VWCE vs SWDA: returns, risk and drawdowns compared
Vanguard FTSE All-World UCITS ETF (Acc) against iShares Core MSCI World UCITS ETF (Acc), over the same 7 years (August 2019 to October 2026) with dividends reinvested.
Data updated October 2026
From August 2019 to October 2026, VWCE returned 12.8% a year and SWDA 13.4% a year on average, so SWDA came out ahead by 0.6% a year. SWDA was the more volatile of the two (14.0% against 13.1% a year), and the deepest falls from a month-end high were 19.1% for VWCE and 18.6% for SWDA.
The correlation of monthly returns was 0.98: they moved almost in lockstep. Over 52 rolling 3-year periods, VWCE did better in 17% and SWDA in 83%.
Side by side
| VWCE | SWDA | |
|---|---|---|
| Annual return (CAGR) | +12.8% | +13.4% |
| Total return | +139% | +148% |
| Annual volatility | 13.1% | 14.0% |
| Maximum drawdown (month-end) | −19.1% | −18.6% |
| Worst month | −11.3% | −10.6% |
| Best month | +9.4% | +10.2% |
| Positive months | 63% | 62% |
| Best year | 2021: +28.6% | 2021: +32.9% |
| Worst year | 2022: −13.5% | 2022: −13.9% |
| 1-year return | +22.0% | +21.4% |
| 5 years, a year | +11.5% | +11.9% |
| 10 years, a year | — | +12.8% |
| Trading currency | EUR | EUR |
First nine rows: the same 87 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: VWCE vs SWDA
Returns by calendar year
| Year | VWCE | SWDA |
|---|---|---|
| 2025 | +9.2% | +7.6% |
| 2024 | +24.4% | +27.0% |
| 2023 | +18.2% | +19.8% |
| 2022 | −13.5% | −13.9% |
| 2021 | +28.6% | +32.9% |
| 2020 | +5.4% | +6.2% |
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, VWCE or SWDA?
From August 2019 to October 2026, VWCE returned +12.8% a year and SWDA +13.4% a year, with dividends reinvested. Over rolling 3-year periods VWCE did better in 17% of cases. Past returns do not predict future returns.
Which is riskier, VWCE or SWDA?
Over the same months annual volatility was 13.1% for VWCE and 14.0% for SWDA; the deepest fall from a month-end high was 19.1% and 18.6%, and the worst single month −11.3% and −10.6%.
How correlated are VWCE and SWDA?
The correlation of their monthly returns was 0.98: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
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.