VSS vs WSML: Grades, Fees and Holdings Compared

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

VSSANYSE Arca

iShares MSCI World Small-Cap ETF

WSMLANasdaq

Overlap

19.6%by weight

Expense ratio

VSS −0.24pt a year

VSS0.06%WSML0.30%

Avg volume · 30D

VSS 14.7×the volume

VSS243KWSML16.5K

VSS vs WSML Performance

Oct 31, 2025 – Nov 2, 2026

+7.6%VSS+16.4%WSML

Expense ratio: VSS 0.06%, better; WSML 0.30%
Fund size: VSS $13.9B; WSML $660M
1Y total return: VSS +7.6%; WSML +16.4%, better
Yield (12M): VSS 3.03%, better; WSML 2.84%
Holdings: VSS 5134; WSML 3686
Avg volume (30D): VSS 243K sh, better; WSML 16.5K sh
NAV per share: VSS $147.79; WSML $34.02
52W range

ETF.net Grade

Pillar letters and Scores for VSS, WSML, with each pillar’s weight
Pillar	VSS	WSML
Cost30% weight	A97Higher	A87
Mission25% weight	A100Higher	A88
Risk15% weight	D28	B69Higher
Tradability15% weight	B59Higher	D30
Holdings10% weight	A77Higher	A74
Durability5% weight	A91Higher	C49

Rank among International Small-Cap funds

How we build Categories ›

Same Category. VSS and WSML 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 1st and WSML 6th of 16 funds in the International Small-Cap Category.

Rank 1ASCZiShares MSCI EAFE Small-Cap ETFScore 79
Rank 1AVSSVanguard FTSE All-World ex-US Small-Cap ETFScore 79
Rank 3ASCHCSchwab International Small-Cap Equity ETFScore 78
Rank 5ADFISDimensional International Small Cap ETFScore 74
Rank 6AWSMLiShares MSCI World Small-Cap ETFScore 72
Rank 7AGWXState Street SPDR S&P International Small Cap ETFScore 71

Our read on each fund

ETF.net Research

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

WSMLAiShares MSCI World Small-Cap ETF

In short

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.

WSML One ticker for small caps across the whole developed world, US included. Most funds on this shelf stop at the water's edge; WSML holds the full map, at 0.30% a year.

Stated mandate

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.

WSML The Fund seeks to track an index composed of small-capitalization equities from developed markets globally.

Why people hold it

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

WSML The MSCI World Small Cap index spans 23 developed markets including the US, so roughly 3,500 small caps arrive in one holding instead of an ex-US fund plus a US one.msci.com
At 0.30%, the fee undercuts the typical charge in its peer group and iShares' own EAFE small-cap fund, SCZ, at 0.40%.
Straight market-cap weighting, no factor tilts, and it has tracked its index closely so far, which lands it in the upper half of its peer group overall.ishares.com

Worth knowing

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.

WSML A 2025 launch that trades thinly next to the veterans of the category. Limit orders matter, and the risk read rests on a short history.
Because the index includes US names, it overlaps with a US small-cap fund rather than sitting beside one. Ex-US peers like VSS and SCHC leave that slice out.msci.com
Dividends land once or twice a year, not quarterly, and foreign holdings are unhedged, so currency moves ride along with the stocks.ishares.com

Full VSS profile⁠

Full WSML profile⁠

VSS vs WSML Holdings

How VSS and WSML differ

Overlap by weight

19.6%

Shared holdings make up 51.6% of VSS and 19.7% of WSML.

Level by level

Holdings1,293 in both19.6%
Countryby domicile33.5%
Sector11 Sectors89.9%
Asset classEquity100%

Sector

Sector weights in VSS and WSML, widest gap first
Sector	More in VSSMore in WSML	VSS	WSML
Materials	VSS +5.6 points	13.8%	8.2%
Health Care	WSML +5.0 points	7.0%	12.0%
Industrials	VSS +3.1 points	22.0%	18.9%
Financials	WSML +2.8 points	11.7%	14.5%
Technology	VSS +1.4 points	14.4%	13.0%
Energy	WSML +1.1 points	4.2%	5.3%
Communication	WSML +0.6 points	2.5%	3.1%
Utilities	WSML +0.4 points	2.3%	2.7%
Consumer Discretionary	WSML +0.2 points	10.2%	10.4%
Consumer Staples	VSS +0.1 points	4.2%	4.1%
Real Estate	Same weight	7.7%	7.7%

Country, concentration and asset class

Country by domicile

Country weights in VSS and WSML, widest gap first
Country	More in VSSMore in WSML	VSS	WSML
United States	WSML +66.0 points	0.0%	66.0%
Taiwan	VSS +8.2 points	8.2%	0.0%
India	VSS +6.8 points	6.8%	0.0%
China	VSS +5.8 points	5.8%	0.0%
South Korea	VSS +5.4 points	5.4%	0.0%
Canada	VSS +5.1 points	9.6%	4.5%
United Kingdom	VSS +3.6 points	8.2%	4.6%
Japan	VSS +2.8 points	16.1%	13.3%
Other countries (31)	VSS +28.1 points	39.7%	11.6%

Outside the US: VSS 64% developed, 36% emerging. WSML 95% developed, 5% emerging.

