OriginaveCSP1 vs VHYL: 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 pounds — what you'd actually pocket buying on the London Stock Exchange. Fund fact sheets usually headline returns in US dollars, which can look very different in years when the pound moves against the dollar. Here's the full story, year by year.
CSP1
- CSP1iShares Core S&P 500 UCITS ETF USD (Acc)tracks the S&P 500 Index
- SSACiShares MSCI ACWI UCITS ETF USD (Acc)tracks the MSCI ACWI Index
VWRPVanguard FTSE All-World UCITS ETF (Acc)tracks the FTSE All-World Index- VHVGVanguard FTSE Developed World UCITS ETF (Acc)tracks the FTSE Developed World Index
- SWDAiShares Core MSCI World UCITS ETF (Acc)tracks the MSCI World Index
- CNX1iShares Nasdaq 100 UCITS ETF (Acc)tracks the Nasdaq-100 Index
- VHYLVanguard FTSE All-World High Dividend Yield UCITS ETF (Dist)tracks the FTSE All-World High Dividend Yield Index
- IWFViShares Edge MSCI World Value Factor UCITS ETFtracks the MSCI World Enhanced Value Index
- IWFMiShares Edge MSCI World Momentum Factor UCITS ETF (Acc)tracks the MSCI World Momentum Index
- IWFQiShares Edge MSCI World Quality Factor UCITS ETF (Acc)tracks the MSCI World Sector Neutral Quality Index
VHYL
- CSP1iShares Core S&P 500 UCITS ETF USD (Acc)tracks the S&P 500 Index
- SSACiShares MSCI ACWI UCITS ETF USD (Acc)tracks the MSCI ACWI Index
- VWRPVanguard FTSE All-World UCITS ETF (Acc)tracks the FTSE All-World Index
- VHVGVanguard FTSE Developed World UCITS ETF (Acc)tracks the FTSE Developed World Index
- SWDAiShares Core MSCI World UCITS ETF (Acc)tracks the MSCI World Index
- CNX1iShares Nasdaq 100 UCITS ETF (Acc)tracks the Nasdaq-100 Index
- VHYLVanguard FTSE All-World High Dividend Yield UCITS ETF (Dist)tracks the FTSE All-World High Dividend Yield Index
- IWFViShares Edge MSCI World Value Factor UCITS ETFtracks the MSCI World Enhanced Value Index
- IWFMiShares Edge MSCI World Momentum Factor UCITS ETF (Acc)tracks the MSCI World Momentum Index
- IWFQiShares Edge MSCI World Quality Factor UCITS ETF (Acc)tracks the MSCI World Sector Neutral Quality Index
CSP1 tracks the S&P 500 IndexVHYL tracks the FTSE All-World High Dividend Yield 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.
CSP1 vs VHYL, 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 | CSP1 | VHYL | Winner |
|---|---|---|---|
| 2026 (so far) | +14.27% | +14.90% | VHYL |
| 2025 | +9.37% | +18.22% | VHYL |
| 2024 | +27.35% | +11.23% | CSP1 |
| 2023 | +19.79% | +5.26% | CSP1 |
| 2022 | -9.05% | +5.95% | VHYL |
| 2021 | +31.07% | +19.24% | CSP1 |
| 2020 | +13.65% | -3.74% | CSP1 |
| 2019 | +26.42% | +17.00% | CSP1 |
| 2018 | +0.01% | -6.59% | CSP1 |
| 2017 | +10.83% | +8.80% | CSP1 |
| 2016 | +34.10% | +32.59% | CSP1 |
| 2015 | +5.78% | -0.71% | CSP1 |
| 2014 | +22.03% | +8.22% | CSP1 |
| 2013 | +31.40% | -1.85% | CSP1 |
| 2012 | +7.14% | — | — |
| 2011 | +1.73% | — | — |
| 2010 | -26.08% | — | — |
CSP1 vs VHYL in plain words
CSP1 tracks the S&P 500 Index while VHYL follows the FTSE All-World High Dividend Yield Index, so they own different slices of the market and their years can look very different. CSP1 charges 0.07% a year in running costs and VHYL charges 0.29% — CSP1 is the cheaper fund to hold.
CSP1 reinvests its dividends automatically (accumulating), while VHYL pays them out as cash (distributing). Across the 14 calendar years both funds were trading, CSP1 finished the year ahead 11 times and VHYL 3 times. £10,000 invested at the start of 2016 was worth £42,477 in CSP1 versus £26,537 in VHYL by the end of 2025, dividends reinvested.
CSPX is the London (USD) listing and SXR8 the Xetra (EUR) line of the same fund, ISIN IE00B5BMR087 — CSP1 is its GBP line on the London Stock Exchange.
VGWD is the Xetra (EUR) line of the same fund, ISIN IE00B8GKDB10 — VHYL is its GBP line on the London Stock Exchange.
Fund facts: CSP1 vs VHYL
| Fact | CSP1 | VHYL |
|---|---|---|
| Fund | iShares Core S&P 500 UCITS ETF USD (Acc) | Vanguard FTSE All-World High Dividend Yield UCITS ETF (Dist) |
| Tracks | S&P 500 Index | FTSE All-World High Dividend Yield Index |
| Yearly cost (TER) | 0.07% | 0.29% |
| Dividends | Accumulating — dividends reinvested | Distributing — dividends paid out |
| Launched | 19 May 2010 | 21 May 2013 |
| ISIN | IE00B5BMR087 | IE00B8GKDB10 |
| £10,000 invested | What £10,000 in CSP1 became | What £10,000 in VHYL became |
How bumpy the ride was: CSP1 vs VHYL
These head-to-head figures use only the 3,380 trading days both funds were listed: 21 May 2013 to 7 Oct 2026, roughly 13.4 years.
