CIRC.DE vs. PSWD.DE

Last updated Jun 5, 2026

CIRC.DE (Rize Circular Economy Enablers UCITS ETF USD Accumulating) and PSWD.DE (Invesco FTSE RAFI All World 3000 UCITS ETF) are both Global Equities funds - CIRC.DE tracks the MSCI ACWI NR USD while PSWD.DE tracks the FTSE RAFI All-World 3000. Both are passively managed. Over the past 3 years, CIRC.DE returned 5.99%/yr vs 18.93%/yr for PSWD.DE. A 0.75 correlation means they provide meaningful diversification when combined. CIRC.DE charges 0.45%/yr vs 0.39%/yr for PSWD.DE.

Performance

CIRC.DE vs. PSWD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Rize Circular Economy Enablers UCITS ETF USD Accumulating (CIRC.DE) and Invesco FTSE RAFI All World 3000 UCITS ETF (PSWD.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CIRC.DE achieves a 6.63% return, which is significantly lower than PSWD.DE's 16.46% return.

CIRC.DE

• 1D: 0.84%
• 1M: 1.42%
• YTD: 6.63%
• 6M: 7.82%
• 1Y: 10.44%
• 3Y*: 5.99%
• 5Y*: —
• 10Y*: —

PSWD.DE

• 1D: -0.19%
• 1M: 4.72%
• YTD: 16.46%
• 6M: 17.75%
• 1Y: 32.88%
• 3Y*: 18.93%
• 5Y*: 13.34%
• 10Y*: 11.86%

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

CIRC.DE vs. PSWD.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CIRC.DE Rize Circular Economy Enablers UCITS ETF USD Accumulating	6.63%	-1.18%	4.92%	11.59%
PSWD.DE Invesco FTSE RAFI All World 3000 UCITS ETF	16.46%	14.64%	17.68%	10.43%

Correlation

The correlation between CIRC.DE and PSWD.DE is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 1, 2023	0.75

The correlation between CIRC.DE and PSWD.DE has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

Return for Risk

CIRC.DE vs. PSWD.DE — Risk / Return Rank

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

CIRC.DE

CIRC.DE Risk / Return Rank: 22
CIRC.DE Sharpe Ratio Rank: 21
CIRC.DE Sortino Ratio Rank: 22
CIRC.DE Omega Ratio Rank: 21
CIRC.DE Calmar Ratio Rank: 23
CIRC.DE Martin Ratio Rank: 24

PSWD.DE

PSWD.DE Risk / Return Rank: 91
PSWD.DE Sharpe Ratio Rank: 91
PSWD.DE Sortino Ratio Rank: 90
PSWD.DE Omega Ratio Rank: 90
PSWD.DE Calmar Ratio Rank: 90
PSWD.DE Martin Ratio Rank: 92

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.

CIRC.DE vs. PSWD.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rize Circular Economy Enablers UCITS ETF USD Accumulating (CIRC.DE) and Invesco FTSE RAFI All World 3000 UCITS ETF (PSWD.DE). 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.

	CIRC.DE	PSWD.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.70	3.10	-2.40
Sortino ratio: Return per unit of downside risk	1.16	4.17	-3.00
Omega ratio: Gain probability vs. loss probability	1.13	1.58	-0.45
Calmar ratio: Return relative to maximum drawdown	1.03	5.56	-4.53
Martin ratio: Return relative to average drawdown	3.05	22.39	-19.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIRC.DE vs. PSWD.DE - Sharpe Ratio Comparison

The current CIRC.DE Sharpe Ratio is 0.70, which is lower than the PSWD.DE Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of CIRC.DE and PSWD.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CIRC.DE	PSWD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	3.10	-2.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.00	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.68	-0.23

Drawdowns

CIRC.DE vs. PSWD.DE - Drawdown Comparison

The maximum CIRC.DE drawdown since its inception was -25.21%, smaller than the maximum PSWD.DE drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for CIRC.DE and PSWD.DE.

Drawdown Indicators

	CIRC.DE	PSWD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-25.21%	-36.39%	+11.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-5.89%	-4.18%
Max Drawdown (3Y) Largest decline over 3 years	-25.21%	-18.19%	-7.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.39%	—
Current Drawdown Current decline from peak	-5.12%	-0.31%	-4.81%
Average Drawdown Average peak-to-trough decline	-6.92%	-4.65%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	1.46%	+1.96%

Volatility

CIRC.DE vs. PSWD.DE - Volatility Comparison

Rize Circular Economy Enablers UCITS ETF USD Accumulating (CIRC.DE) has a higher volatility of 3.89% compared to Invesco FTSE RAFI All World 3000 UCITS ETF (PSWD.DE) at 3.08%. This indicates that CIRC.DE's price experiences larger fluctuations and is considered to be riskier than PSWD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIRC.DE	PSWD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	3.08%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	7.86%	+3.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	10.54%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	13.16%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.14%	15.19%	+0.95%

CIRC.DE vs. PSWD.DE - Expense Ratio Comparison

CIRC.DE has a 0.45% expense ratio, which is higher than PSWD.DE's 0.39% expense ratio.

Dividends

CIRC.DE vs. PSWD.DE - Dividend Comparison

CIRC.DE has not paid dividends to shareholders, while PSWD.DE's dividend yield for the trailing twelve months is around 1.75%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIRC.DE Rize Circular Economy Enablers UCITS ETF USD Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSWD.DE Invesco FTSE RAFI All World 3000 UCITS ETF	1.75%	2.03%	2.27%	2.48%	2.66%	1.92%	1.98%	2.37%	2.56%	2.06%	1.97%	2.02%

Frequently Asked Questions

Can I hold both CIRC.DE and PSWD.DE in my portfolio?

CIRC.DE and PSWD.DE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CIRC.DE or PSWD.DE?

On fees, PSWD.DE is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CIRC.DE or PSWD.DE?

PSWD.DE is cheaper with a 0.39% expense ratio, compared with 0.45% for CIRC.DE.

What is the main difference between CIRC.DE and PSWD.DE?

CIRC.DE tracks MSCI ACWI NR USD, while PSWD.DE tracks FTSE RAFI All-World 3000. They also come from different issuers: Davy and Invesco. Their fees differ too: 0.45% for CIRC.DE and 0.39% for PSWD.DE.