OriginaveVHVG 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.
VHVG
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
VHVG tracks the FTSE Developed World IndexIWFQ tracks the MSCI World Sector Neutral Quality Index
What did the last 6 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. Both funds are measured over the same 6 full years (2020–2025) — the longest stretch both were trading.
VHVG 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 | VHVG | IWFQ | Winner |
|---|---|---|---|
| 2026 (so far) | +14.90% | +13.47% | VHVG |
| 2025 | +13.85% | +7.40% | VHVG |
| 2024 | +19.99% | +18.93% | VHVG |
| 2023 | +17.54% | +19.15% | IWFQ |
| 2022 | -8.16% | -9.55% | VHVG |
| 2021 | +22.64% | +25.17% | IWFQ |
| 2020 | +12.56% | +10.93% | VHVG |
| 2019 | -17.91% | +25.86% | IWFQ |
| 2018 | — | -2.34% | — |
| 2017 | — | +12.47% | — |
| 2016 | — | +26.01% | — |
| 2015 | — | +7.50% | — |
| 2014 | — | -33.59% | — |
VHVG vs IWFQ in plain words
VHVG tracks the FTSE Developed 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. VHVG charges 0.12% a year in running costs and IWFQ charges 0.25% — VHVG 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 8 calendar years both funds were trading, VHVG finished the year ahead 5 times and IWFQ 3 times. £10,000 invested at the start of 2020 was worth £20,355 in VHVG versus £19,114 in IWFQ by the end of 2025, dividends reinvested.
VHVE is the London (USD) listing and VGVF the Xetra (EUR) line of the same fund, ISIN IE00BK5BQV03 — VHVG 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: VHVG vs IWFQ
| Fact | VHVG | IWFQ |
|---|---|---|
| Fund | Vanguard FTSE Developed World UCITS ETF (Acc) | iShares Edge MSCI World Quality Factor UCITS ETF (Acc) |
| Tracks | FTSE Developed World Index | MSCI World Sector Neutral Quality Index |
| Yearly cost (TER) | 0.12% | 0.25% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 24 Sept 2019 | 3 Oct 2014 |
| ISIN | IE00BK5BQV03 | IE00BP3QZ601 |
| £10,000 invested | What £10,000 in VHVG became | What £10,000 in IWFQ became |
How bumpy the ride was: VHVG vs IWFQ
These head-to-head figures use only the 1,775 trading days both funds were listed: 24 Sept 2019 to 7 Oct 2026, roughly 7.0 years.
VHVG swung more than IWFQ: annualised volatility of 16.6% for VHVG against 14.9% for IWFQ, with VHVG moving 1% or more on 20.6% of trading days and IWFQ on 20.4%. VHVG's worst day was -19.26% on 26 Sept 2019; IWFQ's was -7.07% on 12 Mar 2020.
VHVG had the deeper drawdown: it fell -35.32% from its peak on 25 Sept 2019 to a low on 23 Mar 2020, then closed back above the old peak on 13 Apr 2021, 12 months after the low; IWFQ fell -23.91% 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 0.87, and they closed in opposite directions on 7.9% of the 1,774 days measured. The widest single-day gap came on 26 Sept 2019, when VHVG moved -19.26% and IWFQ +0.10%.
| Measure | VHVG | IWFQ |
|---|---|---|
| Annualised volatility | 16.6% | 14.9% |
| Worst day | -19.26% on 26 Sept 2019 | -7.07% on 12 Mar 2020 |
| Best day | +6.18% on 24 Mar 2020 | +5.53% on 24 Mar 2020 |
| Days moving 1% or more | 20.6% of days | 20.4% of days |
| Deepest drawdown | -35.32% | -23.91% |
| Peak to trough | 25 Sept 2019 → 23 Mar 2020 | 19 Feb 2020 → 23 Mar 2020 |
| Back above the old peak | 13 Apr 2021 · 12 months | 2 Sept 2020 · 5 months |
Years VHVG and IWFQ parted ways
In 2 of the 7 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2019: VHVG returned -17.91% and IWFQ +25.86%, a gap of 43.8 points. They rose together in 5 years, fell together in 1 year and went opposite ways in 1 year.
| Year | VHVG | IWFQ | Gap (VHVG − IWFQ) |
|---|---|---|---|
| 2025 | +13.85% | +7.40% | +6.4 pts |
| 2019 | -17.91% | +25.86% | -43.8 pts |
How often VHVG beat IWFQ over any 12 months
Across the 73 rolling 12-month windows since September 2019, measured month-end to month-end, VHVG finished ahead in 58.9% of them (43) and IWFQ in 41.1% (30).
£200 a month into each, 2020–2025
Putting £200 into each fund at the start of every month from January 2020 to December 2025 (72 payments, £14,400 in total) would have grown to £21,951 in VHVG and £20,737 in IWFQ, leaving VHVG £1,214 ahead.
| Outcome | VHVG | IWFQ |
|---|---|---|
| Paid in | £14,400 | £14,400 |
| Value at the end of 2025 | £21,951 | £20,737 |
| Gain on the money paid in | +£7,551 | +£6,337 |
| Gain in % | +52.44% | +44.01% |
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 VHVG or IWFQ better?
Across the 8 calendar years both funds were trading, VHVG finished the year ahead 5 times and IWFQ 3 times. £10,000 invested at the start of 2020 was worth £20,355 in VHVG versus £19,114 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 VHVG and IWFQ?
VHVG tracks the FTSE Developed 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. VHVG charges 0.12% a year in running costs and IWFQ charges 0.25% — VHVG 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, VHVG or IWFQ?
VHVG swung more than IWFQ: annualised volatility of 16.6% for VHVG against 14.9% for IWFQ, with VHVG moving 1% or more on 20.6% of trading days and IWFQ on 20.4%. VHVG's worst day was -19.26% on 26 Sept 2019; IWFQ's was -7.07% on 12 Mar 2020.
Which had the deeper drawdown, VHVG or IWFQ?
VHVG had the deeper drawdown: it fell -35.32% from its peak on 25 Sept 2019 to a low on 23 Mar 2020, then closed back above the old peak on 13 Apr 2021, 12 months after the low; IWFQ fell -23.91% 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 VHVG beat IWFQ over a 12-month period?
Across the 73 rolling 12-month windows since September 2019, measured month-end to month-end, VHVG finished ahead in 58.9% of them (43) and IWFQ in 41.1% (30).
What would £10,000 in VHVG have become?
£10,000 invested in VHVG at the start of 2020 grew to £20,355 by the end of 2025, with dividends reinvested — an average of 12.6% per year.
Related comparisons
More head-to-heads featuring VHVG 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.