OriginaveIS3S (IWVL) vs IS3R (IWMO): 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.
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
IS3R
- 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 tracks the MSCI World Enhanced Value IndexIS3R tracks the MSCI World Momentum 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.
IS3S vs IS3R, 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 | IS3S | IS3R | Winner |
|---|---|---|---|
| 2026 (so far) | +39.61% | +25.60% | IS3S |
| 2025 | +25.13% | +8.37% | IS3S |
| 2024 | +11.36% | +37.95% | IS3R |
| 2023 | +15.62% | +8.09% | IS3S |
| 2022 | -4.81% | -13.60% | IS3S |
| 2021 | +30.38% | +24.50% | IS3S |
| 2020 | -12.53% | +16.41% | IS3R |
| 2019 | +22.01% | +31.50% | IS3R |
| 2018 | -10.34% | +0.27% | IS3R |
| 2017 | +7.66% | +16.07% | IS3R |
| 2016 | +11.24% | +7.03% | IS3S |
| 2015 | +8.31% | +15.77% | IS3R |
| 2014 | -16.73% | -13.37% | IS3R |
IS3S vs IS3R in plain words
IS3S tracks the MSCI World Enhanced Value Index while IS3R follows the MSCI World Momentum Index, so they own different slices of the market and their years can look very different. Both funds charge 0.25% a year in running costs.
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, IS3S finished the year ahead 6 times and IS3R 7 times. €10,000 invested at the start of 2016 was worth €22,917 in IS3S versus €33,149 in IS3R by the end of 2025, dividends reinvested.
IWVL is the London (USD) listing of the same fund, ISIN IE00BP3QZB59 — IS3S is its EUR line on Xetra.
IWMO is the London (USD) listing of the same fund, ISIN IE00BP3QZ825 — IS3R is its EUR line on Xetra.
Fund facts: IS3S vs IS3R
| Fact | IS3S | IS3R |
|---|---|---|
| Fund | iShares Edge MSCI World Value Factor UCITS ETF | iShares Edge MSCI World Momentum Factor UCITS ETF |
| Tracks | MSCI World Enhanced Value Index | MSCI World Momentum Index |
| Yearly cost (TER) | 0.25% | 0.25% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 3 Oct 2014 | 3 Oct 2014 |
| ISIN | IE00BP3QZB59 | IE00BP3QZ825 |
| WKN | A12ATG | A12ATF |
| Also trades as | IWVL | IWMO |
| €10,000 invested | What €10,000 in IS3S became | What €10,000 in IS3R became |
How bumpy the ride was: IS3S vs IS3R
These head-to-head figures use only the 3,040 trading days both funds were listed: 6 Oct 2014 to 7 Oct 2026, roughly 12.1 years.
IS3R swung more than IS3S: annualised volatility of 18.1% for IS3S against 22.2% for IS3R, with IS3S moving 1% or more on 23.4% of trading days and IS3R on 28.4%. IS3S's worst day was -18.17% on 23 Oct 2014; IS3R's was -20.00% on 3 Nov 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; IS3R fell -30.77% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 27 Aug 2020, 5 months after the low.
Day to day the two often go their own way: the correlation of their daily returns is 0.71, and they closed in opposite directions on 20.1% of the 3,039 days measured. The widest single-day gap came on 30 Oct 2014, when IS3S moved +0.83% and IS3R +28.03%.
| Measure | IS3S | IS3R |
|---|---|---|
| Annualised volatility | 18.1% | 22.2% |
| Worst day | -18.17% on 23 Oct 2014 | -20.00% on 3 Nov 2014 |
| Best day | +12.51% on 5 Jun 2017 | +28.03% on 30 Oct 2014 |
| Days moving 1% or more | 23.4% of days | 28.4% of days |
| Deepest drawdown | -35.18% | -30.77% |
| Peak to trough | 12 Feb 2020 → 23 Mar 2020 | 19 Feb 2020 → 23 Mar 2020 |
| Back above the old peak | 16 Mar 2021 · 11 months | 27 Aug 2020 · 5 months |
Years IS3S and IS3R parted ways
In 10 of the 12 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2020: IS3S returned -12.53% and IS3R +16.41%, a gap of 28.9 points. They rose together in 8 years, fell together in 2 years and went opposite ways in 2 years.
| Year | IS3S | IS3R | Gap (IS3S − IS3R) |
|---|---|---|---|
| 2025 | +25.13% | +8.37% | +16.8 pts |
| 2024 | +11.36% | +37.95% | -26.6 pts |
| 2023 | +15.62% | +8.09% | +7.5 pts |
| 2022 | -4.81% | -13.60% | +8.8 pts |
| 2021 | +30.38% | +24.50% | +5.9 pts |
| 2020 | -12.53% | +16.41% | -28.9 pts |
| 2019 | +22.01% | +31.50% | -9.5 pts |
| 2018 | -10.34% | +0.27% | -10.6 pts |
| 2017 | +7.66% | +16.07% | -8.4 pts |
| 2015 | +8.31% | +15.77% | -7.5 pts |
How often IS3S beat IS3R over any 12 months
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, IS3S finished ahead in 41.7% of them (55) and IS3R in 58.3% (77).
€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 €47,776 in IS3S and €56,322 in IS3R, leaving IS3R €8,545 ahead.
| Outcome | IS3S | IS3R |
|---|---|---|
| Paid in | €26,400 | €26,400 |
| Value at the end of 2025 | €47,776 | €56,322 |
| Gain on the money paid in | +€21,376 | +€29,922 |
| Gain in % | +80.97% | +113.34% |
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 IS3S or IS3R better?
Across the 13 calendar years both funds were trading, IS3S finished the year ahead 6 times and IS3R 7 times. €10,000 invested at the start of 2016 was worth €22,917 in IS3S versus €33,149 in IS3R 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 IS3S and IS3R?
IS3S tracks the MSCI World Enhanced Value Index while IS3R follows the MSCI World Momentum Index, so they own different slices of the market and their years can look very different. Both funds charge 0.25% a year in running costs. 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, IS3S or IS3R?
IS3R swung more than IS3S: annualised volatility of 18.1% for IS3S against 22.2% for IS3R, with IS3S moving 1% or more on 23.4% of trading days and IS3R on 28.4%. IS3S's worst day was -18.17% on 23 Oct 2014; IS3R's was -20.00% on 3 Nov 2014.
Which had the deeper drawdown, IS3S or IS3R?
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; IS3R fell -30.77% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 27 Aug 2020, 5 months after the low.
How often did IS3S beat IS3R over a 12-month period?
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, IS3S finished ahead in 41.7% of them (55) and IS3R in 58.3% (77).
What would €10,000 in IS3S have become?
€10,000 invested in IS3S at the start of 2016 grew to €22,917 by the end of 2025, with dividends reinvested — an average of 8.6% per year.
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.
Is IWMO the same as IS3R?
IWMO is the London (USD) listing of the same fund, ISIN IE00BP3QZ825 — IS3R is its EUR line on Xetra.
Related comparisons
More head-to-heads featuring IS3S or IS3R.
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.