T1AP.L vs. FWRG.L
T1AP.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) and FWRG.L (Invesco FTSE All-World UCITS ETF Acc) are both exchange-traded funds - T1AP.L is a Ultrashort Bond fund tracking the Bloomberg US Treasury Coupons Index, while FWRG.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 16.36%/yr for FWRG.L. At a 0.42 correlation, their price movements are largely independent. T1AP.L charges 0.06%/yr vs 0.15%/yr for FWRG.L.
Performance
T1AP.L vs. FWRG.L - Performance Comparison
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Different Trading Currencies
T1AP.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, T1AP.L achieves a 2.33% return, which is significantly lower than FWRG.L's 10.70% return.
T1AP.L
- 1D
- 0.32%
- 1M
- 0.33%
- 6M
- 1.66%
- YTD
- 2.33%
- 1Y
- 4.09%
- 3Y*
- 3.94%
- 5Y*
- 4.05%
- 10Y*
- —
FWRG.L
- 1D
- 0.00%
- 1M
- -2.83%
- 6M
- 7.14%
- YTD
- 10.70%
- 1Y
- 21.64%
- 3Y*
- 16.36%
- 5Y*
- —
- 10Y*
- —
T1AP.L vs. FWRG.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% |
FWRG.L Invesco FTSE All-World UCITS ETF Acc | 9.82% | 5.73% | 22.20% | 8,517.88% |
Correlation
The correlation between T1AP.L and FWRG.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.42 |
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Return for Risk
T1AP.L vs. FWRG.L — Risk / Return Rank
T1AP.L
FWRG.L
T1AP.L vs. FWRG.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 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.
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 | FWRG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.30 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 3.22 | -2.13 |
| Martin ratioReturn relative to average drawdown | 2.77 | 8.11 | -5.33 |
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Drawdowns
T1AP.L vs. FWRG.L - Drawdown Comparison
The maximum T1AP.L drawdown since its inception was -21.77%, roughly equal to the maximum FWRG.L drawdown of -22.64%. Use the drawdown chart below to compare losses from any high point for T1AP.L and FWRG.L.
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Drawdown Indicators
| T1AP.L | FWRG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -22.64% | +0.87% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -6.70% | +2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -21.77% | -22.64% | +0.87% |
Max Drawdown (5Y)Largest decline over 5 years | -21.77% | — | — |
Current DrawdownCurrent decline from peak | -15.88% | -4.18% | -11.70% |
Average DrawdownAverage peak-to-trough decline | -14.05% | -4.17% | -9.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 2.66% | -0.91% |
Volatility
T1AP.L vs. FWRG.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 Acc (FWRG.L) has a volatility of 3.48%. This indicates that T1AP.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.
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Volatility by Period
| T1AP.L | FWRG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 3.48% | -1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 9.78% | -4.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.41% | 13.18% | -6.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.32% | 4,414.56% | -4,398.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2,962.48% | 4,414.56% | -1,452.08% |
T1AP.L vs. FWRG.L - Expense Ratio Comparison
T1AP.L has a 0.06% expense ratio, which is lower than FWRG.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. FWRG.L - Dividend Comparison
Neither T1AP.L nor FWRG.L has paid dividends to shareholders.
Frequently Asked Questions
T1AP.L and FWRG.L have a correlation of 0.33, 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 FWRG.L.
T1AP.L is categorized as Ultrashort Bond, while FWRG.L is Global Equities. T1AP.L tracks Bloomberg US Treasury Coupons Index, while FWRG.L tracks FTSE All-World Index. Their fees differ too: 0.06% for T1AP.L and 0.15% for FWRG.L.
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