AT1.L vs. FWRG.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and FWRG.L (Invesco FTSE All-World UCITS ETF Acc) are both exchange-traded funds - AT1.L is a Preferred Stock/Convertible Bonds fund tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while FWRG.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 3 years, AT1.L returned 10.80%/yr vs 17.95%/yr for FWRG.L. At a 0.41 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.15%/yr for FWRG.L.
Performance
AT1.L vs. FWRG.L - Performance Comparison
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Returns By Period
In the year-to-date period, AT1.L achieves a 1.86% return, which is significantly lower than FWRG.L's 10.88% return.
AT1.L
- 1D
- 0.18%
- 1M
- -0.12%
- 6M
- 1.66%
- YTD
- 1.86%
- 1Y
- 7.19%
- 3Y*
- 10.80%
- 5Y*
- 2.84%
- 10Y*
- —
FWRG.L
- 1D
- -0.63%
- 1M
- -1.13%
- 6M
- 9.15%
- YTD
- 10.88%
- 1Y
- 22.81%
- 3Y*
- 17.95%
- 5Y*
- —
- 10Y*
- —
AT1.L vs. FWRG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.86% | 11.12% | 10.24% | 11.56% |
FWRG.L Invesco FTSE All-World UCITS ETF Acc | 10.88% | 13.84% | 20.11% | 8,531.38% |
Correlation
The correlation between AT1.L and FWRG.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.41 |
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Return for Risk
AT1.L vs. FWRG.L — Risk / Return Rank
AT1.L
FWRG.L
AT1.L vs. FWRG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) 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.
| AT1.L | FWRG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.39 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 3.18 | -1.09 |
| Martin ratioReturn relative to average drawdown | 8.50 | 12.26 | -3.76 |
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Drawdowns
AT1.L vs. FWRG.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, 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 AT1.L and FWRG.L.
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Drawdown Indicators
| AT1.L | FWRG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -18.87% | -9.27% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -7.14% | +3.63% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -18.87% | +14.61% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | — | — |
Current DrawdownCurrent decline from peak | -0.57% | -2.11% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -2.23% | -2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 1.86% | -0.99% |
Volatility
AT1.L vs. FWRG.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) is 1.27%, while Invesco FTSE All-World UCITS ETF Acc (FWRG.L) has a volatility of 3.13%. This indicates that AT1.L experiences smaller price fluctuations and is considered to be less risky than FWRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AT1.L | FWRG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 3.13% | -1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 5.39% | 8.52% | -3.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 10.92% | -4.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 4,417.24% | -4,407.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 4,417.24% | -4,406.06% |
AT1.L vs. FWRG.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than FWRG.L's 0.15% expense ratio.
Dividends
AT1.L vs. FWRG.L - Dividend Comparison
Neither AT1.L nor FWRG.L has paid dividends to shareholders.
Frequently Asked Questions
AT1.L and FWRG.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
FWRG.L is cheaper with a 0.15% expense ratio, compared with 0.39% for AT1.L.
AT1.L is categorized as Preferred Stock/Convertible Bonds, while FWRG.L is Global Equities. AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while FWRG.L tracks FTSE All-World Index. Their fees differ too: 0.39% for AT1.L and 0.15% for FWRG.L.
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