SPWO vs VEU: Grades, Fees and Holdings Compared

SP Funds S&P World (ex-US) ETF

SPWO—NYSE Arca

Vanguard FTSE All-World ex-US ETF

VEUANYSE Arca

Overlap

15.8%by weight

Expense ratio

VEU −0.51pt a year

SPWO0.55%VEU0.04%

Avg volume · 30D

VEU 38.8×the volume

SPWO66.3KVEU2.57M

SPWO vs VEU Performance

Oct 31, 2025 – Oct 30, 2026

+14.4%SPWO+13.8%VEU

Expense ratio: SPWO 0.55%; VEU 0.04%, better
Fund size: SPWO $245M; VEU $95.7B
1Y total return: SPWO +14.4%, better; VEU +13.8%
Yield (12M): SPWO 1.14%; VEU 2.43%, better
Holdings: SPWO 387; VEU 3820
Avg volume (30D): SPWO 66.3K sh; VEU 2.57M sh, better
NAV per share: SPWO $31.99; VEU $80.49
52W range

ETF.net Grade

—SPWOMandate not yet analyzed

Pillar letters and Scores for SPWO, VEU, with each pillar’s weight
Pillar	SPWO	VEU
Cost30% weight	Not scored	A93
Mission25% weight	Not scored	A100
Risk15% weight	Not scored	B55
Tradability15% weight	Not scored	B55
Holdings10% weight	Not scored	B60
Durability5% weight	Not scored	A82

Rank among Total International Market funds

How we build Categories ›

Total International Market⁠

Category · 8 funds

See all 8 ›

VEU ranks 2nd 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
SPWONot yet graded

Our read on each fund

ETF.net Research

SPWO—SP Funds S&P World (ex-US) ETF

VEUAVanguard FTSE All-World ex-US ETF

In short

SPWO 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

SPWO 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

SPWO 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

SPWO 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 SPWO profile⁠

Full VEU profile⁠

SPWO vs VEU Holdings

How SPWO and VEU differ

Overlap by weight

15.8%

Shared holdings make up 37.8% of SPWO and 15.9% of VEU.

Level by level

Holdings197 in both15.8%
Sector11 Sectors63.6%
Countryby domicile69.9%
Asset classEquity100%

Sector

Sector weights in SPWO and VEU, widest gap first
Sector	More in SPWOMore in VEU	SPWO	VEU
Technology	SPWO +31.7 points	53.6%	21.9%
Financials	VEU +23.2 points	0.9%	24.1%
Health Care	SPWO +3.7 points	10.5%	6.8%
Industrials	VEU +3.1 points	11.3%	14.4%
Communication	VEU +2.8 points	1.6%	4.4%
Utilities	VEU +2.6 points	0.3%	2.9%
Energy	VEU +2.3 points	2.5%	4.8%
Real Estate	VEU +1.3 points	0.5%	1.8%
Consumer Discretionary	SPWO +0.9 points	8.3%	7.4%
Consumer Staples	VEU +0.9 points	3.8%	4.7%
Materials	Same weight	6.8%	6.8%

Country, concentration and asset class

Country by domicile

Country weights in SPWO and VEU, widest gap first
Country	More in SPWOMore in VEU	SPWO	VEU
Taiwan	SPWO +23.1 points	32.6%	9.5%
Japan	VEU +4.8 points	11.3%	16.1%
United Kingdom	VEU +3.9 points	4.2%	8.1%
India	VEU +3.3 points	0.7%	4.0%
Switzerland	SPWO +2.5 points	7.5%	5.0%
Germany	VEU +2.2 points	2.5%	4.7%
Canada	VEU +2.1 points	5.6%	7.7%
South Africa	VEU +1.9 points	1.1%	3.0%
Other countries (31)	VEU +7.3 points	34.6%	41.9%

Outside the US: SPWO 47% developed, 53% emerging. VEU 65% developed, 35% emerging.

