MUNI.L vs. FWRA.L

Last updated Jun 5, 2026

MUNI.L (Invesco US Municipal Bond UCITS ETF Dist) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both exchange-traded funds - MUNI.L is a Municipal Bonds fund tracking the ICE BofA US Taxable Municipal Securities Plus Index, while FWRA.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past year, MUNI.L returned 6.62% vs 28.82% for FWRA.L. At a 0.17 correlation, their price movements are largely independent. MUNI.L charges 0.28%/yr vs 0.15%/yr for FWRA.L.

Performance

MUNI.L vs. FWRA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco US Municipal Bond UCITS ETF Dist (MUNI.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, MUNI.L achieves a 0.61% return, which is significantly lower than FWRA.L's 11.59% return.

MUNI.L

• 1D: 0.44%
• 1M: 0.70%
• YTD: 0.61%
• 6M: 0.39%
• 1Y: 6.62%
• 3Y*: 4.35%
• 5Y*: -0.34%
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024	2023
MUNI.L Invesco US Municipal Bond UCITS ETF Dist	0.61%	7.41%	1.23%	3.20%
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation	11.59%	22.37%	18.07%	9.23%

Correlation

The correlation between MUNI.L and FWRA.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.17

The correlation between MUNI.L and FWRA.L shifts across timeframes, from 0.17 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

MUNI.L

MUNI.L Risk / Return Rank: 62
MUNI.L Sharpe Ratio Rank: 58
MUNI.L Sortino Ratio Rank: 73
MUNI.L Omega Ratio Rank: 60
MUNI.L Calmar Ratio Rank: 72
MUNI.L Martin Ratio Rank: 50

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco US Municipal Bond UCITS ETF Dist (MUNI.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.

	MUNI.L	FWRA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.32	-0.39
Sortino ratio: Return per unit of downside risk	3.23	3.44	-0.22
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	3.52	3.27	+0.25
Martin ratio: Return relative to average drawdown	8.16	13.70	-5.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current MUNI.L Sharpe Ratio is 1.93, which is comparable to the FWRA.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of MUNI.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

	MUNI.L	FWRA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.32	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	1.56	-1.64

Drawdowns

MUNI.L vs. FWRA.L - Drawdown Comparison

The maximum MUNI.L drawdown since its inception was -23.73%, 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 MUNI.L and FWRA.L.

Drawdown Indicators

	MUNI.L	FWRA.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.73%	-16.60%	-7.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-8.74%	+4.88%
Max Drawdown (3Y) Largest decline over 3 years	-6.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.73%	—	—
Current Drawdown Current decline from peak	-5.73%	-0.77%	-4.96%
Average Drawdown Average peak-to-trough decline	-11.22%	-1.93%	-9.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.09%	+0.45%

Volatility

MUNI.L vs. FWRA.L - Volatility Comparison

The current volatility for Invesco US Municipal Bond UCITS ETF Dist (MUNI.L) is 2.09%, while Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) has a volatility of 3.80%. This indicates that MUNI.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.

Volatility by Period

	MUNI.L	FWRA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	3.80%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	5.01%	9.86%	-4.85%
Volatility (1Y) Calculated over the trailing 1-year period	7.13%	12.32%	-5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	13.52%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.27%	13.52%	+0.75%

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

MUNI.L has a 0.28% expense ratio, which is higher than FWRA.L's 0.15% expense ratio.

Dividends

MUNI.L vs. FWRA.L - Dividend Comparison

MUNI.L's dividend yield for the trailing twelve months is around 4.54%, while FWRA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MUNI.L Invesco US Municipal Bond UCITS ETF Dist	4.54%	4.52%	4.60%	4.09%	3.19%	2.01%

Frequently Asked Questions

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

MUNI.L and FWRA.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

FWRA.L is cheaper with a 0.15% expense ratio, compared with 0.28% for MUNI.L.

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

MUNI.L is categorized as Municipal Bonds, while FWRA.L is Global Equities. MUNI.L tracks ICE BofA US Taxable Municipal Securities Plus Index, while FWRA.L tracks FTSE All-World Index. Their fees differ too: 0.28% for MUNI.L and 0.15% for FWRA.L.