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SPYY vs VGWD: 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 logoSPYY
Fund B
Vanguard logoVGWD

SPYY tracks the MSCI ACWI IndexVGWD tracks the FTSE All-World High Dividend Yield Index

What did the last 8 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 8 full years (2018–2025) — the longest stretch both were trading.

SPYY turned it into
€23,071
+11.02% per year on average · 2018–2025
VGWD turned it into
€18,700
+8.14% per year on average · 2018–2025
Difference
+€4,371
SPYY made more of the same money

SPYY vs VGWD, 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
10
where both funds were trading
SPYY won
7
years
VGWD won
3
years
YearSPYYVGWDWinner
2026 (so far)+13.67%+14.44%VGWD
2025+9.46%+13.16%VGWD
2024+24.56%+15.75%SPYY
2023+18.22%+7.29%SPYY
2022-13.76%+0.08%VGWD
2021+29.02%+27.90%SPYY
2020+5.12%-9.60%SPYY
2019+30.21%+25.03%SPYY
2018-6.02%-8.03%SPYY
2017+8.80%+0.41%SPYY
2016+12.34%——
2015+8.88%——
2014+18.80%——
2013+17.52%——
2012+9.67%——

SPYY vs VGWD in plain words

SPYY tracks the MSCI ACWI Index while VGWD follows the FTSE All-World High Dividend Yield Index, so they own different slices of the market and their years can look very different. SPYY charges 0.12% a year in running costs and VGWD charges 0.29% — SPYY is the cheaper fund to hold.

SPYY reinvests its dividends automatically (accumulating), while VGWD pays them out as cash (distributing). Across the 10 calendar years both funds were trading, SPYY finished the year ahead 7 times and VGWD 3 times. €10,000 invested at the start of 2018 was worth €23,071 in SPYY versus €18,700 in VGWD by the end of 2025, dividends reinvested.

VHYL is the London (GBP) listing of the same fund, ISIN IE00B8GKDB10 — VGWD is its EUR line on Xetra.

Fund facts: SPYY vs VGWD

FactSPYYVGWD
FundSPDR MSCI ACWI UCITS ETF (Acc)Vanguard FTSE All-World High Dividend Yield UCITS ETF (Dist)
TracksMSCI ACWI IndexFTSE All-World High Dividend Yield Index
Yearly cost (TER)0.12%0.29%
DividendsAccumulating — dividends reinvestedDistributing — dividends paid out
Launched13 May 201121 May 2013
ISINIE00B44Z5B48IE00B8GKDB10
WKNA1JJTCA1T8FV

Frequently asked

Is SPYY or VGWD better?

Across the 10 calendar years both funds were trading, SPYY finished the year ahead 7 times and VGWD 3 times. €10,000 invested at the start of 2018 was worth €23,071 in SPYY versus €18,700 in VGWD 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 SPYY and VGWD?

SPYY tracks the MSCI ACWI Index while VGWD follows the FTSE All-World High Dividend Yield Index, so they own different slices of the market and their years can look very different. SPYY charges 0.12% a year in running costs and VGWD charges 0.29% — SPYY is the cheaper fund to hold. SPYY reinvests its dividends automatically (accumulating), while VGWD pays them out as cash (distributing).

What would €10,000 in SPYY have become?

€10,000 invested in SPYY at the start of 2018 grew to €23,071 by the end of 2025, with dividends reinvested — an average of 11.0% per year.

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