FWRG.L vs. XLEP.L

Last updated Jul 17, 2026

FWRG.L (Invesco FTSE All-World UCITS ETF Acc) and XLEP.L (Invesco US Energy Sector UCITS ETF) are both exchange-traded funds - FWRG.L is a Global Equities fund tracking the FTSE All-World Index, while XLEP.L is a Energy Equities fund tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 3 years, FWRG.L returned 17.87%/yr vs 14.85%/yr for XLEP.L. At a 0.12 correlation, their price movements are largely independent. FWRG.L charges 0.15%/yr vs 0.14%/yr for XLEP.L.

Performance

FWRG.L vs. XLEP.L - Performance Comparison

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

Different Trading Currencies

FWRG.L is traded in USD, while XLEP.L is traded in GBp. To make them comparable, the XLEP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FWRG.L achieves a 10.73% return, which is significantly lower than XLEP.L's 28.35% return.

FWRG.L

• 1D: -0.13%
• 1M: -1.17%
• 6M: 7.71%
• YTD: 10.73%
• 1Y: 23.49%
• 3Y*: 17.87%
• 5Y*: —
• 10Y*: —

XLEP.L

• 1D: 1.68%
• 1M: 4.16%
• 6M: 20.55%
• YTD: 28.35%
• 1Y: 36.75%
• 3Y*: 14.85%
• 5Y*: 21.89%
• 10Y*: 8.89%

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

FWRG.L vs. XLEP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FWRG.L Invesco FTSE All-World UCITS ETF Acc	10.73%	13.84%	20.11%	8,531.38%
XLEP.L Invesco US Energy Sector UCITS ETF	28.35%	9.06%	3.10%	10.87%

Correlation

The correlation between FWRG.L and XLEP.L is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.12

The correlation between FWRG.L and XLEP.L shifts across timeframes, from -0.19 (1 year) to 0.12 (3 years), reflecting how their relationship changes across market environments.

FWRG.L vs. XLEP.L - Sectors Allocation Comparison

Sectors	FWRG.L	XLEP.L
Technology	32.0%	-
Financial Services	16.4%	-
Industrials	10.7%	-
Consumer Cyclical	8.9%	-
Communication Services	8.1%	-
Healthcare	8.0%	-
Consumer Defensive	4.7%	-
Energy	3.5%	100.0%
Basic Materials	3.5%	-
Utilities	2.4%	-
Real Estate	1.7%	-

Return for Risk

FWRG.L vs. XLEP.L — Risk / Return Rank

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

FWRG.L

FWRG.L Risk / Return Rank: 83
FWRG.L Sharpe Ratio Rank: 84
FWRG.L Sortino Ratio Rank: 84
FWRG.L Omega Ratio Rank: 85
FWRG.L Calmar Ratio Rank: 79
FWRG.L Martin Ratio Rank: 82

XLEP.L

XLEP.L Risk / Return Rank: 51
XLEP.L Sharpe Ratio Rank: 55
XLEP.L Sortino Ratio Rank: 49
XLEP.L Omega Ratio Rank: 53
XLEP.L Calmar Ratio Rank: 55
XLEP.L Martin Ratio Rank: 42

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE All-World UCITS ETF Acc (FWRG.L) and Invesco US Energy Sector UCITS ETF (XLEP.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.

	FWRG.L	XLEP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.56	+0.58
Sortino ratio: Return per unit of downside risk	3.02	2.07	+0.95
Omega ratio: Gain probability vs. loss probability	1.40	1.27	+0.13
Calmar ratio: Return relative to maximum drawdown	3.28	2.40	+0.87
Martin ratio: Return relative to average drawdown	12.59	6.15	+6.44

FWRG.L vs. XLEP.L - Sharpe Ratio Comparison

The current FWRG.L Sharpe Ratio is 2.15, which is higher than the XLEP.L Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FWRG.L and XLEP.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

FWRG.L vs. XLEP.L - Drawdown Comparison

The maximum FWRG.L drawdown since its inception was -18.87%, smaller than the maximum XLEP.L drawdown of -72.31%. Use the drawdown chart below to compare losses from any high point for FWRG.L and XLEP.L.

Drawdown Indicators

	FWRG.L	XLEP.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.87%	-72.31%	+53.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-15.22%	+8.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.87%	-21.12%	+2.25%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-67.80%	—
Current Drawdown Current decline from peak	-2.23%	-8.39%	+6.16%
Average Drawdown Average peak-to-trough decline	-2.23%	-22.73%	+20.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	5.96%	-4.10%

Volatility

FWRG.L vs. XLEP.L - Volatility Comparison

The current volatility for Invesco FTSE All-World UCITS ETF Acc (FWRG.L) is 3.11%, while Invesco US Energy Sector UCITS ETF (XLEP.L) has a volatility of 7.19%. This indicates that FWRG.L experiences smaller price fluctuations and is considered to be less risky than XLEP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FWRG.L	XLEP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	7.19%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	8.45%	20.24%	-11.79%
Volatility (1Y) Calculated over the trailing 1-year period	10.92%	23.47%	-12.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4,414.38%	26.92%	+4,387.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4,414.38%	28.92%	+4,385.46%

FWRG.L vs. XLEP.L - Expense Ratio Comparison

FWRG.L has a 0.15% expense ratio, which is higher than XLEP.L's 0.14% 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

FWRG.L vs. XLEP.L - Dividend Comparison

Neither FWRG.L nor XLEP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

FWRG.L and XLEP.L have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FWRG.L or XLEP.L?

On fees, XLEP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FWRG.L or XLEP.L?

XLEP.L is cheaper with a 0.14% expense ratio, compared with 0.15% for FWRG.L.

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

FWRG.L is categorized as Global Equities, while XLEP.L is Energy Equities. FWRG.L tracks FTSE All-World Index, while XLEP.L tracks MSCI World/Energy NR USD. Their fees differ too: 0.15% for FWRG.L and 0.14% for XLEP.L.