How the Largest ETFs in the UK Performed in 2025

Each month, we check in on the performance of the largest Europe-domiciled stock, bond, and active exchange-traded funds available for sale in UK.

The Morningstar Europe Index rose 4.13% during December, while the Morningstar Eurozone Core Bond Index gained 0.83%. Over the past year, the European stock market is up 26.90%, while the European bond market has risen 6.81%.

The Morningstar US Market Index rose 0.15% during December and is up 9.26% over the past year. The Morningstar US Core Bond Index fell 0.10% last month and is down 0.26% over the past year.

In the global markets, stocks gained 1.25% during December, as measured by the Morningstar Global Markets Index. Bonds rose 0.30%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 14.19% and global bonds are up 0.39%.

Largest UK Stock ETF Performance

When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.

Out of the 10 largest Europe-domiciled stock ETFs, the top performer last year was the £25.5 billion iShares Core MSCI EM IMI UCITS ETF EIMI, which gained 22.51%. The bottom performer was the £19.7 billion iShares MSCI USA CTB Enhanced ESG UCITS ETF EEDS, which gained 7.24%.

Here’s more about the performance of the largest stock ETFs.

iShares Core S&P 500 UCITS ETF CSSPX

• Morningstar Medalist Rating: Gold
• Morningstar Category: US Large-Cap Blend Equity

The £102.7 billion iShares Core S&P 500 UCITS ETF fell 1.45% in December. Over the past year, the iShares fund rose 9.48%. The fund, which launched in May 2010, has climbed 18.19% over the past three years annualized and gained 14.48% annualized over the past five years.

iShares Core MSCI World UCITS ETF IWDA

• Morningstar Medalist Rating: Silver
• Morningstar Category: Global Large-Cap Blend Equity

The £97.7 billion iShares Core MSCI World UCITS ETF fell 0.69% in December. Over the past year, the iShares fund rose 12.81%. The fund, which launched in September 2009, has climbed 16.79% over the past three years annualized and gained 12.59% annualized over the past five years.

Vanguard S&P 500 UCITS ETF VUSD

• Morningstar Medalist Rating: Gold
• Morningstar Category: US Large-Cap Blend Equity

The £59.5 billion Vanguard S&P 500 UCITS ETF fell 1.45% in December. Over the past year, the Vanguard fund rose 9.48%. The fund, which launched in May 2012, has climbed 18.18% over the past three years annualized and gained 14.48% annualized over the past five years.

Vanguard FTSE All-World UCITS ETF VWRD

• Morningstar Medalist Rating: Silver
• Morningstar Category: Global Large-Cap Blend Equity

The £39.9 billion Vanguard FTSE All-World UCITS ETF fell 0.44% in December. Over the past year, the Vanguard fund rose 14.12%. The fund, which launched in May 2012, has climbed 16.16% over the past three years annualized and gained 11.54% annualized over the past five years.

Invesco S&P 500 UCITS ETF SPXS

• Morningstar Medalist Rating: Silver
• Morningstar Category: US Large-Cap Blend Equity

The £37.7 billion Invesco S&P 500 UCITS ETF fell 1.44% in December. Over the past year, the Invesco fund rose 9.64%. The fund, which launched in May 2010, has climbed 18.40% over the past three years annualized and gained 14.70% annualized over the past five years.

Largest UK Bond ETF Performance

When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.

Out of the 10 largest Europe-domiciled bond ETFs, the top performer last year was the £7.1 billion iShares € High Yield Corp Bond IHYG, which gained 10.70%. The bottom performer was the £18.4 billion iShares $ Treasury Bond 0-1yr IB01, which lost 2.88%.

Here’s more about the performance of the largest bond ETFs.

iShares $ Treasury Bond 0-1yr UCITS ETF IB01

• Morningstar Medalist Rating: Neutral
• Morningstar Category: USD Ultra Short-Term Bond

The £18.4 billion iShares $ Treasury Bond 0-1yr fell 1.12% in December. Over the past year, the iShares fund fell 2.88%. The fund, which launched in February 2019, has climbed 1.02% over the past three years annualized and gained 3.42% annualized over the past five years.

iShares Core € Corp Bond UCITS ETF IEAC

• Morningstar Medalist Rating: Bronze
• Morningstar Category: EUR Corporate Bond

The £12.3 billion iShares Core € Corp Bond fell 0.50% in December. Over the past year, the iShares fund rose 8.82%. The fund, which launched in March 2009, has climbed 4.65% over the past three years annualized and lost 0.66% annualized over the past five years.

iShares Core Global Aggregate Bond UCITS ETF AGGG

• Morningstar Medalist Rating: Bronze
• Morningstar Category: Global Diversified Bond

The £9.8 billion iShares Core Global Aggregate Bond fell 1.21% in December. Over the past year, the iShares fund rose 0.68%. The fund, which launched in November 2017, has climbed 0.12% over the past three years annualized and lost 1.90% annualized over the past five years.

