OriginaveVWCE (VWRA) 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.
VWCE
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
VWCE tracks the FTSE All-World IndexSXRV tracks the Nasdaq-100 Index
What did the last 6 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 6 full years (2020–2025) — the longest stretch both were trading.
VWCE 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 | VWCE | SXRV | Winner |
|---|---|---|---|
| 2026 (so far) | +16.75% | +24.31% | SXRV |
| 2025 | +9.16% | +6.98% | VWCE |
| 2024 | +24.41% | +33.55% | SXRV |
| 2023 | +18.18% | +51.19% | SXRV |
| 2022 | -13.47% | -30.05% | VWCE |
| 2021 | +28.62% | +39.34% | SXRV |
| 2020 | +5.36% | +34.48% | SXRV |
| 2019 | +7.56% | +42.90% | SXRV |
| 2018 | — | +3.03% | — |
| 2017 | — | +15.81% | — |
| 2016 | — | +9.96% | — |
| 2015 | — | +21.87% | — |
| 2014 | — | +37.26% | — |
| 2013 | — | +32.30% | — |
| 2012 | — | +13.01% | — |
| 2011 | — | +5.73% | — |
| 2010 | — | -9.35% | — |
VWCE vs SXRV in plain words
VWCE tracks the FTSE All-World Index while SXRV follows the Nasdaq-100 Index, so they own different slices of the market and their years can look very different. VWCE charges 0.19% a year in running costs and SXRV charges 0.30% — VWCE 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 8 calendar years both funds were trading, VWCE finished the year ahead 2 times and SXRV 6 times. €10,000 invested at the start of 2020 was worth €18,817 in VWCE versus €28,310 in SXRV by the end of 2025, dividends reinvested.
VWRA (London, USD) and VWRP (London, GBP) are listings of the same accumulating share class, ISIN IE00BK5BQT80 — VWRL is its distributing sibling.
CNDX is the London/Amsterdam listing of the same fund, ISIN IE00B53SZB19 — SXRV is its EUR line on Xetra.
Fund facts: VWCE vs SXRV
| Fact | VWCE | SXRV |
|---|---|---|
| Fund | Vanguard FTSE All-World UCITS ETF (Acc) | iShares Nasdaq 100 UCITS ETF (Acc) |
| Tracks | FTSE All-World Index | Nasdaq-100 Index |
| Yearly cost (TER) | 0.19% | 0.30% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 23 Jul 2019 | 26 Jan 2010 |
| ISIN | IE00BK5BQT80 | IE00B53SZB19 |
| WKN | A2PKXG | A0YEDL |
| Also trades as | VWRA | CNDX |
| €10,000 invested | What €10,000 in VWCE became | What €10,000 in SXRV became |
How bumpy the ride was: VWCE vs SXRV
These head-to-head figures use only the 1,828 trading days both funds were listed: 29 Jul 2019 to 7 Oct 2026, roughly 7.3 years.
SXRV swung more than VWCE: annualised volatility of 16.0% for VWCE against 21.0% for SXRV, with VWCE moving 1% or more on 20.8% of trading days and SXRV on 35.2%. Both had their worst day on 12 Mar 2020: VWCE closed -9.41% and SXRV -7.25%.
VWCE had the deeper drawdown: it fell -33.43% 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; SXRV fell -31.33% from its peak on 22 Nov 2021 to a low on 28 Dec 2022, then closed back above the old peak on 22 Nov 2023, 10 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.89, and they closed in opposite directions on 13.6% of the 1,827 days measured. The widest single-day gap came on 2 Feb 2023, when VWCE moved +2.15% and SXRV +5.84%.
| Measure | VWCE | SXRV |
|---|---|---|
| Annualised volatility | 16.0% | 21.0% |
| Worst day | -9.41% on 12 Mar 2020 | -7.25% on 12 Mar 2020 |
| Best day | +8.42% on 24 Mar 2020 | +7.96% on 24 Mar 2020 |
| Days moving 1% or more | 20.8% of days | 35.2% of days |
| Deepest drawdown | -33.43% | -31.33% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 22 Nov 2021 → 28 Dec 2022 |
| Back above the old peak | 6 Jan 2021 · 9 months | 22 Nov 2023 · 10 months |
Years VWCE and SXRV parted ways
In 6 of the 7 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2019: VWCE returned +7.56% and SXRV +42.90%, a gap of 35.3 points. They rose together in 6 years and fell together in 1 year.
| Year | VWCE | SXRV | Gap (VWCE − SXRV) |
|---|---|---|---|
| 2024 | +24.41% | +33.55% | -9.1 pts |
| 2023 | +18.18% | +51.19% | -33.0 pts |
| 2022 | -13.47% | -30.05% | +16.6 pts |
| 2021 | +28.62% | +39.34% | -10.7 pts |
| 2020 | +5.36% | +34.48% | -29.1 pts |
| 2019 | +7.56% | +42.90% | -35.3 pts |
How often VWCE beat SXRV over any 12 months
Across the 75 rolling 12-month windows since July 2019, measured month-end to month-end, VWCE finished ahead in 26.7% of them (20) and SXRV in 73.3% (55).
€200 a month into each, 2020–2025
Putting €200 into each fund at the start of every month from January 2020 to December 2025 (72 payments, €14,400 in total) would have grown to €21,310 in VWCE and €24,667 in SXRV, leaving SXRV €3,357 ahead.
| Outcome | VWCE | SXRV |
|---|---|---|
| Paid in | €14,400 | €14,400 |
| Value at the end of 2025 | €21,310 | €24,667 |
| Gain on the money paid in | +€6,910 | +€10,267 |
| Gain in % | +47.98% | +71.30% |
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 VWCE or SXRV better?
Across the 8 calendar years both funds were trading, VWCE finished the year ahead 2 times and SXRV 6 times. €10,000 invested at the start of 2020 was worth €18,817 in VWCE versus €28,310 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 VWCE and SXRV?
VWCE tracks the FTSE All-World Index while SXRV follows the Nasdaq-100 Index, so they own different slices of the market and their years can look very different. VWCE charges 0.19% a year in running costs and SXRV charges 0.30% — VWCE 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, VWCE or SXRV?
SXRV swung more than VWCE: annualised volatility of 16.0% for VWCE against 21.0% for SXRV, with VWCE moving 1% or more on 20.8% of trading days and SXRV on 35.2%. Both had their worst day on 12 Mar 2020: VWCE closed -9.41% and SXRV -7.25%.
Which had the deeper drawdown, VWCE or SXRV?
VWCE had the deeper drawdown: it fell -33.43% 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; SXRV fell -31.33% from its peak on 22 Nov 2021 to a low on 28 Dec 2022, then closed back above the old peak on 22 Nov 2023, 10 months after the low.
How often did VWCE beat SXRV over a 12-month period?
Across the 75 rolling 12-month windows since July 2019, measured month-end to month-end, VWCE finished ahead in 26.7% of them (20) and SXRV in 73.3% (55).
What would €10,000 in VWCE have become?
€10,000 invested in VWCE at the start of 2020 grew to €18,817 by the end of 2025, with dividends reinvested — an average of 11.1% per year.
Is VWRA the same as VWCE?
VWRA (London, USD) and VWRP (London, GBP) are listings of the same accumulating share class, ISIN IE00BK5BQT80 — VWRL is its distributing sibling.
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 VWCE 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.