AT1.L vs. EQQU.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and EQQU.L (Invesco EQQQ NASDAQ-100 UCITS ETF) are both exchange-traded funds - AT1.L is a Preferred Stock/Convertible Bonds fund tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while EQQU.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, AT1.L returned 2.84%/yr vs 15.27%/yr for EQQU.L. At a 0.44 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.30%/yr for EQQU.L.
Performance
AT1.L vs. EQQU.L - Performance Comparison
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Returns By Period
In the year-to-date period, AT1.L achieves a 1.86% return, which is significantly lower than EQQU.L's 15.84% return.
AT1.L
- 1D
- 0.18%
- 1M
- -0.12%
- 6M
- 1.66%
- YTD
- 1.86%
- 1Y
- 7.19%
- 3Y*
- 10.80%
- 5Y*
- 2.84%
- 10Y*
- —
EQQU.L
- 1D
- -0.70%
- 1M
- -3.49%
- 6M
- 16.03%
- YTD
- 15.84%
- 1Y
- 28.39%
- 3Y*
- 23.79%
- 5Y*
- 15.27%
- 10Y*
- 21.00%
AT1.L vs. EQQU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.86% | 11.12% | 10.24% | 2.35% | -9.50% | 3.30% | 8.76% | 18.10% | -1.10% |
EQQU.L Invesco EQQQ NASDAQ-100 UCITS ETF | 15.84% | 19.75% | 26.54% | 56.26% | -33.45% | 27.95% | 48.32% | 38.02% | -12.11% |
Correlation
The correlation between AT1.L and EQQU.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018 | 0.44 |
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Return for Risk
AT1.L vs. EQQU.L — Risk / Return Rank
AT1.L
EQQU.L
AT1.L vs. EQQU.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 EQQQ NASDAQ-100 UCITS ETF (EQQU.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 | EQQU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.29 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 2.57 | -0.48 |
| Martin ratioReturn relative to average drawdown | 8.50 | 8.59 | -0.09 |
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Drawdowns
AT1.L vs. EQQU.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, smaller than the maximum EQQU.L drawdown of -35.17%. Use the drawdown chart below to compare losses from any high point for AT1.L and EQQU.L.
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Drawdown Indicators
| AT1.L | EQQU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -35.17% | +7.03% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -11.00% | +7.49% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -22.30% | +18.04% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -35.17% | +10.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.17% | — |
Current DrawdownCurrent decline from peak | -0.57% | -3.84% | +3.27% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -6.03% | +1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 3.30% | -2.43% |
Volatility
AT1.L vs. EQQU.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) is 1.27%, while Invesco EQQQ NASDAQ-100 UCITS ETF (EQQU.L) has a volatility of 5.86%. This indicates that AT1.L experiences smaller price fluctuations and is considered to be less risky than EQQU.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 | EQQU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 5.86% | -4.59% |
Volatility (6M)Calculated over the trailing 6-month period | 5.39% | 13.80% | -8.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 17.38% | -11.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 21.02% | -11.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 20.01% | -8.83% |
AT1.L vs. EQQU.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than EQQU.L's 0.30% expense ratio.
Dividends
AT1.L vs. EQQU.L - Dividend Comparison
AT1.L has not paid dividends to shareholders, while EQQU.L's dividend yield for the trailing twelve months is around 0.23%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EQQU.L Invesco EQQQ NASDAQ-100 UCITS ETF | 0.23% | 0.29% | 0.38% | 0.39% | 0.56% | 0.26% | 0.39% | 0.55% | 0.65% | 0.64% | 0.82% | 0.74% |
Frequently Asked Questions
AT1.L and EQQU.L have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EQQU.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EQQU.L is cheaper with a 0.30% expense ratio, compared with 0.39% for AT1.L.
AT1.L is categorized as Preferred Stock/Convertible Bonds, while EQQU.L is Nasdaq-100. AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while EQQU.L tracks NASDAQ-100 Index. Their fees differ too: 0.39% for AT1.L and 0.30% for EQQU.L.
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