FTWD.L vs. VPAC.L

Last updated Jul 17, 2026

FTWD.L (Invesco FTSE All-World UCITS ETF Dist) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds from Invesco - FTWD.L tracks the FTSE All-World Index while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 3 years, FTWD.L returned 19.12%/yr vs 8.42%/yr for VPAC.L. At a 0.45 correlation, their price movements are largely independent. FTWD.L charges 0.15%/yr vs 0.50%/yr for VPAC.L.

Performance

FTWD.L vs. VPAC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE All-World UCITS ETF Dist (FTWD.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTWD.L achieves a 11.08% return, which is significantly higher than VPAC.L's 2.04% return.

FTWD.L

• 1D: 0.00%
• 1M: -0.44%
• 6M: 8.56%
• YTD: 11.08%
• 1Y: 23.94%
• 3Y*: 19.12%
• 5Y*: —
• 10Y*: —

VPAC.L

• 1D: -0.12%
• 1M: 0.07%
• 6M: 1.59%
• YTD: 2.04%
• 1Y: 5.21%
• 3Y*: 8.42%
• 5Y*: 3.51%
• 10Y*: —

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

FTWD.L vs. VPAC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FTWD.L Invesco FTSE All-World UCITS ETF Dist	11.08%	22.55%	17.90%	10.03%
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD	2.04%	6.34%	10.84%	7.60%

Correlation

The correlation between FTWD.L and VPAC.L is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.45

The correlation between FTWD.L and VPAC.L has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

Return for Risk

FTWD.L vs. VPAC.L — Risk / Return Rank

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

FTWD.L

FTWD.L Risk / Return Rank: 73
FTWD.L Sharpe Ratio Rank: 72
FTWD.L Sortino Ratio Rank: 77
FTWD.L Omega Ratio Rank: 73
FTWD.L Calmar Ratio Rank: 69
FTWD.L Martin Ratio Rank: 74

VPAC.L

VPAC.L Risk / Return Rank: 65
VPAC.L Sharpe Ratio Rank: 61
VPAC.L Sortino Ratio Rank: 64
VPAC.L Omega Ratio Rank: 67
VPAC.L Calmar Ratio Rank: 64
VPAC.L Martin Ratio Rank: 70

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.

FTWD.L vs. VPAC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE All-World UCITS ETF Dist (FTWD.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.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.

	FTWD.L	VPAC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.63	+0.22
Sortino ratio: Return per unit of downside risk	2.77	2.40	+0.37
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	2.75	2.54	+0.20
Martin ratio: Return relative to average drawdown	10.84	9.98	+0.85

FTWD.L vs. VPAC.L - Sharpe Ratio Comparison

The current FTWD.L Sharpe Ratio is 1.85, which is comparable to the VPAC.L Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FTWD.L and VPAC.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

FTWD.L vs. VPAC.L - Drawdown Comparison

The maximum FTWD.L drawdown since its inception was -16.68%, smaller than the maximum VPAC.L drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for FTWD.L and VPAC.L.

Drawdown Indicators

	FTWD.L	VPAC.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-34.25%	+17.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-2.02%	-6.70%
Max Drawdown (3Y) Largest decline over 3 years	-16.68%	-3.40%	-13.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.89%	—
Current Drawdown Current decline from peak	-1.23%	-0.33%	-0.90%
Average Drawdown Average peak-to-trough decline	-1.91%	-3.14%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	0.52%	+1.69%

Volatility

FTWD.L vs. VPAC.L - Volatility Comparison

Invesco FTSE All-World UCITS ETF Dist (FTWD.L) has a higher volatility of 3.37% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that FTWD.L's price experiences larger fluctuations and is considered to be riskier than VPAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTWD.L	VPAC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	0.74%	+2.63%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	2.28%	+8.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	3.17%	+9.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.62%	5.30%	+8.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.62%	11.00%	+2.62%

FTWD.L vs. VPAC.L - Expense Ratio Comparison

FTWD.L has a 0.15% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.

Dividends

FTWD.L vs. VPAC.L - Dividend Comparison

FTWD.L's dividend yield for the trailing twelve months is around 1.25%, while VPAC.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FTWD.L Invesco FTSE All-World UCITS ETF Dist	1.25%	1.34%	1.53%	0.69%
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTWD.L and VPAC.L in my portfolio?

FTWD.L and VPAC.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTWD.L or VPAC.L?

On fees, FTWD.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, FTWD.L or VPAC.L?

FTWD.L is cheaper with a 0.15% expense ratio, compared with 0.50% for VPAC.L.

What is the main difference between FTWD.L and VPAC.L?

FTWD.L tracks FTSE All-World Index, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD. Their fees differ too: 0.15% for FTWD.L and 0.50% for VPAC.L.