PUIP.L vs. FTWG.L

Last updated Jul 16, 2026

PUIP.L (Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged) and FTWG.L (Invesco FTSE All-World UCITS ETF USD Dist) are both exchange-traded funds - PUIP.L is a Corporate Bonds fund tracking the Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged, while FTWG.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 3 years, PUIP.L returned 4.25%/yr vs 17.94%/yr for FTWG.L. At a 0.23 correlation, their price movements are largely independent. PUIP.L charges 0.12%/yr vs 0.15%/yr for FTWG.L.

Performance

PUIP.L vs. FTWG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (PUIP.L) and Invesco FTSE All-World UCITS ETF USD Dist (FTWG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PUIP.L achieves a -0.60% return, which is significantly lower than FTWG.L's 10.82% return.

PUIP.L

• 1D: 0.01%
• 1M: -1.05%
• 6M: -0.71%
• YTD: -0.60%
• 1Y: 4.01%
• 3Y*: 4.25%
• 5Y*: -0.67%
• 10Y*: —

FTWG.L

• 1D: -0.68%
• 1M: -1.15%
• 6M: 9.12%
• YTD: 10.82%
• 1Y: 22.80%
• 3Y*: 17.94%
• 5Y*: —
• 10Y*: —

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

PUIP.L vs. FTWG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged	-0.60%	7.40%	1.97%	4.24%
FTWG.L Invesco FTSE All-World UCITS ETF USD Dist	10.82%	14.12%	19.92%	-13.67%

Correlation

The correlation between PUIP.L and FTWG.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.23

The correlation between PUIP.L and FTWG.L shifts across timeframes, from 0.22 (3 years) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PUIP.L vs. FTWG.L — Risk / Return Rank

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

PUIP.L

PUIP.L Risk / Return Rank: 28
PUIP.L Sharpe Ratio Rank: 27
PUIP.L Sortino Ratio Rank: 26
PUIP.L Omega Ratio Rank: 24
PUIP.L Calmar Ratio Rank: 30
PUIP.L Martin Ratio Rank: 32

FTWG.L

FTWG.L Risk / Return Rank: 81
FTWG.L Sharpe Ratio Rank: 82
FTWG.L Sortino Ratio Rank: 82
FTWG.L Omega Ratio Rank: 83
FTWG.L Calmar Ratio Rank: 77
FTWG.L Martin Ratio Rank: 81

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.

PUIP.L vs. FTWG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (PUIP.L) and Invesco FTSE All-World UCITS ETF USD Dist (FTWG.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.

	PUIP.L	FTWG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.09	-1.27
Sortino ratio: Return per unit of downside risk	1.21	2.92	-1.71
Omega ratio: Gain probability vs. loss probability	1.14	1.39	-0.24
Calmar ratio: Return relative to maximum drawdown	1.27	3.19	-1.92
Martin ratio: Return relative to average drawdown	3.81	12.44	-8.63

PUIP.L vs. FTWG.L - Sharpe Ratio Comparison

The current PUIP.L Sharpe Ratio is 0.82, which is lower than the FTWG.L Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of PUIP.L and FTWG.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.

Drawdowns

PUIP.L vs. FTWG.L - Drawdown Comparison

The maximum PUIP.L drawdown since its inception was -22.48%, roughly equal to the maximum FTWG.L drawdown of -22.14%. Use the drawdown chart below to compare losses from any high point for PUIP.L and FTWG.L.

Drawdown Indicators

	PUIP.L	FTWG.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.48%	-22.14%	-0.34%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-7.11%	+4.13%
Max Drawdown (3Y) Largest decline over 3 years	-5.86%	-17.78%	+11.92%
Max Drawdown (5Y) Largest decline over 5 years	-22.43%	—	—
Current Drawdown Current decline from peak	-4.38%	-1.99%	-2.39%
Average Drawdown Average peak-to-trough decline	-8.30%	-6.53%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.83%	-0.83%

Volatility

PUIP.L vs. FTWG.L - Volatility Comparison

The current volatility for Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (PUIP.L) is 1.09%, while Invesco FTSE All-World UCITS ETF USD Dist (FTWG.L) has a volatility of 3.21%. This indicates that PUIP.L experiences smaller price fluctuations and is considered to be less risky than FTWG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PUIP.L	FTWG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	3.21%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	3.58%	8.46%	-4.88%
Volatility (1Y) Calculated over the trailing 1-year period	4.63%	10.88%	-6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.08%	16.63%	-9.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.99%	16.63%	-8.64%

PUIP.L vs. FTWG.L - Expense Ratio Comparison

PUIP.L has a 0.12% expense ratio, which is lower than FTWG.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

PUIP.L vs. FTWG.L - Dividend Comparison

PUIP.L's dividend yield for the trailing twelve months is around 4.99%, more than FTWG.L's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FTWG.L Invesco FTSE All-World UCITS ETF USD Dist	1.26%	1.34%	1.50%	0.70%	0.00%	0.00%	0.00%
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged	4.99%	4.72%	4.73%	4.00%	2.99%	2.31%	2.85%

Frequently Asked Questions

Can I hold both PUIP.L and FTWG.L in my portfolio?

PUIP.L and FTWG.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PUIP.L or FTWG.L?

On fees, PUIP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PUIP.L or FTWG.L?

PUIP.L is cheaper with a 0.12% expense ratio, compared with 0.15% for FTWG.L.

What is the main difference between PUIP.L and FTWG.L?

PUIP.L is categorized as Corporate Bonds, while FTWG.L is Global Equities. PUIP.L tracks Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged, while FTWG.L tracks FTSE All-World Index. Their fees differ too: 0.12% for PUIP.L and 0.15% for FTWG.L.