Concentration

Weight in the 10 largest Holdings

SPWO40.6%
VEU15.2%

Securities held

SPWO380
VEU3,778

Asset class

SPWO: Equity
VEU: Equity

Holdings

Only in SPWO183
In both197
Only in VEU3,581

Only in SPWO

183 securities, 62.0% of SPWO by weight

Taiwan Semiconductor Manufacturing Co Ltd20.28%
Alibaba Group Holding Ltd2.82%
Roche Holding AG1.65%
Novartis AG1.41%
AstraZeneca PLC1.38%
Nestle SA1.27%
Sap SE1.15%
BHP Group Ltd0.98%
ASE Technology Holding Co Ltd0.82%
Recruit Holdings Co Ltd0.82%
Advantest Corp0.76%
Tokyo Electron Ltd0.71%
Hitachi Ltd0.69%
Schneider Electric SE0.69%
Xiaomi Corp0.68%
Unilever PLC0.67%
Air Liquide SA0.62%
Novo Nordisk A/S0.61%
Meituan0.60%
Cie Financiere Richemont SA0.52%
Siemens Energy AG0.51%
Fast Retailing Co Ltd0.49%
Saudi Arabian Oil Co0.48%
Gsk PLC0.48%
Sanofi SA0.46%
Rio Tinto PLC0.42%
Kioxia Holdings Corp0.41%
BYD Co Ltd0.38%
Infineon Technologies AG0.36%
Gold Fields Ltd0.35%
Murata Manufacturing Co Ltd0.34%
Industria de Diseno Textil SA0.34%
Shin-Etsu Chemical Co Ltd0.33%
Relx PLC0.33%
CSL Ltd0.33%
Delta Electronics Thailand PCL0.33%
EssilorLuxottica SA0.31%
BeOne Medicines Ltd0.31%
Wesfarmers Ltd0.30%
Hoya Corp0.28%
Mitsubishi Electric Corp0.28%
Argenx SE0.26%
Lonza Group AG0.26%
Saudi Telecom Co0.25%
Saudi Arabian Mining Co0.24%
Atlas Copco AB0.24%
Hermes International SCA0.24%
Wuxi Biologics Cayman Inc0.24%
Sandoz Group AG0.22%
Nokia Oyj0.22%

Only in VEU

3,581 securities, 83.4% of VEU by weight

Taiwan Semiconductor Manufacturing Co Ltd4.70%
SLBBH11420.91%
Tencent Holdings Ltd0.84%
HSBC Holdings PLC0.84%
Roche Holding AG0.72%
Shell PLC0.68%
Royal Bank of Canada0.68%
Novartis AG0.66%
Alibaba Group Holding Ltd0.63%
Mitsubishi UFJ Financial Group Inc0.62%
AstraZeneca PLC0.60%
Nestle SA0.58%
Siemens AG0.56%
BHP Group Ltd0.53%
Sap SE0.50%
Banco Santander SA0.49%
Toronto-Dominion Bank/The0.48%
Toyota Motor Corp0.48%
Allianz SE0.44%
Schneider Electric SE0.44%
Commonwealth Bank of Australia0.43%
TotalEnergies SE0.43%
Tokyo Electron Ltd0.41%
Rolls-Royce Holdings PLC0.40%
Advantest Corp0.40%
Sumitomo Mitsui Financial Group Inc0.39%
Banco Bilbao Vizcaya Argentaria SA0.39%
Iberdrola SA0.38%
Hitachi Ltd0.38%
SoftBank Group Corp0.37%
UBS Group AG0.37%
Recruit Holdings Co Ltd0.35%
Sony Group Corp0.35%
Kioxia Holdings Corp0.33%
UniCredit SpA0.33%
Mizuho Financial Group Inc0.32%
Safran SA0.32%
Unilever PLC0.31%
Airbus SE0.31%
DBS Group Holdings Ltd0.30%
Siemens Energy AG0.30%
Novo Nordisk A/S0.30%
Bank of Montreal0.29%
Bp PLC0.28%
Samsung Electronics-Pref0.28%
Intesa Sanpaolo SpA0.28%
Cie Financiere Richemont SA0.28%
Bank of Nova Scotia/The0.28%
British American Tobacco PLC0.27%
China Construction Bank Corp0.27%

Weight gaps

The 100 widest of 197 Holdings in both funds.

