Why does VWCE's chart rise more than VWRL's?
Because the chart shows price. VWRL pays dividends out of the fund and its price drops at each payment; total return including dividends is almost identical.
VWCE vs VWRL: same fund, two dividend policies
VWCE and VWRL are two share classes of the same Vanguard fund on the FTSE All-World: same portfolio, same index and same TER. The only difference is what happens to dividends.
Data side by side
| Data side by side | VWCE | VWRL |
|---|---|---|
| ISIN | IE00BK5BQT80 | IE00B3RBWM25 |
| Issuer | Vanguard | Vanguard |
| Index | FTSE All-World | FTSE All-World |
| Dividends | Accumulating (reinvests) | Distributing (pays out) |
| Ongoing charges (TER) | 0.14% | 0.14% |
| Replication | Physical, sampling | Physical, sampling |
| Number of holdings | 3,759 | 3,759 |
| Domicile | Ireland | Ireland |
| Launch date | 23 July 2019 | 22 May 2012 |
| Fund base currency | USD | USD |
| Listing used on this page | VWCE.DE (EUR) | VWRL.AS (EUR) |
Market data compared
| Market data compared | VWCE | VWRL |
|---|---|---|
| 1-year return | 18.4% | 18.4% |
| 2-year return | 31.4% | 31.4% |
| Annualised volatility | 14.2% | 14.0% |
| Maximum drawdown (2 years) | -21.1% | -21.0% |
- Correlation of daily returns VWCE–VWRL: 1.00
Daily closes from Yahoo Finance in euros (VWCE.DE, VWRL.AS), data as of 23 October 2026. Past performance does not guarantee future results.
Two-year performance (base 100, in euros)
VWRL pays dividends every quarter and VWCE reinvests them. That is why, comparing price alone, VWCE seems to perform better: VWRL hands part of its return out as dividends. Adding back the dividends received, total return is practically identical. Distributed dividends are usually taxed every year, while an accumulating class defers tax until you sell in many countries.
Frequently asked questions
Which suits an income need?
VWRL pays quarterly income. With VWCE you would have to sell units to raise cash.
Can I switch from VWRL to VWCE without tax?
Usually not: switching between ETFs means selling, which realises any gain.