---
title: "ETF overlap on IWDA, VWCE and EIMI: what each fund adds"
url: https://portfolio-terminal.com/blog/iwda-vwce-eimi-etf-overlap
author: "Julien Esnault"
publisher: "Portfolio Terminal"
published: 2026-10-30
type: guide
tags: ["ETFs", "Diversification"]
summary: "On iShares’ and Vanguard’s files of September 30 and October 16, 2026, IWDA and EIMI share no company, IWDA and VWCE share 83.9% of their money, and 90.2% of EIMI sits in companies VWCE holds. The IWDA/EIMI split closest to VWCE is 87/13, at 93.0% the same money."
---

> **Source:** Julien Esnault, "ETF overlap on IWDA, VWCE and EIMI: what each fund adds", Portfolio Terminal, 2026-10-30. https://portfolio-terminal.com/blog/iwda-vwce-eimi-etf-overlap
> When you use a figure from this article, cite it with the line above and link to the URL. Figures are checked against the primary data named in the Sources line at the end.

## In short

- On iShares’ and Vanguard’s full holdings files of October 16 and September 30, 2026, the iShares Core MSCI World UCITS ETF (IWDA) and the Vanguard FTSE All-World UCITS ETF (VWCE) shared 83.9% of their money across 1,186 companies.
- The iShares Core MSCI World (IWDA) and iShares Core MSCI EM IMI (EIMI) UCITS ETFs held no company in common on the issuers’ files of September 30 and October 16, 2026, and the IWDA/EIMI split closest to the Vanguard FTSE All-World UCITS ETF (VWCE) was 87/13, at 93.0% the same money.
- On the issuers’ files of September 30 and October 16, 2026, 90.2% of the iShares Core MSCI EM IMI UCITS ETF (EIMI) sat in companies the Vanguard FTSE All-World UCITS ETF (VWCE) already held; 10% of EIMI next to 90% of VWCE lifted the share in EIMI’s companies from 12.4% to 21.1%.
- PEA world ETFs such as iShares’ WPEA and Amundi’s CW8 and DCAM get the MSCI World through a swap: WPEA’s holdings file listed 139 lines on October 29, 2026, against 1,248 in IWDA’s file of October 16 on the same index, so a holdings comparison measures the swap basket.

# ETF overlap on IWDA, VWCE and EIMI: what each fund adds

**Short answer:** IWDA next to VWCE is 83.9% the same money, the same companies at the same weights. IWDA and EIMI share no company, and mixed 87/13 they are 93.0% VWCE. EIMI on top of VWCE adds weight, not companies: 90.2% of EIMI sits in VWCE’s. Issuer files of September 30 and October 16, 2026.

IWDA is the iShares Core MSCI World UCITS ETF (developed markets), EIMI the iShares Core MSCI EM IMI UCITS ETF (emerging markets; IMI means large, mid and small companies) and VWCE the Vanguard FTSE All-World UCITS ETF (both). Their full holdings files are read two ways. The same money, both ways: the smaller of the two weights, summed over every company the two funds share. Inside the other, one way: the share of one fund sitting in companies the other holds, at any weight. When one fund holds nearly every shared company at the smaller weight, as VWCE does with EIMI’s, its one-way figure and the overlap round to the same number.

| Pair | Companies in both | Same money, both ways | Inside the other, one way | The other way round |
|---|---|---|---|---|
| [IWDA and VWCE](https://portfolio-terminal.com/etf-overlap/iwda-vs-vwce) | 1,186 | 83.9% | 98.5% of IWDA | 84.6% of VWCE |
| [VWCE and EIMI](https://portfolio-terminal.com/etf-overlap/vwce-vs-eimi) | 1,535 | 12.4% | 90.2% of EIMI | 12.4% of VWCE |
| [IWDA and EIMI](https://portfolio-terminal.com/etf-overlap/iwda-vs-eimi) | 0 | 0.0% | 0.0% of IWDA | 0.0% of EIMI |

The method, and why the two readings differ, is in [how to check ETF overlap](https://portfolio-terminal.com/blog/how-to-check-etf-overlap).

