OriginaveVHVG 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.
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
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
VHVG tracks the FTSE Developed World IndexVHYL tracks the FTSE All-World High Dividend Yield 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 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 | VHVG | VHYL | Winner |
|---|---|---|---|
| 2026 (so far) | +14.90% | +14.90% | Tie |
| 2025 | +13.85% | +18.22% | VHYL |
| 2024 | +19.99% | +11.23% | VHVG |
| 2023 | +17.54% | +5.26% | VHVG |
| 2022 | -8.16% | +5.95% | VHYL |
| 2021 | +22.64% | +19.24% | VHVG |
| 2020 | +12.56% | -3.74% | VHVG |
| 2019 | -17.91% | +17.00% | VHYL |
| 2018 | — | -6.59% | — |
| 2017 | — | +8.80% | — |
| 2016 | — | +32.59% | — |
| 2015 | — | -0.71% | — |
| 2014 | — | +8.22% | — |
| 2013 | — | -1.85% | — |
VHVG vs VHYL in plain words
VHVG tracks the FTSE Developed 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. VHVG charges 0.12% a year in running costs and VHYL charges 0.29% — VHVG is the cheaper fund to hold.
VHVG reinvests its dividends automatically (accumulating), while VHYL pays them out as cash (distributing). Across the 8 calendar years both funds were trading, VHVG finished the year ahead 4 times and VHYL 3 times. £10,000 invested at the start of 2020 was worth £20,355 in VHVG versus £16,832 in VHYL 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.
VGWD is the Xetra (EUR) line of the same fund, ISIN IE00B8GKDB10 — VHYL is its GBP line on the London Stock Exchange.
Fund facts: VHVG vs VHYL
| Fact | VHVG | VHYL |
|---|---|---|
| Fund | Vanguard FTSE Developed World UCITS ETF (Acc) | Vanguard FTSE All-World High Dividend Yield UCITS ETF (Dist) |
| Tracks | FTSE Developed World Index | FTSE All-World High Dividend Yield Index |
| Yearly cost (TER) | 0.12% | 0.29% |
| Dividends | Accumulating — dividends reinvested | Distributing — dividends paid out |
| Launched | 24 Sept 2019 | 21 May 2013 |
| ISIN | IE00BK5BQV03 | IE00B8GKDB10 |
| £10,000 invested | What £10,000 in VHVG became | What £10,000 in VHYL became |
How bumpy the ride was: VHVG vs VHYL
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 VHYL: annualised volatility of 16.6% for VHVG against 13.5% for VHYL, with VHVG moving 1% or more on 20.6% of trading days and VHYL on 14.6%. VHVG's worst day was -19.26% on 26 Sept 2019; VHYL's was -8.76% 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; VHYL 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.
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 17.5% of the 1,774 days measured. The widest single-day gap came on 26 Sept 2019, when VHVG moved -19.26% and VHYL +0.23%.
| Measure | VHVG | VHYL |
|---|---|---|
| Annualised volatility | 16.6% | 13.5% |
| Worst day | -19.26% on 26 Sept 2019 | -8.76% on 12 Mar 2020 |
| Best day | +6.18% on 24 Mar 2020 | +5.77% on 24 Mar 2020 |
| Days moving 1% or more | 20.6% of days | 14.6% of days |
| Deepest drawdown | -35.32% | -27.86% |
| Peak to trough | 25 Sept 2019 → 23 Mar 2020 | 20 Jan 2020 → 23 Mar 2020 |
| Back above the old peak | 13 Apr 2021 · 12 months | 15 Mar 2021 · 11 months |
Years VHVG and VHYL parted ways
In 5 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 VHYL +17.00%, a gap of 34.9 points. They rose together in 4 years and went opposite ways in 3 years.
| Year | VHVG | VHYL | Gap (VHVG − VHYL) |
|---|---|---|---|
| 2024 | +19.99% | +11.23% | +8.8 pts |
| 2023 | +17.54% | +5.26% | +12.3 pts |
| 2022 | -8.16% | +5.95% | -14.1 pts |
| 2020 | +12.56% | -3.74% | +16.3 pts |
| 2019 | -17.91% | +17.00% | -34.9 pts |
How often VHVG beat VHYL over any 12 months
Across the 73 rolling 12-month windows since September 2019, measured month-end to month-end, VHVG finished ahead in 61.6% of them (45) and VHYL in 38.4% (28).
£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 £20,798 in VHYL, leaving VHVG £1,153 ahead.
| Outcome | VHVG | VHYL |
|---|---|---|
| Paid in | £14,400 | £14,400 |
| Value at the end of 2025 | £21,951 | £20,798 |
| Gain on the money paid in | +£7,551 | +£6,398 |
| Gain in % | +52.44% | +44.43% |
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 VHYL better?
Across the 8 calendar years both funds were trading, VHVG finished the year ahead 4 times and VHYL 3 times. £10,000 invested at the start of 2020 was worth £20,355 in VHVG versus £16,832 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 VHVG and VHYL?
VHVG tracks the FTSE Developed 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. VHVG charges 0.12% a year in running costs and VHYL charges 0.29% — VHVG is the cheaper fund to hold. VHVG reinvests its dividends automatically (accumulating), while VHYL pays them out as cash (distributing).
Which is more volatile, VHVG or VHYL?
VHVG swung more than VHYL: annualised volatility of 16.6% for VHVG against 13.5% for VHYL, with VHVG moving 1% or more on 20.6% of trading days and VHYL on 14.6%. VHVG's worst day was -19.26% on 26 Sept 2019; VHYL's was -8.76% on 12 Mar 2020.
Which had the deeper drawdown, VHVG or VHYL?
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; VHYL 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.
How often did VHVG beat VHYL 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 61.6% of them (45) and VHYL in 38.4% (28).
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 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.