Wealthy PotSWISX vs VXUS: Developed Markets Only, or the Whole World ex-US?
SWISX and VXUS overlap by 49.5%, by our calculation from SEC holdings filings for the same date. Almost everything SWISX owns (98.4% of its weight) is also in VXUS, but that is only half of VXUS. The other half is what SWISX leaves out by design: emerging markets such as Taiwan, China, India and Korea, plus Canada and smaller companies. SWISX is Schwab's MSCI EAFE index mutual fund at 0.06% with no minimum. VXUS is Vanguard's total international ETF at 0.05%. Over ten years to 31 December 2025 they returned 8.31% and 8.55% a year.
Table of Contents
The Short Answer
- Overlap: 49.5%. 657 shared stocks. 98.4% of SWISX is in VXUS; 49.5% of VXUS is in SWISX. Our calculation from both funds' N-PORT filings for 31 July 2026.
- Coverage: SWISX is developed markets only. Its index is MSCI EAFE: Europe, Australasia and the Far East. No Canada, no emerging markets. VXUS holds 8,790 stocks across developed and emerging markets; SWISX held 682.
- Fees: VXUS 0.05%, SWISX 0.06%. $5 against $6 a year per $10,000.
- Returns: close over ten years, far apart lately. To 31 December 2025, 8.55% a year for VXUS and 8.31% for SWISX. In the year to 30 June 2026, VXUS returned 27.42% and SWISX 20.19%.
- Wrapper: VXUS trades at any broker; SWISX is a mutual fund bought through Schwab or another intermediary, with no minimum.
How Much SWISX and VXUS Overlap
Our Portfolio Overlap Checker adds up the smaller weight of every stock both funds hold. Both filings are for 31 July 2026, so there is no timing gap.
| Overlap measure | Result |
|---|---|
| Shared holdings | 657 |
| Share of SWISX's weight in VXUS stocks | 98.4% |
| Share of VXUS's weight in SWISX stocks | 49.5% |
| Overlap (sum of the smaller weight in each shared stock) | 49.5% |
| VXUS holdings not in SWISX | 8,017, together 49.44% of VXUS |
| Largest VXUS holdings that SWISX does not own | Weight in VXUS |
|---|---|
| Taiwan Semiconductor (TSMC) | 4.11% |
| Samsung Electronics | 1.83% |
| SK hynix | 1.43% |
| Tencent | 0.87% |
| Royal Bank of Canada | 0.67% |
| Alibaba | 0.64% |
| Toronto-Dominion Bank | 0.46% |
| MediaTek | 0.36% |
| Shopify | 0.33% |
VXUS's largest holding is not in SWISX at all, and neither are two of Korea's largest chipmakers. Where both funds own a stock, SWISX holds about twice VXUS's weight: ASML was 2.90% of SWISX and 1.45% of VXUS, HSBC 1.66% and 0.83%. That is the same companies packed into a smaller universe.
SWISX vs VXUS Side by Side
| SWISX | VXUS | |
|---|---|---|
| Full name | Schwab International Index Fund | Vanguard Total International Stock ETF |
| Index | MSCI EAFE Index (Net) | FTSE Global All Cap ex US Index |
| Markets | Developed, excluding the US and Canada | Developed and emerging, excluding the US |
| Company size | Large (91.5% above $15 billion, 30 Jun 2026) | Large, mid and small |
| Structure | Mutual fund | ETF share class of a Vanguard index fund |
| Expense ratio | 0.06% | 0.05% |
| Minimum | No minimum | One share, or less where your broker sells fractions |
| Stocks held | 682 (31 Aug 2026) | 8,790 (31 Aug 2026) |
| Top 10 weight (N-PORT) | 13.91% (31 Jul 2026) | 13.20% (31 Jul 2026) |
| Distributions | Once a year, December | Quarterly |
| Assets | $14.66 billion (2 Oct 2026) | ETF share class $164.9 billion (31 Aug 2026) |
| Inception | 19 May 1997 | 26 January 2011 |
Where the Two Funds Differ
Countries. SWISX's prospectus describes "large, publicly traded non-U.S. companies from countries with developed equity markets," and Schwab's page says it invests across "21 developed markets in Europe, Australasia and the Far East." We checked its 31 July 2026 holdings filing: it lists no stock from Canada, Korea, Taiwan, China or India. VXUS's prospectus covers "developed and emerging markets, excluding the United States."
| Country | SWISX (30 Jun 2026) | VXUS (30 Jun 2026) |
|---|---|---|
| Japan | 23.51% | 15.4% |
| United Kingdom | 14.25% | 8.0% |
| France | 9.93% | 5.1% |
| Switzerland | 9.57% | 5.1% |
| Germany | 8.75% | 4.6% |
| Taiwan | none | 9.1% |
| Canada | none | 7.7% |
| Korea | none | 7.5% |
| China | none | 6.7% |
| India | none | 4.4% |
Taiwan, Canada, Korea, China and India alone were 35.4% of VXUS's stocks on 30 June 2026 (our sum). SWISX puts that money into Japan and Europe instead.
Company size. SWISX's objective is to track "large, publicly traded" companies; 91.5% of the fund was in companies worth more than $15 billion on 30 June 2026, per Schwab. VXUS's index is "all cap," so it also owns thousands of small companies. That is most of why VXUS holds 8,790 stocks.
