VUAA vs VUSA: returns, risk and drawdowns compared
Vanguard S&P 500 UCITS ETF (Acc) against Vanguard S&P 500 UCITS ETF (Dist), over the same 7 years (June 2019 to October 2026) with dividends reinvested.
Data updated October 2026
VUAA
Vanguard S&P 500 UCITS ETF (Acc)
10,000 became
27,413
- A year on average
- +14.6%
- Annual volatility
- 15.5%
- Deepest fall
- −25.3%
- Worst month
- −9.3%
VUSA
Vanguard S&P 500 UCITS ETF (Dist)
10,000 became
27,766
- A year on average
- +14.8%
- Annual volatility
- 15.0%
- Deepest fall
- −18.1%
- Worst month
- −9.8%
VUSA came out ahead by 0.2 percentage points a year from June 2019 to October 2026. VUAA swung more (15.5% against 15.0% a year). The correlation of monthly returns was 0.95: they moved almost in lockstep.
Both funds follow the same index, so differences come mostly from ongoing charges, tracking and how dividends are handled.
Growth of 10,000: VUAA vs VUSA
Who was ahead, and when
The gap between the two over the previous three years, at each month-end. Above zero VUAA had returned more, below zero VUSA. VUAA was ahead in 85% of the 54 three-year periods.
Annualised 3-year return of VUAA minus that of VUSA, in percentage points a year.
Falls from the previous high
Month-end values. Deepest fall: VUAA −25.3%, VUSA −18.1%.
All the figures
| VUAA | VUSA | |
|---|---|---|
| Annual return (CAGR) | +14.6% | +14.8% |
| Total return | +174% | +178% |
| Annual volatility | 15.5% | 15.0% |
| Deepest fall (month-end) | −25.3% | −18.1% |
| Worst month | −9.3% | −9.8% |
| Best month | +11.4% | +11.3% |
| Positive months | 61% | 60% |
| Best year | 2021: +41.0% | 2021: +39.3% |
| Worst year | 2022: −14.6% | 2022: −15.9% |
| 1-year return | +22.6% | +21.6% |
| 5 years, a year | +13.5% | +12.3% |
| 10 years, a year | — | — |
| Trading currency | EUR | EUR |
First nine rows: the same 89 months for both funds. Trailing returns: to each fund’s last close.
Year by year
Full calendar years both funds were trading. The higher of the two each year is in bold.
Holding both: half VUAA, half VUSA
| VUAA alone | VUSA alone | 50/50 | |
|---|---|---|---|
| A year on average | +14.6% | +14.8% | +14.7% |
| Annual volatility | 15.5% | 15.0% | 15.1% |
| Deepest fall (month-end) | −25.3% | −18.1% | −21.0% |
| Worst month | −9.3% | −9.8% | −9.6% |
With a correlation of 0.95 the mix behaved almost like either fund alone: its volatility of 15.1% sits between the two. Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, VUAA or VUSA?
From June 2019 to October 2026, VUAA returned +14.6% a year and VUSA +14.8% a year, with dividends reinvested. Over rolling 3-year periods VUAA did better in 85% of cases. Past returns do not predict future returns.
Which is riskier, VUAA or VUSA?
Over the same months annual volatility was 15.5% for VUAA and 15.0% for VUSA; the deepest fall from a month-end high was 25.3% and 18.1%, and the worst single month −9.3% and −9.8%.
How correlated are VUAA and VUSA?
The correlation of their monthly returns was 0.95: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
What about holding both VUAA and VUSA?
Half in each, rebalanced every month, returned +14.7% a year over the same period, with 15.1% annual volatility and a deepest month-end fall of 21.0%.
More comparisons
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.
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.