OriginaveValue vs momentum vs quality: which factor won each year?
Three iShares MSCI World factor ETFs — value (IS3S), momentum (IS3R) and quality (IS3Q) — on the same field, in euros, dividends reinvested.
Factor investing sounds abstract until you put the three classic recipes side by side. Value hunts for cheap companies, momentum chases whatever has been rising, quality pays up for clean balance sheets — same MSCI World universe, three very different portfolios. Across 2015–2025 the yearly crowns split value 3, momentum 5, quality 3 — no factor stays on top for long, which is rather the point.
Year by year, in euros
| Year | Value (IS3S) | Momentum (IS3R) | Quality (IS3Q) | Winner |
|---|---|---|---|---|
| 2026 (so far) | +35.21% | +30.15% | +12.44% | Value |
| 2025 | +25.13% | +8.37% | +2.80% | Value |
| 2024 | +11.36% | +37.95% | +23.78% | Momentum |
| 2023 | +15.62% | +8.09% | +21.70% | Quality |
| 2022 | -4.81% | -13.60% | -14.84% | Value |
| 2021 | +30.38% | +24.50% | +34.28% | Quality |
| 2020 | -12.53% | +16.41% | +4.44% | Momentum |
| 2019 | +22.01% | +31.50% | +33.90% | Quality |
| 2018 | -10.34% | +0.27% | -3.45% | Momentum |
| 2017 | +7.66% | +16.07% | +8.34% | Momentum |
| 2016 | +11.24% | +7.03% | +7.85% | Value |
| 2015 | +8.31% | +15.77% | +14.52% | Momentum |
Calendar-year total returns of the EUR lines on Xetra, dividends reinvested.
Frequently asked
Which MSCI World factor performed best — value, momentum or quality?
Measured over 2015–2025 in euros, momentum came out ahead: €10,000 grew to €38,377 (13.0% a year). Across 2015–2025 the yearly crowns split value 3, momentum 5, quality 3 — no factor stays on top for long, which is rather the point.
Which UCITS ETFs track the MSCI World factors?
IS3S tracks the MSCI World Enhanced Value Index, IS3R the MSCI World Momentum Index and IS3Q the MSCI World Sector Neutral Quality Index — all three are iShares UCITS ETFs whose EUR lines trade on Xetra (GBP lines on the LSE: IWFV, IWFM, IWFQ; USD lines: IWVL, IWMO, IWQU).
Why do the factors take turns winning?
They pick different companies for different reasons: value buys what looks cheap, momentum buys what has been rising, quality buys tidy balance sheets. Their winning years barely overlap — momentum tends to shine in long trends, value in recoveries, quality in nervous markets — which is why some investors hold more than one.
Dig deeper
Each factor has a full fund page and an index profile: IS3S (value index) · IS3R (momentum index) · IS3Q (quality index). Head-to-head pairs: IS3S vs IS3R, IS3S vs IS3Q and IS3R vs IS3Q.