FWRG vs. FWRA.L

Last updated Jun 23, 2026

FWRG (First Watch Restaurant Group, Inc.) is a stock, while FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) is Global Equities fund tracking the FTSE All-World Index. Over the past year, FWRG returned -26.97% vs 29.10% for FWRA.L. At a 0.21 correlation, their price movements are largely independent.

Performance

FWRG vs. FWRA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Watch Restaurant Group, Inc. (FWRG) and Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FWRG achieves a -23.34% return, which is significantly lower than FWRA.L's 11.30% return.

FWRG

• 1D: -2.12%
• 1M: 0.61%
• YTD: -23.34%
• 6M: -27.34%
• 1Y: -26.97%
• 3Y*: -10.45%
• 5Y*: —
• 10Y*: —

FWRA.L

• 1D: 0.21%
• 1M: 1.30%
• YTD: 11.30%
• 6M: 11.96%
• 1Y: 29.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FWRG vs. FWRA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FWRG First Watch Restaurant Group, Inc.	-23.34%	-18.97%	-7.41%	24.84%
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation	11.30%	22.42%	18.04%	10.02%

Correlation

The correlation between FWRG and FWRA.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.21

Return for Risk

FWRG vs. FWRA.L — Risk / Return Rank

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

FWRG

FWRG Risk / Return Rank: 20
FWRG Sharpe Ratio Rank: 19
FWRG Sortino Ratio Rank: 21
FWRG Omega Ratio Rank: 21
FWRG Calmar Ratio Rank: 21
FWRG Martin Ratio Rank: 17

FWRA.L

FWRA.L Risk / Return Rank: 75
FWRA.L Sharpe Ratio Rank: 74
FWRA.L Sortino Ratio Rank: 81
FWRA.L Omega Ratio Rank: 76
FWRA.L Calmar Ratio Rank: 68
FWRA.L Martin Ratio Rank: 74

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 vs. FWRA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Watch Restaurant Group, Inc. (FWRG) and Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.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	FWRA.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	2.29	-2.80
Sortino ratio: Return per unit of downside risk	-0.46	3.43	-3.89
Omega ratio: Gain probability vs. loss probability	0.95	1.43	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.57	3.31	-3.89
Martin ratio: Return relative to average drawdown	-1.12	13.57	-14.69

FWRG vs. FWRA.L - Sharpe Ratio Comparison

The current FWRG Sharpe Ratio is -0.51, which is lower than the FWRA.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of FWRG and FWRA.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 vs. FWRA.L - Drawdown Comparison

The maximum FWRG drawdown since its inception was -60.38%, which is greater than FWRA.L's maximum drawdown of -16.50%. Use the drawdown chart below to compare losses from any high point for FWRG and FWRA.L.

Drawdown Indicators

	FWRG	FWRA.L	Difference
Max Drawdown Largest peak-to-trough decline	-60.38%	-16.50%	-43.88%
Max Drawdown (1Y) Largest decline over 1 year	-47.26%	-8.78%	-38.48%
Max Drawdown (3Y) Largest decline over 3 years	-60.38%	—	—
Current Drawdown Current decline from peak	-54.70%	-0.95%	-53.75%
Average Drawdown Average peak-to-trough decline	-29.16%	-1.92%	-27.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.21%	2.14%	+22.07%

Volatility

FWRG vs. FWRA.L - Volatility Comparison

First Watch Restaurant Group, Inc. (FWRG) has a higher volatility of 16.36% compared to Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) at 3.92%. This indicates that FWRG's price experiences larger fluctuations and is considered to be riskier than FWRA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FWRG	FWRA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.36%	3.92%	+12.44%
Volatility (6M) Calculated over the trailing 6-month period	42.26%	10.29%	+31.97%
Volatility (1Y) Calculated over the trailing 1-year period	53.25%	12.75%	+40.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.91%	13.64%	+34.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.91%	13.64%	+34.27%

Dividends

FWRG vs. FWRA.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

FWRG and FWRA.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.