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SPYL vs VGVF (VHVE): 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 euros — what you'd actually pocket buying on Xetra. Fund fact sheets usually headline returns in US dollars, which can look very different: in 2025 a world tracker rose about 23% in dollars but only about 9% in euros, because the euro gained roughly 13% against the dollar. Here's the full story, year by year.

Fund A
State Street logoSPYL
Fund B
Vanguard logoVGVF

SPYL tracks the S&P 500 IndexVGVF tracks the FTSE Developed World Index

What did the last 2 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 2 full years (2024–2025) — the longest stretch both were trading.

SPYL turned it into
€13,856
+17.71% per year on average · 2024–2025
VGVF turned it into
€13,595
+16.60% per year on average · 2024–2025
Difference
+€261
SPYL made more of the same money

SPYL vs VGVF, 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.

Years compared
4
where both funds were trading
SPYL won
1
years
VGVF won
3
years
YearSPYLVGVFWinner
2026 (so far)+12.05%+13.72%VGVF
2025+4.71%+8.99%VGVF
2024+32.33%+24.73%SPYL
2023+8.23%+20.35%VGVF
2022—-13.58%—
2021—+31.62%—
2020—+2.32%—

SPYL vs VGVF in plain words

SPYL tracks the S&P 500 Index while VGVF follows the FTSE Developed World Index, so they own different slices of the market and their years can look very different. SPYL charges 0.03% a year in running costs and VGVF charges 0.12% — SPYL 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 4 calendar years both funds were trading, SPYL finished the year ahead 1 times and VGVF 3 times. €10,000 invested at the start of 2024 was worth €13,856 in SPYL versus €13,595 in VGVF by the end of 2025, dividends reinvested.

SPYL also trades in USD on the London Stock Exchange, where SPXL is its GBP line, ISIN IE000XZSV718 — this page follows its EUR line on Xetra.

VHVE is the London (USD) listing of the same fund, ISIN IE00BK5BQV03 — VGVF is its EUR line on Xetra.

Fund facts: SPYL vs VGVF

FactSPYLVGVF
FundSPDR S&P 500 UCITS ETF (Acc)Vanguard FTSE Developed World UCITS ETF (Acc)
TracksS&P 500 IndexFTSE Developed World Index
Yearly cost (TER)0.03%0.12%
DividendsAccumulating — dividends reinvestedAccumulating — dividends reinvested
Launched31 Oct 202324 Sept 2019
ISINIE000XZSV718IE00BK5BQV03
WKNA3EUC1A2PLS9
Also trades as—VHVE

Frequently asked

Is SPYL or VGVF better?

Across the 4 calendar years both funds were trading, SPYL finished the year ahead 1 times and VGVF 3 times. €10,000 invested at the start of 2024 was worth €13,856 in SPYL versus €13,595 in VGVF 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 SPYL and VGVF?

SPYL tracks the S&P 500 Index while VGVF follows the FTSE Developed World Index, so they own different slices of the market and their years can look very different. SPYL charges 0.03% a year in running costs and VGVF charges 0.12% — SPYL 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.

What would €10,000 in SPYL have become?

€10,000 invested in SPYL at the start of 2024 grew to €13,856 by the end of 2025, with dividends reinvested — an average of 17.7% per year.

Is VHVE the same as VGVF?

VHVE is the London (USD) listing of the same fund, ISIN IE00BK5BQV03 — VGVF is its EUR line on Xetra.

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