OriginaveVWCE (VWRA) 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.
VWCEtracks the FTSE All-World Index
SXR8iShares Core S&P 500 UCITS ETF USD (Acc)tracks the S&P 500 Index- VUAAVanguard S&P 500 UCITS ETF (Acc)tracks the S&P 500 Index
SPYLSPDR S&P 500 UCITS ETF (Acc)tracks the S&P 500 Index- SPYYSPDR MSCI ACWI UCITS ETF (Acc)tracks the MSCI ACWI Index
- SPYISPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)tracks the MSCI ACWI IMI Index
- VWCEVanguard FTSE All-World UCITS ETF (Acc)tracks the FTSE All-World Index
WEBNAmundi Prime All Country World UCITS ETF (Acc)tracks the Solactive GBS Global Markets Large & Mid Cap Index- EUNLiShares Core MSCI World UCITS ETF (Acc)tracks the MSCI World Index
- IUSQiShares MSCI ACWI UCITS ETF USD (Acc)tracks the MSCI ACWI Index
- VGVFVanguard FTSE Developed World UCITS ETF (Acc)tracks the FTSE Developed World Index
- SXRViShares Nasdaq 100 UCITS ETF (Acc)tracks the Nasdaq-100 Index
- VGWDVanguard FTSE All-World High Dividend Yield UCITS ETF (Dist)tracks the FTSE All-World High Dividend Yield Index
- IS3SiShares Edge MSCI World Value Factor UCITS ETFtracks the MSCI World Enhanced Value Index
- IS3RiShares Edge MSCI World Momentum Factor UCITS ETFtracks the MSCI World Momentum Index
- IS3QiShares Edge MSCI World Quality Factor UCITS ETFtracks the MSCI World Sector Neutral Quality Index
VGVFtracks the FTSE Developed World Index
- SXR8iShares Core S&P 500 UCITS ETF USD (Acc)tracks the S&P 500 Index
- VUAAVanguard S&P 500 UCITS ETF (Acc)tracks the S&P 500 Index
- SPYLSPDR S&P 500 UCITS ETF (Acc)tracks the S&P 500 Index
- SPYYSPDR MSCI ACWI UCITS ETF (Acc)tracks the MSCI ACWI Index
- SPYISPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)tracks the MSCI ACWI IMI Index
- VWCEVanguard FTSE All-World UCITS ETF (Acc)tracks the FTSE All-World Index
- WEBNAmundi Prime All Country World UCITS ETF (Acc)tracks the Solactive GBS Global Markets Large & Mid Cap Index
- EUNLiShares Core MSCI World UCITS ETF (Acc)tracks the MSCI World Index
- IUSQiShares MSCI ACWI UCITS ETF USD (Acc)tracks the MSCI ACWI Index
- VGVFVanguard FTSE Developed World UCITS ETF (Acc)tracks the FTSE Developed World Index
- SXRViShares Nasdaq 100 UCITS ETF (Acc)tracks the Nasdaq-100 Index
- VGWDVanguard FTSE All-World High Dividend Yield UCITS ETF (Dist)tracks the FTSE All-World High Dividend Yield Index
- IS3SiShares Edge MSCI World Value Factor UCITS ETFtracks the MSCI World Enhanced Value Index
- IS3RiShares Edge MSCI World Momentum Factor UCITS ETFtracks the MSCI World Momentum Index
- IS3QiShares Edge MSCI World Quality Factor UCITS ETFtracks the MSCI World Sector Neutral Quality Index
VWCE tracks the FTSE All-World IndexVGVF tracks the FTSE Developed World Index
What did the last 5 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 5 full years (2021–2025) — the longest stretch both were trading.
VWCE 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.
| Year | VWCE | VGVF | Winner |
|---|---|---|---|
| 2026 (so far) | +13.62% | +13.72% | VGVF |
| 2025 | +9.16% | +8.99% | VWCE |
| 2024 | +24.41% | +24.73% | VGVF |
| 2023 | +18.18% | +20.35% | VGVF |
| 2022 | -13.47% | -13.58% | VWCE |
| 2021 | +28.62% | +31.62% | VGVF |
| 2020 | +5.36% | +2.32% | VWCE |
| 2019 | +7.56% | — | — |
VWCE vs VGVF in plain words
VWCE tracks the FTSE All-World Index while VGVF follows the FTSE Developed World Index, so they own different slices of the market and their years can look very different. VWCE charges 0.19% a year in running costs and VGVF charges 0.12% — VGVF 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 7 calendar years both funds were trading, VWCE finished the year ahead 3 times and VGVF 4 times. €10,000 invested at the start of 2021 was worth €17,860 in VWCE versus €18,610 in VGVF by the end of 2025, dividends reinvested.
VWRA (London, USD) and VWRP (London, GBP) are listings of the same accumulating share class, ISIN IE00BK5BQT80 — VWRL is its distributing sibling.
VHVE is the London (USD) listing of the same fund, ISIN IE00BK5BQV03 — VGVF is its EUR line on Xetra.
Fund facts: VWCE vs VGVF
| Fact | VWCE | VGVF |
|---|---|---|
| Fund | Vanguard FTSE All-World UCITS ETF (Acc) | Vanguard FTSE Developed World UCITS ETF (Acc) |
| Tracks | FTSE All-World Index | FTSE Developed World Index |
| Yearly cost (TER) | 0.19% | 0.12% |
| Dividends | Accumulating — dividends reinvested | Accumulating — dividends reinvested |
| Launched | 23 Jul 2019 | 24 Sept 2019 |
| ISIN | IE00BK5BQT80 | IE00BK5BQV03 |
| WKN | A2PKXG | A2PLS9 |
| Also trades as | VWRA | VHVE |
Frequently asked
Is VWCE or VGVF better?
Across the 7 calendar years both funds were trading, VWCE finished the year ahead 3 times and VGVF 4 times. €10,000 invested at the start of 2021 was worth €17,860 in VWCE versus €18,610 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 VWCE and VGVF?
VWCE tracks the FTSE All-World Index while VGVF follows the FTSE Developed World Index, so they own different slices of the market and their years can look very different. VWCE charges 0.19% a year in running costs and VGVF charges 0.12% — VGVF 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 VWCE have become?
€10,000 invested in VWCE at the start of 2021 grew to €17,860 by the end of 2025, with dividends reinvested — an average of 12.3% per year.
Is VWRA the same as VWCE?
VWRA (London, USD) and VWRP (London, GBP) are listings of the same accumulating share class, ISIN IE00BK5BQT80 — VWRL is its distributing sibling.
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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