Yusen KK0.04%

Weight gaps

The 100 widest of 2,736 Holdings in both funds.

Holding weights in DFAX and VEU, widest gap first
Holding	More in DFAXMore in VEU	DFAX	VEU
Taiwan Semiconductor Manu	VEU +2.27 points	2.43%	4.70%
Asml Holding NV	VEU +1.69 points	0.02%	1.71%
Sk Hynix Inc	VEU +1.04 points	0.79%	1.83%
Samsung Electronics Co	VEU +0.99 points	1.25%	2.24%
Hsbc Holdings PLCHSBA.L	VEU +0.72 points	0.12%	0.84%
Novartis AG	VEU +0.65 points	0.01%	0.66%
Astrazeneca PLCAZN.L	VEU +0.60 points	<0.01%	0.60%
Alibaba Group Holding Ltd	VEU +0.47 points	0.16%	0.63%
Tencent Holdings Ltd	VEU +0.45 points	0.39%	0.84%
Shopify Inc	VEU +0.45 points	<0.01%	0.45%
Sap SE	VEU +0.43 points	0.07%	0.50%
Shell PLCSHEL.L	VEU +0.40 points	0.28%	0.68%
Siemens AG	VEU +0.40 points	0.16%	0.56%
Mitsubishi Ufj Financial	VEU +0.36 points	0.26%	0.62%
Ubs Group AG	VEU +0.37 points	<0.01%	0.37%
Toronto-Dominion Bank/The	VEU +0.36 points	0.12%	0.48%
Schneider Electric SE	VEU +0.35 points	0.09%	0.44%
Banco Santander SA	VEU +0.33 points	0.16%	0.49%
Royal Bank of Canada	VEU +0.33 points	0.35%	0.68%
Mediatek Inc	VEU +0.32 points	0.24%	0.56%
Unilever PLCULVR.L	VEU +0.29 points	0.02%	0.31%
Kioxia Holdings Corp	VEU +0.30 points	0.03%	0.33%
Bhp Group Ltd	VEU +0.29 points	0.24%	0.53%
Roche Holding AG	VEU +0.29 points	0.43%	0.72%
Commonwealth Bank of Aust	VEU +0.28 points	0.15%	0.43%
Iberdrola SA	VEU +0.27 points	0.11%	0.38%
Banco Bilbao Vizcaya Arge	VEU +0.27 points	0.12%	0.39%
Delta Electronics Inc	VEU +0.27 points	0.07%	0.34%
Tokyo Electron Ltd	VEU +0.27 points	0.14%	0.41%
Novo Nordisk A/S	VEU +0.26 points	0.04%	0.30%
Sumitomo Mitsui Financial	VEU +0.25 points	0.14%	0.39%
Canadian Natural Resource	VEU +0.24 points	<0.01%	0.24%
Enbridge Inc	VEU +0.23 points	0.02%	0.25%
Bank of Montreal	VEU +0.23 points	0.06%	0.29%
Bank of Nova Scotia/The	VEU +0.23 points	0.05%	0.28%
Gsk PLCGSK.L	VEU +0.22 points	0.02%	0.24%
Bp PLCBP.L	VEU +0.21 points	0.07%	0.28%
Rio Tinto PLCRIO.L	VEU +0.22 points	0.02%	0.24%
Safran SA	VEU +0.21 points	0.11%	0.32%
Mizuho Financial Group In	VEU +0.21 points	0.11%	0.32%
Keyence Corp	VEU +0.20 points	0.04%	0.24%
Rolls-Royce Holdings PLCRR.L	VEU +0.20 points	0.20%	0.40%
Nestle SA	VEU +0.20 points	0.38%	0.58%
Cie Financiere Richemont	VEU +0.20 points	0.08%	0.28%
Abb Ltd	VEU +0.19 points	0.17%	0.36%
Airbus SE	VEU +0.19 points	0.12%	0.31%
Intesa Sanpaolo Spa	VEU +0.19 points	0.09%	0.28%
Brookfield Corp	VEU +0.18 points	<0.01%	0.19%
British American TobaccoBATS.L	VEU +0.18 points	0.09%	0.27%
Ing Groep NV	VEU +0.18 points	0.07%	0.25%
Lvmh Moet Hennessy Louis	VEU +0.18 points	0.09%	0.27%
Barclays PLCBARC.L	VEU +0.17 points	0.03%	0.20%
National Grid PLCNG.L	VEU +0.17 points	0.02%	0.19%
Canadian Pacific Kansas C	VEU +0.18 points	0.01%	0.19%
Manulife Financial Corp	VEU +0.17 points	0.01%	0.18%
Bnp Paribas SA	VEU +0.16 points	0.10%	0.26%
Dbs Group Holdings Ltd	VEU +0.16 points	0.14%	0.30%
Murata Manufacturing Co L	VEU +0.15 points	0.06%	0.21%
Canadian National Railway	VEU +0.16 points	<0.01%	0.16%
Hitachi Ltd	VEU +0.16 points	0.22%	0.38%
Mitsui & Co Ltd	VEU +0.15 points	0.04%	0.19%
Engie SA	DFAX +0.15 points	0.20%	0.05%
Siemens Energy AG	VEU +0.15 points	0.15%	0.30%
Totalenergies SE	DFAX +0.15 points	0.58%	0.43%
Sanofi	VEU +0.15 points	0.07%	0.22%
Wheaton Precious Metals C	VEU +0.15 points	<0.01%	0.15%
Recruit Holdings Co Ltd	VEU +0.14 points	0.21%	0.35%
Deutsche Bank AG	VEU +0.14 points	<0.01%	0.15%
Suncor Energy Inc	VEU +0.14 points	0.06%	0.20%
Argenx SE	VEU +0.14 points	<0.01%	0.15%
Canadian Imperial Bank of	VEU +0.14 points	0.11%	0.25%
Oversea-Chinese Banking C	VEU +0.14 points	0.06%	0.20%
Mitsubishi Corp	VEU +0.14 points	0.10%	0.24%
Reliance Industries Ltd	VEU +0.14 points	0.07%	0.21%
Fast Retailing Co Ltd	VEU +0.13 points	0.07%	0.20%
Zurich Insurance Group AG	VEU +0.14 points	0.11%	0.25%
Allianz SE	VEU +0.13 points	0.31%	0.44%
Axa SA	VEU +0.12 points	0.07%	0.19%
Barrick Mining Corp	VEU +0.12 points	0.00%	0.12%
Anz Group Holdings	VEU +0.12 points	0.08%	0.20%
Aia Group Ltd	VEU +0.12 points	0.12%	0.24%
Mitsubishi Electric Corp	VEU +0.12 points	0.04%	0.16%
Glencore PLCGLEN.L	VEU +0.12 points	0.06%	0.18%
Csl Ltd	VEU +0.12 points	0.03%	0.15%
Itochu Corp	VEU +0.12 points	0.10%	0.22%
Diageo PLCDGE.L	VEU +0.12 points	<0.01%	0.12%
Agnico Eagle Mines Ltd	VEU +0.11 points	0.12%	0.23%
Teva Pharmaceutical Indus	VEU +0.11 points	<0.01%	0.11%
Westpac Banking Corp	VEU +0.11 points	0.09%	0.20%
Franco-Nevada Corp	VEU +0.11 points	<0.01%	0.11%
Prosus NV	VEU +0.11 points	<0.01%	0.12%
Bayer AG	DFAX +0.11 points	0.24%	0.13%
Unicredit Spa	VEU +0.11 points	0.22%	0.33%
Hon Hai Precision Industr	VEU +0.11 points	0.13%	0.24%
Pdd Holdings IncPDD	VEU +0.11 points	0.04%	0.15%
Unimicron Technology Corp	DFAX +0.11 points	0.23%	0.12%
Barrick Mining CorpB	DFAX +0.11 points	0.15%	0.04%
Natwest Group PLCNWG.L	VEU +0.11 points	0.07%	0.18%
Ferrari NV	VEU +0.10 points	<0.01%	0.11%
Nan Ya Plastics Corp	DFAX +0.10 points	0.20%	0.10%

