In short: VWCE and VWRL are two share classes of the same Vanguard FTSE All-World fund. They hold the same companies and both cost 0.14% a year. The only real difference: VWCE reinvests the dividends inside the fund, VWRL pays them out to you four times a year.
People often compare VWCE and VWRL as if they were two different funds. They are not. Vanguard runs one fund, the Vanguard FTSE All-World UCITS ETF, and sells it in share classes that handle dividends differently. Everything else, from the index to the companies held, is shared. This page shows what is the same, what differs, and what that means for you.
Side by side
| VWCE | VWRL | |
|---|---|---|
| Full name | 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 |
| Dividends | Reinvested in the fund | Paid out, usually four times a year |
| Yearly cost (TER) | 0.14% | 0.14% |
| Companies held | Same portfolio: 3,821 companies (index: 4,203) | |
| Fund home | Ireland | Ireland |
| Since | July 2019 | May 2012 |
| Ticker (EUR) | VWCE | VWRL |
What reinvesting changes
The companies in the fund pay dividends. In VWCE the fund buys more shares with that money, so it stays invested and the value of each VWCE unit rises a little more. In VWRL the fund passes the money on to you, and you decide what to do with it: spend it, keep it as cash or buy more units yourself.
If you reinvest VWRL’s payouts yourself, you end up in roughly the same place as with VWCE, minus any order costs and the time the cash sits idle. If you spend the payouts, your invested amount grows more slowly, because less money keeps earning compound growth. The ETF calculator shows both cases.
What does not change
- The return before dividends. Both share classes own the same companies, so they rise and fall together.
- The cost. Both have a TER of 0.14% a year.
- Tax withheld on foreign dividends. Countries withhold tax on dividends before the fund receives them. That happens in both share classes in the same way.
- Risk. Same shares, same ups and downs, same currency risk against the euro.
Tax: check your own situation
Whether a payout or a reinvested dividend is taxed differently depends on the country you live in. In some countries it matters a lot, in others hardly at all. This page does not give tax amounts. Check your tax authority’s website or ask a tax adviser before you choose a share class for tax reasons.
How to choose
Ask yourself one question: do you want to receive cash from your investments now? If you are building up wealth for later and would reinvest the dividends anyway, VWCE does that automatically. If you want a regular payout, for example to supplement your income, VWRL gives you that without selling units. Neither choice changes what you own.
Investing involves risk: you can lose money. This page explains facts and is not personal advice. Past results do not predict future results.
Frequently asked questions
Can I switch from VWRL to VWCE?
Not directly. You would sell VWRL and buy VWCE, which costs order fees and may have tax consequences in your country.
Why is VWRL older than VWCE?
Vanguard launched the distributing class in May 2012 and added the accumulating class in July 2019.
How big are VWRL’s payouts?
They vary with the dividends the companies pay. Vanguard publishes each payout and the historic yield on its product page.
Related pages
- Accumulating vs distributing: the general difference
- VWCE vs IWDA: FTSE All-World vs MSCI World
- FTSE All-World ETFs
Sources
- Vanguard: Key Information Documents and product pages for both share classes, holdings as at 30 September 2026.
- justETF fund profiles (listings and launch dates), read 24 October 2026.