Why is the Vanguard MSCI Index International Shares ETF (ASX:VGS) underperforming the ASX 200 lately?

Despite some volatility over the past month or so, the S&P/ASX 200 Index (ASX: XJO) has enjoyed a relatively solid month of returns. After today’s moves, the ASX 200 is now up by 1.73% since 20 September. Annualised, that represents a return of over 20%. Perhaps…