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MXWS.L vs. VWRL.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MXWS.L vs. VWRL.L

Last updated Jun 5, 2026

MXWS.L (Invesco MSCI World UCITS ETF) and VWRL.L (Vanguard FTSE All-World UCITS ETF Distributing) are both Global Equities funds - MXWS.L tracks the MSCI ACWI NR USD while VWRL.L tracks the FTSE All-World Index. Both are passively managed. Over the past 10 years, MXWS.L returned 14.18%/yr vs 13.48%/yr for VWRL.L. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.19% expense ratio.

Performance

MXWS.L vs. VWRL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI World UCITS ETF (MXWS.L) and Vanguard FTSE All-World UCITS ETF Distributing (VWRL.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

MXWS.L is traded in GBp, while VWRL.L is traded in GBP. To make them comparable, the VWRL.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, MXWS.L achieves a 10.17% return, which is significantly lower than VWRL.L's 11.87% return. Both investments have delivered pretty close results over the past 10 years, with MXWS.L having a 14.18% annualized return and VWRL.L not far behind at 13.48%.

MXWS.L

1D
0.04%
1M
5.20%
YTD
10.17%
6M
10.37%
1Y
27.42%
3Y*
17.75%
5Y*
13.12%
10Y*
14.18%

VWRL.L

1D
-0.06%
1M
5.33%
YTD
11.87%
6M
12.31%
1Y
29.86%
3Y*
17.97%
5Y*
12.45%
10Y*
13.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MXWS.L vs. VWRL.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MXWS.L
Invesco MSCI World UCITS ETF		10.17%12.63%21.11%17.73%-8.30%23.66%12.37%23.46%-3.87%11.80%
VWRL.L
Vanguard FTSE All-World UCITS ETF Distributing		11.87%13.99%19.59%15.61%-8.44%20.04%12.13%22.03%-4.70%13.22%

Correlation

The correlation between MXWS.L and VWRL.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.96

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since May 28, 2015

0.82

The correlation between MXWS.L and VWRL.L shifts across timeframes, from 0.82 (all time) to 0.98 (5 years), reflecting how their relationship changes across market environments.

MXWS.L vs. VWRL.L - Sectors Allocation Comparison

Sectors
MXWS.L
VWRL.L

Technology

28.3%
29.0%

Financial Services

15.7%
16.1%

Industrials

11.4%
11.0%

Consumer Cyclical

9.3%
9.4%

Communication Services

9.3%
8.8%

Healthcare

8.8%
8.0%

Consumer Defensive

5.2%
5.0%

Energy

4.2%
4.2%

Basic Materials

3.3%
3.8%

Utilities

2.7%
2.7%

Real Estate

1.9%
1.9%

Technology

MXWS.L
28.3%
VWRL.L
29.0%

Financial Services

MXWS.L
15.7%
VWRL.L
16.1%

Industrials

MXWS.L
11.4%
VWRL.L
11.0%

Consumer Cyclical

MXWS.L
9.3%
VWRL.L
9.4%

Communication Services

MXWS.L
9.3%
VWRL.L
8.8%

Healthcare

MXWS.L
8.8%
VWRL.L
8.0%

Consumer Defensive

MXWS.L
5.2%
VWRL.L
5.0%

Energy

MXWS.L
4.2%
VWRL.L
4.2%

Basic Materials

MXWS.L
3.3%
VWRL.L
3.8%

Utilities

MXWS.L
2.7%
VWRL.L
2.7%

Real Estate

MXWS.L
1.9%
VWRL.L
1.9%

Compare stocks, funds, or ETFs

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Invesco MSCI World UCITS ETF

Vanguard FTSE All-World UCITS ETF Distributing

Often compared with MXWS.L:
MXWS.L vs. MXWO.LMXWS.L vs. FWRGMXWS.L vs. SWDA.LMXWS.L vs. VTMXWS.L vs. TSWE.ASMXWS.L vs. VUAA.LMXWS.L vs. IWDA.L
Often compared with VWRL.L:
VWRL.L vs. ACWIVWRL.L vs. VHYL.ASVWRL.L vs. VHVG.LVWRL.L vs. VUSA.LVWRL.L vs. VOOVWRL.L vs. VHYG.LVWRL.L vs. VEVE.L

