PAES.L vs. FWRA.L
PAES.L (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both exchange-traded funds - PAES.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while FWRA.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past year, PAES.L returned 16.30% vs 28.68% for FWRA.L. A 0.66 correlation means they provide meaningful diversification when combined. PAES.L charges 0.16%/yr vs 0.15%/yr for FWRA.L.
Performance
PAES.L vs. FWRA.L - Performance Comparison
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Different Trading Currencies
PAES.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, PAES.L achieves a 7.62% return, which is significantly lower than FWRA.L's 11.97% return.
PAES.L
- 1D
- -1.03%
- 1M
- 1.99%
- YTD
- 7.62%
- 6M
- 7.96%
- 1Y
- 16.30%
- 3Y*
- 12.56%
- 5Y*
- —
- 10Y*
- —
FWRA.L
- 1D
- 0.40%
- 1M
- 1.60%
- YTD
- 11.97%
- 6M
- 12.25%
- 1Y
- 28.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAES.L vs. FWRA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PAES.L Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc | 7.62% | 19.00% | 1.22% | 10.03% |
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation | 11.97% | 13.69% | 20.10% | 9.85% |
Correlation
The correlation between PAES.L and FWRA.L is 0.66, 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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.66 |
The correlation between PAES.L and FWRA.L has been stable across timeframes, ranging from 0.66 to 0.66 - a consistent structural relationship.
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Return for Risk
PAES.L vs. FWRA.L — Risk / Return Rank
PAES.L
FWRA.L
PAES.L vs. FWRA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.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.
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.
| PAES.L | FWRA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | +168.14 | ||
| Omega ratioGain probability vs. loss probability | 82.48 | 1.45 | +81.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 4.13 | -3.96 |
| Martin ratioReturn relative to average drawdown | 0.80 | 15.48 | -14.68 |
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Drawdowns
PAES.L vs. FWRA.L - Drawdown Comparison
The maximum PAES.L drawdown since its inception was -99.03%, which is greater than FWRA.L's maximum drawdown of -17.88%. Use the drawdown chart below to compare losses from any high point for PAES.L and FWRA.L.
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Drawdown Indicators
| PAES.L | FWRA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.03% | -17.88% | -81.15% |
Max Drawdown (1Y)Largest decline over 1 year | -99.03% | -6.94% | -92.09% |
Max Drawdown (3Y)Largest decline over 3 years | -99.03% | -17.88% | -81.15% |
Current DrawdownCurrent decline from peak | -1.05% | -1.36% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -2.05% | -4.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.84% | 1.85% | +19.99% |
Volatility
PAES.L vs. FWRA.L - Volatility Comparison
The current volatility for Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) is 3.24%, while Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) has a volatility of 4.03%. This indicates that PAES.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
| PAES.L | FWRA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.24% | 4.03% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 10.96% | 9.81% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 17,060.70% | 12.25% | +17,048.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8,952.50% | 13.08% | +8,939.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8,952.50% | 13.08% | +8,939.42% |
PAES.L vs. FWRA.L - Expense Ratio Comparison
PAES.L has a 0.16% expense ratio, which is higher than FWRA.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PAES.L vs. FWRA.L - Dividend Comparison
Neither PAES.L nor FWRA.L has paid dividends to shareholders.
Frequently Asked Questions
PAES.L and FWRA.L have a correlation of 0.66, 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 0.16% for PAES.L.
PAES.L is categorized as Europe Equities, while FWRA.L is Global Equities. PAES.L tracks MSCI Europe NR EUR, while FWRA.L tracks FTSE All-World Index. Their fees differ too: 0.16% for PAES.L and 0.15% for FWRA.L.
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