FDTS vs VSS: Grades, Fees and Holdings Compared

First Trust Developed Markets ex-US Small Cap AlphaDEX Fund

FDTSFNasdaq

Vanguard FTSE All-World ex-US Small-Cap ETF

VSSANYSE Arca

Overlap

8.4%by weight

Expense ratio

VSS −0.74pt a year

FDTS0.80%VSS0.06%

Avg volume · 30D

VSS 195.3×the volume

FDTS1.24KVSS243K

10Y return · a year

FDTS +2.5pt

FDTS+10.1%VSS+7.6%

FDTS vs VSS Performance

Nov 9, 2021 – Nov 9, 2026

+65.2%FDTS+24.3%VSS

Expense ratio: FDTS 0.80%; VSS 0.06%, better
Fund size: FDTS $13M; VSS $11.6B
1Y total return: FDTS +24.4%, better; VSS +10.0%
Yield (12M): FDTS 2.73%; VSS 3.01%, better
Holdings: FDTS 408; VSS 5134
Avg volume (30D): FDTS 1.24K sh; VSS 243K sh, better
NAV per share: FDTS $64.65; VSS $145.12
52W range

ETF.net Grade

Pillar letters and Scores for FDTS, VSS, with each pillar’s weight
Pillar	FDTS	VSS
Cost30% weight	F7	A97Higher
Mission25% weight	Not scored	A100
Risk15% weight	D39Higher	D27
Tradability15% weight	F10	B59Higher
Holdings10% weight	C43	A77Higher
Durability5% weight	D27	A87Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. FDTS and VSS are both graded against the same 16 International Small-Cap funds, so their Grades compare head to head.

International Small-Cap⁠

Category · 16 funds

See all 16 ›

VSS ranks 2nd and FDTS 16th of 16 funds in the International Small-Cap Category.

Rank 1ASCHCSchwab International Small-Cap Equity ETFScore 81
Rank 2AFNDCSchwab Fundamental International Small Company Index ETFScore 78
Rank 2AVSSVanguard FTSE All-World ex-US Small-Cap ETFScore 78
Rank 4ASCZiShares MSCI EAFE Small-Cap ETFScore 76
Rank 15FASCIabrdn International Small Cap Active ETFScore 24
Rank 16FFDTSFirst Trust Developed Markets ex-US Small Cap AlphaDEX FundScore 19

Our read on each fund

ETF.net Research

FDTSFFirst Trust Developed Markets ex-US Small Cap AlphaDEX Fund

VSSAVanguard FTSE All-World ex-US Small-Cap ETF

In short

FDTS Small caps outside the US, picked by rulebook instead of size: FDTS ranks developed-market small companies on growth and value marks, then holds roughly 400 of them. It has run this way since 2012.

VSS One ticker for the small companies the rest of the world runs on: roughly 4,800 stocks across developed and emerging markets outside the US, at 0.06% a year. Vanguard has run it since 2009.

Stated mandate

FDTS The fund seeks to track, before fees and expenses, the price and yield performance of the Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM Index.

VSS Seeks to track the FTSE Global Small Cap ex US Index, providing broad exposure to developed and emerging non-U.S. small-cap equity markets worldwide through passive index sampling.

Why people hold it

FDTS Runs a real screen. Stocks are ranked on growth and value marks under First Trust's AlphaDEX rules, not simply held because they are the biggest names on the board.ftportfolios.com
Roughly 400 holdings across developed-market small caps outside the US, so no single stock carries the portfolio.
Live since 2012, which means this methodology has a real-money record through several market cycles rather than a backtest. Cash goes out quarterly.

VSS 0.06% a year, against a roughly 0.40% median for international small-cap funds. Only Schwab's SCHC matches the price.
Developed and emerging markets in the same basket, roughly 4,800 names deep, so no single country or company carries much of the load.
Tracks its FTSE Global Small Cap ex US benchmark closely and trades tightly for a fund built on thousands of overseas small caps.
Running since 2009, now a multi-billion-dollar fund that pays out quarterly. Long track record, deep plumbing.vanguard.com

Worth knowing

FDTS The sticker is 0.80% a year against a 0.38% median in its international multifactor group. INTF charges 0.16%, FDEV 0.18%.
A small fund that trades thinly, so bid-ask spreads and fill quality matter more here than with the giants of its peer group.
Fee and thin trading land it in the bottom quartile of its peer group on our overall read, even though the basket itself is built well.