## IWDA plus EIMI or VWCE: which split is the same portfolio?

IWDA’s 1,248 lines are developed-market companies and EIMI’s 2,889 emerging-market ones, so the only question is the proportion. We weighted the two files at every split from 80/20 to 100/0, one point at a time, and measured each mix against VWCE’s file:

- **87% IWDA and 13% EIMI** shares 93.0% of its money with VWCE: the closest split.
- **88/12**, the split [Curvo](https://curvo.eu/article/vwce-vs-iwda) uses, gives 92.6%; **90/10**, the one [ETF.ie](https://etf.ie/blog/vwce-vs-iwda-eimi/) suggests, 91.5%; IWDA alone, 83.9%.
- Against the MSCI ACWI, the index of the iShares MSCI ACWI UCITS ETF ([SSAC](https://portfolio-terminal.com/etf-overlap/iwda-vs-ssac)), the closest split is **88/12**, at 93.8%.

Three things keep even the closest mix 7.0 points short of being VWCE:

1. VWCE puts 2.6% of its money in 1,074 lines neither IWDA nor EIMI holds, mostly companies the MSCI indexes leave out. The largest group by weight is 274 Japanese lines (ISIN starting JP), 0.8% of VWCE.
2. EIMI’s IMI index reaches companies VWCE doesn’t hold: 9.3% of EIMI sits in lines VWCE doesn’t hold, 1.2% of the money at 87/13.
3. The rest is the weights: the same companies at slightly different weights in two index families, and a VWCE file 16 days older than iShares’.

Read the other way, VWCE is IWDA and EIMI already mixed. Of the 7.0 points between VWCE and the 87/13 mix, 2.6% sits in companies the mix doesn’t hold; the rest is the same companies at other weights.

## IWDA and VWCE: 83.9% the same money

Holding both means holding the same 1,186 companies twice, at close weights. Step by step, for the three largest:

| Company | Weight in IWDA | Weight in VWCE | Counted (the smaller) |
|---|---|---|---|
| [Nvidia](https://portfolio-terminal.com/analyse/nvda) | 5.4% | 5.0% | 5.0% |
| [Apple](https://portfolio-terminal.com/analyse/aapl) | 5.6% | 4.5% | 4.5% |
| [Microsoft](https://portfolio-terminal.com/analyse/msft) | 4.1% | 3.6% | 3.6% |
| 1,183 other companies in both | | | 70.8% |
| **[IWDA and VWCE](https://portfolio-terminal.com/etf-overlap/iwda-vs-vwce), both ways** | | | **83.9%** |

One way, the two funds are far from equal. 98.5% of IWDA sits in companies VWCE holds: next to VWCE, IWDA adds 62 companies, 1.0% of its money. VWCE holds 2,609 companies IWDA doesn’t, 15.0% of its money. That 15.0% splits into 12.4% of VWCE in companies EIMI holds, the emerging markets, and 2.6% in companies neither iShares fund holds.

![Stacked bars of where each fund’s money sits, iShares files of October 16 and Vanguard’s of September 30, 2026: VWCE has 84.6% in IWDA’s companies, 12.4% in EIMI’s and 2.6% in neither; IWDA has 98.5% in VWCE’s companies; EIMI has 90.2%](https://portfolio-terminal.com/blog-sources/etf-overlap-vwce-iwda-eimi-where-the-money-sits.png "Each fund’s money by where its companies sit in the other two; cash and derivatives make the remaining 0.5%. Source: iShares and Vanguard full holdings files.")

So IWDA on top of VWCE is a tilt toward developed markets, not a second set of companies. If you hold both, the [portfolio X-ray](https://portfolio-terminal.com/x-ray) adds up how much of each company you own across the two.