All 10,279 DFAX holdings⁠All 3,823 VEU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFAX vs VEU Cost

Overpaying DFAX vs VEU

$4,906

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFAX 0.28%
$5,755
VEU 0.04%
$849

Amount$10,000

Years30 years

Cost over time

DFAX 0.28%
VEU 0.04%
Overpaying

Year by year

Year	DFAX	VEU	Overpaying
10	$509	$73	$436
20	$1,976	$288	$1,688
30	$5,755	$849	$4,906

Expense ratio

0.28%DFAX
0.04%VEU, cheaper

VEU0.04%DFAX0.28%

0.04%0.55%

Middle half of Total International Market funds
Median 0.23%

VEU cheapest of 8 funds

DFAX 5th cheapest of 8 funds

DFAX vs VEU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAX 2.50%, better; VEU 2.43%
Payout (12M): DFAX $0.89; VEU $1.96
Last payment: DFAX $0.22; VEU $0.20
Ex-dividend: DFAX Sep 22, 2026; VEU Sep 18, 2026
Paid on: DFAX Sep 24, 2026; VEU Sep 22, 2026
Frequency: DFAX Quarterly; VEU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFAXQuarterly · 21 paymentsAll DFAX payments⁠

VEUQuarterly · 39 paymentsAll VEU payments⁠

DFAX vs VEU Risk

Fall from peak · 5 years

DFAX
VEU

Risk facts

VolatilityStd dev, 3 years: DFAX 12.3%VEU 11.9%, better
Return per unit of riskSharpe ratio, 3 years: DFAX 1.30, betterVEU 1.27
Worst fallMax drawdown, 5 years: DFAX −27.8%, betterVEU −28.5%
Market sensitivityBeta, 5 years: DFAX 0.97VEU 0.91; Market = 1

DFAX and VEU in the news

All news⁠

New ETFs
Avantis lists an international stock ETF with Vanguard on top
Oct 5, 2026DFAXVEU
Best ETFs
Best international ETFs: one cheap fund, then the Korea choice
Updated Nov 2, 2026VEU
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Healthcare is 31% of Invesco's new QQI fund
Oct 5, 2026VEU

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DFAX vs VEU

In short

Stated mandate

Why people hold it