Accumulation vs income funds, side by side
Nearly every tracker comes in two versions, and the only thing separating them is what happens to the dividends. The accumulation version, usually marked Acc, keeps them inside the fund and reinvests them for you, so the price of each unit grows. The income version, marked Inc or Dist, pays them into your account as cash, usually every three months. The two funds on this page are the same fund: same index, same companies, same manager, same charge. Only the dividend plumbing differs.
Vanguard FTSE All-World UCITS ETF (Acc)VWRP.L£141.68+24% 1Y
Vanguard FTSE All-World UCITS ETF (Dist)VWRL.L£137.25+24% 1YVWRP
Around 3,600 large and mid-sized companies across both developed and emerging markets - close to the whole investable world in one fund.
VWRL
The same ~3,600-company whole-world index as VWRP, but dividends are paid out to you as cash rather than reinvested inside the fund.
The numbers, side by side
| Measure | VWRP | VWRL |
|---|---|---|
| What it tracks | FTSE All-World | FTSE All-World |
| OCF: Ongoing Charge Figure: the fund's yearly running cost, taken automatically. 0.22% is about £2.20 a year for every £1,000 you hold. | 0.22% | 0.22% |
| Acc / Dist: Accumulating (Acc) reinvests dividends inside the fund automatically; Distributing (Dist) pays them to you as cash. Same index either way. | Acc | Dist |
| Holdings: Roughly how many different investments the fund spreads your money across. More holdings usually means more diversification. | ~3,600 | ~3,600 |
| Domicile | Ireland | Ireland |
| Replication | Physical (holds the underlying shares) | Physical (holds the underlying shares) |
| Yield: The income the fund has paid out over the past year as a percentage of its price. Accumulating funds reinvest this for you instead of paying cash. | Reinvested inside the fund | — |
| Price | £141.68 | £137.25 |
| 1Y: How much the share price has moved over the past year. | +24% | +24% |
How they differ
Both track the same index (FTSE All-World), so the holdings are effectively identical - holding both would not add diversification. The ongoing charge is the same (0.22%), so the fee drag is identical either way. VWRP reinvests dividends inside the fund automatically, while VWRL pays them out to you as cash - same holdings, different plumbing.
Descriptive only - how the two compare on today's data, never a verdict on either.
VWRP, in one line
One tap and you own a sliver of roughly 3,600 companies across basically the entire planet, dividends quietly reinvested for you.
Read the full VWRP explainer →VWRL, in one line
The exact same whole-world fund as VWRP, same ~3,600 companies, except it pays the dividends into your account as cash instead of reinvesting them.
Read the full VWRL explainer →Common questions
Do the two versions perform differently?
Before tax and costs they hold the same companies and track the same index, so the underlying return is the same. What differs is where the dividends end up: folded into the fund's price, or sitting in your account as cash. Reinvesting that cash yourself gets you to a similar place, with an extra step and any dealing charge your provider applies.
Does the choice matter inside an ISA?
Inside an ISA neither version creates a UK tax bill, so the difference is practical rather than tax-driven: accumulation reinvests without you doing anything, income gives you cash you can spend or move elsewhere. Outside an ISA it matters more, because accumulated dividends still count as taxable income in the year they arise even though the money never reaches you.