OriginaveSWDA 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.
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
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
SWDA tracks the MSCI World 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.
SWDA 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 | SWDA | VHYL | Winner |
|---|---|---|---|
| 2026 (so far) | +13.45% | +14.90% | VHYL |
| 2025 | +12.64% | +18.22% | VHYL |
| 2024 | +21.11% | +11.23% | SWDA |
| 2023 | +17.59% | +5.26% | SWDA |
| 2022 | -8.33% | +5.95% | VHYL |
| 2021 | +23.64% | +19.24% | SWDA |
| 2020 | +12.25% | -3.74% | SWDA |
| 2019 | +23.03% | +17.00% | SWDA |
| 2018 | -3.78% | -6.59% | SWDA |
| 2017 | +11.78% | +8.80% | SWDA |
| 2016 | +29.59% | +32.59% | VHYL |
| 2015 | +4.06% | -0.71% | SWDA |
| 2014 | +12.58% | +8.22% | SWDA |
| 2013 | +25.32% | -1.85% | SWDA |
| 2012 | +9.19% | — | — |
| 2011 | -6.19% | — | — |
| 2010 | +14.57% | — | — |
| 2009 | -34.91% | — | — |
SWDA vs VHYL in plain words
SWDA tracks the MSCI World 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. SWDA charges 0.20% a year in running costs and VHYL charges 0.29% — SWDA is the cheaper fund to hold.
SWDA reinvests its dividends automatically (accumulating), while VHYL pays them out as cash (distributing). Across the 14 calendar years both funds were trading, SWDA finished the year ahead 10 times and VHYL 4 times. £10,000 invested at the start of 2016 was worth £34,992 in SWDA versus £26,537 in VHYL 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.
VGWD is the Xetra (EUR) line of the same fund, ISIN IE00B8GKDB10 — VHYL is its GBP line on the London Stock Exchange.
Fund facts: SWDA vs VHYL
| Fact | SWDA | VHYL |
|---|---|---|
| Fund | iShares Core MSCI World UCITS ETF (Acc) | Vanguard FTSE All-World High Dividend Yield UCITS ETF (Dist) |
| Tracks | MSCI World Index | FTSE All-World High Dividend Yield Index |
| Yearly cost (TER) | 0.20% | 0.29% |
| Dividends | Accumulating — dividends reinvested | Distributing — dividends paid out |
| Launched | 25 Sept 2009 | 21 May 2013 |
| ISIN | IE00B4L5Y983 | IE00B8GKDB10 |
| £10,000 invested | What £10,000 in SWDA became | What £10,000 in VHYL became |
How bumpy the ride was: SWDA 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.
SWDA swung more than VHYL: annualised volatility of 14.3% for SWDA against 13.1% for VHYL, with SWDA moving 1% or more on 20.2% of trading days and VHYL on 15.7%. Both had their worst day on 12 Mar 2020: SWDA closed -7.75% 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; 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 usually move together: the correlation of their daily returns is 0.91, and they closed in opposite directions on 12.5% of the 3,379 days measured. The widest single-day gap came on 23 May 2013, when SWDA moved -2.62% and VHYL 0.00%.
| Measure | SWDA | VHYL |
|---|---|---|
| Annualised volatility | 14.3% | 13.1% |
| Worst day | -7.75% on 12 Mar 2020 | -8.76% on 12 Mar 2020 |
| Best day | +6.41% on 24 Mar 2020 | +5.77% on 24 Mar 2020 |
| Days moving 1% or more | 20.2% of days | 15.7% of days |
| Deepest drawdown | -25.58% | -27.86% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 20 Jan 2020 → 23 Mar 2020 |
| Back above the old peak | 2 Sept 2020 · 5 months | 15 Mar 2021 · 11 months |
Years SWDA and VHYL parted ways
In 7 of the 13 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2013: SWDA returned +25.32% and VHYL -1.85%, a gap of 27.2 points. They rose together in 8 years, fell together in 1 year and went opposite ways in 4 years.
| Year | SWDA | VHYL | Gap (SWDA − VHYL) |
|---|---|---|---|
| 2025 | +12.64% | +18.22% | -5.6 pts |
| 2024 | +21.11% | +11.23% | +9.9 pts |
| 2023 | +17.59% | +5.26% | +12.3 pts |
| 2022 | -8.33% | +5.95% | -14.3 pts |
| 2020 | +12.25% | -3.74% | +16.0 pts |
| 2019 | +23.03% | +17.00% | +6.0 pts |
| 2013 | +25.32% | -1.85% | +27.2 pts |
How often SWDA beat VHYL over any 12 months
Across the 149 rolling 12-month windows since May 2013, measured month-end to month-end, SWDA finished ahead in 75.2% of them (112) and VHYL in 24.8% (37).
£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 £64,861 in SWDA and £52,883 in VHYL, leaving SWDA £11,978 ahead.
| Outcome | SWDA | VHYL |
|---|---|---|
| Paid in | £28,800 | £28,800 |
| Value at the end of 2025 | £64,861 | £52,883 |
| Gain on the money paid in | +£36,061 | +£24,083 |
| Gain in % | +125.21% | +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 SWDA or VHYL better?
Across the 14 calendar years both funds were trading, SWDA finished the year ahead 10 times and VHYL 4 times. £10,000 invested at the start of 2016 was worth £34,992 in SWDA 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 SWDA and VHYL?
SWDA tracks the MSCI World 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. SWDA charges 0.20% a year in running costs and VHYL charges 0.29% — SWDA is the cheaper fund to hold. SWDA reinvests its dividends automatically (accumulating), while VHYL pays them out as cash (distributing).
Which is more volatile, SWDA or VHYL?
SWDA swung more than VHYL: annualised volatility of 14.3% for SWDA against 13.1% for VHYL, with SWDA moving 1% or more on 20.2% of trading days and VHYL on 15.7%. Both had their worst day on 12 Mar 2020: SWDA closed -7.75% and VHYL -8.76%.
Which had the deeper drawdown, SWDA 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; 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 VHYL over a 12-month period?
Across the 149 rolling 12-month windows since May 2013, measured month-end to month-end, SWDA finished ahead in 75.2% of them (112) and VHYL in 24.8% (37).
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 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.