SPAP.L vs. FWRG.L
SPAP.L (Invesco Physical Palladium) and FWRG.L (Invesco FTSE All-World UCITS ETF Acc) are both exchange-traded funds - SPAP.L is a Precious Metals fund tracking the Palladium, while FWRG.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past year, SPAP.L returned 33.92% vs 31.35% for FWRG.L. At a 0.14 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.15%/yr for FWRG.L.
Performance
SPAP.L vs. FWRG.L - Performance Comparison
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Different Trading Currencies
SPAP.L is traded in GBp, while FWRG.L is traded in USD. To make them comparable, the FWRG.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPAP.L achieves a -16.50% return, which is significantly lower than FWRG.L's 12.38% return.
SPAP.L
- 1D
- -1.09%
- 1M
- -11.47%
- YTD
- -16.50%
- 6M
- -9.54%
- 1Y
- 33.92%
- 3Y*
- -4.77%
- 5Y*
- -13.39%
- 10Y*
- 9.55%
FWRG.L
- 1D
- 0.00%
- 1M
- 6.33%
- YTD
- 12.38%
- 6M
- 11.63%
- 1Y
- 31.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAP.L vs. FWRG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPAP.L Invesco Physical Palladium | -16.50% | 62.74% | -17.91% | -9.86% |
FWRG.L Invesco FTSE All-World UCITS ETF Acc | 12.37% | 5.73% | 22.20% | 7.05% |
Correlation
The correlation between SPAP.L and FWRG.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023 | 0.15 |
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Return for Risk
SPAP.L vs. FWRG.L — Risk / Return Rank
SPAP.L
FWRG.L
SPAP.L vs. FWRG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.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.
| SPAP.L | FWRG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.44 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 4.66 | -3.75 |
| Martin ratioReturn relative to average drawdown | 2.00 | 12.25 | -10.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPAP.L | FWRG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 2.45 | -1.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 1.10 | -0.94 |
Drawdowns
SPAP.L vs. FWRG.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, which is greater than FWRG.L's maximum drawdown of -22.64%. Use the drawdown chart below to compare losses from any high point for SPAP.L and FWRG.L.
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Drawdown Indicators
| SPAP.L | FWRG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -22.64% | -48.25% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -6.70% | -30.49% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | — | — |
Current DrawdownCurrent decline from peak | -57.83% | -0.12% | -57.71% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -4.29% | -22.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 2.55% | +14.33% |
Volatility
SPAP.L vs. FWRG.L - Volatility Comparison
Invesco Physical Palladium (SPAP.L) has a higher volatility of 9.69% compared to Invesco FTSE All-World UCITS ETF Acc (FWRG.L) at 3.57%. This indicates that SPAP.L's price experiences larger fluctuations and is considered to be riskier than FWRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAP.L | FWRG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 3.57% | +6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 9.19% | +27.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 12.72% | +31.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 14.76% | +26.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 14.76% | +22.62% |
SPAP.L vs. FWRG.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is higher than FWRG.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
SPAP.L vs. FWRG.L - Dividend Comparison
Neither SPAP.L nor FWRG.L has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and FWRG.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FWRG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FWRG.L is cheaper with a 0.15% expense ratio, compared with 0.19% for SPAP.L.
SPAP.L is categorized as Precious Metals, while FWRG.L is Global Equities. SPAP.L tracks Palladium, while FWRG.L tracks FTSE All-World Index. Their fees differ too: 0.19% for SPAP.L and 0.15% for FWRG.L.
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