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How the Largest ETFs in the UK Performed in April

Vanguard FTSE All-World UCITS ETF led stock ETF returns in April while SPDR S&P 500 UCITS ETF lagged.

Bella Albrecht 5 May, 2025 | 3:26PM Lauren Solberg
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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 1.19% during April, while the Morningstar Eurozone Core Bond Index gained 3.39%. Over the past year, the European stock market is up 7.38%, while the European bond market has risen 4.66%.

The Morningstar US Market Index fell 3.93% during April and is up 4.54% over the past year. The Morningstar US Core Bond Index fell 2.98% last month and is up 1.26% over the past year.

In the global markets, stocks lost 2.36% during April, as measured by the Morningstar Global Markets Index. Bonds fell 0.57%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 4.53% and global bonds are are up 1.80%.

Largest UK Stock ETF Performance

Out of the 10 largest Europe-domiciled stock ETFs, the top performer last month was the £28.4 billion Vanguard FTSE All-World UCITS ETF VWRD, which lost 2.39%. The bottom performer was the £18 billion SPDR S&P 500 UCITS ETF SPY5, which lost 4.04%.

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

iShares VII PLC - iShares Core S&P 500 UCITS ETF CSSPX


The iShares VII PLC - iShares Core S&P 500 UCITS ETF lost 4.04% in April, performing roughly in line with the average fund in the US large-cap blend equity category, which fell 4.05%. The £83.9 billion fund has gained 4.81% over the past 12 months, while the average fund in its category is up 1.44%. The iShares fund, which launched in May 2010, has climbed 9.57% over the past three years and gained 13.97% over the past five years.

iShares Core MSCI World UCITS ETF IWDA


The iShares Core MSCI World UCITS ETF lost 2.51% in April, performing roughly in line with the average fund in the global large-cap blend equity category, which fell 2.40%. The £76.5 billion fund has gained 5.15% over the past 12 months, while the average fund in its category is up 1.70%. The iShares fund, which launched in September 2009, has climbed 8.85% over the past three years and gained 12.73% over the past five years.

Vanguard S&P 500 UCITS ETF VUSD


The Vanguard S&P 500 UCITS ETF lost 4.04% in April, performing roughly in line with the average fund in the US large-cap blend equity category, which fell 4.05%. The £48.7 billion fund has gained 4.80% over the past 12 months, while the average fund in its category is up 1.44%. The Vanguard fund, which launched in May 2012, has climbed 9.57% over the past three years and gained 13.97% over the past five years.

Invesco S&P 500 UCITS ETF SPXS


In April, the Invesco S&P 500 UCITS ETF fell 4.03%, while the average US large-cap blend equity fund lost 4.05%. The fund placed in the 49th percentile for performance. The £29 billion fund has climbed 4.99% over the past 12 months, outperforming the average fund in its category, which rose 1.44%. The Invesco fund, which launched in May 2010, has climbed 9.79% over the past three years and gained 14.21% over the past five years.

Vanguard FTSE All-World UCITS ETF VWRD


The £28.4 billion Vanguard FTSE All-World UCITS ETF fell 2.39% in April. The loss on the fund was roughly in line with the 2.40% loss on the average fund in the global large-cap blend equity category, leaving it in the 45th percentile for performance. Over the past 12 months, the Vanguard fund rose 4.96%, while the average fund in its category rose 1.70%. The fund, which launched in May 2012, has climbed 8.02% over the past three years and gained 11.77% over the past five years.

Largest UK Bond ETF Performance

Out of the 10 largest Europe-domiciled bond ETFs, the top performer last month was the £5.2 billion Amundi Index Solutions - Amundi EUR Corporate Bond ESG CC4, which gained 2.71%. The bottom performer was the £6.3 billion iShares $ Corp Bond UCITS ETF LQDE, which lost 3.60%.

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

iShares $ Treasury Bond 0-1yr UCITS ETF IB01


The iShares $ Treasury Bond 0-1yr UCITS ETF lost 3.02% in April, performing roughly in line with the average fund in the USD ultra short-term bond category, which fell 2.97%. The £16.1 billion fund has lost 1.55% over the past 12 months, while the average fund in its category is down 1.45%. The iShares fund, which launched in February 2019, has climbed 2.13% over the past three years and gained 1.35% over the past five years.

iShares Core € Corp Bond UCITS ETF IEAC


The £10.8 billion iShares Core € Corp Bond UCITS ETF rose 2.70% in April. The gain on the fund beat the 2.52% gain on the average fund in the EUR corporate bond category, leaving it in the 32nd percentile for performance. Over the past 12 months, the iShares fund rose 5.74%, while the average fund in its category rose 5.31%. The fund, which launched in March 2009, has climbed 2.54% over the past three years and gained 0.09% over the past five years.