Concentration

Weight in the 10 largest Holdings

VSS9.4%
WSML2.7%

Securities held

VSS5,094
WSML3,670

Asset class

VSS: Equity
WSML: Equity

Holdings

Only in VSS3,801
In both1,293
Only in WSML2,377

Only in VSS

3,801 securities, 48.5% of VSS by weight

SLBBH11425.83%
MSCI EAFE Dec260.48%
Usd/Jpy Fwd 202612160.18%
LandMark Optoelectronics Corp0.17%
Jusung Engineering Co Ltd0.13%
MSCI EmgMkt Dec260.13%
Motor Oil Hellas Corinth Refineries SA0.12%
Chartwell Retirement Residences0.12%
CD Projekt Red SA0.12%
Glanbia PLC0.11%
RioCan Real Estate Investment Trust0.11%
ITEQ Corp0.11%
Zabka Group SA0.11%
Bank of Cyprus Holdings PLC0.11%
Fositek Corp0.10%
Benefit Systems SA0.10%
Kaori Heat Treatment Co Ltd0.10%
Chipbond Technology Corp0.10%
Brookfield Renewable Corp0.10%
RENK Group AG0.09%
Welspun Corp Ltd0.09%
XtalPi Holdings Ltd0.09%
Bank Millennium SA0.09%
Sigurd Microelectronics Corp0.09%
Radico Khaitan Ltd0.09%
First Capital Real Estate Investment Trust0.09%
Canadian Apartment Properties REIT0.09%
PGE Polska Grupa Energetyczna SA0.08%
Xtb SA0.08%
ADATA Technology Co Ltd0.08%
Innodisk Corp0.08%
Daeduck Electronics Co Ltd / New0.08%
Kinik Co0.08%
Ardentec Corp0.08%
Eo Technics Co Ltd0.08%
Grupa Kety SA0.08%
Inr/Usd Fwd 202612160.08%
Holy Stone Enterprise Co Ltd0.08%
Navin Fluorine International Ltd0.08%
Co-Tech Development Corp0.08%
Alior Bank SA0.08%
JB Financial Group Co Ltd0.08%
Visual Photonics Epitaxy Co Ltd0.08%
AURAS Technology Co Ltd0.08%
All Ring Tech Co Ltd0.08%
Jumbo SA0.08%
LEENO Industrial Inc0.07%
Puig Brands SA0.07%
AP Memory Technology Corp0.07%
Asseco Poland SA0.07%

Only in WSML

2,377 securities, 79.9% of WSML by weight

Moderna0.72%
Tenet Healthcare Corp0.23%
Us Foods Holding0.22%
Viatris0.21%
Guardant Health0.21%
Roku Class A0.19%
Ovintiv0.19%
Rubrik Class A0.19%
Royal Gold0.19%
Permian Resources Class A0.19%
Apa0.18%
Woodward0.18%
East West Bancorp0.17%
Hf Sinclair0.17%
Revvity0.17%
Itt Inc0.17%
Host Hotels & Resorts Reit0.17%
Charles River Laboratories Interna0.17%
Nutanix Class A0.17%
Zebra Technologies Corp Class A0.17%
Td Synnex0.16%
Reinsurance Group of America0.16%
Jones Lang Lasalle0.16%
Tyler Technologies0.16%
Wesco International0.16%
Stanley Black & Decker0.16%
Exelixis Inc0.16%
Docusign0.15%
Macom Technology Solutions0.15%
Allegion PLC0.15%
Hasbro0.15%
Dynatrace Inc0.15%
Halozyme Therapeutics0.15%
Api Group0.15%
Performance Food Group0.15%
Godaddy Class A0.15%
James Hardie Industries PLC0.15%
Carlisle Companies0.15%
Caci International Inc Class A0.14%
Clean Harbors Inc0.14%
Medpace Holdings0.14%
Trimble Inc0.14%
Gartner0.14%
Manhattan Associates0.14%
Lincoln Electric Holdings0.14%
Equitable Holdings0.14%
Renaissancere Holding0.14%
Aramark0.14%
Ralph Lauren Class A0.14%
Assurant Inc0.14%

Weight gaps

The 100 widest of 1,293 Holdings in both funds.

