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How the Largest ETFs in the UK Performed

Invesco S&P 500 UCITS ETF led stock ETF returns in May while iShares Core MSCI EM IMI UCITS ETF lagged.

Bella Albrecht 5 June, 2025 | 11:51AM Lauren Solberg
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Illustrazione a collage della parola "FNB" con un orologio e forme sullo sfondo.

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 3.94% during May, while the Morningstar Eurozone Core Bond Index lost 0.94%. Over the past year, the European stock market is up 7.77%, while the European bond market has risen 3.86%.

The Morningstar US Market Index rose 5.37% during May and is up 6.95% over the past year. The Morningstar US Core Bond Index fell 1.68% last month and is down 0.45% over the past year.

In the global markets, stocks gained 4.80% during May, as measured by the Morningstar Global Markets Index. Bonds fell 1.42%, as measured by the Morningstar Global Core Bond Index. Over the past year, global stocks are up 7.06% and global bonds are are up 0.77%.

Largest UK Stock ETF Performance

Out of the 10 largest Europe-domiciled stock ETFs, the top performer last month was the £30.2 billion Invesco S&P 500 UCITS ETF SPXS, which gained 5.27%. The bottom performer was the £18.9 billion iShares Core MSCI EM IMI UCITS ETF EIMI, which gained 3.77%.

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 gained 5.26% in May, performing roughly in line with the average fund in the US large-cap blend equity category, which rose 5.18%. The £87.3 billion fund has gained 6.90% over the past 12 months, while the average fund in its category is up 4.47%. The iShares fund, which launched in May 2010, has climbed 11.55% over the past three years and gained 13.63% over the past five years.

iShares Core MSCI World UCITS ETF IWDA


The £79.1 billion iShares Core MSCI World UCITS ETF rose 4.94% in May. The gain on the fund beat the 4.67% gain 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 iShares fund rose 7.38%, while the average fund in its category rose 4.70%. The fund, which launched in September 2009, has climbed 10.71% over the past three years and gained 12.29% over the past five years.

Vanguard S&P 500 UCITS ETF VUSD


The £51 billion Vanguard S&P 500 UCITS ETF rose 5.25% in May. The gain on the fund was roughly in line with the 5.18% gain on the average fund in the US large-cap blend equity category, leaving it in the 58th percentile for performance. Over the past 12 months, the Vanguard fund rose 6.89%, while the average fund in its category rose 4.47%. The fund, which launched in May 2012, has climbed 11.54% over the past three years and gained 13.62% over the past five years.

Invesco S&P 500 UCITS ETF SPXS


The £30.2 billion Invesco S&P 500 UCITS ETF rose 5.27% in May. The gain on the fund was roughly in line with the 5.18% gain on the average fund in the US large-cap blend equity category, leaving it in the 55th percentile for performance. Over the past 12 months, the Invesco fund rose 7.09%, while the average fund in its category rose 4.47%. The fund, which launched in May 2010, has climbed 11.77% over the past three years and gained 13.86% over the past five years.

Vanguard FTSE All-World UCITS ETF VWRD


In May, the Vanguard FTSE All-World UCITS ETF rose 4.69%, while the average global large-cap blend equity fund gained 4.67%. The fund placed in the 55th percentile for performance. The £29.7 billion fund has climbed 7.41% over the past 12 months, outperforming the average fund in its category, which rose 4.70%. The Vanguard fund, which launched in May 2012, has climbed 9.76% over the past three years and gained 11.38% 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 £5.8 billion iShares € High Yield Corp Bond UCITS ETF IHYG, which gained 0.20%. The bottom performer was the £5.5 billion iShares $ Treasury Bond 7-10yr UCITS ETF IDTM, which lost 2.13%.

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 0.64% in May, performing roughly in line with the average fund in the USD ultra short-term bond category, which fell 0.65%. The £16.7 billion fund has lost 1.01% over the past 12 months, while the average fund in its category is down 1.04%. The iShares fund, which launched in February 2019, has climbed 2.01% over the past three years and gained 0.82% over the past five years.

iShares Core € Corp Bond UCITS ETF IEAC


In May, the iShares Core € Corp Bond UCITS ETF fell 0.53%, while the average EUR corporate bond fund lost 0.70%. The fund placed in the 18th percentile for performance. The £12.1 billion fund has climbed 5.06% over the past 12 months, outperforming the average fund in its category, which rose 4.57%. The iShares fund, which launched in March 2009, has climbed 2.39% over the past three years and lost 0.76% over the past five years.

