TRXS.L vs. FWRA.L

Last updated Jul 16, 2026

TRXS.L (Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged Dist) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both exchange-traded funds - TRXS.L is a Government Bonds fund tracking the Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged Dist, while FWRA.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 3 years, TRXS.L returned 2.46%/yr vs 17.79%/yr for FWRA.L. At a 0.07 correlation, their price movements are largely independent. TRXS.L charges 0.10%/yr vs 0.15%/yr for FWRA.L.

Performance

TRXS.L vs. FWRA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged Dist (TRXS.L) and Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TRXS.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, TRXS.L achieves a -1.00% return, which is significantly lower than FWRA.L's 10.60% return.

TRXS.L

• 1D: -0.06%
• 1M: -0.33%
• 6M: -0.90%
• YTD: -1.00%
• 1Y: 3.67%
• 3Y*: 2.46%
• 5Y*: -1.97%
• 10Y*: —

FWRA.L

• 1D: -0.93%
• 1M: -1.51%
• 6M: 8.83%
• YTD: 10.60%
• 1Y: 22.24%
• 3Y*: 17.79%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
TRXS.L Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged Dist	-1.00%	8.01%	-0.64%	0.87%
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation	10.60%	13.69%	20.10%	9.85%

Correlation

The correlation between TRXS.L and FWRA.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.07

The correlation between TRXS.L and FWRA.L shifts across timeframes, from 0.07 (3 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

TRXS.L

TRXS.L Risk / Return Rank: 25
TRXS.L Sharpe Ratio Rank: 27
TRXS.L Sortino Ratio Rank: 26
TRXS.L Omega Ratio Rank: 24
TRXS.L Calmar Ratio Rank: 23
TRXS.L Martin Ratio Rank: 23

FWRA.L

FWRA.L Risk / Return Rank: 72
FWRA.L Sharpe Ratio Rank: 71
FWRA.L Sortino Ratio Rank: 77
FWRA.L Omega Ratio Rank: 72
FWRA.L Calmar Ratio Rank: 67
FWRA.L Martin Ratio Rank: 73

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged Dist (TRXS.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.

	TRXS.L	FWRA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.80	-0.99
Sortino ratio: Return per unit of downside risk	1.20	2.62	-1.42
Omega ratio: Gain probability vs. loss probability	1.14	1.34	-0.20
Calmar ratio: Return relative to maximum drawdown	0.88	3.20	-2.32
Martin ratio: Return relative to average drawdown	2.36	11.68	-9.32

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

The current TRXS.L Sharpe Ratio is 0.80, which is lower than the FWRA.L Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of TRXS.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.

Drawdowns

TRXS.L vs. FWRA.L - Drawdown Comparison

The maximum TRXS.L drawdown since its inception was -25.32%, 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 TRXS.L and FWRA.L.

Drawdown Indicators

	TRXS.L	FWRA.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.32%	-17.88%	-7.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.09%	-6.94%	+2.85%
Max Drawdown (3Y) Largest decline over 3 years	-7.53%	-17.88%	+10.35%
Max Drawdown (5Y) Largest decline over 5 years	-22.78%	—	—
Current Drawdown Current decline from peak	-13.54%	-2.57%	-10.97%
Average Drawdown Average peak-to-trough decline	-11.27%	-2.04%	-9.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	1.90%	-0.37%

Volatility

TRXS.L vs. FWRA.L - Volatility Comparison

The current volatility for Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged Dist (TRXS.L) is 1.24%, while Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) has a volatility of 3.33%. This indicates that TRXS.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

	TRXS.L	FWRA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	3.33%	-2.09%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	10.05%	-6.64%
Volatility (1Y) Calculated over the trailing 1-year period	4.49%	12.38%	-7.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.52%	13.05%	-5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.87%	13.05%	-6.18%

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

TRXS.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

TRXS.L vs. FWRA.L - Dividend Comparison

TRXS.L's dividend yield for the trailing twelve months is around 4.29%, while FWRA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
TRXS.L Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged Dist	4.29%	4.11%	4.30%	3.44%	2.42%	1.59%	1.77%	2.00%

Frequently Asked Questions

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

TRXS.L and FWRA.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, TRXS.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, TRXS.L or FWRA.L?

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

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

TRXS.L is categorized as Government Bonds, while FWRA.L is Global Equities. TRXS.L tracks Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged Dist, while FWRA.L tracks FTSE All-World Index. Their fees differ too: 0.10% for TRXS.L and 0.15% for FWRA.L.