index
FTSE All-World ex US
Global equities excluding the US
Index Battle · Evidence-first comparison
FTSE All-World ex US vs STOXX Europe 600: Which Exposure Fits Your Portfolio?
One structural difference dominates this pair: emerging markets are in one index and absent from the other.
Last reviewed: 26 August 2026IndependentNo paid placementsInformational only
vs
index
STOXX Europe 600
Broad European equities
Overall verdict
FTSE All-World ex US is a global ex-US index that includes emerging markets — so it holds China, Taiwan, India, Brazil and others alongside Japan, the UK and Canada. STOXX Europe 600 holds European companies only, though it does reach further down the size scale into mid and small caps. The comparison is therefore between an emerging-market-inclusive global remainder and a deep single-region slice.
Quick Decision
Choose FTSE All-World ex US if…
the non-US allocation should include emerging markets automatically rather than requiring a separate holding.
Choose STOXX Europe 600 if…
European equities are the intended exposure and emerging-market risk is deliberately excluded or held separately.
Either can make sense if…
the emerging-market weight in the total portfolio is known and intentional after the decision.
At a glance
Entity characteristics—not reference-product fees.
| Characteristic | FTSE All-World ex US | STOXX Europe 600 |
|---|---|---|
| Exposure | Global equities excluding the US | Broad European equities |
| Geography | Global ex US | Europe |
| Market coverage | Large and mid cap | Large, mid and small cap |
| Emerging markets | Included | Not included |
| Small caps | Not included | Included |
| Weighting | Market-cap weighted | Market-cap weighted |
| Index provider | FTSE Russell | STOXX |
Five key differences
- 1.Exposure: Global equities excluding the US compared with Broad European equities.
- 2.Geography: Global ex US compared with Europe.
- 3.Market coverage: Large and mid cap compared with Large, mid and small cap.
- 4.Emerging markets: Included compared with Not included.
- 5.Small caps: Not included compared with Included.
Decision scorecard
ExposureDepends
GeographyDepends
Market coverageDepends
Emerging marketsDepends
Small capsDepends
“Depends” means the category reflects an investor objective, not universal superiority.
Coverage, countries and sectors
Verified holdings, concentration, country and sector datasets are not currently connected. When available, each dataset will be labelled as official index data or Reference ETF holdings; listing domicile will not be presented as economic revenue exposure.
What this means in a portfolio
Swapping one for the other changes both region and market classification at once. Investors moving from the global ex-US index to the European one should be aware they are removing every emerging market as well as Japan and Canada.
Common mistake
Overlooking the emerging-market component when comparing the two on volatility or valuation. It is a large part of why their risk profiles differ.
Historical comparison basis
Historical performance is represented using Grovcap-selected reference exchange-traded products. It is not the official index or spot return series. Fund or ETP returns can differ because of fees, taxes, tracking, cash positions, product structure and other implementation effects. Differences can reflect TER, tracking difference, withholding taxes, sampling, securities lending, cash drag, operating expenses, currency conversion and inception date.
No period is currently comparable across both reference products on a like-for-like currency, basis and reporting-date footing, so no return figures are shown. Grovcap never renders a missing return as 0.00%.
Grovcap does not currently hold a daily net-asset-value time series for these products. Indexed performance charts, annualised volatility, maximum drawdown and return-per-risk therefore remain unavailable rather than being estimated from period returns.
Reference instruments used
One canonical European exchange-traded product per exposure, chosen by published rules: exact benchmark family, active and published, plain long-only, then accumulating, unhedged, longest usable history and largest established product.
FTSE All-World ex US reference product
Xtrackers FTSE All-World ex US UCITS ETF 1C
- ISIN
- IE000YKHGYN2
- Product type
- UCITS ETF
- Provider
- Xtrackers
- Tracked benchmark
- FTSE All-World ex US Index
- Distribution
- Accumulating
- Currency hedging
- Unhedged
- Replication
- Physical
- Domicile
- IE
- Base currency
- USD
- Ongoing charge (TER)
- 0.15%
- Fund size
- €43.92m
- Inception
- 8 Apr 2026
Selected deterministically from 1 eligible product in the Grovcap database — never by commercial arrangement.
STOXX Europe 600 reference product
Xtrackers Stoxx Europe 600 UCITS ETF 1C
- ISIN
- LU0328475792
- Product type
- UCITS ETF
- Provider
- Xtrackers
- Tracked benchmark
- STOXX Europe 600 INDEX
- Distribution
- Accumulating
- Currency hedging
- Unhedged
- Replication
- Physical
- Domicile
- LU
- Base currency
- EUR
- Ongoing charge (TER)
- 0.20%
- Fund size
- €5.45bn
- Inception
- 20 Jan 2009
Selected deterministically from 11 eligible products in the Grovcap database — never by commercial arrangement.
Continue researching
Related Grovcap guides, rankings and tools to take the next step.
Best ETFsBest FTSE All-World UCITS ETFsEvery core FTSE All-World UCITS share class compared on cost, size and structure.Best ETFsBest STOXX Europe 600 UCITS ETFsLarge, mid and small-cap developed Europe in a fixed 600-stock index.Best ETFsBest Europe UCITS ETFsCompare the broader regional choices before selecting a European benchmark.PortfolioIs One All-World ETF Enough?Separate genuine diversification from overlap and intentional tilts.ToolsETF Comparison ToolPut any UCITS ETFs side by side on the fields that drive your decision.
Disclaimer
The information provided by Grovcap is for informational and educational purposes only and does not constitute investment, financial, legal, or tax advice. Investing involves risk, including the possible loss of capital. Always conduct your own research or consult a qualified professional before making investment decisions.
Your responses to quizzes, surveys, and other interactive features may be used in aggregated and anonymized form to improve Grovcap and generate investor insights. We do not sell personally identifiable information to third parties. For more information about how we collect, use, and protect your data, please refer to our Privacy Policy.