TSWE.L vs. VPAC.L

Last updated Jul 16, 2026

TSWE.L (VanEck World Equal Weight Screened UCITS ETF) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds - TSWE.L tracks the VanEck World Equal Weight Screened UCITS ETF while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, TSWE.L returned 10.79%/yr vs 3.51%/yr for VPAC.L. A 0.52 correlation means they provide meaningful diversification when combined. TSWE.L charges 0.20%/yr vs 0.50%/yr for VPAC.L.

Performance

TSWE.L vs. VPAC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck World Equal Weight Screened UCITS ETF (TSWE.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSWE.L achieves a 13.54% return, which is significantly higher than VPAC.L's 2.04% return.

TSWE.L

• 1D: -0.01%
• 1M: -0.24%
• 6M: 11.06%
• YTD: 13.54%
• 1Y: 26.45%
• 3Y*: 18.83%
• 5Y*: 10.79%
• 10Y*: 0.54%

VPAC.L

• 1D: -0.12%
• 1M: 0.03%
• 6M: 1.83%
• YTD: 2.04%
• 1Y: 5.32%
• 3Y*: 8.42%
• 5Y*: 3.51%
• 10Y*: —

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

TSWE.L vs. VPAC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TSWE.L VanEck World Equal Weight Screened UCITS ETF	13.54%	27.64%	9.78%	20.41%	-17.42%	22.23%	23.38%	-61.63%	-4.11%
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD	2.04%	6.34%	10.84%	9.27%	-9.70%	3.64%	4.81%	17.14%	-1.27%

Correlation

The correlation between TSWE.L and VPAC.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018	0.52

The correlation between TSWE.L and VPAC.L has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.

Return for Risk

TSWE.L vs. VPAC.L — Risk / Return Rank

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

TSWE.L

TSWE.L Risk / Return Rank: 67
TSWE.L Sharpe Ratio Rank: 67
TSWE.L Sortino Ratio Rank: 72
TSWE.L Omega Ratio Rank: 68
TSWE.L Calmar Ratio Rank: 63
TSWE.L Martin Ratio Rank: 67

VPAC.L

VPAC.L Risk / Return Rank: 65
VPAC.L Sharpe Ratio Rank: 60
VPAC.L Sortino Ratio Rank: 64
VPAC.L Omega Ratio Rank: 67
VPAC.L Calmar Ratio Rank: 63
VPAC.L Martin Ratio Rank: 69

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.

TSWE.L vs. VPAC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck World Equal Weight Screened UCITS ETF (TSWE.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.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.

	TSWE.L	VPAC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.63	+0.12
Sortino ratio: Return per unit of downside risk	2.60	2.40	+0.20
Omega ratio: Gain probability vs. loss probability	1.32	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	2.55	2.54	0.00
Martin ratio: Return relative to average drawdown	9.55	9.98	-0.44

TSWE.L vs. VPAC.L - Sharpe Ratio Comparison

The current TSWE.L Sharpe Ratio is 1.75, which is comparable to the VPAC.L Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of TSWE.L and VPAC.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

TSWE.L vs. VPAC.L - Drawdown Comparison

The maximum TSWE.L drawdown since its inception was -76.86%, which is greater than VPAC.L's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for TSWE.L and VPAC.L.

Drawdown Indicators

	TSWE.L	VPAC.L	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-34.25%	-42.61%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-2.02%	-8.46%
Max Drawdown (3Y) Largest decline over 3 years	-16.43%	-3.40%	-13.03%
Max Drawdown (5Y) Largest decline over 5 years	-28.31%	-13.89%	-14.42%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	—	—
Current Drawdown Current decline from peak	-19.17%	-0.33%	-18.84%
Average Drawdown Average peak-to-trough decline	-31.89%	-3.14%	-28.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.52%	+2.28%

Volatility

TSWE.L vs. VPAC.L - Volatility Comparison

VanEck World Equal Weight Screened UCITS ETF (TSWE.L) has a higher volatility of 3.58% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that TSWE.L's price experiences larger fluctuations and is considered to be riskier than VPAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSWE.L	VPAC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	0.74%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	12.95%	2.28%	+10.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	3.17%	+12.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	5.30%	+10.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.67%	11.00%	+16.67%

TSWE.L vs. VPAC.L - Expense Ratio Comparison

TSWE.L has a 0.20% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.

Dividends

TSWE.L vs. VPAC.L - Dividend Comparison

TSWE.L's dividend yield for the trailing twelve months is around 1.81%, while VPAC.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSWE.L VanEck World Equal Weight Screened UCITS ETF	1.81%	1.89%	2.28%	2.15%	2.33%	4.41%	7.06%	9.31%	2.86%	2.40%
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSWE.L and VPAC.L in my portfolio?

TSWE.L and VPAC.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSWE.L or VPAC.L?

On fees, TSWE.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSWE.L or VPAC.L?

TSWE.L is cheaper with a 0.20% expense ratio, compared with 0.50% for VPAC.L.

What is the main difference between TSWE.L and VPAC.L?

TSWE.L tracks VanEck World Equal Weight Screened UCITS ETF, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.20% for TSWE.L and 0.50% for VPAC.L.