Holding weights in VSS and WSML, widest gap first
Holding	More in VSSMore in WSML	VSS	WSML
Eldorado Gold Corp	VSS +0.17 points	0.23%	0.06%
DPM Metals Inc	VSS +0.16 points	0.23%	0.07%
Gaztransport Et Technigaz SA	VSS +0.15 points	0.22%	0.07%
G Mining Ventures Corp	VSS +0.14 points	0.19%	0.05%
thyssenkrupp AG	VSS +0.13 points	0.20%	0.07%
Storebrand ASA	VSS +0.13 points	0.20%	0.07%
SSR Mining Inc	VSS +0.12 points	0.17%	0.05%
Konecranes Oyj	VSS +0.11 points	0.16%	0.05%
Nkt A/S	VSS +0.11 points	0.18%	0.07%
Lion Finance Group PLCBGEO.L	VSS +0.11 points	0.16%	0.05%
Aedifica SA	VSS +0.11 points	0.17%	0.06%
B2Gold Corp	VSS +0.10 points	0.16%	0.06%
voestalpine AG	VSS +0.10 points	0.15%	0.05%
AL Sydbank A/S	VSS +0.11 points	0.18%	0.07%
Lottomatica Group Spa	VSS +0.11 points	0.17%	0.06%
IG Group Holdings PLCIGG.L	VSS +0.10 points	0.14%	0.04%
Jyske Bank A/S	VSS +0.10 points	0.16%	0.06%
Ringkjoebing Landbobank A/S	VSS +0.10 points	0.16%	0.06%
Nexans SA	VSS +0.10 points	0.15%	0.05%
OceanaGold Corp	VSS +0.10 points	0.15%	0.05%
Capital Power Corp	VSS +0.10 points	0.17%	0.07%
South Bow Corp	VSS +0.10 points	0.17%	0.07%
Aberdeen Group PLCABDN.L	VSS +0.10 points	0.15%	0.05%
Capstone Copper Corp	VSS +0.09 points	0.16%	0.07%
Frontline PLC	VSS +0.09 points	0.17%	0.08%
Perseus Mining Ltd	VSS +0.09 points	0.14%	0.05%
Umicore SA	VSS +0.10 points	0.14%	0.04%
Balfour Beatty PLCBBY.L	VSS +0.09 points	0.14%	0.05%
Iss A/S	VSS +0.09 points	0.14%	0.05%
BlackBerry Ltd	VSS +0.09 points	0.13%	0.04%
OR Royalties Inc	VSS +0.08 points	0.14%	0.06%
Insilico Medicine Cayman TopCo	VSS +0.08 points	0.09%	<0.01%
NexGen Energy Ltd	VSS +0.09 points	0.14%	0.05%
LondonMetric Property PLCLMP.L	VSS +0.09 points	0.14%	0.05%
Avanza Bank Holding AB	VSS +0.09 points	0.13%	0.04%
Tritax Big Box REIT PLCBBOX.L	VSS +0.08 points	0.13%	0.05%
Persimmon PLCPSN.L	VSS +0.08 points	0.13%	0.05%
Acerinox SA	VSS +0.08 points	0.11%	0.03%
Mycronic AB	VSS +0.09 points	0.13%	0.04%
Montage Gold Corp	VSS +0.08 points	0.11%	0.03%
Aixtron SE	VSS +0.08 points	0.12%	0.04%
Azimut Holding SpA	VSS +0.08 points	0.12%	0.04%
Georg Fischer AG	VSS +0.08 points	0.13%	0.05%
Codan Ltd	VSS +0.08 points	0.13%	0.05%
Rotork PLCROR.L	VSS +0.08 points	0.13%	0.05%
SBM Offshore NV	VSS +0.08 points	0.13%	0.05%
Wpp PLCWPP.L	VSS +0.08 points	0.13%	0.05%
K92 Mining Inc	VSS +0.08 points	0.12%	0.04%
PrairieSky Royalty Ltd	VSS +0.07 points	0.13%	0.06%
Man Group PLC/JerseyEMG.L	VSS +0.07 points	0.12%	0.05%
Onex Corp	VSS +0.08 points	0.12%	0.04%
Rs Group PLC	VSS +0.07 points	0.12%	0.05%
Granite Real Estate Investment Trust	VSS +0.07 points	0.09%	0.02%
Investec PLCINVP.L	VSS +0.07 points	0.12%	0.05%
Daishi Hokuetsu Financial Group Inc	VSS +0.08 points	0.11%	0.03%
Shiga Bank Ltd/The	VSS +0.07 points	0.10%	0.03%
Mondi PLCMNDI.L	VSS +0.07 points	0.11%	0.04%
Soitec	VSS +0.07 points	0.11%	0.04%
Capricorn Metals Ltd	VSS +0.07 points	0.10%	0.03%
Aalberts NV	VSS +0.07 points	0.11%	0.04%
Galenica AG	VSS +0.07 points	0.12%	0.05%
Adecco Group AG	VSS +0.07 points	0.12%	0.05%
Torex Gold Resources Inc	VSS +0.07 points	0.11%	0.04%
Definity Financial Corp	VSS +0.07 points	0.12%	0.05%
Aurubis AG	VSS +0.07 points	0.10%	0.03%
SpareBank 1 Sor-Norge ASA	VSS +0.07 points	0.12%	0.05%
Centerra Gold Inc	VSS +0.07 points	0.11%	0.04%
KBC Ancora	VSS +0.07 points	0.11%	0.04%
Vallourec SACA	VSS +0.06 points	0.10%	0.04%
Computacenter PLCCCC.L	VSS +0.06 points	0.10%	0.04%
ERO Copper Corp	VSS +0.06 points	0.09%	0.03%
Nishi-Nippon Financial Holdings Inc	VSS +0.07 points	0.10%	0.03%
Vault Minerals Ltd	VSS +0.06 points	0.10%	0.04%
Banca Generali SpA	VSS +0.06 points	0.10%	0.04%
Northland Power Inc	VSS +0.06 points	0.10%	0.04%
Inficon Holding AG	VSS +0.07 points	0.10%	0.03%
Discovery Mining Ltd	VSS +0.06 points	0.11%	0.05%
Wesdome Gold Mines Ltd	VSS +0.06 points	0.09%	0.03%
Hyakugo Bank Ltd/The	VSS +0.06 points	0.09%	0.03%
Valmet Oyj	VSS +0.07 points	0.11%	0.04%
Regis Resources Ltd	VSS +0.06 points	0.09%	0.03%
Technip Energies NV	VSS +0.06 points	0.11%	0.05%
Methanex Corp	VSS +0.07 points	0.11%	0.04%
Elis SA	VSS +0.06 points	0.10%	0.04%
Brookfield Infrastructure Corp	VSS +0.06 points	0.11%	0.05%
Aris Mining Corp	VSS +0.06 points	0.09%	0.03%
Lagercrantz Group AB	VSS +0.06 points	0.10%	0.04%
Softcat PLCSCT.L	VSS +0.06 points	0.09%	0.03%
Enagas SA	VSS +0.06 points	0.10%	0.04%
Tamarack Valley Energy Ltd	VSS +0.06 points	0.11%	0.05%
Allfunds Group Plc	VSS +0.06 points	0.09%	0.03%
Aya Gold & Silver Inc	VSS +0.06 points	0.09%	0.03%
Algonquin Power & Utilities Corp	VSS +0.06 points	0.10%	0.04%
Teleperformance SE	VSS +0.06 points	0.10%	0.04%
FLSmidth & Co A/S	VSS +0.06 points	0.10%	0.04%
Taylor Wimpey PLCTW.L	VSS +0.07 points	0.10%	0.03%
Colliers International Group Inc	VSS +0.06 points	0.10%	0.04%
MDA Space Ltd	VSS +0.06 points	0.10%	0.04%
Valeo SE	VSS +0.05 points	0.08%	0.03%
Greatland Resources Ltd	VSS +0.06 points	0.09%	0.03%

