ACWI vs. FWRG.L

Last updated Jun 25, 2026

ACWI (iShares MSCI ACWI ETF) and FWRG.L (Invesco FTSE All-World UCITS ETF Acc) are both Global Equities funds - ACWI tracks the MSCI All Country World Index while FWRG.L tracks the FTSE All-World Index. Both are passively managed. Over the past year, ACWI returned 23.79% vs 29.06% for FWRG.L. At a 0.48 correlation, their price movements are largely independent. ACWI charges 0.32%/yr vs 0.15%/yr for FWRG.L.

Performance

ACWI vs. FWRG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ETF (ACWI) and Invesco FTSE All-World UCITS ETF Acc (FWRG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWI achieves a 9.71% return, which is significantly lower than FWRG.L's 12.05% return.

ACWI

• 1D: -0.14%
• 1M: -0.49%
• YTD: 9.71%
• 6M: 8.77%
• 1Y: 23.79%
• 3Y*: 19.95%
• 5Y*: 10.62%
• 10Y*: 13.07%

FWRG.L

• 1D: 0.47%
• 1M: 1.79%
• YTD: 12.05%
• 6M: 12.44%
• 1Y: 29.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWI vs. FWRG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ACWI iShares MSCI ACWI ETF	9.71%	22.41%	17.45%	9.40%
FWRG.L Invesco FTSE All-World UCITS ETF Acc	12.05%	13.84%	20.11%	8,531.38%

Correlation

The correlation between ACWI and FWRG.L is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.48

The correlation between ACWI and FWRG.L has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

ACWI vs. FWRG.L - Sectors Allocation Comparison

Sectors	ACWI	FWRG.L
Technology	33.0%	32.2%
Financial Services	15.9%	16.4%
Industrials	10.3%	10.7%
Consumer Cyclical	8.6%	8.8%
Communication Services	8.0%	8.2%
Healthcare	7.7%	7.4%
Consumer Defensive	4.7%	4.7%
Basic Materials	3.6%	3.8%
Energy	3.6%	3.7%
Utilities	2.7%	2.4%
Real Estate	1.6%	1.7%

Return for Risk

ACWI vs. FWRG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ACWI

ACWI Risk / Return Rank: 59
ACWI Sharpe Ratio Rank: 58
ACWI Sortino Ratio Rank: 57
ACWI Omega Ratio Rank: 58
ACWI Calmar Ratio Rank: 55
ACWI Martin Ratio Rank: 65

FWRG.L

FWRG.L Risk / Return Rank: 88
FWRG.L Sharpe Ratio Rank: 90
FWRG.L Sortino Ratio Rank: 90
FWRG.L Omega Ratio Rank: 90
FWRG.L Calmar Ratio Rank: 83
FWRG.L Martin Ratio Rank: 85

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ACWI vs. FWRG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and Invesco FTSE All-World UCITS ETF Acc (FWRG.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ACWI	FWRG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.70	-0.94
Sortino ratio: Return per unit of downside risk	2.44	3.74	-1.30
Omega ratio: Gain probability vs. loss probability	1.32	1.52	-0.20
Calmar ratio: Return relative to maximum drawdown	2.46	4.05	-1.60
Martin ratio: Return relative to average drawdown	10.66	15.98	-5.33

ACWI vs. FWRG.L - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 1.76, which is lower than the FWRG.L Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of ACWI and FWRG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ACWI vs. FWRG.L - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, which is greater than FWRG.L's maximum drawdown of -18.87%. Use the drawdown chart below to compare losses from any high point for ACWI and FWRG.L.

Drawdown Indicators

	ACWI	FWRG.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.00%	-18.87%	-37.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.73%	-7.14%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-16.55%	-18.87%	+2.32%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.53%	—	—
Current Drawdown Current decline from peak	-2.96%	-1.07%	-1.89%
Average Drawdown Average peak-to-trough decline	-8.59%	-2.24%	-6.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	1.81%	+0.43%

Volatility

ACWI vs. FWRG.L - Volatility Comparison

iShares MSCI ACWI ETF (ACWI) has a higher volatility of 5.57% compared to Invesco FTSE All-World UCITS ETF Acc (FWRG.L) at 3.62%. This indicates that ACWI's price experiences larger fluctuations and is considered to be riskier than FWRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWI	FWRG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	3.62%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	11.35%	8.25%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	13.62%	10.72%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	4,460.73%	-4,444.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	4,460.73%	-4,443.66%

ACWI vs. FWRG.L - Expense Ratio Comparison

ACWI has a 0.32% expense ratio, which is higher than FWRG.L's 0.15% expense ratio.

Dividends

ACWI vs. FWRG.L - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.46%, while FWRG.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.46%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
FWRG.L Invesco FTSE All-World UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACWI and FWRG.L in my portfolio?

ACWI and FWRG.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ACWI or FWRG.L?

On fees, FWRG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ACWI or FWRG.L?

FWRG.L is cheaper with a 0.15% expense ratio, compared with 0.32% for ACWI.

What is the main difference between ACWI and FWRG.L?

ACWI tracks MSCI All Country World Index, while FWRG.L tracks FTSE All-World Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.32% for ACWI and 0.15% for FWRG.L.