PUIG.L vs. FWRA.L

Last updated Jun 5, 2026

PUIG.L (Invesco USD Corporate Bond UCITS ETF Dist) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both exchange-traded funds - PUIG.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while FWRA.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past year, PUIG.L returned 5.17% vs 28.82% for FWRA.L. At a 0.28 correlation, their price movements are largely independent. PUIG.L charges 0.10%/yr vs 0.15%/yr for FWRA.L.

Performance

PUIG.L vs. FWRA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco USD Corporate Bond UCITS ETF Dist (PUIG.L) and Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PUIG.L achieves a 0.25% return, which is significantly lower than FWRA.L's 11.59% return.

PUIG.L

• 1D: 0.27%
• 1M: 0.46%
• YTD: 0.25%
• 6M: 0.43%
• 1Y: 5.17%
• 3Y*: 5.14%
• 5Y*: 0.61%
• 10Y*: —

FWRA.L

• 1D: -0.13%
• 1M: 4.28%
• YTD: 11.59%
• 6M: 13.01%
• 1Y: 28.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PUIG.L vs. FWRA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PUIG.L Invesco USD Corporate Bond UCITS ETF Dist	0.25%	7.78%	2.32%	4.57%
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation	11.59%	22.37%	18.07%	9.23%

Correlation

The correlation between PUIG.L and FWRA.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.28

The correlation between PUIG.L and FWRA.L shifts across timeframes, from 0.28 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PUIG.L vs. FWRA.L — Risk / Return Rank

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

PUIG.L

PUIG.L Risk / Return Rank: 41
PUIG.L Sharpe Ratio Rank: 38
PUIG.L Sortino Ratio Rank: 39
PUIG.L Omega Ratio Rank: 36
PUIG.L Calmar Ratio Rank: 51
PUIG.L Martin Ratio Rank: 42

FWRA.L

FWRA.L Risk / Return Rank: 73
FWRA.L Sharpe Ratio Rank: 72
FWRA.L Sortino Ratio Rank: 78
FWRA.L Omega Ratio Rank: 73
FWRA.L Calmar Ratio Rank: 66
FWRA.L Martin Ratio Rank: 74

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.

PUIG.L vs. FWRA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco USD Corporate Bond UCITS ETF Dist (PUIG.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.

	PUIG.L	FWRA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.32	-1.00
Sortino ratio: Return per unit of downside risk	1.97	3.44	-1.47
Omega ratio: Gain probability vs. loss probability	1.23	1.43	-0.20
Calmar ratio: Return relative to maximum drawdown	2.45	3.27	-0.82
Martin ratio: Return relative to average drawdown	6.61	13.70	-7.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PUIG.L vs. FWRA.L - Sharpe Ratio Comparison

The current PUIG.L Sharpe Ratio is 1.32, which is lower than the FWRA.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of PUIG.L and FWRA.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

	PUIG.L	FWRA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	2.32	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.56	-1.10

Drawdowns

PUIG.L vs. FWRA.L - Drawdown Comparison

The maximum PUIG.L drawdown since its inception was -21.72%, which is greater than FWRA.L's maximum drawdown of -16.60%. Use the drawdown chart below to compare losses from any high point for PUIG.L and FWRA.L.

Drawdown Indicators

	PUIG.L	FWRA.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.72%	-16.60%	-5.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-8.74%	+5.89%
Max Drawdown (3Y) Largest decline over 3 years	-5.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.72%	—	—
Current Drawdown Current decline from peak	-0.90%	-0.77%	-0.13%
Average Drawdown Average peak-to-trough decline	-6.86%	-1.93%	-4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	2.09%	-1.04%

Volatility

PUIG.L vs. FWRA.L - Volatility Comparison

The current volatility for Invesco USD Corporate Bond UCITS ETF Dist (PUIG.L) is 1.73%, while Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) has a volatility of 3.80%. This indicates that PUIG.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.

Volatility by Period

	PUIG.L	FWRA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	3.80%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	9.86%	-6.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.31%	12.32%	-7.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.78%	13.52%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.95%	13.52%	-2.57%

PUIG.L vs. FWRA.L - Expense Ratio Comparison

PUIG.L has a 0.10% expense ratio, which is lower than FWRA.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PUIG.L vs. FWRA.L - Dividend Comparison

PUIG.L's dividend yield for the trailing twelve months is around 4.92%, while FWRA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PUIG.L Invesco USD Corporate Bond UCITS ETF Dist	4.92%	4.83%	4.76%	4.03%	2.94%	2.33%	2.81%	3.15%	3.32%

Frequently Asked Questions

Can I hold both PUIG.L and FWRA.L in my portfolio?

PUIG.L and FWRA.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PUIG.L or FWRA.L?

On fees, PUIG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PUIG.L or FWRA.L?

PUIG.L is cheaper with a 0.10% expense ratio, compared with 0.15% for FWRA.L.

What is the main difference between PUIG.L and FWRA.L?

PUIG.L is categorized as Corporate Bonds, while FWRA.L is Global Equities. PUIG.L tracks Bloomberg US Corp Bond TR USD, while FWRA.L tracks FTSE All-World Index. Their fees differ too: 0.10% for PUIG.L and 0.15% for FWRA.L.