MUNS.L vs. FWRA.L
MUNS.L (Invesco US Municipal Bond UCITS ETF Dist) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both exchange-traded funds - MUNS.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, MUNS.L returned 7.65% vs 30.18% for FWRA.L. At a 0.04 correlation, their price movements are largely independent. MUNS.L charges 0.28%/yr vs 0.15%/yr for FWRA.L.
Performance
MUNS.L vs. FWRA.L - Performance Comparison
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Different Trading Currencies
MUNS.L is traded in GBp, while FWRA.L is traded in USD. To make them comparable, the FWRA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, MUNS.L achieves a 0.63% return, which is significantly lower than FWRA.L's 12.15% return.
MUNS.L
- 1D
- 0.25%
- 1M
- 1.64%
- YTD
- 0.63%
- 6M
- 0.20%
- 1Y
- 7.65%
- 3Y*
- 1.65%
- 5Y*
- 0.63%
- 10Y*
- —
FWRA.L
- 1D
- 0.00%
- 1M
- 5.33%
- YTD
- 12.15%
- 6M
- 12.33%
- 1Y
- 30.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUNS.L vs. FWRA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUNS.L Invesco US Municipal Bond UCITS ETF Dist | 0.63% | 0.16% | 3.14% | 2.58% |
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation | 12.04% | 13.65% | 20.13% | 8.18% |
Correlation
The correlation between MUNS.L and FWRA.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023 | 0.04 |
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Return for Risk
MUNS.L vs. FWRA.L — Risk / Return Rank
MUNS.L
FWRA.L
MUNS.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 (MUNS.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.
| MUNS.L | FWRA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.49 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 4.33 | -2.87 |
| Martin ratioReturn relative to average drawdown | 3.53 | 16.50 | -12.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUNS.L | FWRA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.20 | 2.54 | -1.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 1.44 | -1.42 |
Drawdowns
MUNS.L vs. FWRA.L - Drawdown Comparison
The maximum MUNS.L drawdown since its inception was -16.46%, smaller than the maximum FWRA.L drawdown of -17.86%. Use the drawdown chart below to compare losses from any high point for MUNS.L and FWRA.L.
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Drawdown Indicators
| MUNS.L | FWRA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.46% | -17.86% | +1.40% |
Max Drawdown (1Y)Largest decline over 1 year | -5.21% | -6.91% | +1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -9.35% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | — | — |
Current DrawdownCurrent decline from peak | -7.09% | -0.38% | -6.71% |
Average DrawdownAverage peak-to-trough decline | -8.59% | -2.09% | -6.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 1.82% | +0.34% |
Volatility
MUNS.L vs. FWRA.L - Volatility Comparison
The current volatility for Invesco US Municipal Bond UCITS ETF Dist (MUNS.L) is 1.99%, while Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) has a volatility of 3.67%. This indicates that MUNS.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
| MUNS.L | FWRA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 3.67% | -1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 9.28% | -4.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 11.79% | -5.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.02% | 12.93% | -2.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 12.93% | -2.97% |
MUNS.L vs. FWRA.L - Expense Ratio Comparison
MUNS.L has a 0.28% expense ratio, which is higher than FWRA.L's 0.15% expense ratio.
Dividends
MUNS.L vs. FWRA.L - Dividend Comparison
MUNS.L's dividend yield for the trailing twelve months is around 4.53%, 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% |
MUNS.L Invesco US Municipal Bond UCITS ETF Dist | 4.53% | 4.54% | 4.49% | 4.16% | 3.13% | 1.99% |
Frequently Asked Questions
MUNS.L and FWRA.L have a correlation of 0.04, 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 0.28% for MUNS.L.
MUNS.L is categorized as Municipal Bonds, while FWRA.L is Global Equities. MUNS.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 MUNS.L and 0.15% for FWRA.L.
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