VWCE or IWDA for a one-ETF portfolio?
VWCE also covers emerging markets in a single product. With IWDA you would need to add an emerging-markets ETF for the same coverage.
VWCE vs IWDA: whole world versus developed markets only
These are the two global ETFs most used by European investors. VWCE tracks the FTSE All-World, with developed and emerging markets; IWDA tracks the MSCI World, developed markets only. Both are accumulating and domiciled in Ireland.
Data side by side
| Data side by side | VWCE | IWDA |
|---|---|---|
| ISIN | IE00BK5BQT80 | IE00B4L5Y983 |
| Issuer | Vanguard | iShares |
| Index | FTSE All-World | MSCI World |
| Dividends | Accumulating (reinvests) | Accumulating (reinvests) |
| Ongoing charges (TER) | 0.14% | 0.20% |
| Replication | Physical, sampling | Physical, sampling |
| Number of holdings | 3,759 | 1,252 |
| Domicile | Ireland | Ireland |
| Launch date | 23 July 2019 | 25 September 2009 |
| Fund base currency | USD | USD |
| Listing used on this page | VWCE.DE (EUR) | IWDA.AS (EUR) |
Market data compared
| Market data compared | VWCE | IWDA |
|---|---|---|
| 1-year return | 18.4% | 18.4% |
| 2-year return | 31.4% | 30.5% |
| Annualised volatility | 14.2% | 14.1% |
| Maximum drawdown (2 years) | -21.1% | -21.6% |
- Correlation of daily returns VWCE–IWDA: 0.99
Daily closes from Yahoo Finance in euros (VWCE.DE, IWDA.AS), data as of 23 October 2026. Past performance does not guarantee future results.
Two-year performance (base 100, in euros)
The core difference is emerging markets: about a tenth of VWCE. That gives it more holdings and slightly less US weight. On cost, VWCE is now cheaper after the 2026 fee cut. In practice their returns move closely together, as the correlation below shows; differences appear when emerging and developed markets diverge.
Frequently asked questions
Which has more US weight?
IWDA, because it excludes emerging markets. In both, the United States is more than half of the index.
Are they taxed the same way?
Both are accumulating ETFs domiciled in Ireland, so they are generally taxed alike; the details depend on your country of residence.