MCHN.L vs. FWRG.L
MCHN.L (Invesco MSCI China All Shares Connect UCITS ETF) and FWRG.L (Invesco FTSE All-World UCITS ETF Acc) are both exchange-traded funds - MCHN.L is a China Equities fund tracking the Invesco MSCI China All Shares Connect UCITS ETF, while FWRG.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 3 years, MCHN.L returned 8.96%/yr vs 17.95%/yr for FWRG.L. At a 0.31 correlation, their price movements are largely independent. MCHN.L charges 0.35%/yr vs 0.15%/yr for FWRG.L.
Performance
MCHN.L vs. FWRG.L - Performance Comparison
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Returns By Period
In the year-to-date period, MCHN.L achieves a -4.19% return, which is significantly lower than FWRG.L's 10.88% return.
MCHN.L
- 1D
- -1.16%
- 1M
- -2.71%
- 6M
- -8.31%
- YTD
- -4.19%
- 1Y
- 7.58%
- 3Y*
- 8.96%
- 5Y*
- -3.50%
- 10Y*
- —
FWRG.L
- 1D
- -0.63%
- 1M
- -1.13%
- 6M
- 9.15%
- YTD
- 10.88%
- 1Y
- 22.81%
- 3Y*
- 17.95%
- 5Y*
- —
- 10Y*
- —
MCHN.L vs. FWRG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MCHN.L Invesco MSCI China All Shares Connect UCITS ETF | -4.19% | 28.12% | 16.91% | -6.26% |
FWRG.L Invesco FTSE All-World UCITS ETF Acc | 10.88% | 13.84% | 20.11% | 8,531.38% |
Correlation
The correlation between MCHN.L and FWRG.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.31 |
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Return for Risk
MCHN.L vs. FWRG.L — Risk / Return Rank
MCHN.L
FWRG.L
MCHN.L vs. FWRG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI China All Shares Connect UCITS ETF (MCHN.L) and Invesco FTSE All-World UCITS ETF Acc (FWRG.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.
| MCHN.L | FWRG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.39 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | 3.18 | -2.59 |
| Martin ratioReturn relative to average drawdown | 1.19 | 12.26 | -11.07 |
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Drawdowns
MCHN.L vs. FWRG.L - Drawdown Comparison
The maximum MCHN.L drawdown since its inception was -52.51%, which is greater than FWRG.L's maximum drawdown of -18.87%. Use the drawdown chart below to compare losses from any high point for MCHN.L and FWRG.L.
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Drawdown Indicators
| MCHN.L | FWRG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.51% | -18.87% | -33.64% |
Max Drawdown (1Y)Largest decline over 1 year | -12.42% | -7.14% | -5.28% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -18.87% | -5.85% |
Max Drawdown (5Y)Largest decline over 5 years | -47.92% | — | — |
Current DrawdownCurrent decline from peak | -23.67% | -2.11% | -21.56% |
Average DrawdownAverage peak-to-trough decline | -31.33% | -2.23% | -29.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 1.86% | +4.34% |
Volatility
MCHN.L vs. FWRG.L - Volatility Comparison
Invesco MSCI China All Shares Connect UCITS ETF (MCHN.L) has a higher volatility of 6.18% compared to Invesco FTSE All-World UCITS ETF Acc (FWRG.L) at 3.13%. This indicates that MCHN.L's price experiences larger fluctuations and is considered to be riskier than FWRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCHN.L | FWRG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.18% | 3.13% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 8.52% | +5.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 10.92% | +7.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.09% | 4,417.24% | -4,391.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.71% | 4,417.24% | -4,391.53% |
MCHN.L vs. FWRG.L - Expense Ratio Comparison
MCHN.L has a 0.35% expense ratio, which is higher than FWRG.L's 0.15% expense ratio.
Dividends
MCHN.L vs. FWRG.L - Dividend Comparison
Neither MCHN.L nor FWRG.L has paid dividends to shareholders.
Frequently Asked Questions
MCHN.L and FWRG.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FWRG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FWRG.L is cheaper with a 0.15% expense ratio, compared with 0.35% for MCHN.L.
MCHN.L is categorized as China Equities, while FWRG.L is Global Equities. MCHN.L tracks Invesco MSCI China All Shares Connect UCITS ETF, while FWRG.L tracks FTSE All-World Index. Their fees differ too: 0.35% for MCHN.L and 0.15% for FWRG.L.
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