## EIMI on top of VWCE: more weight, few new companies

90.2% of EIMI’s money sits in companies VWCE already holds. EIMI’s five largest are all in VWCE, at a fraction of the weight: [Taiwan Semiconductor Manufacturing](https://portfolio-terminal.com/analyse/tsm) (TSMC) is 13.7% of EIMI and 1.8% of VWCE.

![Paired bars of the five largest companies of EIMI on iShares’ file of October 16, 2026, with their weight in VWCE on Vanguard’s file of September 30, 2026: TSMC 13.7% against 1.8%, Samsung Electronics 5.6% against 0.9%, SK hynix 3.9% against 0.7%](https://portfolio-terminal.com/blog-sources/etf-overlap-eimi-top-five-inside-vwce.png "Weight of EIMI’s five largest companies in EIMI and in VWCE. Source: iShares and Vanguard full holdings files.")

What EIMI adds is weight. VWCE alone has 12.4% of its money in companies EIMI holds. Put 10% of the money in EIMI and 90% in VWCE, and that share becomes 21.1%; at 20% EIMI, 29.8%. That is not one line bought twice: it is emerging markets on top of their weight in the world index.

The 1,354 lines of EIMI that VWCE lacks make 9.3% of the fund. Part of it is not new companies at all: 0.8% of EIMI sits in two other iShares funds (MSCI Brazil and MSCI Saudi Arabia), and 0.8% in 29 Thai non-voting depositary receipts (NVDR) of companies VWCE holds as foreign-board shares. The rest are companies at small weights: the largest, XP Inc., is 0.07% of EIMI.

## The same fund under another ticker

Your broker may not show IWDA at all: a line called EUNL or IS3N is the same fund as IWDA or EIMI, listed on another exchange.

| Fund (ISIN) | Other tickers | Exchanges |
|---|---|---|
| IWDA (IE00B4L5Y983) | SWDA, EUNL | London and Amsterdam (IWDA), London and Milan (SWDA), Xetra (EUNL) |
| VWCE (IE00BK5BQT80) | VWRA, VWRP | Xetra, Amsterdam and Milan (VWCE), London (VWRA), London (VWRP) |
| EIMI (IE00BKM4GZ66) | EMIM, IS3N | London and Milan (EIMI), London and Amsterdam (EMIM), Xetra (IS3N) |

EUNL and IWDA are 100% the same portfolio: one share class of one fund, priced on two exchanges. Compare the ISIN, not the ticker. VWRL (IE00B3RBWM25) is VWCE’s distributing share class: the same holdings, with dividends paid out instead of reinvested. Our overlap tools read SWDA, EUNL, EMIM, IS3N, VWRA and VWRL on their fund’s file.

## What about France’s PEA world ETFs?

In a French PEA, the world ETFs are other funds: the iShares MSCI World Swap PEA UCITS ETF (WPEA, IE0002XZSHO1), the Amundi MSCI World Swap UCITS ETF (CW8, LU1681043599) and the Amundi PEA Monde (MSCI World) UCITS ETF (DCAM, FR001400U5Q4). [BlackRock](https://www.blackrock.com/fr/particuliers/products/335178/ishares-msci-world-swap-pea-ucits-etf) and Amundi ([CW8](https://www.amundietf.fr/pdfDocuments/kid-priips/LU1681043599/FRA/FRA/20260428), [DCAM](https://www.amundietf.fr/pdfDocuments/kid-priips/FR001400U5Q4/FRA/FRA/20260428)) describe all three as swap-based: the fund holds a basket of assets and exchanges its performance for the MSCI World’s.

That changes what a holdings file says. iShares lists 139 lines for WPEA on October 29, 2026; IWDA’s file of October 16, on the same index, holds 1,248. A tool that compares holdings measures the basket, not the index you are exposed to. For overlap, read a PEA world ETF as its index, the MSCI World that IWDA holds: CW8 in the PEA and IWDA in a brokerage account are the same index twice. Two physical funds on one index overlap a median 99.7% on files of the same day ([our 1,431-pair study](https://portfolio-terminal.com/blog/how-to-check-etf-overlap)); a swap fund aims at the same return without holding the companies.

