ETF comparison · Updated November 2026
VWRP vs SSAC: Which Global ETF Is Better?
Vanguard’s VWRP tracks the FTSE All-World, while iShares’ SSAC tracks the MSCI ACWI. We compare fees, holdings and returns, and explain which one suits UK investors.
- VWRP charge
- 0.14% since 28 July 2026
- SSAC charge
- 0.20% iShares
- VWRP holdings
- 3,800 approximately
- SSAC holdings
- 2,300 approximately
Quick answer
VWRP vs SSAC: the short answer
VWRP and SSAC both give you the whole world in a single ETF: developed and emerging markets, around 60% in the US, with dividends reinvested. The main difference is the index each follows. VWRP tracks the FTSE All-World, while SSAC tracks the MSCI ACWI.
In short, VWRP is the better choice for most new investors because it is cheaper and broader. However, SSAC is still a very good global fund. If you already hold it, there is rarely a strong reason to sell, especially outside an ISA.
Side by side
VWRP vs SSAC compared
To start, the table sets out the key facts for both ETFs. Figures are the latest available in October and November 2026.
| Feature | VWRP | SSAC |
|---|---|---|
| Full name | Vanguard FTSE All-World UCITS ETF (USD) Acc | iShares MSCI ACWI UCITS ETF USD (Acc) |
| Provider | Vanguard | iShares (BlackRock) |
| ISIN | IE00BK5BQT80 | IE00B6R52259 |
| Index | FTSE All-World | MSCI ACWI |
| Ongoing charge | 0.14% | 0.20% |
| Fund size | About £46bn (this share class) | About €32bn (roughly £28bn) |
| Holdings | About 3,800 | About 2,300 |
| Replication | Physical, optimised sampling | Physical, optimised sampling |
| Dividends | Accumulating | Accumulating |
| Domicile | Ireland | Ireland |
| Launched | July 2019 | October 2011 |
| Ticker on the LSE (GBP) | VWRP | SSAC |
Sources: justETF and Vanguard (VWRP, October 2026); Trackinsight (SSAC, November 2026). Sterling size for SSAC is an approximate conversion.
The index
FTSE All-World vs MSCI ACWI: what is the difference?
Both indices aim to represent the global stock market. Even so, FTSE Russell and MSCI build them in slightly different ways, which explains the small gaps between the two funds.
| Feature | FTSE All-World (VWRP) | MSCI ACWI (SSAC) |
|---|---|---|
| Number of companies | About 4,200 | About 2,500 |
| Countries | Developed and emerging | 23 developed and 24 emerging |
| Company size | Large and mid caps, slightly deeper into mid caps | Large and mid caps |
| South Korea | Developed market | Emerging market |
| US weight | About 60% | About 63% |
In practice, these differences barely matter. The largest companies, such as Nvidia, Apple and Microsoft, dominate both indices, so the two funds move almost in step. For a broader view of global trackers, read our guide to the best global ETFs in the UK.
Fees
Fees: VWRP is clearly cheaper
Fees are the clearest difference. VWRP charges 0.14% a year since Vanguard’s cut on 28 July 2026, while SSAC charges 0.20%. As a result, VWRP costs about 30% less to hold.
| Investment | VWRP at 0.14% | SSAC at 0.20% | Yearly saving with VWRP |
|---|---|---|---|
| £10,000 | £14 | £20 | £6 |
| £50,000 | £70 | £100 | £30 |
| £100,000 | £140 | £200 | £60 |
| £250,000 | £350 | £500 | £150 |
Over time, the gap compounds. For example, on £100,000 growing at 7% a year for 20 years, the lower fee would leave you roughly £4,200 better off. Still, platform fees and dealing costs often matter more, so check those too. Our VWRP cost calculator shows how charges affect your own pot.
Holdings
What do VWRP and SSAC hold?