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS


The £9.1 billion iShares $ Treasury Bond 1-3yr UCITS ETF fell 2.58% in April. The loss on the fund was roughly in line with the 2.54% loss on the average fund in the USD government bond - short term category, leaving it in the 50th percentile for performance. Over the past 12 months, the iShares fund rose 0.05%, while the average fund in its category was unchanged. The fund, which launched in June 2006, has climbed 1.18% over the past three years and gained 0.11% over the past five years.

iShares Core Global Aggregate Bond UCITS ETF AGGG


In April, the iShares Core Global Aggregate Bond UCITS ETF fell 0.53%, while the average global diversified bond fund lost 0.12%. The fund placed in the 65th percentile for performance. The £8.6 billion fund has climbed 1.93% over the past 12 months, outperforming the average fund in its category, which rose 1.75%. The iShares fund, which launched in November 2017, has dropped 0.95% over the past three years and lost 2.41% over the past five years.

iShares $ Corp Bond UCITS ETF LQDE


The £6.3 billion iShares $ Corp Bond UCITS ETF fell 3.60% in April. The loss on the fund was worse than the 3.18% loss on the average fund in the USD corporate bond category, leaving it in the 86th percentile for performance. Over the past 12 months, the iShares fund rose 0.69%, while the average fund in its category rose 0.54%. The fund, which launched in March 2003, has climbed 0.45% over the past three years and lost 1.35% 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.

Out of the 10 largest Europe-domiciled active ETFs, the top performer last month was the £960.3 million JPMorgan ETFs (Ireland) ICAV - EUR Ultra-Short Income Active UCITS ETF JEST, which gained 1.95%. The bottom performer was the £8.4 billion JPMorgan ETFs (Ireland) ICAV - US Research Enhanced Index Equity Active UCITS ETF JREU, which lost 4.27%.

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

JPMorgan ETFs (Ireland) ICAV - US Research Enhanced Index Equity Active UCITS ETF JREU


The JPMorgan ETFs (Ireland) ICAV - US Research Enhanced Index Equity Active UCITS ETF lost 4.27% in April, falling further than the average fund in the US large-cap blend equity category, which fell 4.05%. The fund placed in the 64th percentile for performance and fell further than its benchmark, the S&P 500 Index, by 0.22 percentage points.

The £8.4 billion fund has gained 2.95% over the past 12 months, while the average fund in its category is up 1.44%. The JPMorgan fund, which launched in October 2018, has climbed 9.62% over the past three years and gained 14.48% over the past five years.

JPMorgan ETFs (Ireland) ICAV - Global Research Enhanced Index Equity Active UCITS ETF JREG


The JPMorgan ETFs (Ireland) ICAV - Global Research Enhanced Index Equity Active UCITS ETF lost 2.76% in April, falling further than the average fund in the global large-cap blend equity category, which fell 2.40%. The fund placed in the 62nd percentile for performance and fell further than its benchmark, the MSCI World Index, by 0.26 percentage points.

The £7 billion fund has gained 3.55% over the past 12 months, while the average fund in its category is up 1.70%. The JPMorgan fund, which launched in October 2018, has climbed 9.18% over the past three years and gained 13.42% over the past five years.

JPMorgan ETFs (Ireland) ICAV - Europe Research Enhanced Index Equity Active UCITS ETF JREE


The JPMorgan ETFs (Ireland) ICAV - Europe Research Enhanced Index Equity Active UCITS ETF gained 0.86% in April, outperforming the average fund in the Europe large-cap blend equity category, which rose 0.62%. The fund placed in the 47th percentile for performance and performed roughly in line with its benchmark, the MSCI Europe Index.

The £2.3 billion fund has gained 5.09% over the past 12 months, while the average fund in its category is up 3.59%. The JPMorgan fund, which launched in October 2018, has climbed 9.22% over the past three years and gained 11.85% over the past five years.

Fidelity Emerging Markets Equity Research Enhanced UCITS ETF FEMR


The Fidelity Emerging Markets Equity Research Enhanced UCITS ETF lost 1.89% in April, falling less than the average fund in the global emerging markets equity category, which fell 2.47%. The fund placed in the 29th percentile for performance and edged out its benchmark, the MSCI EM Index, by 0.21 percentage points.

The £1.6 billion fund has lost 0.43% over the past 12 months, while the average fund in its category is up 0.42%. The Fidelity International fund, which launched in November 2020, has gained 0.24% over the past three years.

PIMCO ETFs PLC - US Dollar Short Maturity UCITS ETF MINT


The £1.6 billion PIMCO ETFs PLC - US Dollar Short Maturity UCITS ETF fell 3.13% in April. The loss on the fund was worse than the 2.97% loss on the average fund in the USD ultra short-term bond category, leaving it in the 80th percentile for performance.The fund performed roughly in line with its benchmark, the FTSE Treasury Bill 3 Month Index.

Over the past 12 months, the PIMCO fund fell 1.48%, while the average fund in its category fell 1.45%. The fund, which launched in February 2011, has climbed 2.42% over the past three years and gained 1.56% over the past five years.


This article was generated with the help of automation and reviewed by Morningstar editors. Learn more about Morningstar’s use of automation.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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Bella Albrecht  is associate data journalist at Morningstar

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