VGS and IWLD overlap by about 46%: there is a fair amount of double-up. IWLD is cheaper (0.09% vs 0.18% a year), about $90 a year less on $100,000. VGS is the bigger fund ($18.7b vs $2.0b). Both cover developed markets outside Australia. IWLD applies ESG screens, so it leaves out some companies and industries that VGS holds.
📅 As at 30 September 2026: fees, size, flows and returns from the TMX Australia funds report; overlap from published holdings as at 30 September 2026.
VGS
Vanguard MSCI Index International Shares ETFVGS invests in more than a thousand large companies across the world’s developed markets outside Australia, weighted by size. It is one of the most popular ways for Australians to own global shares.
IWLD
iShares Core MSCI World Ex Australia Esg ETFIWLD invests in large global companies across developed markets outside Australia, with some ESG screens applied.
VGS vs IWLD side by side
Green marks the cheaper, bigger or better-performing fund on each line. Past returns are not a reliable guide to the future.
| VGS | IWLD | |
|---|---|---|
| Issuer | Vanguard | iShares (BlackRock) |
| Index | MSCI World ex Australia Index | MSCI World ex Australia index with ESG screens |
| Fee (a year) | 0.18% | 0.09% |
| Size | $18.7b | $2.0b |
| Net money in, September | +$532m | +$68m |
| 1-year return | +10.1% | +10.4% |
| 5-year return | +75% | +79% |
| Listed | 2014 | 2016 |
| Top 10 holdings | 35% of fund | 42% of fund |
| Trend now | Base | Base |
How much do VGS and IWLD overlap?
About 46% of their holdings are the same, by weight: medium overlap, so there is a fair amount of double-up.
The biggest companies they both own
| Company | VGS | IWLD |
|---|---|---|
| NVIDIA CorpInformation Technology | 7.0% | 11.7% |
| Microsoft CorpInformation Technology | 4.8% | 9.1% |
| Alphabet (Google)Communication Services | 4.8% | 7.3% |
| Tesla IncConsumer Discretionary | 1.4% | 2.8% |
| Advanced Micro Devices IncInformation Technology | 1.3% | 2.0% |
| Eli Lilly & CoHealth Care | 1.2% | 2.8% |
| Asml Holding NVInformation Technology | 0.9% | 1.5% |
| Visa IncFinancials | 0.8% | 1.7% |
| AbbVie IncHealth Care | 0.6% | 1.3% |
| Mastercard IncFinancials | 0.6% | 1.3% |
Only in VGS
- Apple Inc 6.5%
- Amazon.com Inc 3.2%
- Meta Platforms Inc 2.1%
- Broadcom Inc 2.1%
- Micron Technology Inc 1.6%
Only in IWLD
- No holdings above 0.5%: the differences are all small positions.
Sectors and countries
Sectors
Countries
Trend: base, uptrend or downtrend?
Past year of prices, shaded by trend stage. The dashed line is the 200-day exponential average. As at 4 November 2026. How base and trend works.
VGS or IWLD: which suits who?
Where either fits depends on the rest of your portfolio: whether it’s your core or a satellite. See core and satellite investing and our full profiles of VGS and IWLD.
See the exact overlap with everything you hold, plus the trend of each ETF, in our free calculator.
More comparisons
VGS vs IWLD FAQs
Is VGS or IWLD better?
Neither is better for everyone. Both cover developed markets outside Australia. IWLD applies ESG screens, so it leaves out some companies and industries that VGS holds. Choose VGS if you want the broad market with no screens, from the larger and older fund. Choose IWLD if you want a low fee plus some ESG screening, and you are comfortable with a slightly different mix of companies.
What is the difference between VGS and IWLD?
VGS and IWLD overlap by about 46%: there is a fair amount of double-up. IWLD is cheaper (0.09% vs 0.18% a year), about $90 a year less on $100,000. VGS is the bigger fund ($18.7b vs $2.0b). Both cover developed markets outside Australia. IWLD applies ESG screens, so it leaves out some companies and industries that VGS holds.
Should I own both VGS and IWLD?
You can, but check the double-up: about 46% of their holdings are the same. Use the overlap calculator to see how they fit with your other ETFs.
Which is cheaper, VGS or IWLD?
IWLD is cheaper (0.09% vs 0.18% a year), about $90 a year less on $100,000. Fees are taken from the fund’s returns, not charged separately.
Fees, size, flows and returns: TMX Australia Funds Report to 30 September 2026; returns are total returns and the 5-year figure is cumulative. Overlap, sectors and countries are based on each fund’s published holdings, scaled to the part of each fund we can see. Trend stages are a technical indicator based on 10, 20, 50 and 200-day exponential moving averages; they describe the past, not the future. General information only, not a recommendation to buy or sell VGS or IWLD. Consider the PDS and TMD, and your own circumstances, before investing.