FWRA.L vs. TRIA.L

Last updated Jul 16, 2026

FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) and TRIA.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both exchange-traded funds - FWRA.L is a Global Equities fund tracking the FTSE All-World Index, while TRIA.L is a Government Bonds fund tracking the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 3 years, FWRA.L returned 19.09%/yr vs 4.67%/yr for TRIA.L. At a 0.05 correlation, their price movements are largely independent. FWRA.L charges 0.15%/yr vs 0.06%/yr for TRIA.L.

Performance

FWRA.L vs. TRIA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF (TRIA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FWRA.L achieves a 11.06% return, which is significantly higher than TRIA.L's 1.88% return.

FWRA.L

• 1D: 0.11%
• 1M: -0.64%
• 6M: 9.50%
• YTD: 11.06%
• 1Y: 23.54%
• 3Y*: 19.09%
• 5Y*: —
• 10Y*: —

TRIA.L

• 1D: 0.05%
• 1M: 0.34%
• 6M: 1.77%
• YTD: 1.88%
• 1Y: 4.06%
• 3Y*: 4.67%
• 5Y*: 3.35%
• 10Y*: —

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

FWRA.L vs. TRIA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation	11.06%	22.42%	18.04%	10.02%
TRIA.L Invesco US Treasury Bond 0-1 Year UCITS ETF	1.88%	4.33%	5.17%	2.91%

Correlation

The correlation between FWRA.L and TRIA.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.05

Return for Risk

FWRA.L vs. TRIA.L — Risk / Return Rank

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

FWRA.L

FWRA.L Risk / Return Rank: 72
FWRA.L Sharpe Ratio Rank: 71
FWRA.L Sortino Ratio Rank: 77
FWRA.L Omega Ratio Rank: 72
FWRA.L Calmar Ratio Rank: 67
FWRA.L Martin Ratio Rank: 73

TRIA.L

TRIA.L Risk / Return Rank: 80
TRIA.L Sharpe Ratio Rank: 78
TRIA.L Sortino Ratio Rank: 80
TRIA.L Omega Ratio Rank: 98
TRIA.L Calmar Ratio Rank: 79
TRIA.L Martin Ratio Rank: 65

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.

FWRA.L vs. TRIA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF (TRIA.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.

	FWRA.L	TRIA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.99	-0.16
Sortino ratio: Return per unit of downside risk	2.75	2.84	-0.10
Omega ratio: Gain probability vs. loss probability	1.34	2.44	-1.10
Calmar ratio: Return relative to maximum drawdown	2.68	3.28	-0.60
Martin ratio: Return relative to average drawdown	10.70	9.26	+1.43

FWRA.L vs. TRIA.L - Sharpe Ratio Comparison

The current FWRA.L Sharpe Ratio is 1.83, which is comparable to the TRIA.L Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FWRA.L and TRIA.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

FWRA.L vs. TRIA.L - Drawdown Comparison

The maximum FWRA.L drawdown since its inception was -16.50%, which is greater than TRIA.L's maximum drawdown of -1.22%. Use the drawdown chart below to compare losses from any high point for FWRA.L and TRIA.L.

Drawdown Indicators

	FWRA.L	TRIA.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.50%	-1.22%	-15.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-1.22%	-7.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.50%	-1.22%	-15.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.22%	—
Current Drawdown Current decline from peak	-1.16%	0.00%	-1.16%
Average Drawdown Average peak-to-trough decline	-1.92%	-0.09%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	0.43%	+1.77%

Volatility

FWRA.L vs. TRIA.L - Volatility Comparison

Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) has a higher volatility of 3.20% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF (TRIA.L) at 0.13%. This indicates that FWRA.L's price experiences larger fluctuations and is considered to be riskier than TRIA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FWRA.L	TRIA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	0.13%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	1.99%	+8.61%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	2.01%	+10.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.61%	1.01%	+12.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.61%	0.93%	+12.68%

FWRA.L vs. TRIA.L - Expense Ratio Comparison

FWRA.L has a 0.15% expense ratio, which is higher than TRIA.L's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FWRA.L vs. TRIA.L - Dividend Comparison

Neither FWRA.L nor TRIA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FWRA.L and TRIA.L in my portfolio?

FWRA.L and TRIA.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FWRA.L or TRIA.L?

On fees, TRIA.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FWRA.L or TRIA.L?

TRIA.L is cheaper with a 0.06% expense ratio, compared with 0.15% for FWRA.L.

What is the main difference between FWRA.L and TRIA.L?

FWRA.L is categorized as Global Equities, while TRIA.L is Government Bonds. FWRA.L tracks FTSE All-World Index, while TRIA.L tracks Invesco US Treasury Bond 0-1 Year UCITS ETF. Their fees differ too: 0.15% for FWRA.L and 0.06% for TRIA.L.