VWCE vs SPYI: Which Global UCITS ETF Is Better?
VWCE and SPYI are both global accumulating UCITS ETFs, but the benchmarks cover different portions of the investable market. Small-cap inclusion is the clearest structural distinction.
Last reviewed: 8 August 2026 · Independent · No paid placements · Informational only
SPYI may appeal to investors who deliberately want an index that reaches into small caps. VWCE may appeal to those who prefer FTSE All-World's large- and mid-cap approach and its established scale. Neither benchmark preference makes one fund universally better.
At a glance
| Field | VWCE | SPYI |
|---|---|---|
| Provider / fund | Vanguard FTSE All-World UCITS ETF (USD) Accumulating | SPDR MSCI All Country World Investable Market UCITS ETF |
| Benchmark | FTSE All-World | MSCI ACWI IMI |
| TER | 0.00% | 0.00% |
| Fund size / AUM | Not available locally | $7.6B |
| Inception | 23 Jul 2019 | 13 May 2011 |
| Domicile | Ireland | Ireland |
| Income policy | Accumulating | Accumulating |
| Share-class identity | IE00BK5BQT80 | IE00B3YLTY66 |
Numerical fields are server-loaded from Grovcap's ETF catalogue and omitted when unavailable. Validate current live provider data after deployment.
Decision scorecard
Cost
Check current dataCompare current TER and observed tracking, not a remembered fee.
Scale
Check current dataCurrent fund AUM is displayed when the catalogue supplies it.
Track record
SPYIThe compared SPDR share class has the earlier inception date.
Diversification
SPYIIts MSCI ACWI IMI benchmark explicitly includes small caps.
Income policy
TieThe compared share classes are accumulating.
Trading / liquidity
Depends on listingAssess the live exchange line available through your broker.
Five key differences
- 1
Small-cap coverage
MSCI ACWI IMI includes small caps; FTSE All-World is large and mid cap.
- 2
Index provider
The funds use MSCI and FTSE methodologies, including different classification and maintenance rules.
- 3
Stated cost
Use current catalogue and provider data; TER alone cannot establish the better outcome.
- 4
History and scale
The funds have different launch histories and asset bases, shown below when verified data is available.
- 5
Implementation
A broader index can be sampled; holdings count and tracking should be checked in current provider documents.
The benchmark difference
FTSE All-World covers large and mid caps across developed and emerging markets. MSCI ACWI IMI extends comparable country coverage into small caps. Inclusion does not mean every eligible security is necessarily held when a fund uses sampling.
Costs beyond TER
Tracking difference, spreads, taxes within the fund, securities lending, broker commissions and FX costs can outweigh a small headline-fee gap. Compare the exact exchange lines you can trade.
Verify the exact share classes
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