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS


In May, the iShares $ Treasury Bond 1-3yr UCITS ETF fell 1.17%, while the average USD government bond - short term fund lost 1.25%. The fund placed in the 14th percentile for performance. The £9.1 billion fund has dropped 0.18% over the past 12 months, falling less than the average fund in its category, which fell 0.52%. The iShares fund, which launched in June 2006, has climbed 0.71% over the past three years and lost 0.53% over the past five years.

iShares Core Global Aggregate Bond UCITS ETF AGGG


The iShares Core Global Aggregate Bond UCITS ETF lost 1.30% in May, performing roughly in line with the average fund in the global diversified bond category, which fell 1.36%. The £8.5 billion fund has gained 0.96% over the past 12 months, while the average fund in its category is up 0.71%. The iShares fund, which launched in November 2017, has dropped 1.34% over the past three years and lost 3.14% over the past five years.

iShares $ Corp Bond UCITS ETF LQDE


The £6.1 billion iShares $ Corp Bond UCITS ETF fell 0.88% in May. The loss on the fund edged out the 1.29% loss on the average fund in the USD corporate bond category, leaving it in the 20th percentile for performance. Over the past 12 months, the iShares fund fell 0.72%, while the average fund in its category fell 1.23%. The fund, which launched in March 2003, has dropped 0.13% over the past three years and lost 2.27% 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 £874.1 million Invesco Global Active ESG Equity UCITS ETF IQSA, which gained 5.47%. The bottom performer was the £1 billion JPMorgan ETFs (Ireland) ICAV - EUR Ultra-Short Income Active UCITS ETF JEST, which lost 0.86%.

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 £8.7 billion JPMorgan ETFs (Ireland) ICAV - US Research Enhanced Index Equity Active UCITS ETF rose 5.23% in May. The gain on the fund was roughly in line with the 5.18% gain on the average fund in the US large-cap blend equity category, leaving it in the 60th percentile for performance.The fund performed roughly in line with its benchmark, the S&P 500 Index.

Over the past 12 months, the JPMorgan fund rose 5.03%, while the average fund in its category rose 4.47%. The fund, which launched in October 2018, has climbed 11.63% over the past three years and gained 14.06% 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 gained 4.68% in May, performing roughly in line with the average fund in the global large-cap blend equity category, which rose 4.67%. The fund placed in the 55th percentile for performance and performed roughly in line with its benchmark, the MSCI World Index.

The £7.2 billion fund has gained 5.40% over the past 12 months, while the average fund in its category is up 4.70%. The JPMorgan fund, which launched in October 2018, has climbed 10.94% over the past three years and gained 12.90% over the past five years.

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


In May, the JPMorgan ETFs (Ireland) ICAV - Europe Research Enhanced Index Equity Active UCITS ETF rose 3.06%, while the average Europe large-cap blend equity fund gained 3.66%. The fund placed in the 74th percentile for performance and lagged its benchmark, the MSCI Europe Index, by 0.50 percentage points.

The £2.4 billion fund has climbed 5.03% over the past 12 months, outperforming the average fund in its category, which rose 4.67%. The JPMorgan fund, which launched in October 2018, has climbed 10.29% over the past three years and gained 10.99% over the past five years.

Fidelity Emerging Markets Equity Research Enhanced UCITS ETF FEMR


The £1.7 billion Fidelity Emerging Markets Equity Research Enhanced UCITS ETF rose 3.29% in May. The gain on the fund was shy of the 4.35% gain on the average fund in the global emerging markets equity category, leaving it in the 87th percentile for performance.The fund performed roughly in line with its benchmark, the MSCI EM Index.

Over the past 12 months, the Fidelity International fund rose 3.85%, while the average fund in its category rose 5.84%. The fund, which launched in November 2020, has gained 1.54% over the past three years.

PIMCO ETFs PLC - US Dollar Short Maturity UCITS ETF MINT


In May, the PIMCO ETFs PLC - US Dollar Short Maturity UCITS ETF fell 0.51%, while the average USD ultra short-term bond fund lost 0.65%. The fund placed in the 16th percentile for performance and edged out its benchmark, the FTSE Treasury Bill 3 Month Index, by 0.08 percentage points.

The £1.7 billion fund has dropped 0.82% over the past 12 months, falling less than the average fund in its category, which fell 1.04%. The PIMCO fund, which launched in February 2011, has climbed 2.34% over the past three years and gained 0.93% 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.

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Bella Albrecht  is associate data journalist at Morningstar

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