OriginaveS&P 500, MSCI World & ACWI returns: USD vs EUR, year by year
The same three indexes, each measured twice: in US dollars (the fact-sheet number) and in euros (the number in a European's account).
Every table below puts a calendar year's total return in US dollars next to the same index's return in euros — real fund prices with dividends reinvested, not index math. The USD column comes from a US-listed fund, the EUR column from the same (or an identical-index) fund's EUR trading line on Xetra. The gap between them is, almost entirely, the EUR/USD exchange rate.
Across the last 15 full years the S&P 500's USD and EUR returns differed by 7.8 percentage points in an average year. The euro investor's best currency year was 2014 (+16.91% extra from a falling euro), the worst 2017 (-15.03% lost to a rising one).
Feel free to cite these figures — a link back to this page keeps readers able to check the live numbers. The running year updates daily; completed years are final after the first trading day of January.
S&P 500: USD vs EUR, every year
SPY is the original US-listed S&P 500 fund; SXR8 is the iShares Core S&P 500 EUR line on Xetra. Identical index — the gap column is almost purely currency.
| Year | In USD (SPY) | In EUR (SXR8) | Currency gap |
|---|---|---|---|
| 2026 (so far) | +10.09% | +12.04% | +1.95% |
| 2025 | +17.72% | +4.73% | -12.99% |
| 2024 | +24.89% | +32.32% | +7.43% |
| 2023 | +26.18% | +22.47% | -3.70% |
| 2022 | -18.18% | -14.31% | +3.87% |
| 2021 | +28.73% | +40.74% | +12.01% |
| 2020 | +18.33% | +6.80% | -11.53% |
| 2019 | +31.22% | +34.49% | +3.27% |
| 2018 | -4.57% | -1.05% | +3.52% |
| 2017 | +21.71% | +6.67% | -15.03% |
| 2016 | +12.00% | +14.83% | +2.83% |
| 2015 | +1.23% | +12.52% | +11.29% |
| 2014 | +13.46% | +30.38% | +16.91% |
| 2013 | +32.31% | +27.45% | -4.86% |
| 2012 | +15.99% | +11.05% | -4.94% |
| 2011 | +1.89% | +4.85% | +2.95% |
MSCI World: USD vs EUR, every year
URTH is a US-listed MSCI World fund; EUNL is the iShares Core MSCI World EUR line on Xetra (better known abroad as IWDA). Small fee and tracking differences are a rounding error next to the currency swings.
| Year | In USD (URTH) | In EUR (EUNL) | Currency gap |
|---|---|---|---|
| 2026 (so far) | +9.81% | +11.86% | +2.05% |
| 2025 | +21.36% | +7.90% | -13.46% |
| 2024 | +18.66% | +25.93% | +7.27% |
| 2023 | +23.95% | +20.13% | -3.82% |
| 2022 | -17.97% | -13.59% | +4.38% |
| 2021 | +22.27% | +32.71% | +10.44% |
| 2020 | +15.78% | +5.48% | -10.30% |
| 2019 | +28.15% | +31.34% | +3.20% |
| 2018 | -8.56% | -5.13% | +3.43% |
| 2017 | +22.95% | +7.71% | -15.24% |
| 2016 | +7.31% | +10.91% | +3.61% |
| 2015 | -0.64% | +10.81% | +11.45% |
| 2014 | +4.37% | +20.38% | +16.01% |
| 2013 | +26.66% | +21.89% | -4.77% |
MSCI ACWI: USD vs EUR, every year
ACWI is the US-listed iShares MSCI ACWI fund; IUSQ is the same strategy's EUR line on Xetra (the fund London knows as ISAC). Developed plus emerging markets in one index, measured in both currencies.
| Year | In USD (ACWI) | In EUR (IUSQ) | Currency gap |
|---|---|---|---|
| 2026 (so far) | +11.66% | +13.66% | +2.00% |
| 2025 | +22.41% | +9.02% | -13.40% |
| 2024 | +17.45% | +24.53% | +7.08% |
| 2023 | +22.27% | +18.57% | -3.71% |
| 2022 | -18.39% | -13.58% | +4.80% |
| 2021 | +18.66% | +29.13% | +10.47% |
| 2020 | +16.34% | +4.94% | -11.40% |
| 2019 | +26.59% | +30.14% | +3.56% |
| 2018 | -9.12% | -5.97% | +3.15% |
| 2017 | +24.33% | +9.14% | -15.19% |
| 2016 | +8.40% | +10.88% | +2.49% |
| 2015 | -2.21% | +8.31% | +10.52% |
| 2014 | +3.83% | +19.02% | +15.18% |
| 2013 | +22.38% | +17.43% | -4.95% |
| 2012 | +16.75% | +3.09% | -13.66% |
How to read these numbers
Neither column is "wrong". The USD number is what the index did; the EUR number is what a European holding the Xetra line actually experienced. When the euro weakens against the dollar the EUR column wins; when it strengthens — as in 2025 — the USD headlines flatter returns Europeans never received.
Why the gap exists, when it flips, and whether hedging fixes it is covered in why your world ETF lags the S&P 500. Per-fund EUR returns live on the fund pages, e.g. SXR8 and EUNL.