T1AP.L vs. FWRA.L
T1AP.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both exchange-traded funds - T1AP.L is a Ultrashort Bond fund tracking the Bloomberg US Treasury Coupons Index, while FWRA.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 3 years, T1AP.L returned 3.94%/yr vs 17.92%/yr for FWRA.L. At a correlation of -0.04, they often move in opposite directions. T1AP.L charges 0.06%/yr vs 0.15%/yr for FWRA.L.
Performance
T1AP.L vs. FWRA.L - Performance Comparison
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Different Trading Currencies
T1AP.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, T1AP.L achieves a 2.33% return, which is significantly lower than FWRA.L's 10.90% return.
T1AP.L
- 1D
- 0.32%
- 1M
- 0.55%
- 6M
- 1.70%
- YTD
- 2.33%
- 1Y
- 4.49%
- 3Y*
- 3.94%
- 5Y*
- 4.05%
- 10Y*
- —
FWRA.L
- 1D
- 0.33%
- 1M
- -1.00%
- 6M
- 7.72%
- YTD
- 10.90%
- 1Y
- 23.68%
- 3Y*
- 17.92%
- 5Y*
- —
- 10Y*
- —
T1AP.L vs. FWRA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
T1AP.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) | 2.33% | -2.78% | 6.89% | 2.61% |
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation | 10.90% | 13.69% | 20.10% | 9.85% |
Correlation
The correlation between T1AP.L and FWRA.L is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | -0.04 |
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Return for Risk
T1AP.L vs. FWRA.L — Risk / Return Rank
T1AP.L
FWRA.L
T1AP.L vs. FWRA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.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.
| T1AP.L | FWRA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.36 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 3.41 | -2.33 |
| Martin ratioReturn relative to average drawdown | 2.77 | 12.40 | -9.63 |
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Drawdowns
T1AP.L vs. FWRA.L - Drawdown Comparison
The maximum T1AP.L drawdown since its inception was -21.77%, 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 T1AP.L and FWRA.L.
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Drawdown Indicators
| T1AP.L | FWRA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -17.88% | -3.89% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -6.94% | +2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -21.77% | -17.88% | -3.89% |
Max Drawdown (5Y)Largest decline over 5 years | -21.77% | — | — |
Current DrawdownCurrent decline from peak | -15.88% | -2.30% | -13.58% |
Average DrawdownAverage peak-to-trough decline | -14.05% | -2.04% | -12.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.91% | -0.16% |
Volatility
T1AP.L vs. FWRA.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L) is 1.64%, while Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) has a volatility of 3.13%. This indicates that T1AP.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
| T1AP.L | FWRA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 3.13% | -1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 9.99% | -5.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.41% | 12.39% | -5.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.32% | 13.04% | +3.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2,962.48% | 13.04% | +2,949.44% |
T1AP.L vs. FWRA.L - Expense Ratio Comparison
T1AP.L has a 0.06% 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
T1AP.L vs. FWRA.L - Dividend Comparison
Neither T1AP.L nor FWRA.L has paid dividends to shareholders.
Frequently Asked Questions
T1AP.L and FWRA.L have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, T1AP.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
T1AP.L is cheaper with a 0.06% expense ratio, compared with 0.15% for FWRA.L.
T1AP.L is categorized as Ultrashort Bond, while FWRA.L is Global Equities. T1AP.L tracks Bloomberg US Treasury Coupons Index, while FWRA.L tracks FTSE All-World Index. Their fees differ too: 0.06% for T1AP.L and 0.15% for FWRA.L.
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