MXFS.L vs. MXWO.L

Last updated Jun 5, 2026

MXFS.L (Invesco MSCI Emerging Markets UCITS ETF Acc) and MXWO.L (Invesco MSCI World UCITS ETF) are both exchange-traded funds - MXFS.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Total Return (Net) Index, while MXWO.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, MXFS.L returned 10.25%/yr vs 13.12%/yr for MXWO.L. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.19% expense ratio.

Performance

MXFS.L vs. MXWO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI Emerging Markets UCITS ETF Acc (MXFS.L) and Invesco MSCI World UCITS ETF (MXWO.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXFS.L achieves a 25.90% return, which is significantly higher than MXWO.L's 9.99% return. Over the past 10 years, MXFS.L has underperformed MXWO.L with an annualized return of 10.25%, while MXWO.L has yielded a comparatively higher 13.12% annualized return.

MXFS.L

• 1D: -1.64%
• 1M: 5.43%
• YTD: 25.90%
• 6M: 29.15%
• 1Y: 52.52%
• 3Y*: 23.85%
• 5Y*: 7.19%
• 10Y*: 10.25%

MXWO.L

• 1D: 0.04%
• 1M: 4.21%
• YTD: 9.99%
• 6M: 11.10%
• 1Y: 26.14%
• 3Y*: 20.86%
• 5Y*: 11.92%
• 10Y*: 13.12%

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

MXFS.L vs. MXWO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXFS.L Invesco MSCI Emerging Markets UCITS ETF Acc	25.90%	33.98%	7.21%	7.99%	-19.20%	-3.47%	18.07%	19.21%	-15.38%	35.57%
MXWO.L Invesco MSCI World UCITS ETF	9.99%	20.83%	19.19%	24.56%	-18.08%	22.12%	16.27%	27.41%	-9.08%	22.79%

Correlation

The correlation between MXFS.L and MXWO.L is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 23, 2011	0.63

The correlation between MXFS.L and MXWO.L shifts across timeframes, from 0.63 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.

MXFS.L vs. MXWO.L - Sectors Allocation Comparison

Sectors	MXFS.L	MXWO.L
Technology	35.4%	28.3%
Financial Services	20.3%	15.7%
Consumer Cyclical	9.3%	9.3%
Basic Materials	7.2%	3.3%
Communication Services	6.9%	9.3%
Industrials	6.8%	11.4%
Energy	3.8%	4.2%
Consumer Defensive	3.1%	5.2%
Healthcare	3.0%	8.8%
Utilities	2.3%	2.7%
Real Estate	1.1%	1.9%

Return for Risk

MXFS.L vs. MXWO.L — Risk / Return Rank

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

MXFS.L

MXFS.L Risk / Return Rank: 80
MXFS.L Sharpe Ratio Rank: 83
MXFS.L Sortino Ratio Rank: 80
MXFS.L Omega Ratio Rank: 81
MXFS.L Calmar Ratio Rank: 80
MXFS.L Martin Ratio Rank: 78

MXWO.L

MXWO.L Risk / Return Rank: 69
MXWO.L Sharpe Ratio Rank: 68
MXWO.L Sortino Ratio Rank: 74
MXWO.L Omega Ratio Rank: 68
MXWO.L Calmar Ratio Rank: 64
MXWO.L Martin Ratio Rank: 72

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.

MXFS.L vs. MXWO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Emerging Markets UCITS ETF Acc (MXFS.L) and Invesco MSCI World UCITS ETF (MXWO.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.

	MXFS.L	MXWO.L	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.19	+0.46
Sortino ratio: Return per unit of downside risk	3.52	3.26	+0.26
Omega ratio: Gain probability vs. loss probability	1.48	1.40	+0.08
Calmar ratio: Return relative to maximum drawdown	4.10	3.12	+0.98
Martin ratio: Return relative to average drawdown	15.00	13.34	+1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXFS.L vs. MXWO.L - Sharpe Ratio Comparison

The current MXFS.L Sharpe Ratio is 2.65, which is comparable to the MXWO.L Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of MXFS.L and MXWO.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

	MXFS.L	MXWO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.19	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.76	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.82	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.86	-0.54

Drawdowns

MXFS.L vs. MXWO.L - Drawdown Comparison

The maximum MXFS.L drawdown since its inception was -39.81%, which is greater than MXWO.L's maximum drawdown of -33.89%. Use the drawdown chart below to compare losses from any high point for MXFS.L and MXWO.L.

Drawdown Indicators

	MXFS.L	MXWO.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.81%	-33.89%	-5.92%
Max Drawdown (1Y) Largest decline over 1 year	-12.76%	-8.34%	-4.42%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-17.85%	+0.93%
Max Drawdown (5Y) Largest decline over 5 years	-37.18%	-25.80%	-11.38%
Max Drawdown (10Y) Largest decline over 10 years	-39.78%	-33.89%	-5.89%
Current Drawdown Current decline from peak	-2.80%	-0.45%	-2.35%
Average Drawdown Average peak-to-trough decline	-15.32%	-4.31%	-11.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	1.95%	+1.54%

Volatility

MXFS.L vs. MXWO.L - Volatility Comparison

Invesco MSCI Emerging Markets UCITS ETF Acc (MXFS.L) has a higher volatility of 8.67% compared to Invesco MSCI World UCITS ETF (MXWO.L) at 3.32%. This indicates that MXFS.L's price experiences larger fluctuations and is considered to be riskier than MXWO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXFS.L	MXWO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.67%	3.32%	+5.35%
Volatility (6M) Calculated over the trailing 6-month period	17.03%	9.15%	+7.88%
Volatility (1Y) Calculated over the trailing 1-year period	19.77%	11.88%	+7.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.62%	15.75%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.62%	15.93%	+4.69%

MXFS.L vs. MXWO.L - Expense Ratio Comparison

Both MXFS.L and MXWO.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MXFS.L vs. MXWO.L - Dividend Comparison

Neither MXFS.L nor MXWO.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MXFS.L and MXWO.L in my portfolio?

MXFS.L and MXWO.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MXFS.L or MXWO.L?

Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MXFS.L or MXWO.L?

MXFS.L and MXWO.L have the same expense ratio: 0.19% per year.

What is the main difference between MXFS.L and MXWO.L?

MXFS.L is categorized as Emerging Markets Equities, while MXWO.L is Global Equities. MXFS.L tracks MSCI Emerging Markets Total Return (Net) Index, while MXWO.L tracks MSCI ACWI NR USD.