VWCE vs VALL at a glance
Both are single-fund, whole-world equity ETFs from Vanguard: Irish-domiciled, accumulating (they reinvest dividends automatically), physically replicated, and UCITS-compliant. If you want one fund for your entire global stock allocation, either works. The differences are in the detail:
- VWCE — Vanguard FTSE All-World UCITS ETF (Acc). Tracks the FTSE All-World index: ~3,600 large- and mid-cap companies across developed and emerging markets. TER 0.22%. Launched 2019, tens of billions in assets.
- VALL — Vanguard FTSE Global All-Cap UCITS ETF (Acc). Tracks the FTSE Global All Cap index: ~10,000 companies — large, mid and small cap — across developed and emerging markets. TER 0.07%. Launched August 2026.
Difference #1: index breadth (small caps)
VWCE's FTSE All-World index covers large and mid caps — roughly 90–95% of global investable market value. VALL's FTSE Global All Cap index adds the small-cap tier on top, reaching about 99% of the world's investable market and roughly 10,000 stocks in total.
In practice the two portfolios overlap enormously — the same mega-caps (Apple, Microsoft, Nvidia…) sit at the top of both, weighted by market cap. The extra ~6,000 holdings in VALL are the small-cap tail, which makes up only a single-digit percentage of the fund by weight. So VALL is more diversified, but because it's cap-weighted, small caps move the needle modestly rather than dramatically.
Whether that matters is a genuine debate: small caps have historically offered a diversification benefit and, over some long periods, a return premium — but they can also lag large caps for years. VALL lets you own them automatically; VWCE leaves them out (some VWCE holders add a separate small-cap fund to fill the gap).
Difference #2: cost — what 0.07% vs 0.22% really means
This is the clearest, most certain difference. VALL charges 0.07% a year; VWCE charges 0.22% — a gap of 0.15% per year. Unlike future returns, a fee is guaranteed: you pay it every year, in good markets and bad.
On a €50,000 holding, 0.15% is €75 a year. That sounds trivial — but it's charged on your *whole* balance, every year, and it compounds: the money paid in fees is money that never grows. Over a multi-decade holding period the difference can reach several thousand euros on a mid-sized portfolio, purely from the fee gap.
Where VWCE still wins: track record, size and liquidity
VALL is new. That brings three practical caveats that favour VWCE today:
- Track record — VWCE has years of history you can inspect; VALL has only weeks. New funds occasionally close if they don't gather assets (though Vanguard's brand and VALL's fast early growth make that unlikely here).
- Fund size & liquidity — VWCE holds tens of billions and trades with very tight bid-ask spreads. A newer, smaller fund can have slightly wider spreads, which is a small real cost when you buy and sell.
- Proven index — FTSE All-World is one of the most widely tracked benchmarks in Europe; VALL's all-cap index is less battle-tested in ETF form, though it's the same index the US giant VT uses.
None of these are dealbreakers — they're the normal trade-offs of a brand-new fund versus an established one. As VALL grows, spreads should tighten and the liquidity gap should narrow.
Which should you choose?
If you're starting fresh: VALL has the stronger case — broader coverage and a materially lower fee for the same job. The main thing you give up is track record, which matters less for a low-cost index fund from a top-tier provider.
If you already hold VWCE: think twice before switching. Selling to buy VALL can trigger capital gains tax in many countries, and that one-off tax bill will usually dwarf years of the 0.15% fee saving. If you're not taxed on the switch (e.g. inside a tax-sheltered account), moving is more defensible — but even then, VWCE remains a perfectly good holding.
If you want maximum diversification: VALL, because it includes small caps. If you prioritise the largest, most liquid, most proven option: VWCE.
See the live data
Check current price, yield and holdings for each fund on their pages — VWCE and VALL — or see them side by side on the VALL vs VWCE comparison. To weigh other global options, read the best all-world UCITS ETFs or screen everything on the ETF screener.
Live TER, currency and index data for both funds.
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