VSS Small caps abroad move harder than blue chips, and everything is priced back into dollars, so currency swings ride along.vanguard.com
Vanguard samples the index rather than buying every line item, so the portfolio approximates the benchmark instead of replicating it.vanguard.com
Coverage stops at the US border by design. American small caps sit entirely outside the mandate.

Full FDTS profile⁠

Full VSS profile⁠

FDTS vs VSS Holdings

How FDTS and VSS differ

Overlap by weight

8.4%

Shared holdings make up 70.4% of FDTS and 8.4% of VSS.

Level by level

Holdings287 in both8.4%
Countryby domicile62.2%
Sector11 Sectors81.4%
Asset classStocks100%

Sector

Sector weights in FDTS and VSS, widest gap first
Sector	Gap	FDTS	VSS
Consumer Discretionary	FDTS +9.3 points	19.6%	10.3%
Technology	VSS +7.9 points	6.7%	14.6%
Real Estate	VSS +4.3 points	3.5%	7.8%
Health Care	VSS +3.5 points	3.6%	7.1%
Consumer Staples	FDTS +3.4 points	7.9%	4.5%
Financials	FDTS +3.0 points	14.6%	11.6%
Energy	FDTS +1.7 points	6.1%	4.4%
Industrials	VSS +1.3 points	19.9%	21.2%
Utilities	VSS +1.3 points	1.2%	2.5%
Communication	FDTS +1.2 points	4.2%	3.0%
Materials	VSS +0.2 points	12.8%	13.0%

Country, concentration and asset class

Country by domicile

Country weights in FDTS and VSS, widest gap first
Country	Gap	FDTS	VSS
Japan	FDTS +21.2 points	37.3%	16.1%
South Korea	FDTS +9.8 points	15.2%	5.4%
Taiwan	VSS +7.9 points	0.3%	8.2%
India	VSS +6.8 points	0.0%	6.8%
Canada	VSS +3.2 points	6.4%	9.6%
China	FDTS +3.0 points	8.8%	5.8%
South Africa	VSS +2.2 points	0.0%	2.2%
Switzerland	VSS +2.1 points	1.0%	3.1%
Other countries (31)	VSS +11.7 points	30.9%	42.6%

Outside the US: FDTS 73% developed, 27% emerging. VSS 64% developed, 36% emerging.

Concentration

Weight in the 10 largest Holdings

FDTS5.3%
VSS9.4%

Securities held

FDTS399
VSS5,094

Asset class

FDTS: Stocks
VSS: Stocks

Holdings

Only in FDTS112
In both287
Only in VSS4,807

Only in FDTS

112 securities, 29.0% of FDTS by weight

NewPrinces SpA0.59%
Sapporo Breweries Limited0.54%
Saga Plc0.51%
361 Degrees International Limited0.49%
Topsports International Holdings Limited0.49%
Conduit Holdings Ltd.0.46%
Kyung Dong Navien Co., Ltd.0.46%
Halfords Group Plc0.44%
Yellow Cake Plc0.44%
Mattr Corp.0.43%
Mitsui Matsushima Holdings Co., Ltd.0.43%
Amerigo Resources Ltd.0.42%
Orezone Gold Corporation0.41%
Olam Group Ltd0.41%
Cosmecca Korea Co., Ltd.0.41%
Man Wah Holdings Ltd.0.40%
Funding Circle Holdings Plc0.39%
Xtep International Holdings Limited0.39%
Toyo Tire Corporation0.38%
Netmarble Corporation0.37%
Kumho Petrochemical Co., Ltd.0.37%
TK Corporation0.36%
DN Automotive Corporation0.36%
KCC Corporation0.35%
CapitaLand India Trust0.35%
F&F Co., Ltd.0.34%
AGF Management Limited (Class B)0.34%
Ayalon Insurance Company Ltd.0.34%
Li Ning Company Limited0.34%
Hanwha Life Insurance Co., Ltd.0.33%
TORM Plc0.33%
Iwatani Corporation0.32%
Teekay Tankers Ltd. (Class A)0.32%
MTY Food Group Inc.0.32%
Cascades Inc.0.32%
NagaCorp Ltd.0.31%
Tongcheng Travel Holdings Limited0.31%
Torex Resources Inc.0.31%
Orion Corporation0.30%
Cosmo Energy Holdings Co., Ltd.0.30%
Yue Yuen Industrial (Holdings) Limited0.30%
Want Want China Holdings Ltd0.29%
Dowa Holdings Co., Ltd.0.29%
Haitian International Holdings Limited0.28%
Mazda Motor Corporation0.28%
Enquest Plc0.28%
Sumitomo Rubber Industries, Ltd.0.28%
Kier Group Plc0.28%
Kangwon Land, Inc.0.28%
Johnson Electric Holdings Limited0.28%

