IWVL.L vs. FWRA.L

Last updated Jun 5, 2026

IWVL.L (iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both Global Equities funds - IWVL.L tracks the MSCI World Enhanced Value Index while FWRA.L tracks the FTSE All-World Index. Both are passively managed. Over the past year, IWVL.L returned 66.32% vs 28.82% for FWRA.L. Their correlation of 0.83 suggests significant overlap in exposure. IWVL.L charges 0.25%/yr vs 0.15%/yr for FWRA.L.

Performance

IWVL.L vs. FWRA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.L) 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, IWVL.L achieves a 34.30% return, which is significantly higher than FWRA.L's 11.59% return.

IWVL.L

• 1D: -0.65%
• 1M: 12.22%
• YTD: 34.30%
• 6M: 38.21%
• 1Y: 66.32%
• 3Y*: 30.35%
• 5Y*: 16.28%
• 10Y*: 12.86%

FWRA.L

• 1D: -0.13%
• 1M: 4.28%
• YTD: 11.59%
• 6M: 13.01%
• 1Y: 28.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
IWVL.L iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)	34.30%	40.41%	5.13%	8.81%
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation	11.59%	22.37%	18.07%	9.23%

Correlation

The correlation between IWVL.L and FWRA.L is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.83

The correlation between IWVL.L and FWRA.L has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

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

Sectors	IWVL.L	FWRA.L
Technology	33.9%	29.1%
Financial Services	14.8%	16.4%
Industrials	11.3%	11.0%
Healthcare	8.8%	7.6%
Consumer Cyclical	7.9%	9.4%
Communication Services	7.6%	8.9%
Consumer Defensive	4.5%	5.0%
Energy	3.8%	4.3%
Basic Materials	3.0%	3.9%
Utilities	2.5%	2.6%
Real Estate	1.8%	1.9%

Return for Risk

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

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

IWVL.L

IWVL.L Risk / Return Rank: 95
IWVL.L Sharpe Ratio Rank: 96
IWVL.L Sortino Ratio Rank: 97
IWVL.L Omega Ratio Rank: 96
IWVL.L Calmar Ratio Rank: 94
IWVL.L Martin Ratio Rank: 95

FWRA.L

FWRA.L Risk / Return Rank: 73
FWRA.L Sharpe Ratio Rank: 72
FWRA.L Sortino Ratio Rank: 78
FWRA.L Omega Ratio Rank: 73
FWRA.L Calmar Ratio Rank: 66
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.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.

	IWVL.L	FWRA.L	Difference
Sharpe ratio: Return per unit of total volatility	4.24	2.32	+1.92
Sortino ratio: Return per unit of downside risk	5.85	3.44	+2.41
Omega ratio: Gain probability vs. loss probability	1.76	1.43	+0.33
Calmar ratio: Return relative to maximum drawdown	7.55	3.27	+4.28
Martin ratio: Return relative to average drawdown	28.57	13.70	+14.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IWVL.L Sharpe Ratio is 4.24, which is higher than the FWRA.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of IWVL.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.

Sharpe Ratios by Period

	IWVL.L	FWRA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.24	2.32	+1.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	1.56	-0.94

Drawdowns

IWVL.L vs. FWRA.L - Drawdown Comparison

The maximum IWVL.L drawdown since its inception was -39.30%, which is greater than FWRA.L's maximum drawdown of -16.60%. Use the drawdown chart below to compare losses from any high point for IWVL.L and FWRA.L.

Drawdown Indicators

	IWVL.L	FWRA.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-16.60%	-22.70%
Max Drawdown (1Y) Largest decline over 1 year	-8.74%	-8.74%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-14.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	—	—
Current Drawdown Current decline from peak	-0.91%	-0.77%	-0.14%
Average Drawdown Average peak-to-trough decline	-7.50%	-1.93%	-5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	2.09%	+0.22%

Volatility

IWVL.L vs. FWRA.L - Volatility Comparison

iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.L) has a higher volatility of 6.56% compared to Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) at 3.80%. This indicates that IWVL.L'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

	IWVL.L	FWRA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	3.80%	+2.76%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	9.86%	+3.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.57%	12.32%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	13.52%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	13.52%	+3.50%

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

IWVL.L has a 0.25% expense ratio, which is higher than FWRA.L's 0.15% 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

IWVL.L vs. FWRA.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

IWVL.L and FWRA.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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.

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

FWRA.L is cheaper with a 0.15% expense ratio, compared with 0.25% for IWVL.L.

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

IWVL.L tracks MSCI World Enhanced Value Index, while FWRA.L tracks FTSE All-World Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for IWVL.L and 0.15% for FWRA.L.