AT1.L vs. JR15.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and JR15.L (JPM EUR 1-5 Year IG Corporate Bond Active UCITS ETF EUR (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 JR15.L is a European Corporate Bonds fund actively managed by JPMorgan. AT1.L is passively managed, while JR15.L is actively managed. Over the past 5 years, AT1.L returned 2.84%/yr vs 0.51%/yr for JR15.L. At a 0.22 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.04%/yr for JR15.L.
Performance
AT1.L vs. JR15.L - Performance Comparison
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Different Trading Currencies
AT1.L is traded in USD, while JR15.L is traded in EUR. To make them comparable, the JR15.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, AT1.L achieves a 1.85% return, which is significantly higher than JR15.L's -2.04% return.
AT1.L
- 1D
- 0.17%
- 1M
- 0.20%
- 6M
- 1.54%
- YTD
- 1.85%
- 1Y
- 7.36%
- 3Y*
- 10.80%
- 5Y*
- 2.84%
- 10Y*
- —
JR15.L
- 1D
- -0.20%
- 1M
- -1.63%
- 6M
- -1.16%
- YTD
- -2.04%
- 1Y
- -0.10%
- 3Y*
- 4.94%
- 5Y*
- 0.51%
- 10Y*
- —
AT1.L vs. JR15.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.85% | 11.12% | 10.24% | 2.35% | -9.50% | 3.30% | 8.76% | 18.10% | 1.18% |
JR15.L JPM EUR 1-5 Year IG Corporate Bond Active UCITS ETF EUR (Acc) | -2.04% | 17.35% | -2.11% | 9.57% | -13.30% | -7.16% | 9.76% | 0.41% | 1.11% |
Correlation
The correlation between AT1.L and JR15.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 5, 2018 | 0.22 |
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Return for Risk
AT1.L vs. JR15.L — Risk / Return Rank
AT1.L
JR15.L
AT1.L vs. JR15.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 JPM EUR 1-5 Year IG Corporate Bond Active UCITS ETF EUR (Acc) (JR15.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 | JR15.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.00 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | -0.02 | +2.10 |
| Martin ratioReturn relative to average drawdown | 8.48 | -0.04 | +8.51 |
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Drawdowns
AT1.L vs. JR15.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, roughly equal to the maximum JR15.L drawdown of -29.33%. Use the drawdown chart below to compare losses from any high point for AT1.L and JR15.L.
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Drawdown Indicators
| AT1.L | JR15.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -29.33% | +1.19% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -6.22% | +2.71% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -7.90% | +3.64% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -27.03% | +1.90% |
Current DrawdownCurrent decline from peak | -0.59% | -4.86% | +4.27% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -8.54% | +3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 2.78% | -1.91% |
Volatility
AT1.L vs. JR15.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) and JPM EUR 1-5 Year IG Corporate Bond Active UCITS ETF EUR (Acc) (JR15.L) have volatilities of 1.27% and 1.32%, 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.
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Volatility by Period
| AT1.L | JR15.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.32% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 5.38% | 5.32% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 6.91% | -0.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 8.30% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 8.01% | +3.17% |
AT1.L vs. JR15.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than JR15.L's 0.04% expense ratio.
Dividends
AT1.L vs. JR15.L - Dividend Comparison
Neither AT1.L nor JR15.L has paid dividends to shareholders.
Frequently Asked Questions
AT1.L and JR15.L have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JR15.L is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JR15.L is cheaper with a 0.04% expense ratio, compared with 0.39% for AT1.L.
AT1.L is categorized as Preferred Stock/Convertible Bonds, while JR15.L is European Corporate Bonds. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.39% for AT1.L and 0.04% for JR15.L.
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