OriginaveVGVF (VHVE) vs IS3Q (IWQU): 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.
VGVF
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
IS3Q
- 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
VGVF tracks the FTSE Developed World IndexIS3Q tracks the MSCI World Sector Neutral Quality Index
What did the last 5 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. Both funds are measured over the same 5 full years (2021–2025) — the longest stretch both were trading.
VGVF vs IS3Q, 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 | VGVF | IS3Q | Winner |
|---|---|---|---|
| 2026 (so far) | +17.03% | +15.60% | VGVF |
| 2025 | +8.99% | +2.80% | VGVF |
| 2024 | +24.73% | +23.78% | VGVF |
| 2023 | +20.35% | +21.70% | IS3Q |
| 2022 | -13.58% | -14.84% | VGVF |
| 2021 | +31.62% | +34.28% | IS3Q |
| 2020 | +2.32% | +4.44% | IS3Q |
| 2019 | — | +33.90% | — |
| 2018 | — | -3.45% | — |
| 2017 | — | +8.34% | — |
| 2016 | — | +7.85% | — |
| 2015 | — | +14.52% | — |
| 2014 | — | -14.79% | — |
VGVF vs IS3Q in plain words
VGVF tracks the FTSE Developed World Index while IS3Q follows the MSCI World Sector Neutral Quality Index, so they own different slices of the market and their years can look very different. VGVF charges 0.12% a year in running costs and IS3Q charges 0.25% — VGVF 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 7 calendar years both funds were trading, VGVF finished the year ahead 4 times and IS3Q 3 times. €10,000 invested at the start of 2021 was worth €18,610 in VGVF versus €17,711 in IS3Q by the end of 2025, dividends reinvested.
VHVE is the London (USD) listing of the same fund, ISIN IE00BK5BQV03 — VGVF is its EUR line on Xetra.
IWQU is the London (USD) listing of the same fund, ISIN IE00BP3QZ601 — IS3Q is its EUR line on Xetra.
Fund facts: VGVF vs IS3Q
| Fact | VGVF | IS3Q |
|---|---|---|
| Fund | Vanguard FTSE Developed World UCITS ETF (Acc) | iShares Edge MSCI World Quality Factor UCITS ETF |
| Tracks | FTSE Developed World Index | MSCI World Sector Neutral Quality Index |
| Yearly cost (TER) | 0.12% | 0.25% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 24 Sept 2019 | 3 Oct 2014 |
| ISIN | IE00BK5BQV03 | IE00BP3QZ601 |
| WKN | A2PLS9 | A12ATE |
| Also trades as | VHVE | IWQU |
| €10,000 invested | What €10,000 in VGVF became | What €10,000 in IS3Q became |
How bumpy the ride was: VGVF vs IS3Q
These head-to-head figures use only the 1,697 trading days both funds were listed: 5 Feb 2020 to 7 Oct 2026, roughly 6.7 years.
VGVF and IS3Q swung about equally: annualised volatility of 16.0% for VGVF against 16.1% for IS3Q, with VGVF moving 1% or more on 21.3% of trading days and IS3Q on 20.5%. Both had their worst day on 12 Mar 2020: VGVF closed -6.71% and IS3Q -8.05%.
VGVF had the deeper drawdown: it fell -33.14% from its peak on 13 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; IS3Q fell -32.31% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 20 Jan 2021, 9 months after the low.
Day to day the two move almost in lockstep: the correlation of their daily returns is 0.97, and they closed in opposite directions on 8.5% of the 1,696 days measured. The widest single-day gap came on 13 Mar 2020, when VGVF moved -0.45% and IS3Q +1.37%.
| Measure | VGVF | IS3Q |
|---|---|---|
| Annualised volatility | 16.0% | 16.1% |
| Worst day | -6.71% on 12 Mar 2020 | -8.05% on 12 Mar 2020 |
| Best day | +8.33% on 24 Mar 2020 | +7.77% on 24 Mar 2020 |
| Days moving 1% or more | 21.3% of days | 20.5% of days |
| Deepest drawdown | -33.14% | -32.31% |
| Peak to trough | 13 Feb 2020 → 23 Mar 2020 | 19 Feb 2020 → 23 Mar 2020 |
| Back above the old peak | 6 Jan 2021 · 9 months | 20 Jan 2021 · 9 months |
Years VGVF and IS3Q parted ways
In 1 of the 6 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2025: VGVF returned +8.99% and IS3Q +2.80%, a gap of 6.2 points. They rose together in 5 years and fell together in 1 year.
| Year | VGVF | IS3Q | Gap (VGVF − IS3Q) |
|---|---|---|---|
| 2025 | +8.99% | +2.80% | +6.2 pts |
How often VGVF beat IS3Q over any 12 months
Across the 68 rolling 12-month windows since February 2020, measured month-end to month-end, VGVF finished ahead in 60.3% of them (41) and IS3Q in 39.7% (27).
€200 a month into each, 2021–2025
Putting €200 into each fund at the start of every month from January 2021 to December 2025 (60 payments, €12,000 in total) would have grown to €16,724 in VGVF and €15,857 in IS3Q, leaving VGVF €867 ahead.
| Outcome | VGVF | IS3Q |
|---|---|---|
| Paid in | €12,000 | €12,000 |
| Value at the end of 2025 | €16,724 | €15,857 |
| Gain on the money paid in | +€4,724 | +€3,857 |
| Gain in % | +39.37% | +32.14% |
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 VGVF or IS3Q better?
Across the 7 calendar years both funds were trading, VGVF finished the year ahead 4 times and IS3Q 3 times. €10,000 invested at the start of 2021 was worth €18,610 in VGVF versus €17,711 in IS3Q 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 VGVF and IS3Q?
VGVF tracks the FTSE Developed World Index while IS3Q follows the MSCI World Sector Neutral Quality Index, so they own different slices of the market and their years can look very different. VGVF charges 0.12% a year in running costs and IS3Q charges 0.25% — VGVF 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, VGVF or IS3Q?
VGVF and IS3Q swung about equally: annualised volatility of 16.0% for VGVF against 16.1% for IS3Q, with VGVF moving 1% or more on 21.3% of trading days and IS3Q on 20.5%. Both had their worst day on 12 Mar 2020: VGVF closed -6.71% and IS3Q -8.05%.
Which had the deeper drawdown, VGVF or IS3Q?
VGVF had the deeper drawdown: it fell -33.14% from its peak on 13 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; IS3Q fell -32.31% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 20 Jan 2021, 9 months after the low.
How often did VGVF beat IS3Q over a 12-month period?
Across the 68 rolling 12-month windows since February 2020, measured month-end to month-end, VGVF finished ahead in 60.3% of them (41) and IS3Q in 39.7% (27).
What would €10,000 in VGVF have become?
€10,000 invested in VGVF at the start of 2021 grew to €18,610 by the end of 2025, with dividends reinvested — an average of 13.2% per year.
Is VHVE the same as VGVF?
VHVE is the London (USD) listing of the same fund, ISIN IE00BK5BQV03 — VGVF is its EUR line on Xetra.
Is IWQU the same as IS3Q?
IWQU is the London (USD) listing of the same fund, ISIN IE00BP3QZ601 — IS3Q is its EUR line on Xetra.
Related comparisons
More head-to-heads featuring VGVF or IS3Q.
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.