VWCE.DE vs. IWRD.AS
VWCE.DE (Vanguard FTSE All-World UCITS ETF) and IWRD.AS (iShares MSCI World UCITS ETF) are both Global Equities funds - VWCE.DE tracks the FTSE All-World Index while IWRD.AS tracks the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, VWCE.DE returned 12.28%/yr vs 12.56%/yr for IWRD.AS. With a 0.98 correlation, they move nearly in lockstep. VWCE.DE charges 0.19%/yr vs 0.50%/yr for IWRD.AS.
Performance
VWCE.DE vs. IWRD.AS - Performance Comparison
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Returns By Period
In the year-to-date period, VWCE.DE achieves a 12.64% return, which is significantly higher than IWRD.AS's 10.92% return.
VWCE.DE
- 1D
- -0.21%
- 1M
- 5.01%
- YTD
- 12.64%
- 6M
- 13.33%
- 1Y
- 26.41%
- 3Y*
- 17.85%
- 5Y*
- 12.28%
- 10Y*
- —
IWRD.AS
- 1D
- -0.08%
- 1M
- 4.72%
- YTD
- 10.92%
- 6M
- 11.18%
- 1Y
- 23.48%
- 3Y*
- 17.21%
- 5Y*
- 12.56%
- 10Y*
- 12.50%
VWCE.DE vs. IWRD.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VWCE.DE Vanguard FTSE All-World UCITS ETF | 12.64% | 9.16% | 24.41% | 18.18% | -13.47% | 28.62% | 5.36% | 8.01% |
IWRD.AS iShares MSCI World UCITS ETF | 10.92% | 6.83% | 26.78% | 19.68% | -13.85% | 32.06% | 5.87% | 6.41% |
Correlation
The correlation between VWCE.DE and IWRD.AS is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019 | 0.98 |
The correlation between VWCE.DE and IWRD.AS has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
VWCE.DE vs. IWRD.AS — Risk / Return Rank
VWCE.DE
IWRD.AS
VWCE.DE vs. IWRD.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF (VWCE.DE) and iShares MSCI World UCITS ETF (IWRD.AS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| VWCE.DE | IWRD.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.40 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.01 | 3.46 | +0.55 |
| Martin ratioReturn relative to average drawdown | 16.55 | 13.65 | +2.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VWCE.DE | IWRD.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.31 | 2.11 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | 0.87 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.81 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.79 | 0.50 | +0.29 |
Drawdowns
VWCE.DE vs. IWRD.AS - Drawdown Comparison
The maximum VWCE.DE drawdown since its inception was -33.43%, smaller than the maximum IWRD.AS drawdown of -52.51%. Use the drawdown chart below to compare losses from any high point for VWCE.DE and IWRD.AS.
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Drawdown Indicators
| VWCE.DE | IWRD.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.43% | -52.51% | +19.08% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -6.69% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -21.07% | -21.50% | +0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -21.07% | -21.50% | +0.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.71% | — |
Current DrawdownCurrent decline from peak | -0.66% | -0.32% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -4.69% | -8.84% | +4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 1.71% | -0.12% |
Volatility
VWCE.DE vs. IWRD.AS - Volatility Comparison
Vanguard FTSE All-World UCITS ETF (VWCE.DE) has a higher volatility of 3.06% compared to iShares MSCI World UCITS ETF (IWRD.AS) at 2.65%. This indicates that VWCE.DE's price experiences larger fluctuations and is considered to be riskier than IWRD.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWCE.DE | IWRD.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 2.65% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 8.18% | 7.72% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.37% | 10.98% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.75% | 14.14% | -0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.16% | 15.16% | +1.00% |
VWCE.DE vs. IWRD.AS - Expense Ratio Comparison
VWCE.DE has a 0.19% expense ratio, which is lower than IWRD.AS's 0.50% expense ratio.
Dividends
VWCE.DE vs. IWRD.AS - Dividend Comparison
VWCE.DE has not paid dividends to shareholders, while IWRD.AS's dividend yield for the trailing twelve months is around 0.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWRD.AS iShares MSCI World UCITS ETF | 0.85% | 0.95% | 1.05% | 1.32% | 1.49% | 1.01% | 1.21% | 1.62% | 1.84% | 1.67% | 1.70% | 1.80% |
VWCE.DE Vanguard FTSE All-World UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, VWCE.DE and IWRD.AS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, VWCE.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VWCE.DE is cheaper with a 0.19% expense ratio, compared with 0.50% for IWRD.AS.
VWCE.DE tracks FTSE All-World Index, while IWRD.AS tracks MSCI ACWI NR USD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.19% for VWCE.DE and 0.50% for IWRD.AS.
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