Vanguard FTSE All-World ETF UK ISA Guide: VWRP, VWRL and Cheaper Alternatives (2025/26)
Last verified: March 2026
At a Glance
Quick Answer
VWRP and VWRL are the same fund tracking the same index (FTSE All-World) at the same OCF (0.19%). The only difference is how dividends are handled. VWRP accumulates them — dividends are reinvested automatically inside the fund. VWRL distributes them — dividends are paid to your account quarterly.
The OCF dropped from 0.22% to 0.19% on 7 October 2025. Several competitor articles still show 0.22%. This article uses the current figure.
One cheaper alternative exists: the Invesco FWRG tracks the identical FTSE All-World index at 0.15% OCF. It is a smaller fund. Both options are factual alternatives — which suits any individual investor depends on their own circumstances.
ETF Comparison: FTSE All-World and MSCI World Trackers
Four ETFs frequently mentioned alongside VWRP. Note that HMWO tracks a different index — see the footnote below the table.
| ETF Name | Ticker | OCF | Fund Size | Acc/Dist | Index | Platforms |
|---|---|---|---|---|---|---|
| Vanguard FTSE All-World (Acc) | VWRP | 0.19% | $34,129m (share class) | Acc | FTSE All-World | HL, AJ Bell, ii, T212, Fidelity, Vanguard, InvestEngine |
| Vanguard FTSE All-World (Dist) | VWRL | 0.19% | $21,729m (share class) | Dist (quarterly) | FTSE All-World | HL, AJ Bell, ii, T212, Fidelity, Vanguard*, InvestEngine |
| Invesco FTSE All-World (Acc) | FWRG | 0.15% | £2,095m | Acc | FTSE All-World | HL, AJ Bell, ii, T212, Fidelity, InvestEngine |
| HSBC MSCI World (Dist) | HMWO | 0.15% | £10,934m | Dist | MSCI World ⚠ | HL, AJ Bell, ii, T212, Fidelity, InvestEngine |
⚠ HMWO tracks the MSCI World index, not the FTSE All-World. The MSCI World covers large and mid-cap stocks in developed markets only. It excludes emerging markets entirely — meaning no exposure to China, India, Brazil, South Korea, or Taiwan. VWRP, VWRL, and FWRG all include emerging markets via the FTSE All-World index. HMWO is not a like-for-like comparison.
* Vanguard Investor only carries Vanguard-issued ETFs. FWRG and HMWO are not available on the Vanguard Investor platform. VWRL availability on Vanguard Investor:
Note: The HSBC FTSE All-World Index Fund (OEIC, OCF ~0.12%) tracks the same index at a lower cost but is not an ETF. It is not available on all platforms — Trading 212 and InvestEngine do not offer it. Not included in the main table.
Fee Differences in Real Money
Using £10,000 invested, 8% gross annual return, fees deducted annually, over 10 years. No platform fees included. For illustration only — actual returns will differ.
Total fees (simplified): £190 over 10 years
Total fees (simplified): £150 over 10 years
The difference between VWRP and FWRG over 10 years on a £10,000 investment: approximately £89. That gap widens with larger amounts and longer time frames.
To put the October 2025 fee cut in context: the reduction from 0.22% to 0.19% saves investors 30p per £1,000 per year. Across all investors in the fund, Vanguard estimates the annual saving at $13.7m.
Platform fees are a separate cost and often larger than the OCF difference between these ETFs. A platform charging 0.25% per year on a £50,000 portfolio costs £125 annually — more than twice the total OCF saving between VWRP and FWRG over 10 years on £10,000. Compare total costs (OCF + platform fee + trading charges) when selecting a provider.