VUAA vs SPLG: returns, risk and drawdowns compared
Vanguard S&P 500 UCITS ETF (Acc) against SPDR Portfolio S&P 500 ETF, over the same 6 years (July 2020 to July 2026) with dividends reinvested.
Data updated July 2026
From July 2020 to July 2026, VUAA returned 16.5% a year and SPLG 17.2% a year on average, so SPLG came out ahead by 0.7% a year. SPLG was the more volatile of the two (15.7% against 14.5% a year), and the deepest falls from a month-end high were 17.0% for VUAA and 23.9% for SPLG.
The correlation of monthly returns was 0.74: they usually moved together. Over 38 rolling 3-year periods, VUAA did better in 55% and SPLG in 45%.
Both funds follow the same index, so differences come mostly from ongoing charges, tracking and how dividends are handled.
VUAA trades in EUR and SPLG in USD: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| VUAA | SPLG | |
|---|---|---|
| Annual return (CAGR) | +16.5% | +17.2% |
| Total return | +154% | +163% |
| Annual volatility | 14.5% | 15.7% |
| Maximum drawdown (month-end) | −17.0% | −23.9% |
| Worst month | −9.1% | −9.3% |
| Best month | +11.4% | +10.8% |
| Positive months | 58% | 66% |
| Best year | 2021: +41.0% | 2021: +28.8% |
| Worst year | 2022: −14.6% | 2022: −18.1% |
| 1-year return | +22.6% | +19.8% |
| 5 years, a year | +13.5% | +13.1% |
| 10 years, a year | — | — |
| Trading currency | EUR | USD |
First nine rows: the same 73 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: VUAA vs SPLG
Returns by calendar year
| Year | VUAA | SPLG |
|---|---|---|
| 2025 | +4.3% | +17.8% |
| 2024 | +33.7% | +25.0% |
| 2023 | +22.1% | +26.2% |
| 2022 | −14.6% | −18.1% |
| 2021 | +41.0% | +28.8% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, VUAA or SPLG?
From July 2020 to July 2026, VUAA returned +16.5% a year and SPLG +17.2% a year, with dividends reinvested, each in its own trading currency (EUR and USD). Over rolling 3-year periods VUAA did better in 55% of cases. Past returns do not predict future returns.
Which is riskier, VUAA or SPLG?
Over the same months annual volatility was 14.5% for VUAA and 15.7% for SPLG; the deepest fall from a month-end high was 17.0% and 23.9%, and the worst single month −9.1% and −9.3%.
How correlated are VUAA and SPLG?
The correlation of their monthly returns was 0.74: they usually moved together. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.