VWCE vs IWDA: ETF Overlap

Vanguard FTSE All-World UCITS ETF USD Accumulation vs iShares Core MSCI World UCITS ETF USD (Acc) — shared top holdings, sector duplication, and what makes each fund different.

Data as of October 20, 2026

IWDA is read through its EUNL.DE listing — the same fund, with a complete sector split.

Very high overlap

VWCE.DE and EUNL.DE share 9 of their 10 biggest holdings

Shared top holdings

NVIDIA: 4.8% of VWCE.DE, 5.8% of EUNL.DE
Apple: 4.3% of VWCE.DE, 5.4% of EUNL.DE
Microsoft: 3.5% of VWCE.DE, 4% of EUNL.DE
Amazon: 2.3% of VWCE.DE, 2.7% of EUNL.DE
Alphabet A: 1.9% of VWCE.DE, 2.2% of EUNL.DE
Broadcom: 1.6% of VWCE.DE, 1.7% of EUNL.DE
Alphabet C: 1.4% of VWCE.DE, 1.8% of EUNL.DE
Meta: 1.2% of VWCE.DE, 1.8% of EUNL.DE
Micron: 1% of VWCE.DE, 1.3% of EUNL.DE

Only in VWCE.DE's top 10: Taiwan Semiconductor Manufacturing 1.7%
Only in EUNL.DE's top 10: Tesla 1.1%

Yearly fee on $10,000

VWCE.DE: $14 a year, expense ratio 0.14%
EUNL.DE: $20 a year, expense ratio 0.2%

Where they differ

Tech
Financials
Communication
Consumer
Health
Other

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What's different between VWCE and IWDA?

The largest VWCE positions missing from IWDA's disclosed top holdings are 2330.TW. In the other direction, IWDA's largest positions not in VWCE's top list are TSLA. Disclosed lists cover 23.7% of VWCE and 27.8% of IWDA; the sector table below compares the funds on complete data.

What does this overlap mean?

90.1% sector overlap is very high. These funds are close substitutes — owning both mostly duplicates one exposure instead of diversifying it. That isn't automatically wrong (fees, share classes or account types can justify holding both), but don't count them as two different bets.

Sector breakdown: VWCE.DE vs EUNL.DE

Sector	VWCE.DE	EUNL.DE	Overlap
Technology	24%	32.5%	24%
Financial Services	15.5%	15.6%	15.5%
Health Care	11.5%	9.2%	9.2%
Consumer Discretionary	10.5%	8.3%	8.3%
Industrials	10%	10.5%	10%
Communication Services	7.5%	8.4%	7.5%
Consumer Staples	6.5%	4.7%	4.7%
Energy	4.5%	4.1%	4.1%
Materials	4%	3.1%	3.1%
Utilities	3%	2.2%	2.2%
Real Estate	3%	1.5%	1.5%

How we calculate it

Holdings overlap sums min(weight in fund A, weight in fund B) across positions that appear in both funds' disclosed top-holdings lists — public data discloses only each fund's largest positions, so this number is a lower bound on true full-portfolio overlap. Sector overlap applies the same min() logic to the funds' complete sector allocations, which cover ~100% of each fund, making it the more complete signal of duplication.

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Data & methodology disclaimer

This tool is for education, not investment advice. Holdings and sector data come from public market-data feeds, reflect each fund's most recently disclosed top positions, and can lag the fund's actual portfolio. Overlap computed from disclosed top holdings is a lower bound. Always verify against the fund provider's official holdings file before making decisions.

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