OriginaveSPYY vs IUSQ (ISAC): 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.
SPYY
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
IUSQ
- 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
SPYY tracks the MSCI ACWI IndexIUSQ tracks the MSCI ACWI 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.
SPYY vs IUSQ, 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 | SPYY | IUSQ | Winner |
|---|---|---|---|
| 2026 (so far) | +16.76% | +16.73% | SPYY |
| 2025 | +9.46% | +9.02% | SPYY |
| 2024 | +24.56% | +24.53% | SPYY |
| 2023 | +18.22% | +18.57% | IUSQ |
| 2022 | -13.76% | -13.58% | IUSQ |
| 2021 | +29.02% | +29.13% | IUSQ |
| 2020 | +5.12% | +4.94% | SPYY |
| 2019 | +30.21% | +30.14% | SPYY |
| 2018 | -6.02% | -5.97% | IUSQ |
| 2017 | +8.80% | +9.14% | IUSQ |
| 2016 | +12.34% | +10.88% | SPYY |
| 2015 | +8.88% | +8.31% | SPYY |
| 2014 | +18.80% | +19.02% | IUSQ |
| 2013 | +17.52% | +17.43% | SPYY |
| 2012 | +9.67% | +3.09% | SPYY |
| 2011 | — | 0.00% | — |
SPYY vs IUSQ in plain words
SPYY and IUSQ both track the MSCI ACWI Index, so their returns are nearly identical — the real differences are costs and fund structure. SPYY charges 0.12% a year in running costs and IUSQ charges 0.20% — SPYY 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 15 calendar years both funds were trading, SPYY finished the year ahead 9 times and IUSQ 6 times. €10,000 invested at the start of 2016 was worth €28,198 in SPYY versus €27,916 in IUSQ by the end of 2025, dividends reinvested.
ISAC is the London (USD) listing and SSAC the London (GBP) line of the same fund, ISIN IE00B6R52259 — IUSQ is its EUR line on Xetra.
Fund facts: SPYY vs IUSQ
| Fact | SPYY | IUSQ |
|---|---|---|
| Fund | SPDR MSCI ACWI UCITS ETF (Acc) | iShares MSCI ACWI UCITS ETF USD (Acc) |
| Tracks | MSCI ACWI Index | MSCI ACWI Index |
| Yearly cost (TER) | 0.12% | 0.20% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 13 May 2011 | 21 Oct 2011 |
| ISIN | IE00B44Z5B48 | IE00B6R52259 |
| WKN | A1JJTC | A1JMDF |
| Also trades as | — | ISAC |
| €10,000 invested | What €10,000 in SPYY became | What €10,000 in IUSQ became |
How bumpy the ride was: SPYY vs IUSQ
These head-to-head figures use only the 3,744 trading days both funds were listed: 2 Jan 2012 to 7 Oct 2026, roughly 14.9 years.
SPYY swung more than IUSQ: annualised volatility of 15.7% for SPYY against 15.0% for IUSQ, with SPYY moving 1% or more on 20.2% of trading days and IUSQ on 20.2%. SPYY's worst day was -11.37% on 6 Jun 2017; IUSQ's was -9.24% on 12 Mar 2020.
Both funds suffered a drawdown of about the same depth: SPYY fell -33.49% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 6 Jan 2021, 9 months after the low; IUSQ fell -33.60% 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 0.95, and they closed in opposite directions on 2.1% of the 3,743 days measured. The widest single-day gap came on 5 Jun 2017, when SPYY moved +12.65% and IUSQ 0.00%.
| Measure | SPYY | IUSQ |
|---|---|---|
| Annualised volatility | 15.7% | 15.0% |
| Worst day | -11.37% on 6 Jun 2017 | -9.24% on 12 Mar 2020 |
| Best day | +12.65% on 5 Jun 2017 | +8.41% on 24 Mar 2020 |
| Days moving 1% or more | 20.2% of days | 20.2% of days |
| Deepest drawdown | -33.49% | -33.60% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 19 Feb 2020 → 23 Mar 2020 |
| Back above the old peak | 6 Jan 2021 · 9 months | 7 Jan 2021 · 9 months |
Years SPYY and IUSQ parted ways
In 1 of the 14 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2012: SPYY returned +9.67% and IUSQ +3.09%, a gap of 6.6 points. They rose together in 12 years and fell together in 2 years.
| Year | SPYY | IUSQ | Gap (SPYY − IUSQ) |
|---|---|---|---|
| 2012 | +9.67% | +3.09% | +6.6 pts |
How often SPYY beat IUSQ over any 12 months
Across the 165 rolling 12-month windows since January 2012, measured month-end to month-end, SPYY finished ahead in 59.4% of them (98) and IUSQ in 40.6% (67).
€200 a month into each, 2013–2025
Putting €200 into each fund at the start of every month from January 2013 to December 2025 (156 payments, €31,200 in total) would have grown to €68,961 in SPYY and €68,565 in IUSQ, leaving SPYY €397 ahead.
| Outcome | SPYY | IUSQ |
|---|---|---|
| Paid in | €31,200 | €31,200 |
| Value at the end of 2025 | €68,961 | €68,565 |
| Gain on the money paid in | +€37,761 | +€37,365 |
| Gain in % | +121.03% | +119.76% |
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 SPYY or IUSQ better?
Across the 15 calendar years both funds were trading, SPYY finished the year ahead 9 times and IUSQ 6 times. €10,000 invested at the start of 2016 was worth €28,198 in SPYY versus €27,916 in IUSQ 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 SPYY and IUSQ?
SPYY and IUSQ both track the MSCI ACWI Index, so their returns are nearly identical — the real differences are costs and fund structure. SPYY charges 0.12% a year in running costs and IUSQ charges 0.20% — SPYY 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, SPYY or IUSQ?
SPYY swung more than IUSQ: annualised volatility of 15.7% for SPYY against 15.0% for IUSQ, with SPYY moving 1% or more on 20.2% of trading days and IUSQ on 20.2%. SPYY's worst day was -11.37% on 6 Jun 2017; IUSQ's was -9.24% on 12 Mar 2020.
Which had the deeper drawdown, SPYY or IUSQ?
Both funds suffered a drawdown of about the same depth: SPYY fell -33.49% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 6 Jan 2021, 9 months after the low; IUSQ fell -33.60% 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 SPYY beat IUSQ over a 12-month period?
Across the 165 rolling 12-month windows since January 2012, measured month-end to month-end, SPYY finished ahead in 59.4% of them (98) and IUSQ in 40.6% (67).
What would €10,000 in SPYY have become?
€10,000 invested in SPYY at the start of 2016 grew to €28,198 by the end of 2025, with dividends reinvested — an average of 10.9% per year.
Is ISAC the same as IUSQ?
ISAC is the London (USD) listing and SSAC the London (GBP) line of the same fund, ISIN IE00B6R52259 — IUSQ is its EUR line on Xetra.
Related comparisons
More head-to-heads featuring SPYY or IUSQ.
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.