OriginaveIWFM vs IWFQ: 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.
IWFM
- 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
IWFQ
- 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
IWFM tracks the MSCI World Momentum IndexIWFQ tracks the MSCI World Sector Neutral Quality 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.
IWFM vs IWFQ, 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 | IWFM | IWFQ | Winner |
|---|---|---|---|
| 2026 (so far) | +23.83% | +13.47% | IWFM |
| 2025 | +12.72% | +7.40% | IWFM |
| 2024 | +32.62% | +18.93% | IWFM |
| 2023 | +5.85% | +19.15% | IWFQ |
| 2022 | -8.21% | -9.55% | IWFM |
| 2021 | +15.58% | +25.17% | IWFQ |
| 2020 | +24.16% | +10.93% | IWFM |
| 2019 | +23.25% | +25.86% | IWFQ |
| 2018 | +1.62% | -2.34% | IWFM |
| 2017 | +20.40% | +12.47% | IWFM |
| 2016 | +25.05% | +26.01% | IWFQ |
| 2015 | +8.82% | +7.50% | IWFM |
| 2014 | -32.51% | -33.59% | IWFM |
IWFM vs IWFQ in plain words
IWFM tracks the MSCI World Momentum Index while IWFQ follows the MSCI World Sector Neutral Quality Index, so they own different slices of the market and their years can look very different. Both funds charge 0.25% a year in running costs.
Both are accumulating funds: dividends are reinvested inside the fund and show up as a higher share price, never as a payout. Across the 13 calendar years both funds were trading, IWFM finished the year ahead 9 times and IWFQ 4 times. £10,000 invested at the start of 2016 was worth £39,306 in IWFM versus £33,297 in IWFQ by the end of 2025, dividends reinvested.
IWMO is the London (USD) listing and IS3R the Xetra (EUR) line of the same fund, ISIN IE00BP3QZ825 — IWFM is its GBP line on the London Stock Exchange.
IWQU is the London (USD) listing and IS3Q the Xetra (EUR) line of the same fund, ISIN IE00BP3QZ601 — IWFQ is its GBP line on the London Stock Exchange.
Fund facts: IWFM vs IWFQ
| Fact | IWFM | IWFQ |
|---|---|---|
| Fund | iShares Edge MSCI World Momentum Factor UCITS ETF (Acc) | iShares Edge MSCI World Quality Factor UCITS ETF (Acc) |
| Tracks | MSCI World Momentum Index | MSCI World Sector Neutral Quality Index |
| Yearly cost (TER) | 0.25% | 0.25% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 3 Oct 2014 | 3 Oct 2014 |
| ISIN | IE00BP3QZ825 | IE00BP3QZ601 |
| £10,000 invested | What £10,000 in IWFM became | What £10,000 in IWFQ became |
How bumpy the ride was: IWFM vs IWFQ
These head-to-head figures use only the 3,031 trading days both funds were listed: 6 Oct 2014 to 7 Oct 2026, roughly 12.0 years.
IWFM swung more than IWFQ: annualised volatility of 20.5% for IWFM against 18.2% for IWFQ, with IWFM moving 1% or more on 27.7% of trading days and IWFQ on 20.2%. Both had their worst day on 7 Oct 2014: IWFM closed -38.31% and IWFQ -38.24%.
IWFM had the deeper drawdown: it fell -41.86% from its peak on 6 Oct 2014 to a low on 15 Oct 2014, then closed back above the old peak on 26 May 2017, 31 months after the low; IWFQ fell -40.49% from its peak on 6 Oct 2014 to a low on 16 Oct 2014, then closed back above the old peak on 28 Nov 2017, 37 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.91, and they closed in opposite directions on 14.7% of the 3,030 days measured. The widest single-day gap came on 2 Feb 2023, when IWFM moved -0.93% and IWFQ +3.07%.
| Measure | IWFM | IWFQ |
|---|---|---|
| Annualised volatility | 20.5% | 18.2% |
| Worst day | -38.31% on 7 Oct 2014 | -38.24% on 7 Oct 2014 |
| Best day | +6.46% on 24 Jun 2016 | +5.53% on 24 Mar 2020 |
| Days moving 1% or more | 27.7% of days | 20.2% of days |
| Deepest drawdown | -41.86% | -40.49% |
| Peak to trough | 6 Oct 2014 → 15 Oct 2014 | 6 Oct 2014 → 16 Oct 2014 |
| Back above the old peak | 26 May 2017 · 31 months | 28 Nov 2017 · 37 months |
Years IWFM and IWFQ parted ways
In 6 of the 12 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2024: IWFM returned +32.62% and IWFQ +18.93%, a gap of 13.7 points. They rose together in 9 years, fell together in 2 years and went opposite ways in 1 year.
| Year | IWFM | IWFQ | Gap (IWFM − IWFQ) |
|---|---|---|---|
| 2025 | +12.72% | +7.40% | +5.3 pts |
| 2024 | +32.62% | +18.93% | +13.7 pts |
| 2023 | +5.85% | +19.15% | -13.3 pts |
| 2021 | +15.58% | +25.17% | -9.6 pts |
| 2020 | +24.16% | +10.93% | +13.2 pts |
| 2017 | +20.40% | +12.47% | +7.9 pts |
How often IWFM beat IWFQ over any 12 months
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, IWFM finished ahead in 65.2% of them (86) and IWFQ in 34.8% (46).
£200 a month into each, 2015–2025
Putting £200 into each fund at the start of every month from January 2015 to December 2025 (132 payments, £26,400 in total) would have grown to £58,456 in IWFM and £52,918 in IWFQ, leaving IWFM £5,538 ahead.
| Outcome | IWFM | IWFQ |
|---|---|---|
| Paid in | £26,400 | £26,400 |
| Value at the end of 2025 | £58,456 | £52,918 |
| Gain on the money paid in | +£32,056 | +£26,518 |
| Gain in % | +121.42% | +100.45% |
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 IWFM or IWFQ better?
Across the 13 calendar years both funds were trading, IWFM finished the year ahead 9 times and IWFQ 4 times. £10,000 invested at the start of 2016 was worth £39,306 in IWFM versus £33,297 in IWFQ 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 IWFM and IWFQ?
IWFM tracks the MSCI World Momentum Index while IWFQ follows the MSCI World Sector Neutral Quality Index, so they own different slices of the market and their years can look very different. Both funds charge 0.25% a year in running costs. 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, IWFM or IWFQ?
IWFM swung more than IWFQ: annualised volatility of 20.5% for IWFM against 18.2% for IWFQ, with IWFM moving 1% or more on 27.7% of trading days and IWFQ on 20.2%. Both had their worst day on 7 Oct 2014: IWFM closed -38.31% and IWFQ -38.24%.
Which had the deeper drawdown, IWFM or IWFQ?
IWFM had the deeper drawdown: it fell -41.86% from its peak on 6 Oct 2014 to a low on 15 Oct 2014, then closed back above the old peak on 26 May 2017, 31 months after the low; IWFQ fell -40.49% from its peak on 6 Oct 2014 to a low on 16 Oct 2014, then closed back above the old peak on 28 Nov 2017, 37 months after the low.
How often did IWFM beat IWFQ over a 12-month period?
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, IWFM finished ahead in 65.2% of them (86) and IWFQ in 34.8% (46).
What would £10,000 in IWFM have become?
£10,000 invested in IWFM at the start of 2016 grew to £39,306 by the end of 2025, with dividends reinvested — an average of 14.7% per year.
Related comparisons
More head-to-heads featuring IWFM or IWFQ.
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.