All 4,816 VSS holdings⁠All 3,679 WSML 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.

VSS vs WSML Cost

Overpaying WSML vs VSS

$4,879

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

VSS 0.06%
$1,270
WSML 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

VSS 0.06%
WSML 0.30%
Overpaying

Year by year

Year	VSS	WSML	Overpaying
10	$110	$545	$435
20	$432	$2,113	$1,681
30	$1,270	$6,149	$4,879

Expense ratio

0.06%VSS, cheaper
0.30%WSML

VSS0.06%WSML0.30%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

VSS cheapest of 16 funds

WSML 3rd cheapest of 16 funds

VSS vs WSML Dividends

Last 12 months to Nov 2, 2026

Yield (12M): VSS 3.03%, better; WSML 2.84%
Payout (12M): VSS $4.51; WSML $0.97
Last payment: VSS $0.30; WSML $0.29
Ex-dividend: VSS Sep 18, 2026; WSML Jun 15, 2026
Paid on: VSS Sep 22, 2026; WSML Jun 18, 2026
Frequency: VSS Quarterly; WSML Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

VSSQuarterly · 31 paymentsAll VSS payments⁠

WSMLTwice a year · 3 paymentsAll WSML payments⁠

VSS vs WSML Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: VSS 14.1%WSML 13.3%since May 2025
Return per unit of riskSharpe ratio, 3 years: VSS 0.88WSML 1.46since May 2025
Worst fallMax drawdown, 5 years: VSS −33.3%WSML −10.7%since Apr 2025
Market sensitivityBeta, 5 years: VSS 0.98WSML 0.89; Market = 1

VSS and WSML 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

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VSS vs WSML

In short

Stated mandate

Why people hold it

Worth knowing

How VSS and WSML differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VSS

Only in WSML

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 VSS and WSML differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VSS

Only in WSML

Weight gaps