VWRA, VWRP and VWCE are the same fund. One share class, the same holdings and the same fee, whichever ticker you buy. What differs is the currency and the exchange you buy it on. VWRL is the same Vanguard All-World portfolio in a different share class: it pays its dividends out instead of reinvesting them.
On this page
1. The four tickers side by side
| Ticker | Trades in | Exchange | ISIN | Dividends | Fee a year |
|---|---|---|---|---|---|
| VWRA | USD | London Stock Exchange | IE00BK5BQT80 | Reinvested | 0,14% |
| VWRP | GBP | London Stock Exchange | IE00BK5BQT80 | Reinvested | 0,14% |
| VWCE | EUR | Xetra | IE00BK5BQT80 | Reinvested | 0,14% |
| VWRL | GBP | London Stock Exchange | IE00B3RBWM25 | Paid out (quarterly) | 0,14% |
VWRA, VWRP, VWCE share one ISIN, IE00BK5BQT80: one share class, listed more than once.
2. One fund, three currencies
An ISIN identifies a share class, not a ticker. When one share class is listed in several currencies, or on several exchanges, each listing trades under a ticker on its exchange (sometimes the same ticker on more than one), and every one of them buys units of the same fund.
VWRA, VWRP and VWCE are three listings of Vanguard's accumulating FTSE All-World share class. VWRA trades in US dollars and VWRP in pounds, both on the London Stock Exchange. VWCE trades in euros on Xetra.
Because it is one fund, their prices tell the same story once you put them in the same currency. If VWRA rose over some week while VWRP fell, you were looking at the pound against the dollar, not at a difference in the fund.
3. VWRL: the one that pays out
VWRL holds the same portfolio as the other three, but it is a different share class with its own ISIN. It pays out the dividends the fund collects, where the accumulating share class reinvests them inside the fund for you.
Paid-out dividends are for investors who want the income, or want to decide themselves where it goes. Reinvested dividends are for investors who'd rather not do anything with them. How dividends are taxed, paid out or reinvested, depends on where you live and the account the fund sits in. This guide doesn't cover tax.
4. How to pick
Two questions settle it.
- Which currency is your account in? Look for the listing in that currency on your broker. Buying one in another currency usually means your broker converts your cash first, and charges for it; the fund's own currency exposure is the same either way. Pounds point to VWRP, dollars to VWRA, euros to VWCE.
- Do you want the dividends paid out? Then VWRL, which trades in pounds in London and in other currencies elsewhere. If not, one of the three accumulating listings.
Past those two answers, the ticker makes no difference to what you own.
5. Other all-world funds
Vanguard isn't the only provider. Invesco's FWRG tracks the same FTSE All-World index as a separate fund, with its own fee and its own size. The FWRG vs VWRP page below puts the two next to each other.