OriginaveEUNL (IWDA) vs IS3S (IWVL): which ETF won each year?
Yearly returns side by side, one winner per year — dividends included, priced as you'd actually buy them.
Every figure here is in euros — what you'd actually pocket buying on Xetra. Fund fact sheets usually headline returns in US dollars, which can look very different: in 2025 a world tracker rose about 23% in dollars but only about 9% in euros, because the euro gained roughly 13% against the dollar. Here's the full story, year by year.
EUNL
- SXR8iShares Core S&P 500 UCITS ETF USD (Acc)tracks the S&P 500 Index
VUAAVanguard S&P 500 UCITS ETF (Acc)tracks the S&P 500 Index
SPYLSPDR S&P 500 UCITS ETF (Acc)tracks the S&P 500 Index- SPYYSPDR MSCI ACWI UCITS ETF (Acc)tracks the MSCI ACWI Index
- SPYISPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)tracks the MSCI ACWI IMI Index
- VWCEVanguard FTSE All-World UCITS ETF (Acc)tracks the FTSE All-World Index
WEBNAmundi Prime All Country World UCITS ETF (Acc)tracks the Solactive GBS Global Markets Large & Mid Cap Index- EUNLiShares Core MSCI World UCITS ETF (Acc)tracks the MSCI World Index
- IUSQiShares MSCI ACWI UCITS ETF USD (Acc)tracks the MSCI ACWI Index
- VGVFVanguard FTSE Developed World UCITS ETF (Acc)tracks the FTSE Developed World Index
- SXRViShares Nasdaq 100 UCITS ETF (Acc)tracks the Nasdaq-100 Index
- AvantisAVWCAvantis Global Equity UCITS ETF USD Acctracks the Avantis Global Equity strategy
- DimensionalDEGCDimensional Global Core Equity UCITS ETF USD (Acc)tracks the Dimensional Global Core Equity strategy
- VGWDVanguard FTSE All-World High Dividend Yield UCITS ETF (Dist)tracks the FTSE All-World High Dividend Yield Index
- IS3SiShares Edge MSCI World Value Factor UCITS ETFtracks the MSCI World Enhanced Value Index
- IS3RiShares Edge MSCI World Momentum Factor UCITS ETFtracks the MSCI World Momentum Index
- IS3QiShares Edge MSCI World Quality Factor UCITS ETFtracks the MSCI World Sector Neutral Quality Index
IS3S
- SXR8iShares Core S&P 500 UCITS ETF USD (Acc)tracks the S&P 500 Index
- VUAAVanguard S&P 500 UCITS ETF (Acc)tracks the S&P 500 Index
- SPYLSPDR S&P 500 UCITS ETF (Acc)tracks the S&P 500 Index
- SPYYSPDR MSCI ACWI UCITS ETF (Acc)tracks the MSCI ACWI Index
- SPYISPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)tracks the MSCI ACWI IMI Index
- VWCEVanguard FTSE All-World UCITS ETF (Acc)tracks the FTSE All-World Index
- WEBNAmundi Prime All Country World UCITS ETF (Acc)tracks the Solactive GBS Global Markets Large & Mid Cap Index
- EUNLiShares Core MSCI World UCITS ETF (Acc)tracks the MSCI World Index
- IUSQiShares MSCI ACWI UCITS ETF USD (Acc)tracks the MSCI ACWI Index
- VGVFVanguard FTSE Developed World UCITS ETF (Acc)tracks the FTSE Developed World Index
- SXRViShares Nasdaq 100 UCITS ETF (Acc)tracks the Nasdaq-100 Index
- AvantisAVWCAvantis Global Equity UCITS ETF USD Acctracks the Avantis Global Equity strategy
- DimensionalDEGCDimensional Global Core Equity UCITS ETF USD (Acc)tracks the Dimensional Global Core Equity strategy
- VGWDVanguard FTSE All-World High Dividend Yield UCITS ETF (Dist)tracks the FTSE All-World High Dividend Yield Index
- IS3SiShares Edge MSCI World Value Factor UCITS ETFtracks the MSCI World Enhanced Value Index
- IS3RiShares Edge MSCI World Momentum Factor UCITS ETFtracks the MSCI World Momentum Index
- IS3QiShares Edge MSCI World Quality Factor UCITS ETFtracks the MSCI World Sector Neutral Quality Index
EUNL tracks the MSCI World IndexIS3S tracks the MSCI World Enhanced Value Index
What did the last 10 years do to €10,000?