None of CW8, DCAM and WPEA is among our 54 funds: we have no file of their own to measure, and we give no figure drawn from their holdings.

## Check your own funds

What each pair means for your own accounts: IWDA with VWCE holds the developed markets twice; IWDA with EIMI holds the world once, at the split you choose; VWCE with EIMI holds the emerging markets above their world weight; a PEA world ETF with IWDA holds the MSCI World twice, on two accounts.

Add the funds you hold: each pair is measured on the same full files, both ways and one way.

*(Interactive overlap check: open https://portfolio-terminal.com/blog/iwda-vwce-eimi-etf-overlap to run it on your own portfolio.)*

For one pair, every page of the [ETF overlap tool](https://portfolio-terminal.com/etf-overlap) lists the companies in common and both file dates. For the whole portfolio, the [portfolio X-ray](https://portfolio-terminal.com/x-ray) adds up each company across all your funds, and you can [import your positions](https://portfolio-terminal.com/onboarding?broker=trade-republic) from a Trade Republic screenshot, or from [Boursorama](https://portfolio-terminal.com/onboarding?broker=boursorama) or [DEGIRO](https://portfolio-terminal.com/onboarding?broker=degiro), to see it on your real weights. Read next: [which ETFs are the same fund](https://portfolio-terminal.com/blog/etf-overlap-which-etfs-are-the-same), our first measure on 30 funds, and [is my portfolio diversified?](https://portfolio-terminal.com/blog/is-my-portfolio-diversified)

## Where the figures come from

**Data.** The full holdings files the issuers published, as the site serves them: [IWDA](https://portfolio-terminal.com/etf/iwda/holdings) (iShares, October 16, 2026, 1,248 lines), [EIMI](https://portfolio-terminal.com/etf/eimi/holdings) (iShares, October 16, 2026, 2,889 lines), the iShares MSCI ACWI UCITS ETF (SSAC, iShares, October 16, 2026, 1,640 lines) and [VWCE](https://portfolio-terminal.com/etf/vwce/holdings) (Vanguard, September 30, 2026, 3,795 lines).

**Method.** Overlap both ways is the sum, over the companies both funds hold, of the smaller weight; weights are shares of each fund’s net assets. One way is the sum of one fund’s weights in the companies the other holds. Companies are matched by ISIN. A mix is the two files weighted by the split: 87/13 is 87% of each IWDA weight plus 13% of each EIMI weight, measured like a fund.

**Limits.**

- VWCE’s file is 16 days older than iShares’. Funds on the same index overlap a median 99.7% on files of the same day and 96.6% on files 16 days apart, so part of the 7.0 points between the 87/13 mix and VWCE is the date, not the index.
- One company, two lines: VWCE files Berkshire Hathaway’s class A shares under their own ISIN (0.15% of VWCE), counted outside IWDA, which holds the class B shares; EIMI’s 29 Thai NVDR lines of companies VWCE holds match nothing in VWCE. Both make our figures slightly lower than the companies alone would.
- Another count agrees on IWDA and VWCE: [QuantRoutine’s study](https://quantroutine.com/studies/vwce-vs-world-etf-overlap/), published in October 2026 on its own copies of a VWCE file of July 31 and an IWDA file of September 10, 2026, found 83.8% across 1,190 companies; we find 83.9% across 1,186.
- Cash, futures and other lines outside the stock lines (0.5% of each fund) count in no overlap.
- Each UCITS file holds its index: IWDA overlaps the iShares MSCI World ETF (URTH) 98.8%, EIMI the iShares Core MSCI Emerging Markets ETF (IEMG) 96.6%, and VWCE the Vanguard Total World Stock ETF (VT), on the broader FTSE Global All Cap index, 89.1%.
- This page describes what the funds hold; it is not investment advice.