Return for Risk

MXWS.L vs. VWRL.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MXWS.L
MXWS.L Risk / Return Rank: 8383
Overall Rank
MXWS.L Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
MXWS.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
MXWS.L Omega Ratio Rank: 8484
Omega Ratio Rank
MXWS.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
MXWS.L Martin Ratio Rank: 8383
Martin Ratio Rank
VWRL.L
VWRL.L Risk / Return Rank: 8686
Overall Rank
VWRL.L Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
VWRL.L Sortino Ratio Rank: 8888
Sortino Ratio Rank
VWRL.L Omega Ratio Rank: 8989
Omega Ratio Rank
VWRL.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
VWRL.L Martin Ratio Rank: 8484
Martin Ratio Rank
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.

MXWS.L vs. VWRL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI World UCITS ETF (MXWS.L) and Vanguard FTSE All-World UCITS ETF Distributing (VWRL.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.

MXWS.LVWRL.LDifference
Sharpe ratioReturn per unit of total volatility
2.69
2.88

-0.19

Sortino ratioReturn per unit of downside risk
3.68
3.96

-0.29

Omega ratioGain probability vs. loss probability

1.51

1.55

-0.05

Calmar ratioReturn relative to maximum drawdown

4.17

4.20

-0.03

Martin ratioReturn relative to average drawdown

16.68

17.09

-0.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXWS.L vs. VWRL.L - Sharpe Ratio Comparison

The current MXWS.L Sharpe Ratio is 2.69, which is comparable to the VWRL.L Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of MXWS.L and VWRL.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.

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Sharpe Ratios by Period

MXWS.LVWRL.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.69

2.88

-0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.98

0.97

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.07

0.94

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

1.00

0.95

+0.05

Drawdowns

MXWS.L vs. VWRL.L - Drawdown Comparison

The maximum MXWS.L drawdown since its inception was -24.29%, roughly equal to the maximum VWRL.L drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for MXWS.L and VWRL.L.

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Drawdown Indicators

MXWS.LVWRL.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.29%

-24.98%

+0.69%

Max Drawdown (1Y)

Largest decline over 1 year

-6.55%

-7.08%

+0.53%

Max Drawdown (3Y)

Largest decline over 3 years

-19.29%

-17.48%

-1.81%

Max Drawdown (5Y)

Largest decline over 5 years

-19.29%

-17.48%

-1.81%

Max Drawdown (10Y)

Largest decline over 10 years

-24.29%

-24.98%

+0.69%

Current Drawdown

Current decline from peak

-0.13%

-0.48%

+0.35%

Average Drawdown

Average peak-to-trough decline

-3.25%

-3.30%

+0.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.64%

1.74%

-0.10%

Volatility

MXWS.L vs. VWRL.L - Volatility Comparison

The current volatility for Invesco MSCI World UCITS ETF (MXWS.L) is 2.51%, while Vanguard FTSE All-World UCITS ETF Distributing (VWRL.L) has a volatility of 2.97%. This indicates that MXWS.L experiences smaller price fluctuations and is considered to be less risky than VWRL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MXWS.LVWRL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.51%

2.97%

-0.46%

Volatility (6M)

Calculated over the trailing 6-month period

7.41%

7.64%

-0.23%

Volatility (1Y)

Calculated over the trailing 1-year period

10.16%

10.34%

-0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.33%

12.86%

+0.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.45%

14.25%

+1.20%

MXWS.L vs. VWRL.L - Expense Ratio Comparison

Both MXWS.L and VWRL.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

MXWS.L vs. VWRL.L - Dividend Comparison

MXWS.L has not paid dividends to shareholders, while VWRL.L's dividend yield for the trailing twelve months is around 1.24%.

PositionTTM20252024202320222021202020192018201720162015
MXWS.L
Invesco MSCI World UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VWRL.L
Vanguard FTSE All-World UCITS ETF Distributing		1.24%1.39%1.49%1.72%2.03%1.45%1.58%1.95%2.22%1.90%1.85%2.00%

Frequently Asked Questions

With a correlation of 0.96, MXWS.L and VWRL.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

MXWS.L and VWRL.L have the same expense ratio: 0.19% per year.

MXWS.L tracks MSCI ACWI NR USD, while VWRL.L tracks FTSE All-World Index. They also come from different issuers: Invesco and Vanguard.

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