ETF comparison · Accumulating vs distributing
VWCE vs VWRL: overlap by weight, TER & holdings
Vanguard FTSE All-World UCITS ETF (USD) Accumulating vs Vanguard FTSE All-World UCITS ETF (USD) Distributing
Same index, same holdings, same fee. The only real difference is what happens to dividends: VWCE reinvests them inside the fund, VWRL pays them out. Which is better is mostly a question of your tax regime and whether you want the income.
VWCE also trades as VWRA (LSE (USD)), VWRP (LSE (GBP)).
VWRL also trades as VWRD (LSE (USD)).
VWCE vs VWRL at a glance
| VWCE | VWRL | |
|---|---|---|
| Fund | Vanguard FTSE All-World UCITS ETF (USD) Accumulating | Vanguard FTSE All-World UCITS ETF (USD) Distributing |
| ISIN | IE00BK5BQT80 | IE00B3RBWM25 |
| Index | FTSE All-World | FTSE All-World |
| Market exposure | Global (developed + emerging) | Global (developed + emerging) |
| TER | 0.14% | 0.14% |
| Holdings in fund | 3,598 | 3,598 |
| Fund size | ≈ 93.1 bn USD | ≈ 79.6 bn USD |
| Domicile | Ireland | Ireland |
| Replication | Physical (sampling) | Physical (sampling) |
| Use of income | Accumulating | Distributing |
| Launched | Jul 23, 2019 | May 22, 2012 |
Top shared holdings
| VWCE | VWRL | |
|---|---|---|
| NVDANVIDIA Corp | 4.84% | 4.84% |
| AAPLApple Inc | 4.3% | 4.3% |
| MSFTMicrosoft Corp | 3.54% | 3.54% |
| AMZNAmazon.com Inc | 2.37% | 2.37% |
| GOOGLAlphabet Inc | 1.9% | 1.9% |
| 2330Taiwan Semiconductor Manufacturing Co Ltd | 1.73% | 1.73% |
| AVGOBroadcom Inc | 1.62% | 1.62% |
| GOOGAlphabet Inc | 1.46% | 1.46% |
| METAMeta Platforms Inc | 1.18% | 1.18% |
| MUMicron Technology Inc | 1.02% | 1.02% |
| TSLATesla Inc | 1.01% | 1.01% |
| JPMJPMorgan Chase & Co | 0.89% | 0.89% |
| LLYEli Lilly & Co | 0.87% | 0.87% |
| 005930Samsung Electronics Co Ltd | 0.82% | 0.82% |
| AMDAdvanced Micro Devices Inc | 0.72% | 0.72% |
Weights per fund, normalized. 3,593 companies appear in both funds.
What the fee gap costs
Growth of 10,000 invested at 7% annual return, after each fund’s TER: 0.14% for VWCE, 0.14% for VWRL.
| VWCE | VWRL | Difference | |
|---|---|---|---|
| After 10 years | 19,416 | 19,416 | 0 |
| After 20 years | 37,697 | 37,697 | 0 |
| After 30 years | 73,191 | 73,191 | 0 |
The two funds charge the same TER, so fees do not separate them. TER only. Trading spreads, taxes and broker fees are not included.
Domicile and withholding tax
Both funds are domiciled in Ireland, so fund-level dividend withholding works the same way for both. Domicile does not separate this pair.
Frequently asked questions
Do VWCE and VWRL overlap?+
Yes: 100% by weight, with 3,593 holdings appearing in both funds. 100% of VWCE’s weight is also inside VWRL.
Do VWCE and VWRL track the same index?+
Yes. Both funds track the same index: FTSE All-World. Return differences come from fees, replication and trading costs, not from index choice.
Which is cheaper, VWCE or VWRL?+
Neither: both charge 0.14% per year, so cost does not separate them.
Is it worth holding both VWCE and VWRL?+
Holding both mostly duplicates exposure: 100% of the pair overlaps by weight. Most investors pick one, or combine one of them with a fund covering different markets.
More comparisons
Methodology
Overlap is the sum of min(weight A, weight B) across holdings that appear in both funds, with each fund’s stored weights normalized to 100%. Holdings come from issuer feeds and regulatory filings in our ETF holdings database; TER and fund size come from fund profile data and are refreshed regularly. Figures update when the underlying holdings data updates.
Holdings data as of Aug 31, 2026, from our ETF holdings database.