AT1.L vs. AT1P.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) are both Preferred Stock/Convertible Bonds funds from Invesco tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. Both are passively managed. Over the past 5 years, AT1.L returned 2.83%/yr vs 2.88%/yr for AT1P.L. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.39% expense ratio.
Performance
AT1.L vs. AT1P.L - Performance Comparison
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Different Trading Currencies
AT1.L is traded in USD, while AT1P.L is traded in GBp. To make them comparable, the AT1P.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with AT1.L having a 1.81% return and AT1P.L slightly lower at 1.80%.
AT1.L
- 1D
- -0.03%
- 1M
- 0.66%
- 6M
- 1.37%
- YTD
- 1.81%
- 1Y
- 6.99%
- 3Y*
- 10.67%
- 5Y*
- 2.83%
- 10Y*
- —
AT1P.L
- 1D
- 0.10%
- 1M
- 0.74%
- 6M
- 1.14%
- YTD
- 1.80%
- 1Y
- 6.86%
- 3Y*
- 10.73%
- 5Y*
- 2.88%
- 10Y*
- —
AT1.L vs. AT1P.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.81% | 11.12% | 10.24% | 2.35% | -9.50% | 3.30% | 8.76% | 18.10% | -1.30% |
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.80% | 10.98% | 10.30% | 1.81% | -9.65% | 3.82% | 8.06% | 19.42% | -2.06% |
Correlation
The correlation between AT1.L and AT1P.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 (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | 0.56 |
Over the past year, the correlation between AT1.L and AT1P.L has dropped to 0.33 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
AT1.L vs. AT1P.L — Risk / Return Rank
AT1.L
AT1P.L
AT1.L vs. AT1P.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) and Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.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.
| AT1.L | AT1P.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.22 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.79 | +0.19 |
| Martin ratioReturn relative to average drawdown | 8.04 | 8.05 | -0.02 |
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Drawdowns
AT1.L vs. AT1P.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, roughly equal to the maximum AT1P.L drawdown of -29.11%. Use the drawdown chart below to compare losses from any high point for AT1.L and AT1P.L.
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Drawdown Indicators
| AT1.L | AT1P.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -29.11% | +0.97% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -3.92% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -4.22% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -24.64% | -0.49% |
Current DrawdownCurrent decline from peak | -0.62% | -1.04% | +0.42% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -4.38% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.88% | -0.01% |
Volatility
AT1.L vs. AT1P.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) is 1.20%, while Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) has a volatility of 1.74%. This indicates that AT1.L experiences smaller price fluctuations and is considered to be less risky than AT1P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AT1.L | AT1P.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.74% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 5.38% | 4.82% | +0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 5.66% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 9.44% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 11.49% | -0.31% |
AT1.L vs. AT1P.L - Expense Ratio Comparison
Both AT1.L and AT1P.L have an expense ratio of 0.39%.
Dividends
AT1.L vs. AT1P.L - Dividend Comparison
Neither AT1.L nor AT1P.L has paid dividends to shareholders.
Frequently Asked Questions
AT1.L and AT1P.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.
Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AT1.L and AT1P.L have the same expense ratio: 0.39% per year.
Both ETFs track iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index.
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