OriginaveVHYL 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.
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
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
VHYL tracks the FTSE All-World High Dividend Yield 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.
VHYL 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 | VHYL | IWFQ | Winner |
|---|---|---|---|
| 2026 (so far) | +14.90% | +13.47% | VHYL |
| 2025 | +18.22% | +7.40% | VHYL |
| 2024 | +11.23% | +18.93% | IWFQ |
| 2023 | +5.26% | +19.15% | IWFQ |
| 2022 | +5.95% | -9.55% | VHYL |
| 2021 | +19.24% | +25.17% | IWFQ |
| 2020 | -3.74% | +10.93% | IWFQ |
| 2019 | +17.00% | +25.86% | IWFQ |
| 2018 | -6.59% | -2.34% | IWFQ |
| 2017 | +8.80% | +12.47% | IWFQ |
| 2016 | +32.59% | +26.01% | VHYL |
| 2015 | -0.71% | +7.50% | IWFQ |
| 2014 | +8.22% | -33.59% | VHYL |
| 2013 | -1.85% | — | — |
VHYL vs IWFQ in plain words
VHYL tracks the FTSE All-World High Dividend Yield 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. VHYL charges 0.29% a year in running costs and IWFQ charges 0.25% — IWFQ is the cheaper fund to hold.
IWFQ reinvests its dividends automatically (accumulating), while VHYL pays them out as cash (distributing). Across the 13 calendar years both funds were trading, VHYL finished the year ahead 5 times and IWFQ 8 times. £10,000 invested at the start of 2016 was worth £26,537 in VHYL versus £33,297 in IWFQ by the end of 2025, dividends reinvested.
VGWD is the Xetra (EUR) line of the same fund, ISIN IE00B8GKDB10 — VHYL 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: VHYL vs IWFQ
| Fact | VHYL | IWFQ |
|---|---|---|
| Fund | Vanguard FTSE All-World High Dividend Yield UCITS ETF (Dist) | iShares Edge MSCI World Quality Factor UCITS ETF (Acc) |
| Tracks | FTSE All-World High Dividend Yield Index | MSCI World Sector Neutral Quality Index |
| Yearly cost (TER) | 0.29% | 0.25% |
| Dividends | Distributing — dividends paid out | Accumulating — dividends reinvested |
| Launched | 21 May 2013 | 3 Oct 2014 |
| ISIN | IE00B8GKDB10 | IE00BP3QZ601 |
| £10,000 invested | What £10,000 in VHYL became | What £10,000 in IWFQ became |
How bumpy the ride was: VHYL 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 VHYL: annualised volatility of 13.3% for VHYL against 18.2% for IWFQ, with VHYL moving 1% or more on 16.1% of trading days and IWFQ on 20.2%. VHYL's worst day was -8.76% 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; 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 0.72, and they closed in opposite directions on 15.3% of the 3,030 days measured. The widest single-day gap came on 7 Oct 2014, when VHYL moved -1.16% and IWFQ -38.24%.
| Measure | VHYL | IWFQ |
|---|---|---|
| Annualised volatility | 13.3% | 18.2% |
| Worst day | -8.76% on 12 Mar 2020 | -38.24% on 7 Oct 2014 |
| Best day | +5.77% on 24 Mar 2020 | +5.53% on 24 Mar 2020 |
| Days moving 1% or more | 16.1% of days | 20.2% of days |
| Deepest drawdown | -27.86% | -40.49% |
| Peak to trough | 20 Jan 2020 → 23 Mar 2020 | 6 Oct 2014 → 16 Oct 2014 |
| Back above the old peak | 15 Mar 2021 · 11 months | 28 Nov 2017 · 37 months |
Years VHYL and IWFQ parted ways
In 10 of the 12 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2014: VHYL returned +8.22% and IWFQ -33.59%, a gap of 41.8 points. They rose together in 7 years, fell together in 1 year and went opposite ways in 4 years.
| Year | VHYL | IWFQ | Gap (VHYL − IWFQ) |
|---|---|---|---|
| 2025 | +18.22% | +7.40% | +10.8 pts |
| 2024 | +11.23% | +18.93% | -7.7 pts |
| 2023 | +5.26% | +19.15% | -13.9 pts |
| 2022 | +5.95% | -9.55% | +15.5 pts |
| 2021 | +19.24% | +25.17% | -5.9 pts |
| 2020 | -3.74% | +10.93% | -14.7 pts |
| 2019 | +17.00% | +25.86% | -8.9 pts |
| 2016 | +32.59% | +26.01% | +6.6 pts |
| 2015 | -0.71% | +7.50% | -8.2 pts |
| 2014 | +8.22% | -33.59% | +41.8 pts |
How often VHYL beat IWFQ over any 12 months
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, VHYL finished ahead in 38.6% of them (51) and IWFQ in 61.4% (81).
£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 £46,249 in VHYL and £52,918 in IWFQ, leaving IWFQ £6,669 ahead.
| Outcome | VHYL | IWFQ |
|---|---|---|
| Paid in | £26,400 | £26,400 |
| Value at the end of 2025 | £46,249 | £52,918 |
| Gain on the money paid in | +£19,849 | +£26,518 |
| Gain in % | +75.18% | +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 VHYL or IWFQ better?
Across the 13 calendar years both funds were trading, VHYL finished the year ahead 5 times and IWFQ 8 times. £10,000 invested at the start of 2016 was worth £26,537 in VHYL 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 VHYL and IWFQ?
VHYL tracks the FTSE All-World High Dividend Yield 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. VHYL charges 0.29% a year in running costs and IWFQ charges 0.25% — IWFQ is the cheaper fund to hold. IWFQ reinvests its dividends automatically (accumulating), while VHYL pays them out as cash (distributing).
Which is more volatile, VHYL or IWFQ?
IWFQ swung more than VHYL: annualised volatility of 13.3% for VHYL against 18.2% for IWFQ, with VHYL moving 1% or more on 16.1% of trading days and IWFQ on 20.2%. VHYL's worst day was -8.76% on 12 Mar 2020; IWFQ's was -38.24% on 7 Oct 2014.
Which had the deeper drawdown, VHYL 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; 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 VHYL beat IWFQ over a 12-month period?
Across the 132 rolling 12-month windows since October 2014, measured month-end to month-end, VHYL finished ahead in 38.6% of them (51) and IWFQ in 61.4% (81).
What would £10,000 in VHYL have become?
£10,000 invested in VHYL at the start of 2016 grew to £26,537 by the end of 2025, with dividends reinvested — an average of 10.3% per year.
Related comparisons
More head-to-heads featuring VHYL 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.