Only in VSS

4,807 securities, 91.7% of VSS by weight

SLBBH11425.83%
MSCI EAFE Dec260.48%
DPM Metals Inc0.23%
Eldorado Gold Corp0.23%
Gaztransport Et Technigaz SA0.22%
Storebrand ASA0.20%
thyssenkrupp AG0.20%
G Mining Ventures Corp0.19%
Nkt A/S0.18%
Usd/Jpy Fwd 202612160.18%
AL Sydbank A/S0.18%
Frontline PLC0.17%
LandMark Optoelectronics Corp0.17%
South Bow Corp0.17%
Aedifica SA0.17%
SSR Mining Inc0.17%
Lottomatica Group Spa0.17%
Capital Power Corp0.17%
Konecranes Oyj0.16%
Jyske Bank A/S0.16%
B2Gold Corp0.16%
Ringkjoebing Landbobank A/S0.16%
Lion Finance Group PLC0.16%
Capstone Copper Corp0.16%
OceanaGold Corp0.15%
voestalpine AG0.15%
Nexans SA0.15%
Aberdeen Group PLC0.15%
Perseus Mining Ltd0.14%
Balfour Beatty PLC0.14%
OR Royalties Inc0.14%
IG Group Holdings PLC0.14%
Iss A/S0.14%
LondonMetric Property PLC0.14%
NexGen Energy Ltd0.14%
Umicore SA0.14%
PrairieSky Royalty Ltd0.13%
Wpp PLC0.13%
Persimmon PLC0.13%
Jusung Engineering Co Ltd0.13%
BlackBerry Ltd0.13%
Rotork PLC0.13%
Georg Fischer AG0.13%
MSCI EmgMkt Dec260.13%
Tritax Big Box REIT PLC0.13%
SBM Offshore NV0.13%
Codan Ltd0.13%
Mycronic AB0.13%
Avanza Bank Holding AB0.13%
Man Group PLC/Jersey0.12%

Weight gaps

The 100 widest of 287 Holdings in both funds.