You invest €10,000 at the start of the window and touch nothing — dividends reinvested, the running year not counted.
EUNL vs IS3S, year by year
Calendar-year total returns (dividends included) side by side, and who took the crown each year. A dash means the fund did not exist yet.
| Year | EUNL | IS3S | Winner |
|---|---|---|---|
| 2026 (so far) | +15.53% | +39.61% | IS3S |
| 2025 | +7.90% | +25.13% | IS3S |
| 2024 | +25.93% | +11.36% | EUNL |
| 2023 | +20.13% | +15.62% | EUNL |
| 2022 | -13.59% | -4.81% | IS3S |
| 2021 | +32.71% | +30.38% | EUNL |
| 2020 | +5.48% | -12.53% | EUNL |
| 2019 | +31.34% | +22.01% | EUNL |
| 2018 | -5.13% | -10.34% | EUNL |
| 2017 | +7.71% | +7.66% | EUNL |
| 2016 | +10.91% | +11.24% | IS3S |
| 2015 | +10.81% | +8.31% | EUNL |
| 2014 | +20.38% | -16.73% | EUNL |
| 2013 | +21.89% | — | — |
| 2012 | +12.45% | — | — |
| 2011 | -3.26% | — | — |
| 2010 | +19.38% | — | — |
| 2009 | +4.65% | — | — |
EUNL vs IS3S in plain words
EUNL tracks the MSCI World Index while IS3S follows the MSCI World Enhanced Value Index, so they own different slices of the market and their years can look very different. EUNL charges 0.20% a year in running costs and IS3S charges 0.25% — EUNL is the cheaper fund to hold.
Both are accumulating funds: dividends are reinvested inside the fund and show up as a higher share price, never as a payout. Across the 13 calendar years both funds were trading, EUNL finished the year ahead 9 times and IS3S 4 times. €10,000 invested at the start of 2016 was worth €29,391 in EUNL versus €22,917 in IS3S by the end of 2025, dividends reinvested.
IWDA (London/Amsterdam, USD) and SWDA (London, GBP) are listings of the same fund, ISIN IE00B4L5Y983 — EUNL is its EUR line on Xetra.
IWVL is the London (USD) listing of the same fund, ISIN IE00BP3QZB59 — IS3S is its EUR line on Xetra.
Fund facts: EUNL vs IS3S
| Fact | EUNL | IS3S |
|---|---|---|
| Fund | iShares Core MSCI World UCITS ETF (Acc) | iShares Edge MSCI World Value Factor UCITS ETF |
| Tracks | MSCI World Index | MSCI World Enhanced Value Index |
| Yearly cost (TER) | 0.20% | 0.25% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 25 Sept 2009 | 3 Oct 2014 |
| ISIN | IE00B4L5Y983 | IE00BP3QZB59 |
| WKN | A0RPWH | A12ATG |
| Also trades as | IWDA | IWVL |
| €10,000 invested | What €10,000 in EUNL became | What €10,000 in IS3S became |
How bumpy the ride was: EUNL vs IS3S
These head-to-head figures use only the 3,043 trading days both funds were listed: 6 Oct 2014 to 7 Oct 2026, roughly 12.1 years.
IS3S swung more than EUNL: annualised volatility of 15.9% for EUNL against 18.4% for IS3S, with EUNL moving 1% or more on 21.6% of trading days and IS3S on 23.4%. EUNL's worst day was -9.65% on 12 Mar 2020; IS3S's was -20.98% on 20 Oct 2014.
IS3S had the deeper drawdown: it fell -35.18% from its peak on 12 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 16 Mar 2021, 11 months after the low; EUNL fell -33.63% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 7 Jan 2021, 9 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.83, and they closed in opposite directions on 13.9% of the 3,042 days measured. The widest single-day gap came on 20 Oct 2014, when EUNL moved -0.36% and IS3S -20.98%.
