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IHYG.L vs. FWRA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IHYG.L vs. FWRA.L

Last updated Jun 9, 2026

IHYG.L (iShares € High Yield Corp Bond UCITS ETF EUR (Dist)) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both exchange-traded funds - IHYG.L is a European High Yield Bonds fund tracking the Markit iBoxx Euro Liquid High Yield Index, while FWRA.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past year, IHYG.L returned 2.99% vs 24.36% for FWRA.L. A 0.56 correlation means they provide meaningful diversification when combined. IHYG.L charges 0.50%/yr vs 0.15%/yr for FWRA.L.

Performance

IHYG.L vs. FWRA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) and Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IHYG.L is traded in EUR, while FWRA.L is traded in USD. To make them comparable, the FWRA.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, IHYG.L achieves a 0.54% return, which is significantly lower than FWRA.L's 11.29% return.

IHYG.L

1D
-0.07%
1M
0.31%
YTD
0.54%
6M
1.38%
1Y
2.99%
3Y*
6.08%
5Y*
2.59%
10Y*
3.09%

FWRA.L

1D
-0.55%
1M
2.40%
YTD
11.29%
6M
11.72%
1Y
24.36%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
IHYG.L
iShares € High Yield Corp Bond UCITS ETF EUR (Dist)		0.54%5.32%5.71%7.36%
FWRA.L
Invesco FTSE All-World UCITS ETF USD Accumulation		11.29%7.89%25.83%8.71%

Correlation

The correlation between IHYG.L and FWRA.L is 0.63, 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

0.63

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2023

0.56

The correlation between IHYG.L and FWRA.L has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

IHYG.L vs. FWRA.L - Sectors Allocation Comparison

Sectors
IHYG.L
FWRA.L

Financial Services

100.0%
16.4%

Basic Materials

-

3.9%

Communication Services

-

8.9%

Consumer Cyclical

-

9.4%

Consumer Defensive

-

5.0%

Energy

-

4.3%

Healthcare

-

7.6%

Industrials

-

11.0%

Real Estate

-

1.9%

Technology

-

29.1%

Utilities

-

2.6%

Financial Services

IHYG.L
100.0%
FWRA.L
16.4%

Basic Materials

IHYG.L

-

FWRA.L
3.9%

Communication Services

IHYG.L

-

FWRA.L
8.9%

Consumer Cyclical

IHYG.L

-

FWRA.L
9.4%

Consumer Defensive

IHYG.L

-

FWRA.L
5.0%

Energy

IHYG.L

-

FWRA.L
4.3%

Healthcare

IHYG.L

-

FWRA.L
7.6%

Industrials

IHYG.L

-

FWRA.L
11.0%

Real Estate

IHYG.L

-

FWRA.L
1.9%

Technology

IHYG.L

-

FWRA.L
29.1%

Utilities

IHYG.L

-

FWRA.L
2.6%

Compare stocks, funds, or ETFs

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iShares € High Yield Corp Bond UCITS ETF EUR (Dist)

Invesco FTSE All-World UCITS ETF USD Accumulation

Often compared with IHYG.L:
IHYG.L vs. IEAC.ASIHYG.L vs. XHYA.DEIHYG.L vs. XAT1.DEIHYG.L vs. GLDIHYG.L vs. SDHA.LIHYG.L vs. YIEL.LIHYG.L vs. XHYG.L
Often compared with FWRA.L:
FWRA.L vs. VWRA.LFWRA.L vs. ACWD.LFWRA.L vs. VWCE.DEFWRA.L vs. SPYL.LFWRA.L vs. CSPX.LFWRA.L vs. FWRGFWRA.L vs. ISAC.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHYG.L
IHYG.L Risk / Return Rank: 2828
Overall Rank
IHYG.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
IHYG.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
IHYG.L Omega Ratio Rank: 2626
Omega Ratio Rank
IHYG.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
IHYG.L Martin Ratio Rank: 3333
Martin Ratio Rank
FWRA.L
FWRA.L Risk / Return Rank: 7171
Overall Rank
FWRA.L Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
FWRA.L Sortino Ratio Rank: 7676
Sortino Ratio Rank
FWRA.L Omega Ratio Rank: 7272
Omega Ratio Rank
FWRA.L Calmar Ratio Rank: 6565
Calmar Ratio Rank
FWRA.L Martin Ratio Rank: 7272
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) 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.

IHYG.LFWRA.LDifference
Sharpe ratioReturn per unit of total volatility
0.84
1.96

-1.12

Sortino ratioReturn per unit of downside risk
1.36
2.82

-1.46

Omega ratioGain probability vs. loss probability

1.16

1.37

-0.20

Calmar ratioReturn relative to maximum drawdown

1.08

3.81

-2.73

Martin ratioReturn relative to average drawdown

4.47

14.46

-9.98

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IHYG.L Sharpe Ratio is 0.84, which is lower than the FWRA.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of IHYG.L 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.

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Sharpe Ratios by Period

IHYG.LFWRA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.84

1.96

-1.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

1.33

-0.69

Drawdowns

IHYG.L vs. FWRA.L - Drawdown Comparison

The maximum IHYG.L drawdown since its inception was -25.61%, which is greater than FWRA.L's maximum drawdown of -19.97%. Use the drawdown chart below to compare losses from any high point for IHYG.L and FWRA.L.

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Drawdown Indicators

IHYG.LFWRA.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.61%

-19.97%

-5.64%

Max Drawdown (1Y)

Largest decline over 1 year

-2.76%

-6.39%

+3.63%

Max Drawdown (3Y)

Largest decline over 3 years

-3.89%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-14.59%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-25.61%

—

—

Current Drawdown

Current decline from peak

-0.32%

-1.94%

+1.62%

Average Drawdown

Average peak-to-trough decline

-2.04%

-2.51%

+0.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

1.68%

-1.01%

Volatility

IHYG.L vs. FWRA.L - Volatility Comparison

The current volatility for iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) is 0.94%, while Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) has a volatility of 3.44%. This indicates that IHYG.L experiences smaller price fluctuations and is considered to be less risky than FWRA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IHYG.LFWRA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.94%

3.44%

-2.50%

Volatility (6M)

Calculated over the trailing 6-month period

3.07%

9.38%

-6.31%

Volatility (1Y)

Calculated over the trailing 1-year period

3.56%

12.46%

-8.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.44%

13.78%

-8.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.79%

13.78%

-6.99%

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

IHYG.L has a 0.50% expense ratio, which is higher than FWRA.L's 0.15% expense ratio.

Dividends

IHYG.L vs. FWRA.L - Dividend Comparison

IHYG.L's dividend yield for the trailing twelve months is around 5.18%, while FWRA.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FWRA.L
Invesco FTSE All-World UCITS ETF USD Accumulation		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IHYG.L
iShares € High Yield Corp Bond UCITS ETF EUR (Dist)		5.18%5.44%6.10%5.41%3.70%3.07%3.67%3.76%3.68%3.77%4.03%4.59%

Frequently Asked Questions

IHYG.L and FWRA.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FWRA.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FWRA.L is cheaper with a 0.15% expense ratio, compared with 0.50% for IHYG.L.

IHYG.L is categorized as European High Yield Bonds, while FWRA.L is Global Equities. IHYG.L tracks Markit iBoxx Euro Liquid High Yield Index, while FWRA.L tracks FTSE All-World Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for IHYG.L and 0.15% for FWRA.L.

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