OriginaveSWDA 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.
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
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
SWDA tracks the MSCI World 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.
SWDA 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 | SWDA | IWFQ | Winner |
|---|---|---|---|
| 2026 (so far) | +13.45% | +13.47% | IWFQ |
| 2025 | +12.64% | +7.40% | SWDA |
| 2024 | +21.11% | +18.93% | SWDA |
| 2023 | +17.59% | +19.15% | IWFQ |
| 2022 | -8.33% | -9.55% | SWDA |
| 2021 | +23.64% | +25.17% | IWFQ |
| 2020 | +12.25% | +10.93% | SWDA |
| 2019 | +23.03% | +25.86% | IWFQ |
| 2018 | -3.78% | -2.34% | IWFQ |
| 2017 | +11.78% | +12.47% | IWFQ |
| 2016 | +29.59% | +26.01% | SWDA |
| 2015 | +4.06% | +7.50% | IWFQ |
| 2014 | +12.58% | -33.59% | SWDA |
| 2013 | +25.32% | — | — |
| 2012 | +9.19% | — | — |
| 2011 | -6.19% | — | — |
| 2010 | +14.57% | — | — |
| 2009 | -34.91% | — | — |
SWDA vs IWFQ in plain words
SWDA tracks the MSCI World 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. SWDA charges 0.20% a year in running costs and IWFQ charges 0.25% — 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 13 calendar years both funds were trading, SWDA finished the year ahead 6 times and IWFQ 7 times. £10,000 invested at the start of 2016 was worth £34,992 in SWDA versus £33,297 in IWFQ 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.
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: SWDA vs IWFQ
| Fact | SWDA | IWFQ |
|---|---|---|
| Fund | iShares Core MSCI World UCITS ETF (Acc) | iShares Edge MSCI World Quality Factor UCITS ETF (Acc) |
| Tracks | MSCI World Index | MSCI World Sector Neutral Quality Index |
| Yearly cost (TER) | 0.20% | 0.25% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 25 Sept 2009 | 3 Oct 2014 |
| ISIN | IE00B4L5Y983 | IE00BP3QZ601 |
| £10,000 invested | What £10,000 in SWDA became | What £10,000 in IWFQ became |
How bumpy the ride was: SWDA 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.
IWFQ swung more than SWDA: annualised volatility of 14.6% for SWDA against 18.2% for IWFQ, with SWDA moving 1% or more on 21.0% of trading days and IWFQ on 20.2%. SWDA's worst day was -7.75% on 12 Mar 2020; IWFQ's was -38.24% on 7 Oct 2014.
IWFQ had the deeper drawdown: it 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; 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 0.79, and they closed in opposite directions on 6.4% of the 3,030 days measured. The widest single-day gap came on 7 Oct 2014, when SWDA moved -1.24% and IWFQ -38.24%.
| Measure | SWDA | IWFQ |
|---|---|---|
| Annualised volatility | 14.6% | 18.2% |
| Worst day | -7.75% on 12 Mar 2020 | -38.24% on 7 Oct 2014 |
| Best day | +6.41% on 24 Mar 2020 | +5.53% on 24 Mar 2020 |
| Days moving 1% or more | 21.0% of days | 20.2% of days |
| Deepest drawdown | -25.58% | -40.49% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 6 Oct 2014 → 16 Oct 2014 |
| Back above the old peak | 2 Sept 2020 · 5 months | 28 Nov 2017 · 37 months |
Years SWDA and IWFQ parted ways
In 2 of the 12 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2014: SWDA returned +12.58% and IWFQ -33.59%, a gap of 46.2 points. They rose together in 9 years, fell together in 2 years and went opposite ways in 1 year.
| Year | SWDA | IWFQ | Gap (SWDA − IWFQ) |
|---|---|---|---|
| 2025 | +12.64% | +7.40% | +5.2 pts |
| 2014 | +12.58% | -33.59% | +46.2 pts |
How often SWDA beat IWFQ over any 12 months
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, SWDA finished ahead in 43.2% of them (57) and IWFQ in 56.8% (75).
£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 £55,340 in SWDA and £52,918 in IWFQ, leaving SWDA £2,422 ahead.
| Outcome | SWDA | IWFQ |
|---|---|---|
| Paid in | £26,400 | £26,400 |
| Value at the end of 2025 | £55,340 | £52,918 |
| Gain on the money paid in | +£28,940 | +£26,518 |
| Gain in % | +109.62% | +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 SWDA or IWFQ better?
Across the 13 calendar years both funds were trading, SWDA finished the year ahead 6 times and IWFQ 7 times. £10,000 invested at the start of 2016 was worth £34,992 in SWDA 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 SWDA and IWFQ?
SWDA tracks the MSCI World 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. SWDA charges 0.20% a year in running costs and IWFQ charges 0.25% — 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 IWFQ?
IWFQ swung more than SWDA: annualised volatility of 14.6% for SWDA against 18.2% for IWFQ, with SWDA moving 1% or more on 21.0% of trading days and IWFQ on 20.2%. SWDA's worst day was -7.75% on 12 Mar 2020; IWFQ's was -38.24% on 7 Oct 2014.
Which had the deeper drawdown, SWDA or IWFQ?
IWFQ had the deeper drawdown: it 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; 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 IWFQ over a 12-month period?
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, SWDA finished ahead in 43.2% of them (57) and IWFQ in 56.8% (75).
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 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.