Holding weights in FDTS and VSS, widest gap first
Holding	Gap	FDTS	VSS
Health and Happiness (H&H) International Holdings Limited	FDTS +0.58 points	0.59%	0.01%
Youngone Holdings Co., Ltd.	FDTS +0.50 points	0.52%	0.02%
Happinet Corporation	FDTS +0.50 points	0.52%	0.02%
NTG Nordic Transport Group A/S	FDTS +0.48 points	0.50%	0.02%
NHN Corporation	FDTS +0.48 points	0.49%	0.01%
Kameda Seika Co., Ltd.	FDTS +0.47 points	0.48%	<0.01%
Lakefront Biotherapeutics N.V.	FDTS +0.46 points	0.50%	0.04%
Charter Hall Retail REIT	FDTS +0.46 points	0.50%	0.04%
Chow Sang Sang Holdings International Limited	FDTS +0.47 points	0.48%	0.01%
Youngone Corporation	FDTS +0.45 points	0.48%	0.03%
SBS Holdings, Inc.	FDTS +0.44 points	0.45%	0.01%
Megmilk Snow Brand Co., Ltd.	FDTS +0.44 points	0.47%	0.03%
Hankook & Company Co., Ltd.	FDTS +0.44 points	0.45%	0.01%
Japan Pulp and Paper Co., Ltd.	FDTS +0.43 points	0.45%	0.02%
IP Group PlcIPO.L	FDTS +0.43 points	0.45%	0.02%
Stadler Rail AG	FDTS +0.43 points	0.48%	0.05%
Luk Fook Holdings (International) Limited	FDTS +0.43 points	0.45%	0.02%
SK Discovery Co., Ltd.	FDTS +0.42 points	0.43%	<0.01%
SL Corp.	FDTS +0.43 points	0.44%	0.01%
Regal Partners Limited	FDTS +0.41 points	0.42%	<0.01%
Sebang Global Battery Co., Ltd.	FDTS +0.41 points	0.42%	<0.01%
Hi-Lex Corporation	FDTS +0.41 points	0.42%	<0.01%
Lotte Rental Co., Ltd.	FDTS +0.41 points	0.42%	0.01%
Georgia Capital PlcCGEO.L	FDTS +0.41 points	0.45%	0.04%
LEG Immobilien SE	FDTS +0.40 points	0.50%	0.10%
Bure Equity AB	FDTS +0.40 points	0.44%	0.04%
Shinagawa Refra Co., Ltd.	FDTS +0.40 points	0.41%	<0.01%
Etablissements Maurel et Prom	FDTS +0.40 points	0.41%	0.01%
Q Technology (Group) Company Limited	FDTS +0.39 points	0.40%	<0.01%
Press Kogyo Co., Ltd.	FDTS +0.40 points	0.41%	0.01%
Dfds A/S	FDTS +0.39 points	0.41%	0.02%
Shibuya Corporation	FDTS +0.38 points	0.40%	0.02%
United Energy Group, Ltd.	FDTS +0.37 points	0.39%	0.02%
Global New Material International Holdings Limited	FDTS +0.37 points	0.39%	0.02%
Daiki Aluminium Industry Co., Ltd.	FDTS +0.36 points	0.37%	<0.01%
Riken Technos Corporation	FDTS +0.37 points	0.38%	0.01%
Shizuoka Gas Co., Ltd.	FDTS +0.36 points	0.37%	<0.01%
Television Francaise 1	FDTS +0.36 points	0.38%	0.02%
Generation Capital Ltd.	FDTS +0.36 points	0.40%	0.04%
HomeCo Daily Needs REIT	FDTS +0.36 points	0.39%	0.03%
DeNA Co., Ltd.	FDTS +0.35 points	0.37%	0.02%
Matsuda Sangyo Co., Ltd.	FDTS +0.35 points	0.37%	0.02%
2nd Retailing Co., Ltd.	FDTS +0.35 points	0.36%	<0.01%
Beach Energy Limited	FDTS +0.35 points	0.37%	0.02%
Rural Funds Group	FDTS +0.35 points	0.36%	0.01%
Sinofert Holdings Limited	FDTS +0.35 points	0.36%	0.01%
Arena REIT	FDTS +0.34 points	0.36%	0.02%
LOTTE Fine Chemical Co., Ltd.	FDTS +0.35 points	0.36%	0.01%
Innocean Worldwide Inc.	FDTS +0.34 points	0.35%	<0.01%
Kumho Tire Co., Inc.	FDTS +0.34 points	0.36%	0.02%
Karoon Energy Ltd	FDTS +0.34 points	0.36%	0.02%
Binggrae Co., Ltd.	FDTS +0.34 points	0.35%	<0.01%
RAIZNEXT Corporation	FDTS +0.34 points	0.35%	0.01%
Kaga Electronics Co., Ltd.	FDTS +0.34 points	0.37%	0.03%
Kamei Corporation	FDTS +0.34 points	0.35%	0.01%
Formula Systems (1985) Ltd.	FDTS +0.33 points	0.36%	0.03%
DoubleUGames Co., Ltd.	FDTS +0.34 points	0.35%	0.01%
Oil Refineries Ltd.	FDTS +0.33 points	0.37%	0.04%
BWP Property Group Ltd	FDTS +0.33 points	0.37%	0.04%
Keller Group PlcKLR.L	FDTS +0.33 points	0.40%	0.07%
Topre Corporation	FDTS +0.33 points	0.35%	0.02%
Tachi-S Co., Ltd.	FDTS +0.33 points	0.34%	0.01%
Joshin Corporation	FDTS +0.33 points	0.34%	0.01%
Npr-Riken Corporation	FDTS +0.32 points	0.34%	0.02%
G-Tekt Corporation	FDTS +0.33 points	0.34%	0.01%
J D Wetherspoon PlcJDW.L	FDTS +0.32 points	0.34%	0.02%
Shaftesbury Capital PlcSHC.L	FDTS +0.32 points	0.39%	0.07%
Okeanis Eco Tankers Corp.	FDTS +0.33 points	0.37%	0.04%
Restar Corporation	FDTS +0.32 points	0.34%	0.02%
Construcciones y Auxiliar de Ferrocarriles SA	FDTS +0.31 points	0.35%	0.04%
The Fukui Bank, Ltd.	FDTS +0.31 points	0.34%	0.03%
K+s AG	FDTS +0.31 points	0.39%	0.08%
Artience Co., Ltd.	FDTS +0.32 points	0.34%	0.02%
Nippon Shinyaku Co., Ltd.	FDTS +0.31 points	0.34%	0.03%
Dicker Data Limited	FDTS +0.31 points	0.34%	0.03%
Hosiden Corporation	FDTS +0.30 points	0.32%	0.02%
Russel Metals Inc.	FDTS +0.30 points	0.39%	0.09%
Kolmar Korea Co., Ltd.	FDTS +0.30 points	0.34%	0.04%
Tomen Devices Corporation	FDTS +0.30 points	0.31%	0.01%
Parex Resources Inc.	FDTS +0.30 points	0.34%	0.04%
Aecon Group Inc.	FDTS +0.30 points	0.36%	0.06%
MegaChips Corporation	FDTS +0.29 points	0.31%	0.02%
Futaba Industrial Co., Ltd.	FDTS +0.30 points	0.31%	<0.01%
The Toho Bank, Ltd.	FDTS +0.30 points	0.34%	0.04%
Hanwha General Insurance Co., Ltd.	FDTS +0.29 points	0.30%	<0.01%
The Oita Bank, Ltd.	FDTS +0.29 points	0.33%	0.04%
Hanwa Co., Ltd.	FDTS +0.29 points	0.34%	0.05%
Aryt Industries, Ltd.	FDTS +0.29 points	0.30%	<0.01%
The Shikoku Bank, Ltd.	FDTS +0.29 points	0.32%	0.03%
Tasmea Limited	FDTS +0.28 points	0.30%	0.02%
Alpen Co., Ltd.	FDTS +0.28 points	0.29%	<0.01%
The Bank of Saga, Ltd.	FDTS +0.28 points	0.30%	0.02%
Draegerwerk AG & Company KGaA (Preference)	FDTS +0.28 points	0.31%	0.03%
Seria Co., Ltd.	FDTS +0.27 points	0.31%	0.04%
Nittetsu Mining Co., Ltd.	FDTS +0.27 points	0.30%	0.03%
Procrea Holdings, Inc.	FDTS +0.27 points	0.29%	0.02%
The Yamagata Bank, Ltd.	FDTS +0.27 points	0.30%	0.03%
Linamar Corp.	FDTS +0.27 points	0.33%	0.06%
MIXI Inc.	FDTS +0.27 points	0.29%	0.02%
Genertec Universal Medical Group Company Limited	FDTS +0.27 points	0.29%	0.02%

