VWCE vs FWRA overlap: how much of them is the same

Measured over 3 years of daily prices: what each one brings, and what changes when both are held.

Measured on 2026-09-18

At least 23% of the money lands in the same companies. In a half-and-half mix, essentially all of the movement travels in one shared direction.

The companies both of them hold

Company	Share of a half-and-half mix	Through
NVDA	4.6%	FWRA 2.4% · VWCE 2.2%
AAPL	4.3%	VWCE 2.1% · FWRA 2.1%
GOOGL	3.5%	VWCE 1.8% · FWRA 1.7%
MSFT	3.4%	FWRA 1.7% · VWCE 1.6%
AMZN	2.4%	VWCE 1.3% · FWRA 1.2%
2330.TW	1.7%	VWCE 0.9% · FWRA 0.9%
AVGO	1.7%	VWCE 0.9% · FWRA 0.8%
META	1.2%	FWRA 0.6% · VWCE 0.6%
MU	0.5%	FWRA 0.5% — held through one of the two only
JPM	0.4%	VWCE 0.4% — held through one of the two only

A fund publishes only its largest positions, so this measurement reaches 24% of the money. The share above is what is shared within that part: it is a floor, never the total overlap.

The worst falls on record

Holding	Worst fall	Volatility
VWCE	21%	13%
FWRA	21%	14%
Both, half and half	21%	13%

Measured on the same window for all three rows, so they can be read against each other. A fall is peak to trough on daily closes.

Where the risk sits in a half-and-half mix

Holding	Money	Risk	Ratio
FWRA	50%	52%	1.03
VWCE	50%	48%	0.97

The reading, in full

PORTFOLIO: VWCE + FWRA
2023-06-26 to 2026-09-18 · 809 trading days · EUR

2 holdings.
Essentially all of it is one shared direction, led by FWRA.L, VWCE.DE.

FWRA.L carries 52% of the risk on its own.
Volatility 13% · worst fall on record 21%.
Risk 16% → 11% over the last year, mostly because the holdings themselves got quieter.

Descriptive. No forecast, no advice. Every figure above is measured over the window named at the top.
riskcopilot.app

What this does not say

Every figure is measured on past daily prices over the window below. It is not a forecast of returns or losses.
The window starts when the younger fund began trading, so older crises may lie outside it.
The overlap is measured through published holdings only, and is a floor: the real figure is at least this, and cannot be smaller.
Which of two funds to hold depends on things not measured here — what you already own, costs at your broker, and your own tax position.

Measure it with what you actually hold

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Measured 2023-06-26 to 2026-09-18 over 809 trading days, in EUR, from yahoo prices. Descriptive: this page reports what these two funds have done and how much of them is the same holding. It does not forecast returns or losses, it does not say which to hold, and it is not advice. How every figure is measured. Terms and privacy: /terms. If a figure looks wrong: [email protected].