The Vanguard FTSE Developed Markets ETF (NYSEMKT:VEA) excludes American companies entirely, making it a useful fund for balancing out a U.S.-heavy portfolio. The State Street SPDR Portfolio MSCI Global Stock Market ETF (NYSEMKT:SPGM), on the other hand, includes the U.S. alongside international markets, positioning it as a potential all-in-one core holding. The 1-year return represents total return over the trailing 12 months. With an expense ratio of 0.03%, VEA is notably cheaper to own than SPGM. What this means for investorsThe right choice between VEA and SPGM really comes down to what's already in your portfolio.