All 403 FDTS holdings⁠All 5,071 VSS 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.

FDTS vs VSS Cost

Overpaying FDTS vs VSS

$14,076

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

FDTS 0.80%
$15,346
VSS 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

FDTS 0.80%
VSS 0.06%
Overpaying

Year by year

Year	FDTS	VSS	Overpaying
10	$1,422	$110	$1,312
20	$5,393	$432	$4,961
30	$15,346	$1,270	$14,076

Expense ratio

0.80%FDTS
0.06%VSS, cheaper

VSS0.06%FDTS0.80%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

VSS cheapest of 16 funds

FDTS 15th cheapest of 16 funds

FDTS vs VSS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FDTS 2.73%; VSS 3.01%, better
Payout (12M): FDTS $1.82; VSS $4.51
Last payment: FDTS $0.28; VSS $0.30
Ex-dividend: FDTS Sep 24, 2026; VSS Sep 18, 2026
Paid on: FDTS Sep 30, 2026; VSS Sep 22, 2026
Frequency: FDTS Quarterly; VSS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FDTSQuarterly · 39 paymentsAll FDTS payments⁠

VSSQuarterly · 31 paymentsAll VSS payments⁠

FDTS vs VSS Risk

Fall from peak · 5 years

FDTS
VSS

Risk facts

VolatilityStd dev, 3 years: FDTS 16.7%VSS 14.1%, better
Return per unit of riskSharpe ratio, 3 years: FDTS 1.20, betterVSS 0.88
Worst fallMax drawdown, 5 years: FDTS −30.6%, betterVSS −33.2%
Market sensitivityBeta, 5 years: FDTS 1.02VSS 0.89; Market = 1

FDTS and VSS in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026VSS

Popular comparisons

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FDTS vs VSS

In short

Stated mandate

Why people hold it

Worth knowing

How FDTS and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FDTS

Only in VSS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

How FDTS and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FDTS

Only in VSS

Weight gaps