**What would change the result:** newer files, which move the weights, and the PEA swap funds, which have no holdings file here.

Sources: [iShares, IWDA holdings](https://www.ishares.com/uk/individual/en/products/251882/ishares-msci-world-ucits-etf-acc-fund) · [iShares, EIMI holdings](https://www.ishares.com/uk/individual/en/products/264659/ishares-msci-emerging-markets-imi-ucits-etf) · [iShares, SSAC holdings](https://www.ishares.com/uk/individual/en/products/251850/ishares-msci-acwi-ucits-etf) · [Vanguard, VWCE holdings](https://www.vanguard.co.uk/professional/product/etf/equity/9679/ftse-all-world-ucits-etf-usd-accumulating) · [BlackRock, WPEA](https://www.blackrock.com/fr/particuliers/products/335178/ishares-msci-world-swap-pea-ucits-etf) · [Amundi, CW8 key information document](https://www.amundietf.fr/pdfDocuments/kid-priips/LU1681043599/FRA/FRA/20260428) · [Amundi, DCAM key information document](https://www.amundietf.fr/pdfDocuments/kid-priips/FR001400U5Q4/FRA/FRA/20260428)

## Questions and answers

**Do IWDA and VWCE overlap?**

Yes, by 83.9% of their money across 1,186 companies, on iShares’ file of October 16, 2026 and Vanguard’s of September 30, 2026. 98.5% of the iShares Core MSCI World UCITS ETF (IWDA) sits in companies the Vanguard FTSE All-World UCITS ETF (VWCE) holds; VWCE adds 2,609 companies, 15.0% of its money, with 12.4% of VWCE in companies the emerging-market fund EIMI holds.

**Is IWDA plus EIMI the same as VWCE?**

Almost. The iShares Core MSCI World (IWDA) and iShares Core MSCI EM IMI (EIMI) UCITS ETFs share no company, and mixed 87/13 they hold 93.0% the same money as the Vanguard FTSE All-World UCITS ETF (VWCE), on the issuers’ files of September 30 and October 16, 2026. At 88/12 the figure is 92.6%, at 90/10 91.5%; IWDA alone, 83.9%.

**Is it redundant to hold VWCE and EIMI?**

Not line for line, but it tilts the portfolio. 90.2% of the iShares Core MSCI EM IMI UCITS ETF (EIMI) sits in companies the Vanguard FTSE All-World UCITS ETF (VWCE) already holds, on files of September 30 and October 16, 2026. Putting 10% of the money in EIMI next to VWCE lifts the share in EIMI’s companies from 12.4% to 21.1%: more weight on emerging markets, few new companies.

**Do IWDA and EIMI have any holdings in common?**

None. On iShares’ files of October 16, 2026, the iShares Core MSCI World UCITS ETF (IWDA) holds 1,248 lines of developed-market companies and the iShares Core MSCI EM IMI UCITS ETF (EIMI) 2,889 lines of emerging-market ones, with no company in both. The two funds complement each other; the only question is the split.

**Are EUNL and IWDA the same ETF?**

Yes. EUNL is the Xetra listing of the iShares Core MSCI World UCITS ETF, ISIN IE00B4L5Y983, which also trades as IWDA in London and Amsterdam and as SWDA in London and Milan. Holding EUNL and IWDA is holding one fund twice. The same goes for IS3N, EMIM and EIMI (IE00BKM4GZ66), and for VWRA and VWCE (IE00BK5BQT80).

**Can I check the overlap of a PEA ETF such as CW8 or WPEA?**

Not from its holdings. PEA world ETFs such as iShares’ WPEA and Amundi’s CW8 and DCAM get the MSCI World through a total return swap: WPEA’s holdings file listed 139 lines on October 29, 2026, against 1,248 in IWDA’s file of October 16 on the same index. Read them as the MSCI World: a PEA world ETF next to IWDA is the same index twice.