PQVM.L vs. FWRG.L

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P 500 QVM UCITS ETF (PQVM.L) and Invesco FTSE All-World UCITS ETF Acc (FWRG.L).

PQVM.L and FWRG.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PQVM.L is a passively managed fund by Invesco that tracks the performance of the S&P 500 Quality, Value, and Momentum Multi-Factor Index. It was launched on May 18, 2017. FWRG.L is a passively managed fund by Invesco that tracks the performance of the FTSE All-World Index. It was launched on Feb 20, 2024. Both PQVM.L and FWRG.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PQVM.L vs. FWRG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 QVM UCITS ETF (PQVM.L) and Invesco FTSE All-World UCITS ETF Acc (FWRG.L). The values are adjusted to include any dividend payments, if applicable.

PQVM.L vs. FWRG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PQVM.L Invesco S&P 500 QVM UCITS ETF	2.67%	13.66%	30.17%	9.17%
FWRG.L Invesco FTSE All-World UCITS ETF Acc	-2.48%	13.84%	20.11%	8.08%

Returns By Period

In the year-to-date period, PQVM.L achieves a 2.67% return, which is significantly higher than FWRG.L's -2.48% return.

PQVM.L

• 1D: 0.13%
• 1M: -4.65%
• YTD: 2.67%
• 6M: 3.25%
• 1Y: 15.68%
• 3Y*: 18.28%
• 5Y*: 13.86%
• 10Y*: —

FWRG.L

• 1D: 0.33%
• 1M: -6.18%
• YTD: -2.48%
• 6M: 1.64%
• 1Y: 17.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PQVM.L vs. FWRG.L - Expense Ratio Comparison

PQVM.L has a 0.35% expense ratio, which is higher than FWRG.L's 0.15% expense ratio.

PQVM.L

Invesco S&P 500 QVM UCITS ETF

FWRG.L

Invesco FTSE All-World UCITS ETF Acc

Return for Risk

PQVM.L vs. FWRG.L — Risk / Return Rank

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

PQVM.L

PQVM.L Risk / Return Rank: 60
PQVM.L Sharpe Ratio Rank: 60
PQVM.L Sortino Ratio Rank: 61
PQVM.L Omega Ratio Rank: 61
PQVM.L Calmar Ratio Rank: 49
PQVM.L Martin Ratio Rank: 70

FWRG.L

FWRG.L Risk / Return Rank: 71
FWRG.L Sharpe Ratio Rank: 73
FWRG.L Sortino Ratio Rank: 72
FWRG.L Omega Ratio Rank: 73
FWRG.L Calmar Ratio Rank: 66
FWRG.L Martin Ratio Rank: 69

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.

PQVM.L vs. FWRG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 QVM UCITS ETF (PQVM.L) and Invesco FTSE All-World UCITS ETF Acc (FWRG.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.

	PQVM.L	FWRG.L	Difference
Sharpe ratio Return per unit of total volatility	1.04	1.25	-0.21
Sortino ratio Return per unit of downside risk	1.53	1.74	-0.21
Omega ratio Gain probability vs. loss probability	1.22	1.26	-0.04
Calmar ratio Return relative to maximum drawdown	1.23	1.59	-0.35
Martin ratio Return relative to average drawdown	7.05	6.64	+0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQVM.L vs. FWRG.L - Sharpe Ratio Comparison

The current PQVM.L Sharpe Ratio is 1.04, which is comparable to the FWRG.L Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of PQVM.L and FWRG.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PQVM.L	FWRG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	1.25	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.14	-0.35

Correlation

The correlation between PQVM.L and FWRG.L is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PQVM.L vs. FWRG.L - Dividend Comparison

PQVM.L's dividend yield for the trailing twelve months is around 0.88%, while FWRG.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVM.L Invesco S&P 500 QVM UCITS ETF	0.88%	0.82%	0.84%	1.58%	1.79%	0.89%	1.48%	1.38%	1.68%	0.71%
FWRG.L Invesco FTSE All-World UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PQVM.L vs. FWRG.L - Drawdown Comparison

The maximum PQVM.L drawdown since its inception was -34.42%, which is greater than FWRG.L's maximum drawdown of -18.88%. Use the drawdown chart below to compare losses from any high point for PQVM.L and FWRG.L.

Drawdown Indicators

	PQVM.L	FWRG.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.42%	-18.88%	-15.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.81%	-10.08%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-17.35%	—	—
Current Drawdown Current decline from peak	-4.70%	-6.18%	+1.48%
Average Drawdown Average peak-to-trough decline	-3.96%	-2.37%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.40%	-0.33%

Volatility

PQVM.L vs. FWRG.L - Volatility Comparison

The current volatility for Invesco S&P 500 QVM UCITS ETF (PQVM.L) is 3.99%, while Invesco FTSE All-World UCITS ETF Acc (FWRG.L) has a volatility of 4.24%. This indicates that PQVM.L experiences smaller price fluctuations and is considered to be less risky than FWRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQVM.L	FWRG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	4.24%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	7.89%	8.00%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	13.80%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	12.43%	+3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	12.43%	+4.76%