VWCE vs VWRL: returns, risk and drawdowns compared
Vanguard FTSE All-World UCITS ETF (Acc) against Vanguard FTSE All-World UCITS ETF (Dist), over the same 7 years (August 2019 to October 2026) with dividends reinvested.
Data updated October 2026
From August 2019 to October 2026, VWCE returned 12.8% a year and VWRL 10.9% a year on average, so VWCE came out ahead by 1.9% a year. VWRL was the more volatile of the two (13.7% against 13.1% a year), and the deepest falls from a month-end high were 19.1% for VWCE and 19.3% for VWRL.
The correlation of monthly returns was 0.99: they moved almost in lockstep. Over 52 rolling 3-year periods, VWCE did better in 100% and VWRL in 0%.
Side by side
| VWCE | VWRL | |
|---|---|---|
| Annual return (CAGR) | +12.8% | +10.9% |
| Total return | +139% | +112% |
| Annual volatility | 13.1% | 13.7% |
| Maximum drawdown (month-end) | −19.1% | −19.3% |
| Worst month | −11.3% | −11.8% |
| Best month | +9.4% | +9.7% |
| Positive months | 63% | 62% |
| Best year | 2021: +28.6% | 2021: +26.9% |
| Worst year | 2022: −13.5% | 2022: −15.7% |
| 1-year return | +22.0% | +18.1% |
| 5 years, a year | +11.5% | +9.6% |
| 10 years, a year | — | — |
| Trading currency | EUR | EUR |
First nine rows: the same 87 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: VWCE vs VWRL
Returns by calendar year
| Year | VWCE | VWRL |
|---|---|---|
| 2025 | +9.2% | +7.6% |
| 2024 | +24.4% | +23.4% |
| 2023 | +18.2% | +15.9% |
| 2022 | −13.5% | −15.7% |
| 2021 | +28.6% | +26.9% |
| 2020 | +5.4% | +4.1% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, VWCE or VWRL?
From August 2019 to October 2026, VWCE returned +12.8% a year and VWRL +10.9% a year, with dividends reinvested. Over rolling 3-year periods VWCE did better in 100% of cases. Past returns do not predict future returns.
Which is riskier, VWCE or VWRL?
Over the same months annual volatility was 13.1% for VWCE and 13.7% for VWRL; the deepest fall from a month-end high was 19.1% and 19.3%, and the worst single month −11.3% and −11.8%.
How correlated are VWCE and VWRL?
The correlation of their monthly returns was 0.99: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.