Both funds are dominated by the same giant US technology companies. Their top holdings and country weights are very similar.
| Feature | VWRP | SSAC |
|---|---|---|
| Top holdings | Nvidia, Apple, Microsoft, Amazon, Alphabet | Nvidia, Microsoft, Apple, Amazon, Meta |
| US weight | About 60% | About 63% to 64% |
| Japan | About 5% to 6% | About 5% |
| UK | About 3% | About 3% |
| Emerging markets | Roughly a tenth | Roughly a tenth |
| Holdings | About 3,800 | About 2,300 |
VWRP holds around 1,500 more companies than SSAC. However, these extra holdings are mostly small and mid-sized firms with tiny weights. Therefore, they add a little diversification but have only a small effect on returns. For more on VWRP’s portfolio, read is VWRP a good investment?
Performance
Performance: almost identical
Because both funds track the global market, their returns are extremely close. Their daily price moves have a correlation of about 0.99, according to PortfoliosLab.
| Year | VWRP | SSAC | Ahead |
|---|---|---|---|
| 2020 | 12.27% | 11.80% | VWRP |
| 2021 | 20.00% | 20.79% | SSAC |
| 2022 | -8.41% | -8.89% | VWRP |
| 2023 | 15.64% | 16.14% | SSAC |
Total returns in pounds. VWRP figures from AJ Bell; SSAC figures from PortfoliosLab. Different data providers can differ slightly. Past performance is not a reliable guide to future returns.
In other words, neither fund wins every year. SSAC did slightly better when US large caps led, as in 2021 and 2023. By contrast, VWRP held up a little better in weaker years, partly thanks to its broader spread. Over long periods, the lower fee should give VWRP a small, steady advantage.
Hidden costs
Costs beyond the ongoing charge
The ongoing charge is not the only cost of owning an ETF. A few other factors also affect what you really pay, and they can narrow or widen the gap between VWRP and SSAC.
| Cost | What it means | VWRP vs SSAC |
|---|---|---|
| Dealing spread | The gap between the buying and selling price | Both are usually narrow, thanks to their size |
| Transaction costs | Trading costs inside the fund | Small for both, and shown in each key document |
| Securities lending | Lending shares for a fee, which offsets costs | Policies differ; details are in each fund’s annual report |
| Platform fee | What your broker charges you | The same for both on most platforms |
For most investors, these extras are tiny. However, they explain why a fund’s return can differ slightly from what its fee alone suggests. In addition, check your platform’s dealing charges, because frequent small trades can cost far more than the gap in fund fees.
Risks
Risks of VWRP and SSAC
Both funds share the same main risks, because both hold the global stock market.
- Market risk: global shares can fall by a third or more in a crash, as in 2008 and early 2020.
- US concentration: around 60% sits in US companies, and a handful of tech giants carry large weights.
- Currency risk: most holdings are priced in dollars, euros and yen, so a stronger pound reduces your returns.
- Tracking risk: optimised sampling means each fund can drift slightly from its index.
For these reasons, both funds suit money you can leave invested for at least five years. Keep an emergency fund in cash first, so you are never forced to sell during a downturn.
Which to choose
Which should you choose?
| If you… | Choose | Why |
|---|---|---|
| Want the lowest charge | VWRP | 0.14% vs 0.20% |
| Want the broadest spread of companies | VWRP | About 3,800 holdings |
| Use Vanguard Investor | VWRP | The platform only offers Vanguard funds |
| Prefer MSCI indices across your portfolio | SSAC | Consistent with other MSCI-based funds |
| Already hold SSAC outside an ISA | Keep SSAC | Selling could trigger Capital Gains Tax |
To sum up, VWRP is the stronger choice for a new one-fund portfolio. Its lower cost and wider coverage give it a small but lasting edge. Nevertheless, SSAC remains a perfectly sound option, and the gap between them is far smaller than the cost of not investing at all.
Switching
Should you switch from SSAC to VWRP?
It depends on where you hold it. Switching means selling one ETF and buying the other, which costs two dealing spreads and possibly two dealing fees.
- Inside an ISA or SIPP: there is no tax to pay, so switching a large pot to save 0.06% a year can make sense.
- Outside a wrapper: gains above the £3,000 annual allowance face Capital Gains Tax at 18% or 24%, which would probably outweigh the fee saving.
- A simple middle path: keep your SSAC and send new money into VWRP.
Meanwhile, the amount you invest each month matters much more than the choice between two global funds. Our guide on how much to invest per month can help you set a realistic target.