Holding weights in SPWO and VEU, widest gap first
Holding	More in SPWOMore in VEU	SPWO	VEU
MediaTek Inc	SPWO +1.64 points	2.20%	0.56%
Samsung Electronics Co Ltd	SPWO +1.45 points	3.69%	2.24%
ASML Holding NV	SPWO +1.20 points	2.91%	1.71%
SK hynix Inc	SPWO +1.15 points	2.98%	1.83%
Delta Electronics Inc	SPWO +0.56 points	0.90%	0.34%
Infosys LtdINFY	SPWO +0.47 points	0.50%	0.03%
Shopify Inc	SPWO +0.46 points	0.91%	0.45%
Al Rajhi Bank	SPWO +0.44 points	0.56%	0.12%
Elite Material Co Ltd	SPWO +0.42 points	0.53%	0.11%
United Microelectronics CorpUMC	SPWO +0.42 points	0.47%	0.05%
L'Oreal SALRLCY	SPWO +0.37 points	0.53%	0.15%
Unimicron Technology Corp	SPWO +0.37 points	0.49%	0.12%
Grupo Mexico SAB de CV	SPWO +0.35 points	0.44%	0.09%
Canadian Nat Res Ltd	SPWO +0.31 points	0.55%	0.24%
Asia Vital Components Co Ltd	SPWO +0.30 points	0.38%	0.08%
ABB Ltd	SPWO +0.27 points	0.63%	0.36%
Suncor Energy Inc	SPWO +0.24 points	0.44%	0.20%
Keyence Corp	SPWO +0.23 points	0.47%	0.24%
Accton Technology Corp	SPWO +0.23 points	0.30%	0.07%
Trip.com Group Ltd	SPWO +0.22 points	0.28%	0.06%
Chunghwa Telecom Co LtdCHT	SPWO +0.20 points	0.22%	0.02%
Chroma ATE Inc	SPWO +0.19 points	0.25%	0.06%
King Slide Works Co Ltd	SPWO +0.19 points	0.24%	0.05%
Canadian Pacific Kansas City Ltd	SPWO +0.19 points	0.38%	0.19%
Global Unichip Corp	SPWO +0.18 points	0.23%	0.05%
Wiwynn Corp	SPWO +0.18 points	0.23%	0.05%
Asustek Computer Inc	SPWO +0.18 points	0.23%	0.05%
Agnico Eagle Mines Ltd	SPWO +0.17 points	0.40%	0.23%
Canadian National Railway Co	SPWO +0.16 points	0.32%	0.16%
Emaar Properties PJSC	SPWO +0.16 points	0.23%	0.07%
Allegro.eu SA	SPWO +0.16 points	0.19%	0.03%
Mitsubishi Heavy Industries Ltd	SPWO +0.15 points	0.35%	0.20%
Jentech Precision Industrial Co Ltd	SPWO +0.15 points	0.20%	0.05%
Valterra Platinum Ltd	SPWO +0.15 points	0.20%	0.05%
Lite-On Technology Corp	SPWO +0.15 points	0.19%	0.04%
Waste Connections Inc	SPWO +0.14 points	0.24%	0.10%
Constellation Software Inc/Canada	SPWO +0.14 points	0.24%	0.10%
Genmab A/S	SPWO +0.14 points	0.19%	0.05%
Galderma Group AG	SPWO +0.13 points	0.22%	0.09%
PharmaEssentia Corp	SPWO +0.12 points	0.15%	0.03%
Innovent Biologics Inc	SPWO +0.12 points	0.17%	0.05%
Weg SA	SPWO +0.11 points	0.15%	0.04%
Realtek Semiconductor Corp	SPWO +0.12 points	0.15%	0.03%
Ferrari NV	SPWO +0.12 points	0.23%	0.11%
Goodman Group	SPWO +0.11 points	0.20%	0.09%
Alcon AG	SPWO +0.11 points	0.19%	0.08%
SK Square Co Ltd	SPWO +0.11 points	0.29%	0.18%
Dollarama Inc	SPWO +0.11 points	0.19%	0.08%
DSM-Firmenich AG	SPWO +0.10 points	0.15%	0.05%
Pop Mart International Group Ltd	SPWO +0.11 points	0.14%	0.03%
Cenovus Energy Inc	SPWO +0.11 points	0.21%	0.10%
Wheaton Precious Metals Corp	SPWO +0.10 points	0.25%	0.15%
Novatek Microelectronics Corp	SPWO +0.11 points	0.13%	0.02%
Gold Circuit Electronics Ltd	SPWO +0.10 points	0.13%	0.03%
Samsung Electro-Mechanics Co Ltd	SPWO +0.10 points	0.25%	0.15%
Dr Reddy's Laboratories LtdRDY	SPWO +0.10 points	0.10%	<0.01%
Advantech Co Ltd	SPWO +0.09 points	0.12%	0.03%
Rio Tinto Ltd	SPWO +0.10 points	0.20%	0.10%
Nongfu Spring Co Ltd	SPWO +0.09 points	0.11%	0.02%
WuXi AppTec Co Ltd	SPWO +0.09 points	0.12%	0.03%
Bid Corp Ltd	SPWO +0.09 points	0.11%	0.02%
Kinsus Interconnect Technology Corp	SPWO +0.09 points	0.11%	0.02%
King Yuan Electronics Co Ltd	SPWO +0.08 points	0.11%	0.03%
Nan Ya Printed Circuit Board Corp	SPWO +0.08 points	0.10%	0.03%
Cameco Corp	SPWO +0.08 points	0.17%	0.09%
ZTO Express Cayman Inc	SPWO +0.08 points	0.10%	0.02%
Fujikura Ltd	SPWO +0.08 points	0.21%	0.13%
Alchip Technologies Ltd	SPWO +0.08 points	0.10%	0.02%
Foxconn Industrial Internet Co Ltd	SPWO +0.07 points	0.09%	0.02%
Aselsan Elektronik Sanayi Ve Ticaret AS	SPWO +0.08 points	0.10%	0.02%
STMicroelectronics NV	SPWO +0.08 points	0.16%	0.08%
TDK Corp	SPWO +0.07 points	0.16%	0.09%
SITC International Holdings Co Ltd	SPWO +0.07 points	0.09%	0.02%
Wipro LtdWIT	SPWO +0.08 points	0.08%	<0.01%
Airports of Thailand PCL	SPWO +0.07 points	0.09%	0.02%
Taiwan Mobile Co Ltd	SPWO +0.07 points	0.08%	0.01%
ASM International NV	SPWO +0.07 points	0.18%	0.11%
Celltrion Inc	SPWO +0.07 points	0.12%	0.05%
Abu Dhabi Islamic Bank PJSC	SPWO +0.07 points	0.09%	0.02%
CSPC Pharmaceutical Group Ltd	SPWO +0.07 points	0.09%	0.02%
Bizlink Holding Inc	SPWO +0.06 points	0.10%	0.04%
Tripod Technology Corp	SPWO +0.06 points	0.08%	0.02%
Imperial Oil Ltd	SPWO +0.07 points	0.11%	0.04%
Smith & Nephew PLCSNN	SPWO +0.07 points	0.07%	<0.01%
Aena SME SA	SPWO +0.06 points	0.11%	0.05%
Sumitomo Electric Industries Ltd	SPWO +0.06 points	0.17%	0.11%
Dubai Electricity & Water Authority PJSC	SPWO +0.06 points	0.08%	0.02%
Compeq Manufacturing Co Ltd	SPWO +0.06 points	0.08%	0.02%
Kyocera Corp	SPWO +0.06 points	0.13%	0.07%
Far EasTone Telecommunications Co Ltd	SPWO +0.06 points	0.07%	0.01%
Ryohin Keikaku Co Ltd	SPWO +0.06 points	0.09%	0.03%
Ibiden Co Ltd	SPWO +0.05 points	0.14%	0.09%
Kinross Gold Corp	SPWO +0.06 points	0.13%	0.07%
Next PLCNXT.L	SPWO +0.06 points	0.11%	0.05%
Zhongji Innolight Co Ltd	SPWO +0.06 points	0.08%	0.02%
Adnoc Gas PLC	SPWO +0.05 points	0.07%	0.02%
China Shenhua Energy Co Ltd	SPWO +0.05 points	0.06%	<0.01%
Tourmaline Oil Corp	SPWO +0.05 points	0.09%	0.04%
BIM Birlesik Magazalar AS	SPWO +0.05 points	0.07%	0.02%
WSP Global Inc	SPWO +0.05 points	0.09%	0.04%

