ETF comparison

VUSA vs IUES

Vanguard S&P 500 UCITS ETF (USD) Distributing
IE00B3XXRP09Vanguard
iShares S&P 500 EUR Hedged UCITS ETF (Acc)
IE00B3ZW0K18iShares
Figures as of September 30, 2026 (VUSA) · October 1, 2026 (IUES)

The comparison in short

VUSA (Vanguard S&P 500 UCITS ETF (USD) Distributing, IE00B3XXRP09) and IUES (iShares S&P 500 EUR Hedged UCITS ETF (Acc), IE00B3ZW0K18) both track the S&P 500 index. VUSA has the lower total expense ratio (TER): 0.07% a year against 0.20% for IUES, 0.13 percentage points less, or about 13 a year on 10,000 invested. VUSA is the larger fund, with USD 88.97bn in assets against EUR 9.0bn for IUES. VUSA reports 512 holdings and IUES 505. 8 of the holdings published by VUSA (top 10) and IUES (top 10) appear in both lists; measured on those published positions only, the overlap is at least 35.9%. Shared holdings include NVIDIA Corp., Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon.com Inc.. In 2025, VUSA returned +17.6% and IUES +15.2%, a gap of 2.4 percentage points. Over 10 years, VUSA returned +15.0% a year and IUES +12.3% a year. Returns are in each share class's currency (USD and EUR), so part of the gap reflects exchange rates. IUES reinvests its income (accumulating), while VUSA pays it out (distributing). VUSA and IUES both hold the index securities directly (physical replication). Both are domiciled in Ireland. VUSA and IUES both carry a risk indicator (SRRI) of 4 on the 1–7 scale. This is a factual comparison from the fund houses' documents, not investment advice.

Side by side

FigureVUSAIUES
ISINIE00B3XXRP09IE00B3ZW0K18
Exchange tickersVUSA, VUSDIUES, IUSE, IBCF
Fund houseVanguardiShares
Total expense ratio (TER)0.07%0.20%
Ongoing charges (KID)0.07%0.20%
Fund sizeUSD 88.97bnEUR 9.0bn
Launch dateMay 22, 2012September 30, 2010
ReplicationPhysicalPhysical
DomicileIrelandIreland
Distribution policyDistributingAccumulating
Share class currencyUSDEUR
Number of holdings512505
Risk indicator (SRRI)4 / 74 / 7
BenchmarkS&P 500 Net Total ReturnS&P 500 Index, 100% EURHedged Net Return

Performance

Calendar-year returns

YearVUSAIUESDifference
2025+17.6%+15.2%+2.4
2024+24.7%+22.5%+2.2
2023+25.9%+22.4%+3.5
2022−18.3%−20.9%+2.6
2021+28.4%+27.0%+1.4
2020+18.0%+15.2%+2.8

Annualised returns

PeriodVUSAIUESDifference
1 year+15.5%+12.8%+2.7
3 years+22.6%+20.1%+2.5
5 years+13.5%+10.6%+2.9
10 years+15.0%+12.3%+2.7
Returns as published by each fund house, in each share class's currency and net of the fund's charges. The difference is in percentage points. Past performance does not predict future returns.

Holdings

8 of the holdings published by VUSA (top 10) and IUES (top 10) appear in both lists; measured on those published positions only, the overlap is at least 35.9%. Shared holdings include NVIDIA Corp., Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon.com Inc..

Top 10 holdings of VUSA

#HoldingWeight
1
NVIDIA Corp.In both
8.10%
2
Apple Inc.In both
7.00%
3
Microsoft Corp.In both
5.70%
4
Alphabet Inc.In both
5.40%
5
Amazon.com Inc.In both
3.80%
6
Broadcom Inc.In both
2.70%
7
Meta Platforms Inc.In both
1.90%
8
Micron Technology Inc.In both
1.60%
9
Tesla Inc.
1.60%
10
JPMorgan Chase & Co.
1.40%

Top 10 holdings of IUES

#HoldingWeight
1
NVIDIAIn both
8.47%
2
APPLEIn both
7.31%
3
MICROSOFTIn both
5.78%
4
AMAZON.COM INCIn both
3.70%
5
ALPHABET CLASS AIn both
3.01%
6
BROADCOM INCIn both
2.48%
7
META PLATFORMS CLASS AIn both
2.43%
8
ALPHABET CLASS CIn both
2.41%
9
MICRON TECHNOLOGYIn both
1.88%
10
ADVANCED MICRO DEVICES
1.52%
Compare every published holding of VUSA and IUES in the overlap checker

Sectors and countries

Largest sectors of VUSA

  1. Information Technology37.9%
  2. Financials12.3%
  3. Communication Services9.5%
  4. Health Care9.3%
  5. Consumer Discretionary9.1%
  6. Industrials8.3%
+ 4 more

Largest sectors of IUES

  1. Information Technology40.4%
  2. Financials11.4%
  3. Communication9.9%
  4. Health Care9.1%
  5. Consumer Discretionary8.7%
  6. Industrials8.2%
+ 4 more

Largest countries of VUSA

  1. United States99.9%
  2. United Kingdom0.1%

Largest countries of IUES

  1. United States100.3%

Frequently asked questions

What is the difference between VUSA and IUES?

VUSA (Vanguard S&P 500 UCITS ETF (USD) Distributing, IE00B3XXRP09) and IUES (iShares S&P 500 EUR Hedged UCITS ETF (Acc), IE00B3ZW0K18) both track the S&P 500 index. VUSA has the lower total expense ratio (TER): 0.07% a year against 0.20% for IUES, 0.13 percentage points less, or about 13 a year on 10,000 invested. IUES reinvests its income (accumulating), while VUSA pays it out (distributing). VUSA and IUES both hold the index securities directly (physical replication). Both are domiciled in Ireland. The share class of VUSA is in USD, that of IUES in EUR. This is a factual comparison from the fund houses' documents, not investment advice.

Which is cheaper, VUSA or IUES?

VUSA has the lower total expense ratio (TER): 0.07% a year against 0.20% for IUES, 0.13 percentage points less, or about 13 a year on 10,000 invested. Their key information documents state ongoing charges of 0.07% for VUSA and 0.20% for IUES.

Which is bigger, VUSA or IUES?

VUSA is the larger fund, with USD 88.97bn in assets against EUR 9.0bn for IUES.

Do VUSA and IUES hold the same companies?

8 of the holdings published by VUSA (top 10) and IUES (top 10) appear in both lists; measured on those published positions only, the overlap is at least 35.9%. Shared holdings include NVIDIA Corp., Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon.com Inc..

How did VUSA and IUES perform in 2025?

In 2025, VUSA returned +17.6% and IUES +15.2%, a gap of 2.4 percentage points. Over 10 years, VUSA returned +15.0% a year and IUES +12.3% a year. Over the past year, VUSA returned +15.5% and IUES +12.8%. Returns are in each share class's currency (USD and EUR), so part of the gap reflects exchange rates. Past performance does not predict future returns.

Are VUSA and IUES accumulating or distributing?

VUSA is distributing: it pays its income out to investors. IUES is accumulating: it reinvests its income in the fund.

Go further

Other comparisons

Figures are read from the documents each fund house publishes (product page, factsheet, key information document, holdings file) and refreshed weekly. Names and tickers identify the products; FundFacts API is independent of every fund house and index provider. This comparison is factual information, not investment advice or a recommendation to buy or sell either fund.