OriginaveSWDA vs CNX1: 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.
SWDA
- 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
CNX1
- 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
SWDA tracks the MSCI World IndexCNX1 tracks the Nasdaq-100 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.
SWDA vs CNX1, 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 | SWDA | CNX1 | Winner |
|---|---|---|---|
| 2026 (so far) | +13.45% | +21.89% | CNX1 |
| 2025 | +12.64% | +11.83% | SWDA |
| 2024 | +21.11% | +28.51% | CNX1 |
| 2023 | +17.59% | +47.71% | CNX1 |
| 2022 | -8.33% | -25.53% | SWDA |
| 2021 | +23.64% | +29.50% | CNX1 |
| 2020 | +12.25% | +43.24% | CNX1 |
| 2019 | +23.03% | +33.63% | CNX1 |
| 2018 | -3.78% | +4.62% | CNX1 |
| 2017 | +11.78% | +20.13% | CNX1 |
| 2016 | +29.59% | +28.85% | SWDA |
| 2015 | +4.06% | +14.71% | CNX1 |
| 2014 | +12.58% | +28.19% | CNX1 |
| 2013 | +25.32% | +36.05% | CNX1 |
| 2012 | +9.19% | +9.20% | CNX1 |
| 2011 | -6.19% | +3.56% | CNX1 |
| 2010 | +14.57% | -20.33% | SWDA |
| 2009 | -34.91% | — | — |
SWDA vs CNX1 in plain words
SWDA tracks the MSCI World Index while CNX1 follows the Nasdaq-100 Index, so they own different slices of the market and their years can look very different. SWDA charges 0.20% a year in running costs and CNX1 charges 0.30% — SWDA 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 17 calendar years both funds were trading, SWDA finished the year ahead 4 times and CNX1 13 times. £10,000 invested at the start of 2016 was worth £34,992 in SWDA versus £63,451 in CNX1 by the end of 2025, dividends reinvested.
IWDA (London/Amsterdam, USD) and EUNL (Xetra, EUR) are listings of the same fund, ISIN IE00B4L5Y983 — SWDA is its GBP line on the London Stock Exchange.
CNDX is the London (USD) listing and SXRV the Xetra (EUR) line of the same fund, ISIN IE00B53SZB19 — CNX1 is its GBP line on the London Stock Exchange.
Fund facts: SWDA vs CNX1
| Fact | SWDA | CNX1 |
|---|---|---|
| Fund | iShares Core MSCI World UCITS ETF (Acc) | iShares Nasdaq 100 UCITS ETF (Acc) |
| Tracks | MSCI World Index | Nasdaq-100 Index |
| Yearly cost (TER) | 0.20% | 0.30% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 25 Sept 2009 | 26 Jan 2010 |
| ISIN | IE00B4L5Y983 | IE00B53SZB19 |
| £10,000 invested | What £10,000 in SWDA became | What £10,000 in CNX1 became |
How bumpy the ride was: SWDA vs CNX1
These head-to-head figures use only the 4,208 trading days both funds were listed: 26 Jan 2010 to 7 Oct 2026, roughly 16.7 years.
CNX1 swung more than SWDA: annualised volatility of 14.7% for SWDA against 20.6% for CNX1, with SWDA moving 1% or more on 20.9% of trading days and CNX1 on 31.9%. SWDA's worst day was -7.75% on 12 Mar 2020; CNX1's was -35.97% on 15 Sept 2010.
CNX1 had the deeper drawdown: it fell -39.83% from its peak on 23 Apr 2010 to a low on 15 Sept 2010, then closed back above the old peak on 22 May 2013, 32 months after the low; SWDA fell -25.58% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 2 Sept 2020, 5 months after the low.
