OriginaveSWDA vs IWFV: 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
IWFV
- 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 IndexIWFV tracks the MSCI World Enhanced Value 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 IWFV, 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 | IWFV | Winner |
|---|---|---|---|
| 2026 (so far) | +13.45% | +37.39% | IWFV |
| 2025 | +12.64% | +30.69% | IWFV |
| 2024 | +21.11% | +6.85% | SWDA |
| 2023 | +17.59% | +13.02% | SWDA |
| 2022 | -8.33% | +0.95% | IWFV |
| 2021 | +23.64% | +21.60% | SWDA |
| 2020 | +12.25% | -6.91% | SWDA |
| 2019 | +23.03% | +14.69% | SWDA |
| 2018 | -3.78% | -9.34% | SWDA |
| 2017 | +11.78% | +12.04% | IWFV |
| 2016 | +29.59% | +29.68% | IWFV |
| 2015 | +4.06% | +1.33% | SWDA |
| 2014 | +12.58% | -34.90% | SWDA |
| 2013 | +25.32% | — | — |
| 2012 | +9.19% | — | — |
| 2011 | -6.19% | — | — |
| 2010 | +14.57% | — | — |
| 2009 | -34.91% | — | — |
SWDA vs IWFV in plain words
SWDA tracks the MSCI World Index while IWFV follows the MSCI World Enhanced Value 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 IWFV 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 8 times and IWFV 5 times. £10,000 invested at the start of 2016 was worth £34,992 in SWDA versus £27,242 in IWFV 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.
IWVL is the London (USD) listing and IS3S the Xetra (EUR) line of the same fund, ISIN IE00BP3QZB59 — IWFV is its GBP line on the London Stock Exchange.
Fund facts: SWDA vs IWFV
| Fact | SWDA | IWFV |
|---|---|---|
| Fund | iShares Core MSCI World UCITS ETF (Acc) | iShares Edge MSCI World Value Factor UCITS ETF |
| Tracks | MSCI World Index | MSCI World Enhanced Value Index |
| Yearly cost (TER) | 0.20% | 0.25% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 25 Sept 2009 | 3 Oct 2014 |
| ISIN | IE00B4L5Y983 | IE00BP3QZB59 |
| £10,000 invested | What £10,000 in SWDA became | What £10,000 in IWFV became |
How bumpy the ride was: SWDA vs IWFV
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.
IWFV swung more than SWDA: annualised volatility of 14.6% for SWDA against 19.0% for IWFV, with SWDA moving 1% or more on 21.0% of trading days and IWFV on 22.3%. SWDA's worst day was -7.75% on 12 Mar 2020; IWFV's was -38.17% on 7 Oct 2014.
IWFV had the deeper drawdown: it fell -42.78% from its peak on 6 Oct 2014 to a low on 11 Feb 2016, then closed back above the old peak on 29 Jul 2019, 41 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 0.74, and they closed in opposite directions on 14.8% of the 3,030 days measured. The widest single-day gap came on 7 Oct 2014, when SWDA moved -1.24% and IWFV -38.17%.
| Measure | SWDA | IWFV |
|---|---|---|
| Annualised volatility | 14.6% | 19.0% |
| Worst day | -7.75% on 12 Mar 2020 | -38.17% on 7 Oct 2014 |
| Best day | +6.41% on 24 Mar 2020 | +7.24% on 24 Mar 2020 |
| Days moving 1% or more | 21.0% of days | 22.3% of days |
| Deepest drawdown | -25.58% | -42.78% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 6 Oct 2014 → 11 Feb 2016 |
| Back above the old peak | 2 Sept 2020 · 5 months | 29 Jul 2019 · 41 months |
Years SWDA and IWFV parted ways
In 7 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 IWFV -34.90%, a gap of 47.5 points. They rose together in 8 years, fell together in 1 year and went opposite ways in 3 years.
| Year | SWDA | IWFV | Gap (SWDA − IWFV) |
|---|---|---|---|
| 2025 | +12.64% | +30.69% | -18.1 pts |
| 2024 | +21.11% | +6.85% | +14.3 pts |
| 2022 | -8.33% | +0.95% | -9.3 pts |
| 2020 | +12.25% | -6.91% | +19.2 pts |
| 2019 | +23.03% | +14.69% | +8.3 pts |
| 2018 | -3.78% | -9.34% | +5.6 pts |
| 2014 | +12.58% | -34.90% | +47.5 pts |
How often SWDA beat IWFV over any 12 months
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, SWDA finished ahead in 59.8% of them (79) and IWFV in 40.2% (53).
£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 £49,270 in IWFV, leaving SWDA £6,070 ahead.
| Outcome | SWDA | IWFV |
|---|---|---|
| Paid in | £26,400 | £26,400 |
| Value at the end of 2025 | £55,340 | £49,270 |
| Gain on the money paid in | +£28,940 | +£22,870 |
| Gain in % | +109.62% | +86.63% |
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 IWFV better?
Across the 13 calendar years both funds were trading, SWDA finished the year ahead 8 times and IWFV 5 times. £10,000 invested at the start of 2016 was worth £34,992 in SWDA versus £27,242 in IWFV 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 IWFV?
SWDA tracks the MSCI World Index while IWFV follows the MSCI World Enhanced Value 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 IWFV 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 IWFV?
IWFV swung more than SWDA: annualised volatility of 14.6% for SWDA against 19.0% for IWFV, with SWDA moving 1% or more on 21.0% of trading days and IWFV on 22.3%. SWDA's worst day was -7.75% on 12 Mar 2020; IWFV's was -38.17% on 7 Oct 2014.
Which had the deeper drawdown, SWDA or IWFV?
IWFV had the deeper drawdown: it fell -42.78% from its peak on 6 Oct 2014 to a low on 11 Feb 2016, then closed back above the old peak on 29 Jul 2019, 41 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 IWFV 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 59.8% of them (79) and IWFV in 40.2% (53).
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 IWFV.
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.