CSP1 swung more than VHYL: annualised volatility of 15.3% for CSP1 against 13.1% for VHYL, with CSP1 moving 1% or more on 22.6% of trading days and VHYL on 15.7%. Both had their worst day on 12 Mar 2020: CSP1 closed -6.41% and VHYL -8.76%.
VHYL had the deeper drawdown: it fell -27.86% from its peak on 20 Jan 2020 to a low on 23 Mar 2020, then closed back above the old peak on 15 Mar 2021, 11 months after the low; CSP1 fell -25.48% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 24 Aug 2020, 5 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.86, and they closed in opposite directions on 18.0% of the 3,379 days measured. The widest single-day gap came on 24 Jun 2016, when CSP1 moved +6.13% and VHYL +3.10%.
| Measure | CSP1 | VHYL |
|---|---|---|
| Annualised volatility | 15.3% | 13.1% |
| Worst day | -6.41% on 12 Mar 2020 | -8.76% on 12 Mar 2020 |
| Best day | +6.29% on 24 Mar 2020 | +5.77% on 24 Mar 2020 |
| Days moving 1% or more | 22.6% of days | 15.7% of days |
| Deepest drawdown | -25.48% | -27.86% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 20 Jan 2020 → 23 Mar 2020 |
| Back above the old peak | 24 Aug 2020 · 5 months | 15 Mar 2021 · 11 months |
Years CSP1 and VHYL parted ways
In 11 of the 13 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2013: CSP1 returned +31.40% and VHYL -1.85%, a gap of 33.2 points. They rose together in 8 years and went opposite ways in 5 years.
| Year | CSP1 | VHYL | Gap (CSP1 − VHYL) |
|---|---|---|---|
| 2025 | +9.37% | +18.22% | -8.8 pts |
| 2024 | +27.35% | +11.23% | +16.1 pts |
| 2023 | +19.79% | +5.26% | +14.5 pts |
| 2022 | -9.05% | +5.95% | -15.0 pts |
| 2021 | +31.07% | +19.24% | +11.8 pts |
| 2020 | +13.65% | -3.74% | +17.4 pts |
| 2019 | +26.42% | +17.00% | +9.4 pts |
| 2018 | +0.01% | -6.59% | +6.6 pts |
| 2015 | +5.78% | -0.71% | +6.5 pts |
| 2014 | +22.03% | +8.22% | +13.8 pts |
| 2013 | +31.40% | -1.85% | +33.2 pts |
How often CSP1 beat VHYL over any 12 months
Across the 149 rolling 12-month windows since May 2013, measured month-end to month-end, CSP1 finished ahead in 81.9% of them (122) and VHYL in 18.1% (27).
£200 a month into each, 2014–2025
Putting £200 into each fund at the start of every month from January 2014 to December 2025 (144 payments, £28,800 in total) would have grown to £75,081 in CSP1 and £52,883 in VHYL, leaving CSP1 £22,198 ahead.
| Outcome | CSP1 | VHYL |
|---|---|---|
| Paid in | £28,800 | £28,800 |
| Value at the end of 2025 | £75,081 | £52,883 |
| Gain on the money paid in | +£46,281 | +£24,083 |
| Gain in % | +160.70% | +83.62% |
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 CSP1 or VHYL better?
Across the 14 calendar years both funds were trading, CSP1 finished the year ahead 11 times and VHYL 3 times. £10,000 invested at the start of 2016 was worth £42,477 in CSP1 versus £26,537 in VHYL 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 CSP1 and VHYL?
CSP1 tracks the S&P 500 Index while VHYL follows the FTSE All-World High Dividend Yield Index, so they own different slices of the market and their years can look very different. CSP1 charges 0.07% a year in running costs and VHYL charges 0.29% — CSP1 is the cheaper fund to hold. CSP1 reinvests its dividends automatically (accumulating), while VHYL pays them out as cash (distributing).
Which is more volatile, CSP1 or VHYL?
CSP1 swung more than VHYL: annualised volatility of 15.3% for CSP1 against 13.1% for VHYL, with CSP1 moving 1% or more on 22.6% of trading days and VHYL on 15.7%. Both had their worst day on 12 Mar 2020: CSP1 closed -6.41% and VHYL -8.76%.
Which had the deeper drawdown, CSP1 or VHYL?
VHYL had the deeper drawdown: it fell -27.86% from its peak on 20 Jan 2020 to a low on 23 Mar 2020, then closed back above the old peak on 15 Mar 2021, 11 months after the low; CSP1 fell -25.48% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 24 Aug 2020, 5 months after the low.
How often did CSP1 beat VHYL over a 12-month period?
Across the 149 rolling 12-month windows since May 2013, measured month-end to month-end, CSP1 finished ahead in 81.9% of them (122) and VHYL in 18.1% (27).
What would £10,000 in CSP1 have become?
£10,000 invested in CSP1 at the start of 2016 grew to £42,477 by the end of 2025, with dividends reinvested — an average of 15.6% per year.
Related comparisons
More head-to-heads featuring CSP1 or VHYL.
Source: Yahoo Finance daily adjusted closes for the GBP trading lines on the London Stock Exchange, dividends reinvested. Prices through · refreshed 7 Oct 2026, 08:49 UTC. How every number is calculated.