VWRA.L vs. FWRA.L

Last updated Jun 5, 2026

VWRA.L (Vanguard FTSE All-World UCITS ETF USD Accumulating) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both Global Equities funds tracking the FTSE All-World Index, from Vanguard and Invesco respectively. Both are passively managed. Over the past year, VWRA.L returned 28.67% vs 28.82% for FWRA.L. With a 0.98 correlation, they move nearly in lockstep. VWRA.L charges 0.22%/yr vs 0.15%/yr for FWRA.L.

Performance

VWRA.L vs. FWRA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World UCITS ETF USD Accumulating (VWRA.L) and Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VWRA.L at 11.59% and FWRA.L at 11.59%.

VWRA.L

• 1D: -0.08%
• 1M: 4.27%
• YTD: 11.59%
• 6M: 13.04%
• 1Y: 28.67%
• 3Y*: 21.09%
• 5Y*: 11.25%
• 10Y*: —

FWRA.L

• 1D: -0.13%
• 1M: 4.28%
• YTD: 11.59%
• 6M: 13.01%
• 1Y: 28.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
VWRA.L Vanguard FTSE All-World UCITS ETF USD Accumulating	11.59%	22.45%	17.65%	8.70%
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation	11.59%	22.37%	18.07%	9.23%

Correlation

The correlation between VWRA.L and FWRA.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.98

The correlation between VWRA.L and FWRA.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

VWRA.L vs. FWRA.L - Sectors Allocation Comparison

Sectors	VWRA.L	FWRA.L
Technology	31.1%	29.1%
Financial Services	16.0%	16.4%
Industrials	9.8%	11.0%
Communication Services	9.1%	8.9%
Consumer Cyclical	9.1%	9.4%
Healthcare	8.2%	7.6%
Consumer Defensive	4.8%	5.0%
Energy	4.3%	4.3%
Basic Materials	3.3%	3.9%
Utilities	2.7%	2.6%
Real Estate	1.4%	1.9%

Return for Risk

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

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

VWRA.L

VWRA.L Risk / Return Rank: 72
VWRA.L Sharpe Ratio Rank: 72
VWRA.L Sortino Ratio Rank: 77
VWRA.L Omega Ratio Rank: 72
VWRA.L Calmar Ratio Rank: 66
VWRA.L Martin Ratio Rank: 74

FWRA.L

FWRA.L Risk / Return Rank: 73
FWRA.L Sharpe Ratio Rank: 72
FWRA.L Sortino Ratio Rank: 78
FWRA.L Omega Ratio Rank: 73
FWRA.L Calmar Ratio Rank: 66
FWRA.L Martin Ratio Rank: 74

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF USD Accumulating (VWRA.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.

	VWRA.L	FWRA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.32	-0.01
Sortino ratio: Return per unit of downside risk	3.42	3.44	-0.02
Omega ratio: Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	3.25	3.27	-0.02
Martin ratio: Return relative to average drawdown	13.63	13.70	-0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VWRA.L Sharpe Ratio is 2.31, which is comparable to the FWRA.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VWRA.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.

Sharpe Ratios by Period

	VWRA.L	FWRA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.32	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	1.56	-0.78

Drawdowns

VWRA.L vs. FWRA.L - Drawdown Comparison

The maximum VWRA.L drawdown since its inception was -33.62%, which is greater than FWRA.L's maximum drawdown of -16.60%. Use the drawdown chart below to compare losses from any high point for VWRA.L and FWRA.L.

Drawdown Indicators

	VWRA.L	FWRA.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.62%	-16.60%	-17.02%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-8.74%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.06%	—	—
Current Drawdown Current decline from peak	-0.75%	-0.77%	+0.02%
Average Drawdown Average peak-to-trough decline	-5.39%	-1.93%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.09%	+0.01%

Volatility

VWRA.L vs. FWRA.L - Volatility Comparison

Vanguard FTSE All-World UCITS ETF USD Accumulating (VWRA.L) and Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) have volatilities of 3.87% and 3.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWRA.L	FWRA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	3.80%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.78%	9.86%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	12.32%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.36%	13.52%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.28%	13.52%	+3.76%

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

VWRA.L has a 0.22% expense ratio, which is higher than FWRA.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

VWRA.L vs. FWRA.L - Dividend Comparison

Neither VWRA.L nor FWRA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.99, VWRA.L and FWRA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, FWRA.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VWRA.L or FWRA.L?

FWRA.L is cheaper with a 0.15% expense ratio, compared with 0.22% for VWRA.L.

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

Both ETFs track FTSE All-World Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.22% for VWRA.L and 0.15% for FWRA.L.