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS

• Morningstar Medalist Rating: Neutral
• Morningstar Category: USD Government Bond – Short Term

The £8.8 billion iShares $ Treasury Bond 1-3yr fell 1.15% in December. Over the past year, the iShares fund fell 2.05%. The fund, which launched in June 2006, has climbed 0.70% over the past three years annualized and gained 2.08% annualized over the past five years.

iShares VII PLC – iShares VII PLC – iShares $ Treasury Bond 3-7yr UCITS ETF CSBGU7

• Morningstar Medalist Rating: Silver
• Morningstar Category: USD Government Bond

The £7.2 billion iShares $ Treasury Bond 3-7yr fell 1.63% in December. Over the past year, the iShares fund fell 0.17%. The fund, which launched in June 2009, has climbed 0.71% over the past three years annualized and gained 0.50% annualized over the past five years.

Largest UK Active ETF Performance

While passive ETFs have portfolios where holdings are designed to track the performance of an index, active ETFs are managed by portfolio managers who make the decisions about which investments to own. Like index-tracking ETFs, active ETFs trade on an exchange and are typically lower-cost than traditional actively managed mutual funds.

When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.

Out of the 10 largest Europe-domiciled active ETFs, the top performer last year was the £2.5 billion JPMorgan Europe Research Enhanced Index Equity Active JREE, which gained 26.15%. The bottom performer was the £2.8 billion Pimco US Dollar Short Maturity MINT, which lost 2.51%.

Here’s more about the performance of the largest active ETFs.

JPMorgan US Research Enhanced Index Equity Active UCITS ETF JREU

• Morningstar Medalist Rating: Bronze
• Morningstar Category: US Large-Cap Blend Equity

The £9.6 billion JPMorgan US Research Enhanced Index Equity Active fell 1.21% in December. The fund lagged its benchmark, the S&P 500 Index, by 1.42 percentage points. Over the past year, the JPMorgan fund rose 8.48%. The fund, which launched in October 2018, has climbed 18.29% over the past three years annualized and gained 14.70% annualized over the past five years.

JPMorgan Global Research Enhanced Index Equity Active UCITS ETF JREG

• Morningstar Medalist Rating: Silver
• Morningstar Category: Global Large-Cap Blend Equity

The £7.5 billion JPMorgan Global Research Enhanced Index Equity Active fell 0.45% in December. The fund lagged its benchmark, the MSCI World Index, by 1.43 percentage points. Over the past year, the JPMorgan fund rose 11.66%. The fund, which launched in October 2018, has climbed 16.71% over the past three years annualized and gained 13.07% annualized over the past five years.

Pimco US Dollar Short Maturity UCITS ETF MINT

• Morningstar Medalist Rating: Gold
• Morningstar Category: USD Ultra Short-Term Bond

The £2.8 billion Pimco US Dollar Short Maturity fell 1.12% in December. Over the past year, the Pimco fund fell 2.51%. The fund, which launched in February 2011, has climbed 1.54% over the past three years annualized and gained 3.37% annualized over the past five years.

Fidelity Emerging Markets Equity Research Enhanced UCITS ETF FEMR

• Morningstar Medalist Rating: Neutral
• Morningstar Category: Global Emerging Markets Equity

The £2.6 billion Fidelity Emerging Markets Equity Research Enhanced rose 1.50% in December. The fund lagged its benchmark, the MSCI EM Index, by 1.67 percentage points. Over the past year, the Fidelity International fund rose 25.09%. The fund, which launched in November 2020, has climbed 11.10% over the past three years annualized and gained 3.20% annualized over the past five years.

JPMorgan Europe Research Enhanced Index Equity Active UCITS ETF JREE

• Morningstar Medalist Rating: Silver
• Morningstar Category: Europe Large-Cap Blend Equity

The £2.5 billion JPMorgan Europe Research Enhanced Index Equity Active rose 2.35% in December. The fund lagged its benchmark, the MSCI Europe Index, by 0.38 percentage points. Over the past year, the JPMorgan fund rose 26.15%. The fund, which launched in October 2018, has climbed 14.01% over the past three years annualized and gained 10.83% annualized over the past five years.