| Measure | EUNL | IS3S |
|---|---|---|
| Annualised volatility | 15.9% | 18.4% |
| Worst day | -9.65% on 12 Mar 2020 | -20.98% on 20 Oct 2014 |
| Best day | +8.22% on 24 Mar 2020 | +12.51% on 5 Jun 2017 |
| Days moving 1% or more | 21.6% of days | 23.4% of days |
| Deepest drawdown | -33.63% | -35.18% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 12 Feb 2020 → 23 Mar 2020 |
| Back above the old peak | 7 Jan 2021 · 9 months | 16 Mar 2021 · 11 months |
Years EUNL and IS3S parted ways
In 7 of the 12 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2014: EUNL returned +20.38% and IS3S -16.73%, a gap of 37.1 points. They rose together in 8 years, fell together in 2 years and went opposite ways in 2 years.
| Year | EUNL | IS3S | Gap (EUNL − IS3S) |
|---|---|---|---|
| 2025 | +7.90% | +25.13% | -17.2 pts |
| 2024 | +25.93% | +11.36% | +14.6 pts |
| 2022 | -13.59% | -4.81% | -8.8 pts |
| 2020 | +5.48% | -12.53% | +18.0 pts |
| 2019 | +31.34% | +22.01% | +9.3 pts |
| 2018 | -5.13% | -10.34% | +5.2 pts |
| 2014 | +20.38% | -16.73% | +37.1 pts |
How often EUNL beat IS3S over any 12 months
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, EUNL finished ahead in 62.1% of them (82) and IS3S in 37.9% (50).
€200 a month into each, 2015–2025
Putting €200 into each fund at the start of every month from January 2015 to December 2025 (132 payments, €26,400 in total) would have grown to €53,305 in EUNL and €47,776 in IS3S, leaving EUNL €5,529 ahead.
| Outcome | EUNL | IS3S |
|---|---|---|
| Paid in | €26,400 | €26,400 |
| Value at the end of 2025 | €53,305 | €47,776 |
| Gain on the money paid in | +€26,905 | +€21,376 |
| Gain in % | +101.91% | +80.97% |
Each payment rides the return of the month it lands in, dividends reinvested. Only calendar years with all twelve months of data for both funds count, so the plan may start later than the shared history.
Frequently asked
Is EUNL or IS3S better?
Across the 13 calendar years both funds were trading, EUNL finished the year ahead 9 times and IS3S 4 times. €10,000 invested at the start of 2016 was worth €29,391 in EUNL versus €22,917 in IS3S by the end of 2025, dividends reinvested. Past returns don't promise future ones — but this is what actually happened.
What is the difference between EUNL and IS3S?
EUNL tracks the MSCI World Index while IS3S follows the MSCI World Enhanced Value Index, so they own different slices of the market and their years can look very different. EUNL charges 0.20% a year in running costs and IS3S charges 0.25% — EUNL is the cheaper fund to hold. Both are accumulating funds: dividends are reinvested inside the fund and show up as a higher share price, never as a payout.
Which is more volatile, EUNL or IS3S?
IS3S swung more than EUNL: annualised volatility of 15.9% for EUNL against 18.4% for IS3S, with EUNL moving 1% or more on 21.6% of trading days and IS3S on 23.4%. EUNL's worst day was -9.65% on 12 Mar 2020; IS3S's was -20.98% on 20 Oct 2014.
Which had the deeper drawdown, EUNL or IS3S?
IS3S had the deeper drawdown: it fell -35.18% from its peak on 12 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 16 Mar 2021, 11 months after the low; EUNL fell -33.63% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 7 Jan 2021, 9 months after the low.
How often did EUNL beat IS3S over a 12-month period?
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, EUNL finished ahead in 62.1% of them (82) and IS3S in 37.9% (50).
What would €10,000 in EUNL have become?
€10,000 invested in EUNL at the start of 2016 grew to €29,391 by the end of 2025, with dividends reinvested — an average of 11.4% per year.
Is IWDA the same as EUNL?
IWDA (London/Amsterdam, USD) and SWDA (London, GBP) are listings of the same fund, ISIN IE00B4L5Y983 — EUNL is its EUR line on Xetra.
Is IWVL the same as IS3S?
IWVL is the London (USD) listing of the same fund, ISIN IE00BP3QZB59 — IS3S is its EUR line on Xetra.
Related comparisons
More head-to-heads featuring EUNL or IS3S.
Source: Yahoo Finance daily adjusted closes for the EUR trading lines on Xetra, dividends reinvested. Prices through · refreshed 7 Oct 2026, 08:49 UTC. How every number is calculated.