All 374 SPWO 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.

SPWO vs VEU Cost

Overpaying SPWO vs VEU

$10,055

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

SPWO 0.55%
$10,904
VEU 0.04%
$849

Amount$10,000

Years30 years

Cost over time

SPWO 0.55%
VEU 0.04%
Overpaying

Year by year

Year	SPWO	VEU	Overpaying
10	$988	$73	$915
20	$3,790	$288	$3,502
30	$10,904	$849	$10,055

Expense ratio

0.55%SPWO
0.04%VEU, cheaper

VEU0.04%SPWO0.55%

0.04%0.55%

Middle half of Total International Market funds
Median 0.23%

VEU cheapest of 8 funds

SPWO 8th cheapest of 8 funds

SPWO vs VEU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPWO 1.14%; VEU 2.43%, better
Payout (12M): SPWO $0.35; VEU $1.96
Last payment: SPWO $0.03; VEU $0.20
Ex-dividend: SPWO Oct 27, 2026; VEU Sep 18, 2026
Paid on: SPWO Oct 28, 2026; VEU Sep 22, 2026
Frequency: SPWO Monthly; VEU Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

SPWOMonthly · 34 paymentsAll SPWO payments⁠

VEUQuarterly · 15 paymentsAll VEU payments⁠

SPWO vs VEU Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPWO 16.3%since Jan 2024VEU 11.9%
Return per unit of riskSharpe ratio, 3 years: SPWO 0.80since Jan 2024VEU 1.27
Worst fallMax drawdown, 5 years: SPWO −18.0%since Dec 2023VEU −28.5%
Market sensitivityBeta, 5 years: SPWO 0.93VEU 0.91; Market = 1

SPWO and VEU in the news

All news⁠

Best ETFs
Best international ETFs: one cheap fund, then the Korea choice
Updated Nov 2, 2026VEU
ETF Filings
SP Funds Trust files for two Shariah ETFs, U.S. Small Cap and Equity Income
Oct 12, 2026SPWO
New ETFs
Healthcare is 31% of Invesco's new QQI fund
Oct 5, 2026VEU
New ETFs
Avantis lists an international stock ETF with Vanguard on top
Oct 5, 2026VEU

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SPWO vs VEU

In short

Stated mandate

Why people hold it