The Vanguard FTSE All-World UCITS ETF (VWCE) tracks the FTSE All-World Index, which represents the performance of large and mid-cap stocks in both developed and emerging markets. The index has 4,264 constituents, and the ETF holds 3,782 of them through optimised sampling (data as of 31 July 2026). With a total expense ratio (TER) of 0.14% per year, it is one of the most popular ETFs among European investors.
VWCE average return
In euros, VWCE delivered an average annual return of +12.10% over the last 5 years and +12.78% per year since its launch in July 2019, with dividends reinvested (data checked on 21 September 2026).
Because VWCE is quoted in euros on European exchanges but its base currency is the US dollar, its return depends on which currency you measure it in. The first table shows the returns in EUR, which is what an investor who buys VWCE on Xetra or Euronext Amsterdam actually experiences:
| Period | Cumulative return | Annualised return |
|---|---|---|
| 2026 year to date | +17.35% | – |
| 1 year | +21.52% | +21.52% |
| 3 years | +67.46% | +18.75% |
| 5 years | +77.05% | +12.10% |
| Since launch (23 July 2019) | +136.66% | +12.78% |
Returns in EUR, including reinvested dividends and net of the TER. Source: justETF, checked on 21 September 2026. Annualised returns calculated by Fintech Finder.
Vanguard’s official factsheet reports the fund’s performance in USD, its base currency. As of 31 July 2026, the fund returned:
| Period | Fund (USD) | FTSE All-World Index (USD) |
|---|---|---|
| 1 year | +22.05% | +22.03% |
| 3 years (annualised) | +18.27% | +18.29% |
| 5 years (annualised) | +10.84% | +10.85% |
| 10 years (annualised) | – | +12.27% |
| Since inception (annualised) | +13.01% | +13.02% |
Source: Vanguard factsheet, data as of 31 July 2026. Fund performance is NAV to NAV and net of expenses.
The fund and the index are almost identical over every period, which shows how closely VWCE tracks its benchmark.
Returns per calendar year (in EUR):
| Year | Return |
|---|---|
| 2026 (year to date) | +17.35% |
| 2025 | +8.36% |
| 2024 | +24.65% |
| 2023 | +17.78% |
| 2022 | -13.01% |
| 2021 | +28.20% |
| 2020 | +6.18% |
| 2019* | +28.70% |
| 2018* | -5.50% |
| 2017* | +8.70% |
| 2016* | +11.30% |
| 2015* | +8.90% |
| 2014* | +18.10% |
| 2013* | +17.10% |
| 2012* | +14.00% |
| 2011* | -4.90% |
| 2010* | +21.20% |
| 2009* | +30.60% |
| 2008* | -38.90% |
| 2007* | +0.30% |
| 2006* | +8.90% |
| 2005* | +28.30% |
Source: justETF (2022 to 2026), finance.yahoo.com (2020 and 2021) and FTSE Russell (2005 to 2019).
*VWCE did not exist before July 2019, so these years show the return of the FTSE All-World Index, its benchmark, calculated in EUR. Index returns do not include the ETF’s costs, so they are only an estimate of what the ETF would have returned.
What does this mean?
Using the 5-year period as an example: if a European investor had put €1,000 in VWCE five years ago, the investment would have been worth about €1,770 in September 2026, with dividends reinvested and before broker fees and taxes.
The last years have been strong, but not every year is: in 2022, VWCE lost 13.01%, and in 2008, its benchmark index fell 38.90% in EUR. Past performance doesn’t guarantee future results.
Why do returns differ in EUR and USD?
VWCE’s base currency is the US dollar, and about 62% of the fund is invested in US companies. When the dollar weakens against the euro, the returns in EUR are lower than in USD, and the opposite happens when the dollar strengthens. This helps explain why 2025 was a weaker year for euro investors (+8.36%), since the dollar lost value against the euro during that year. Over long periods, the currency effect tends to be smaller than the effect of the stock market itself, but it can matter a lot in a single year.
Calculation methodology
We used the returns in EUR published by justETF and calculated the annualised figures by compounding the cumulative returns. The USD figures come directly from Vanguard’s factsheet. For years before VWCE’s launch in July 2019, we used the returns of the FTSE All-World Index from FTSE Russell as an estimate. To approximate what the ETF would have returned in those years, you can deduct its 0.14% TER from each year’s index return.
Common questions
What is the average annual return of VWCE?
In EUR, VWCE returned +12.10% per year over the last 5 years and +12.78% per year since its launch in July 2019, with dividends reinvested (as of September 2026). In USD, the fund returned +10.84% per year over 5 years to 31 July 2026.
How much did VWCE return in 2025?
VWCE returned +8.36% in EUR in 2025, after +24.65% in 2024 and +17.78% in 2023.
Where can I buy VWCE?
VWCE is listed in EUR on Xetra, Euronext Amsterdam and Borsa Italiana, and you can buy it through most European online brokers. See our ranking of the best online brokers for European investors.
Bottom line
Since its launch in 2019, VWCE has delivered an annualised return of close to 13% in EUR, helped by a strong period for US equities. Returns vary a lot from year to year, as 2022 showed, so it is best suited to investors with a long time horizon. If you want to compare it with a developed-markets-only ETF, see our article on the IWDA average annual return, or check the S&P 500 average annual return in EUR.
For the latest official data, see the VWCE factsheet.
Did you find any inaccurate information? Please let us know!
Disclaimer: This article is for information only and is not investment advice. Past performance doesn’t guarantee future results, and when investing your capital is at risk.
Franklin has three years of experience in Wealth Management as a Fund Research Analyst, has passed the CFA level II, and is the host of the "Edge Over Hedge" YouTube channel.
