OriginaveEUNL (IWDA) vs SXRV (CNDX): 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
SXRV
- 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 IndexSXRV tracks the Nasdaq-100 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 SXRV, 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 | SXRV | Winner |
|---|---|---|---|
| 2026 (so far) | +15.53% | +24.31% | SXRV |
| 2025 | +7.90% | +6.98% | EUNL |
| 2024 | +25.93% | +33.55% | SXRV |
| 2023 | +20.13% | +51.19% | SXRV |
| 2022 | -13.59% | -30.05% | EUNL |
| 2021 | +32.71% | +39.34% | SXRV |
| 2020 | +5.48% | +34.48% | SXRV |
| 2019 | +31.34% | +42.90% | SXRV |
| 2018 | -5.13% | +3.03% | SXRV |
| 2017 | +7.71% | +15.81% | SXRV |
| 2016 | +10.91% | +9.96% | EUNL |
| 2015 | +10.81% | +21.87% | SXRV |
| 2014 | +20.38% | +37.26% | SXRV |
| 2013 | +21.89% | +32.30% | SXRV |
| 2012 | +12.45% | +13.01% | SXRV |
| 2011 | -3.26% | +5.73% | SXRV |
| 2010 | +19.38% | -9.35% | EUNL |
| 2009 | +4.65% | — | — |
EUNL vs SXRV in plain words
EUNL tracks the MSCI World Index while SXRV follows the Nasdaq-100 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 SXRV charges 0.30% — 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 17 calendar years both funds were trading, EUNL finished the year ahead 4 times and SXRV 13 times. €10,000 invested at the start of 2016 was worth €29,391 in EUNL versus €53,076 in SXRV 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.
CNDX is the London/Amsterdam listing of the same fund, ISIN IE00B53SZB19 — SXRV is its EUR line on Xetra.
Fund facts: EUNL vs SXRV
| Fact | EUNL | SXRV |
|---|---|---|
| Fund | iShares Core MSCI World UCITS ETF (Acc) | iShares Nasdaq 100 UCITS ETF (Acc) |
| Tracks | MSCI World Index | Nasdaq-100 Index |
| Yearly cost (TER) | 0.20% | 0.30% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 25 Sept 2009 | 26 Jan 2010 |
| ISIN | IE00B4L5Y983 | IE00B53SZB19 |
| WKN | A0RPWH | A0YEDL |
| Also trades as | IWDA | CNDX |
| €10,000 invested | What €10,000 in EUNL became | What €10,000 in SXRV became |
How bumpy the ride was: EUNL vs SXRV
These head-to-head figures use only the 4,110 trading days both funds were listed: 7 May 2010 to 7 Oct 2026, roughly 16.3 years.
SXRV swung more than EUNL: annualised volatility of 15.6% for EUNL against 20.6% for SXRV, with EUNL moving 1% or more on 20.9% of trading days and SXRV on 31.9%. EUNL's worst day was -9.65% on 12 Mar 2020; SXRV's was -27.79% on 1 Nov 2010.
EUNL had the deeper drawdown: it 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; SXRV fell -32.80% from its peak on 29 Oct 2010 to a low on 22 Aug 2011, then closed back above the old peak on 4 Jul 2012, 10 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.82, and they closed in opposite directions on 14.1% of the 4,109 days measured. The widest single-day gap came on 1 Nov 2010, when EUNL moved +0.51% and SXRV -27.79%.
| Measure | EUNL | SXRV |
|---|---|---|
| Annualised volatility | 15.6% | 20.6% |
| Worst day | -9.65% on 12 Mar 2020 | -27.79% on 1 Nov 2010 |
| Best day | +8.22% on 24 Mar 2020 | +8.32% on 1 Sept 2011 |
| Days moving 1% or more | 20.9% of days | 31.9% of days |
| Deepest drawdown | -33.63% | -32.80% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 29 Oct 2010 → 22 Aug 2011 |
| Back above the old peak | 7 Jan 2021 · 9 months | 4 Jul 2012 · 10 months |
Years EUNL and SXRV parted ways
In 13 of the 16 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2023: EUNL returned +20.13% and SXRV +51.19%, a gap of 31.1 points. They rose together in 12 years, fell together in 1 year and went opposite ways in 3 years.
| Year | EUNL | SXRV | Gap (EUNL − SXRV) |
|---|---|---|---|
| 2024 | +25.93% | +33.55% | -7.6 pts |
| 2023 | +20.13% | +51.19% | -31.1 pts |
| 2022 | -13.59% | -30.05% | +16.5 pts |
| 2021 | +32.71% | +39.34% | -6.6 pts |
| 2020 | +5.48% | +34.48% | -29.0 pts |
| 2019 | +31.34% | +42.90% | -11.6 pts |
| 2018 | -5.13% | +3.03% | -8.2 pts |
| 2017 | +7.71% | +15.81% | -8.1 pts |
| 2015 | +10.81% | +21.87% | -11.1 pts |
| 2014 | +20.38% | +37.26% | -16.9 pts |
| 2013 | +21.89% | +32.30% | -10.4 pts |
| 2011 | -3.26% | +5.73% | -9.0 pts |
| 2010 | +19.38% | -9.35% | +28.7 pts |
How often EUNL beat SXRV over any 12 months
Across the 185 rolling 12-month windows since May 2010, measured month-end to month-end, EUNL finished ahead in 20.5% of them (38) and SXRV in 79.5% (147).
€200 a month into each, 2011–2025
Putting €200 into each fund at the start of every month from January 2011 to December 2025 (180 payments, €36,000 in total) would have grown to €97,425 in EUNL and €185,760 in SXRV, leaving SXRV €88,334 ahead.
| Outcome | EUNL | SXRV |
|---|---|---|
| Paid in | €36,000 | €36,000 |
| Value at the end of 2025 | €97,425 | €185,760 |
| Gain on the money paid in | +€61,425 | +€149,760 |
| Gain in % | +170.63% | +416.00% |
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 SXRV better?
Across the 17 calendar years both funds were trading, EUNL finished the year ahead 4 times and SXRV 13 times. €10,000 invested at the start of 2016 was worth €29,391 in EUNL versus €53,076 in SXRV 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 SXRV?
EUNL tracks the MSCI World Index while SXRV follows the Nasdaq-100 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 SXRV charges 0.30% — 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 SXRV?
SXRV swung more than EUNL: annualised volatility of 15.6% for EUNL against 20.6% for SXRV, with EUNL moving 1% or more on 20.9% of trading days and SXRV on 31.9%. EUNL's worst day was -9.65% on 12 Mar 2020; SXRV's was -27.79% on 1 Nov 2010.
Which had the deeper drawdown, EUNL or SXRV?
EUNL had the deeper drawdown: it 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; SXRV fell -32.80% from its peak on 29 Oct 2010 to a low on 22 Aug 2011, then closed back above the old peak on 4 Jul 2012, 10 months after the low.
How often did EUNL beat SXRV over a 12-month period?
Across the 185 rolling 12-month windows since May 2010, measured month-end to month-end, EUNL finished ahead in 20.5% of them (38) and SXRV in 79.5% (147).
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 CNDX the same as SXRV?
CNDX is the London/Amsterdam listing of the same fund, ISIN IE00B53SZB19 — SXRV is its EUR line on Xetra.
Related comparisons
More head-to-heads featuring EUNL or SXRV.
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.