AT1.L vs. ERNA.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) 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 ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, AT1.L returned 2.84%/yr vs 3.85%/yr for ERNA.L. At a 0.06 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.09%/yr for ERNA.L.
Performance
AT1.L vs. ERNA.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 ERNA.L's 2.07% 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*
- —
ERNA.L
- 1D
- 0.16%
- 1M
- 0.31%
- 6M
- 1.91%
- YTD
- 2.07%
- 1Y
- 4.40%
- 3Y*
- 5.12%
- 5Y*
- 3.85%
- 10Y*
- —
AT1.L vs. ERNA.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% | 0.76% |
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 2.07% | 4.85% | 5.65% | 5.44% | 1.46% | 0.11% | 1.27% | 3.19% | 1.14% |
Correlation
The correlation between AT1.L and ERNA.L is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.06 |
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Return for Risk
AT1.L vs. ERNA.L — Risk / Return Rank
AT1.L
ERNA.L
AT1.L vs. ERNA.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 iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.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 | ERNA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -3.48 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 2.14 | -0.89 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 13.86 | -11.77 |
| Martin ratioReturn relative to average drawdown | 8.50 | 58.00 | -49.51 |
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Drawdowns
AT1.L vs. ERNA.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, which is greater than ERNA.L's maximum drawdown of -8.63%. Use the drawdown chart below to compare losses from any high point for AT1.L and ERNA.L.
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Drawdown Indicators
| AT1.L | ERNA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -8.63% | -19.51% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -0.32% | -3.19% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -0.33% | -3.93% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -0.81% | -24.32% |
Current DrawdownCurrent decline from peak | -0.57% | 0.00% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -0.09% | -4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.08% | +0.79% |
Volatility
AT1.L vs. ERNA.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) has a higher volatility of 1.27% compared to iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) at 0.39%. This indicates that AT1.L's price experiences larger fluctuations and is considered to be riskier than ERNA.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 | ERNA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 0.39% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.39% | 1.24% | +4.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 1.43% | +4.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 1.24% | +8.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 2.25% | +8.93% |
AT1.L vs. ERNA.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than ERNA.L's 0.09% expense ratio.
Dividends
AT1.L vs. ERNA.L - Dividend Comparison
Neither AT1.L nor ERNA.L has paid dividends to shareholders.
Frequently Asked Questions
AT1.L and ERNA.L have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNA.L is cheaper with a 0.09% expense ratio, compared with 0.39% for AT1.L.
AT1.L is categorized as Preferred Stock/Convertible Bonds, while ERNA.L is Corporate Bonds. AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for AT1.L and 0.09% for ERNA.L.
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