Alternatives
Other global ETFs to consider
VWRP and SSAC are two of several one-fund global options. Here is how they compare with some popular alternatives.
| Fund | Index | Ongoing charge | Notes |
|---|---|---|---|
| VWRP | FTSE All-World | 0.14% | Largest and most popular in the UK |
| FWRG (Invesco) | FTSE All-World | 0.15% | Near twin of VWRP |
| SSAC (iShares) | MSCI ACWI | 0.20% | Established MSCI option |
| SWDA / IWDA (iShares) | MSCI World | 0.20% | Developed markets only, no emerging markets |
| HSBC FTSE All-World Index Fund | FTSE All-World | 0.13% | A fund, not an ETF |
For a deeper look at each one, see our comparisons of VWRP vs FWRG, VWRP vs IWDA and VWRP vs HSBC FTSE All-World.
How to buy
How to buy VWRP or SSAC
- Open an ISA or SIPP. This keeps gains and dividends free of UK tax.
- Pick a platform. Check that it offers your chosen ETF, then compare account and dealing fees.
- Search for the ticker. Use VWRP or SSAC, both listed on the London Stock Exchange in pounds.
- Invest regularly. Set up a monthly investment and hold for the long term.
Our guide to the best ETF platforms in the UK compares the costs. To see how your ETF is protected, read is my ETF safe?
FAQ
VWRP vs SSAC: FAQs
Choosing between them
Is VWRP or SSAC better?
For most UK investors, VWRP has a slight edge. It is cheaper at 0.14% a year against 0.20% for SSAC, it holds more companies and it is larger. However, both give you the whole world in one fund, and their returns have been almost identical.
What is the difference between FTSE All-World and MSCI ACWI?
Both indices cover large and mid-sized companies in developed and emerging markets. FTSE All-World includes more companies, about 4,200, while MSCI ACWI has about 2,500. They also classify a few countries differently. For example, FTSE treats South Korea as a developed market, while MSCI treats it as emerging.
Who runs SSAC?
SSAC is the London-listed sterling line of the iShares MSCI ACWI UCITS ETF, run by BlackRock. It should not be confused with SPDR's MSCI ACWI ETF, which is a different fund with its own ticker.
How much cheaper is VWRP than SSAC?
VWRP charges 0.14% a year and SSAC 0.20%. On £100,000, that is £140 against £200, so you save £60 a year. Over 20 years at 7% growth, the gap would be roughly £4,200.
Have VWRP and SSAC performed differently?
Only slightly. Their daily returns have a correlation of about 0.99. In 2021 and 2023 SSAC was a little ahead, while in 2020 and 2022 VWRP did a little better. Over long periods the differences are small.
Practical questions
Do VWRP and SSAC pay dividends?
No. Both are accumulating funds, so dividends are reinvested automatically. If you want income, VWRL is the distributing version of VWRP.
Can I hold both VWRP and SSAC?
You can, but it adds almost nothing. The two funds overlap heavily, so holding both just doubles the admin. Choosing one is simpler.
Should I switch from SSAC to VWRP?
Inside an ISA or SIPP, switching is tax-free, so the lower fee may justify a move once you count dealing costs. Outside a wrapper, selling could trigger Capital Gains Tax, which would likely outweigh the fee saving.
Are VWRP and SSAC safe?
Both are Irish-domiciled UCITS ETFs from large managers, Vanguard and BlackRock. Their assets are held by a separate depositary. However, the value of both can fall sharply when global markets fall.
Is there a cheaper global ETF than VWRP?
Yes, a few newer FTSE All-World ETFs charge less, but they are much smaller. See our guide to the best global ETFs in the UK for the full list.
Keep reading
Related guides
Sources
Sources
- Trackinsight – iShares MSCI ACWI UCITS ETF (SSAC), November 2026
- AJ Bell – VWRP performance (to 31 October 2026)
- PortfoliosLab – VWRP vs SSAC comparison
- iWeb – SSAC holdings and country weights
- Trustnet – Vanguard cuts VWRP fee to 0.14%
This guide is general information, not personal financial advice. Some links may be affiliate links, which never affect our content. vwrp.co.uk is independent and not affiliated with Vanguard or any provider mentioned. Capital is at risk; past performance is not a reliable guide to future returns.