Day to day the two often go their own way: the correlation of their daily returns is 0.77, and they closed in opposite directions on 15.0% of the 4,207 days measured. The widest single-day gap came on 15 Sept 2010, when SWDA moved -1.08% and CNX1 -35.97%.
| Measure | SWDA | CNX1 |
|---|---|---|
| Annualised volatility | 14.7% | 20.6% |
| Worst day | -7.75% on 12 Mar 2020 | -35.97% on 15 Sept 2010 |
| Best day | +6.41% on 24 Mar 2020 | +6.26% on 2 Feb 2023 |
| Days moving 1% or more | 20.9% of days | 31.9% of days |
| Deepest drawdown | -25.58% | -39.83% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 23 Apr 2010 → 15 Sept 2010 |
| Back above the old peak | 2 Sept 2020 · 5 months | 22 May 2013 · 32 months |
Years SWDA and CNX1 parted ways
In 13 of the 16 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2010: SWDA returned +14.57% and CNX1 -20.33%, a gap of 34.9 points. They rose together in 12 years, fell together in 1 year and went opposite ways in 3 years.
| Year | SWDA | CNX1 | Gap (SWDA − CNX1) |
|---|---|---|---|
| 2024 | +21.11% | +28.51% | -7.4 pts |
| 2023 | +17.59% | +47.71% | -30.1 pts |
| 2022 | -8.33% | -25.53% | +17.2 pts |
| 2021 | +23.64% | +29.50% | -5.9 pts |
| 2020 | +12.25% | +43.24% | -31.0 pts |
| 2019 | +23.03% | +33.63% | -10.6 pts |
| 2018 | -3.78% | +4.62% | -8.4 pts |
| 2017 | +11.78% | +20.13% | -8.3 pts |
| 2015 | +4.06% | +14.71% | -10.7 pts |
| 2014 | +12.58% | +28.19% | -15.6 pts |
| 2013 | +25.32% | +36.05% | -10.7 pts |
| 2011 | -6.19% | +3.56% | -9.7 pts |
| 2010 | +14.57% | -20.33% | +34.9 pts |
How often SWDA beat CNX1 over any 12 months
Across the 189 rolling 12-month windows since January 2010, measured month-end to month-end, SWDA finished ahead in 21.2% of them (40) and CNX1 in 78.8% (149).
£200 a month into each, 2011–2025
Putting £200 into each fund at the start of every month from January 2011 to December 2025 (180 payments, £36,000 in total) would have grown to £101,070 in SWDA and £193,909 in CNX1, leaving CNX1 £92,840 ahead.
| Outcome | SWDA | CNX1 |
|---|---|---|
| Paid in | £36,000 | £36,000 |
| Value at the end of 2025 | £101,070 | £193,909 |
| Gain on the money paid in | +£65,070 | +£157,909 |
| Gain in % | +180.75% | +438.64% |
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 SWDA or CNX1 better?
Across the 17 calendar years both funds were trading, SWDA finished the year ahead 4 times and CNX1 13 times. £10,000 invested at the start of 2016 was worth £34,992 in SWDA versus £63,451 in CNX1 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 SWDA and CNX1?
SWDA tracks the MSCI World Index while CNX1 follows the Nasdaq-100 Index, so they own different slices of the market and their years can look very different. SWDA charges 0.20% a year in running costs and CNX1 charges 0.30% — SWDA 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, SWDA or CNX1?
CNX1 swung more than SWDA: annualised volatility of 14.7% for SWDA against 20.6% for CNX1, with SWDA moving 1% or more on 20.9% of trading days and CNX1 on 31.9%. SWDA's worst day was -7.75% on 12 Mar 2020; CNX1's was -35.97% on 15 Sept 2010.
Which had the deeper drawdown, SWDA or CNX1?
CNX1 had the deeper drawdown: it fell -39.83% from its peak on 23 Apr 2010 to a low on 15 Sept 2010, then closed back above the old peak on 22 May 2013, 32 months after the low; SWDA fell -25.58% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 2 Sept 2020, 5 months after the low.
How often did SWDA beat CNX1 over a 12-month period?
Across the 189 rolling 12-month windows since January 2010, measured month-end to month-end, SWDA finished ahead in 21.2% of them (40) and CNX1 in 78.8% (149).
What would £10,000 in SWDA have become?
£10,000 invested in SWDA at the start of 2016 grew to £34,992 by the end of 2025, with dividends reinvested — an average of 13.3% per year.
Related comparisons
More head-to-heads featuring SWDA or CNX1.
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.