OriginaveVGWD 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.
VGWD
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
VGWD tracks the FTSE All-World High Dividend Yield IndexIS3S tracks the MSCI World Enhanced Value Index
What did the last 8 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 8 full years (2018–2025) — the longest stretch both were trading.
VGWD 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 | VGWD | IS3S | Winner |
|---|---|---|---|
| 2026 (so far) | +17.20% | +39.61% | IS3S |
| 2025 | +13.16% | +25.13% | IS3S |
| 2024 | +15.75% | +11.36% | VGWD |
| 2023 | +7.29% | +15.62% | IS3S |
| 2022 | +0.08% | -4.81% | VGWD |
| 2021 | +27.90% | +30.38% | IS3S |
| 2020 | -9.60% | -12.53% | VGWD |
| 2019 | +25.03% | +22.01% | VGWD |
| 2018 | -8.03% | -10.34% | VGWD |
| 2017 | +0.41% | +7.66% | IS3S |
| 2016 | — | +11.24% | — |
| 2015 | — | +8.31% | — |
| 2014 | — | -16.73% | — |
VGWD vs IS3S in plain words
VGWD tracks the FTSE All-World High Dividend Yield 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. VGWD charges 0.29% a year in running costs and IS3S charges 0.25% — IS3S is the cheaper fund to hold.
IS3S reinvests its dividends automatically (accumulating), while VGWD pays them out as cash (distributing). Across the 10 calendar years both funds were trading, VGWD finished the year ahead 5 times and IS3S 5 times. €10,000 invested at the start of 2018 was worth €18,700 in VGWD versus €19,136 in IS3S by the end of 2025, dividends reinvested.
VHYL is the London (GBP) listing of the same fund, ISIN IE00B8GKDB10 — VGWD 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: VGWD vs IS3S
| Fact | VGWD | IS3S |
|---|---|---|
| Fund | Vanguard FTSE All-World High Dividend Yield UCITS ETF (Dist) | iShares Edge MSCI World Value Factor UCITS ETF |
| Tracks | FTSE All-World High Dividend Yield Index | MSCI World Enhanced Value Index |
| Yearly cost (TER) | 0.29% | 0.25% |
| Dividends | Distributing — dividends paid out | Accumulating — dividends reinvested |
| Launched | 21 May 2013 | 3 Oct 2014 |
| ISIN | IE00B8GKDB10 | IE00BP3QZB59 |
| WKN | A1T8FV | A12ATG |
| Also trades as | — | IWVL |
| €10,000 invested | What €10,000 in VGWD became | What €10,000 in IS3S became |
How bumpy the ride was: VGWD vs IS3S
These head-to-head figures use only the 2,269 trading days both funds were listed: 26 Oct 2017 to 7 Oct 2026, roughly 9.0 years.
IS3S swung more than VGWD: annualised volatility of 14.0% for VGWD against 16.3% for IS3S, with VGWD moving 1% or more on 15.1% of trading days and IS3S on 21.9%. Both had their worst day on 12 Mar 2020: VGWD closed -9.53% and IS3S -11.04%.
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; VGWD fell -34.57% from its peak on 17 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 18 Mar 2021, 11 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.93, and they closed in opposite directions on 11.9% of the 2,268 days measured. The widest single-day gap came on 1 Apr 2026, when VGWD moved +1.16% and IS3S +3.25%.
| Measure | VGWD | IS3S |
|---|---|---|
| Annualised volatility | 14.0% | 16.3% |
| Worst day | -9.53% on 12 Mar 2020 | -11.04% on 12 Mar 2020 |
| Best day | +8.04% on 24 Mar 2020 | +8.97% on 24 Mar 2020 |
| Days moving 1% or more | 15.1% of days | 21.9% of days |
| Deepest drawdown | -34.57% | -35.18% |
| Peak to trough | 17 Feb 2020 → 23 Mar 2020 | 12 Feb 2020 → 23 Mar 2020 |
| Back above the old peak | 18 Mar 2021 · 11 months | 16 Mar 2021 · 11 months |
Years VGWD and IS3S parted ways
In 3 of the 9 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2025: VGWD returned +13.16% and IS3S +25.13%, a gap of 12.0 points. They rose together in 6 years, fell together in 2 years and went opposite ways in 1 year.
| Year | VGWD | IS3S | Gap (VGWD − IS3S) |
|---|---|---|---|
| 2025 | +13.16% | +25.13% | -12.0 pts |
| 2023 | +7.29% | +15.62% | -8.3 pts |
| 2017 | +0.41% | +7.66% | -7.2 pts |
How often VGWD beat IS3S over any 12 months
Across the 96 rolling 12-month windows since October 2017, measured month-end to month-end, VGWD finished ahead in 55.2% of them (53) and IS3S in 44.8% (43).
€200 a month into each, 2018–2025
Putting €200 into each fund at the start of every month from January 2018 to December 2025 (96 payments, €19,200 in total) would have grown to €29,445 in VGWD and €31,781 in IS3S, leaving IS3S €2,337 ahead.
| Outcome | VGWD | IS3S |
|---|---|---|
| Paid in | €19,200 | €19,200 |
| Value at the end of 2025 | €29,445 | €31,781 |
| Gain on the money paid in | +€10,245 | +€12,581 |
| Gain in % | +53.36% | +65.53% |
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 VGWD or IS3S better?
Across the 10 calendar years both funds were trading, VGWD finished the year ahead 5 times and IS3S 5 times. €10,000 invested at the start of 2018 was worth €18,700 in VGWD versus €19,136 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 VGWD and IS3S?
VGWD tracks the FTSE All-World High Dividend Yield 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. VGWD charges 0.29% a year in running costs and IS3S charges 0.25% — IS3S is the cheaper fund to hold. IS3S reinvests its dividends automatically (accumulating), while VGWD pays them out as cash (distributing).
Which is more volatile, VGWD or IS3S?
IS3S swung more than VGWD: annualised volatility of 14.0% for VGWD against 16.3% for IS3S, with VGWD moving 1% or more on 15.1% of trading days and IS3S on 21.9%. Both had their worst day on 12 Mar 2020: VGWD closed -9.53% and IS3S -11.04%.
Which had the deeper drawdown, VGWD 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; VGWD fell -34.57% from its peak on 17 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 18 Mar 2021, 11 months after the low.
How often did VGWD beat IS3S over a 12-month period?
Across the 96 rolling 12-month windows since October 2017, measured month-end to month-end, VGWD finished ahead in 55.2% of them (53) and IS3S in 44.8% (43).
What would €10,000 in VGWD have become?
€10,000 invested in VGWD at the start of 2018 grew to €18,700 by the end of 2025, with dividends reinvested — an average of 8.1% 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.
Related comparisons
More head-to-heads featuring VGWD 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.