Sectors. SWISX's largest sectors on 30 June 2026 were financials (25.08%) and industrials (18.94%), with information technology at 12.06%. Vanguard reports VXUS on a different sector scheme, so we do not set the two side by side. The direction is clear from the holdings, though: TSMC, Samsung, SK hynix and MediaTek give VXUS more chipmaker exposure.
Returns and Taxes
| Average annual return | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SWISX, NAV, to 30 Jun 2026 | 20.19% | 16.51% | 9.19% | 9.72% |
| VXUS, NAV, to 30 Jun 2026 | 27.42% | 18.73% | 8.81% | 9.97% |
| SWISX minus VXUS | -7.23 | -2.22 | +0.38 | -0.25 |
| SWISX, to 31 Dec 2025 (prospectus) | 31.56% | n/a | 8.96% | 8.31% |
| VXUS, NAV, to 31 Dec 2025 (prospectus) | 32.23% | n/a | 7.98% | 8.55% |
Over ten years the two landed within about a quarter of a point a year of each other. The latest year is a different story: the markets SWISX excludes, led by Taiwanese and Korean chipmakers, rose much faster, and VXUS was 7.23 points ahead. Over the five years to the same date SWISX was slightly ahead. On $10,000 over ten years to 30 June 2026, SWISX's rate gives about $25,285 and VXUS's about $25,867 (Wealthy Pot's hypothetical arithmetic, no contributions, costs or taxes).
| Periods to 31 Dec 2025 | 1 year | 5 years | 10 years |
|---|---|---|---|
| SWISX after taxes on distributions | 30.42% | 8.21% | 7.64% |
| SWISX tax drag | 1.14 | 0.75 | 0.67 |
| VXUS after taxes on distributions | 31.07% | 7.08% | 7.71% |
| VXUS tax drag | 1.16 | 0.90 | 0.84 |
SWISX's lower drag is not what you might expect from a mutual fund. Schwab's distribution table shows no capital-gains payout in any year from 2019 through 2025, only income.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Which One Fits You
You want one fund for everything outside the US: VXUS. It covers developed and emerging markets and small caps for 0.05%. With SWISX alone, you own no emerging markets and no Canada.
You deliberately want developed markets only: SWISX does that job. Some investors pair a developed fund with a separate emerging-markets fund to set the split themselves; see VWO vs VXUS. If you would rather hold an ETF at Schwab, Schwab's own SCHF charges 0.03% and also includes Canada and Korea; see SCHF vs VXUS.
Schwab account, automatic monthly investing: SWISX's no-minimum, exact-dollar purchases are convenient. You can pair it with SWPPX or SWTSX for the US side.
Account outside Schwab, or you might move: VXUS. SWISX can be bought only through Schwab "or another financial intermediary," per its prospectus, and other brokers may charge to buy it.
401(k): check the index name of your plan's international fund. If it tracks MSCI EAFE, like SWISX, it covers developed markets well but leaves out emerging markets and Canada.
Holding both: adding VXUS to SWISX mostly doubles up on Europe and Japan. If you hold SWISX and want what it lacks, an emerging-markets fund fills the gap more directly.
Sources & Methodology
- SWISX summary prospectus dated 26 February 2026: 0.06% fee, MSCI EAFE objective, replication, no minimum, purchase rules and returns to 31 December 2025.
- VXUS summary prospectus dated 27 February 2026: 0.05% fee, FTSE Global All Cap ex US index, replication and returns to 31 December 2025.
- Schwab SWISX fund page, read 5 October 2026: assets, holdings, countries, sectors, market-cap mix, distributions and returns.
- VXUS fact sheet (30 June 2026) and Vanguard's VXUS fund data (read 5 October 2026): returns, countries, stock count and assets.
- Form N-PORT filings for SWISX (31 July 2026) and Vanguard Total International Stock Index Fund (31 July 2026): overlap, top-ten weights and SWISX's country list.
- SCHF summary prospectus dated 27 February 2026: SCHF's 0.03% fee.
Limits. Country weights come from two issuers that classify countries differently. Neither fund's SEC yield is compared, because Schwab does not publish one for SWISX.
This article is for general education and is not investment, tax or legal advice. Fund data changes daily, index returns cannot be invested in directly, and past performance does not guarantee future results. International investing adds currency and political risk. All investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026.
FAQ: SWISX vs VXUS
Is SWISX the same as VXUS?
No. SWISX tracks MSCI EAFE, developed markets outside the US and Canada. VXUS tracks developed and emerging markets of all company sizes. They overlap by 49.5% by our calculation.
Does SWISX include emerging markets?
No. Its 31 July 2026 holdings filing lists no stocks from China, Taiwan, India or Korea.
Does SWISX include Canada?
No. Canada is not part of MSCI EAFE. VXUS had 7.7% in Canada on 30 June 2026.
Which is cheaper?
VXUS at 0.05%, against SWISX's 0.06%. Schwab's international ETF, SCHF, is 0.03%.
Which has performed better?
Over ten years they were close: 8.55% a year for VXUS and 8.31% for SWISX to the end of 2025. VXUS was far ahead over the year to 30 June 2026 as emerging-market chipmakers rallied.
Can I hold SWISX outside Schwab?
Its prospectus allows purchases through Schwab or "another financial intermediary." Whether another broker carries it, and for what fee, is up to that broker.
Should I own both?
There is little reason to. Almost all of SWISX is already in VXUS. If you hold SWISX, the part you are missing is emerging markets.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"SWISX vs VXUS: Developed Markets Only, or the Whole World ex-US?" Wealthy Pot, 2026. https://wealthypot.com/swisx-vs-vxus/
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