AT1.L vs. PRFP.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and PRFP.L (Invesco Preferred Shares UCITS ETF USD (Dist)) are both Preferred Stock/Convertible Bonds funds from Invesco - AT1.L tracks the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index while PRFP.L tracks the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index. Both are passively managed. Over the past 5 years, AT1.L returned 2.83%/yr vs -1.59%/yr for PRFP.L. At a 0.31 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.50%/yr for PRFP.L.
Performance
AT1.L vs. PRFP.L - Performance Comparison
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Different Trading Currencies
AT1.L is traded in USD, while PRFP.L is traded in GBp. To make them comparable, the PRFP.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 1.81% return, which is significantly higher than PRFP.L's -0.23% return.
AT1.L
- 1D
- -0.03%
- 1M
- 0.66%
- 6M
- 1.37%
- YTD
- 1.81%
- 1Y
- 6.99%
- 3Y*
- 10.67%
- 5Y*
- 2.83%
- 10Y*
- —
PRFP.L
- 1D
- 0.47%
- 1M
- 0.74%
- 6M
- -1.75%
- YTD
- -0.23%
- 1Y
- 2.61%
- 3Y*
- 3.86%
- 5Y*
- -1.59%
- 10Y*
- —
AT1.L vs. PRFP.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% | -1.10% |
PRFP.L Invesco Preferred Shares UCITS ETF USD (Dist) | -0.23% | 2.75% | 4.66% | 8.89% | -21.48% | 3.14% | 5.37% | 18.62% | -29.16% |
Correlation
The correlation between AT1.L and PRFP.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 | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018 | 0.31 |
The correlation between AT1.L and PRFP.L shifts across timeframes, from 0.21 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AT1.L vs. PRFP.L — Risk / Return Rank
AT1.L
PRFP.L
AT1.L vs. PRFP.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 Preferred Shares UCITS ETF USD (Dist) (PRFP.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 | PRFP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.07 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 0.60 | +1.38 |
| Martin ratioReturn relative to average drawdown | 8.04 | 1.15 | +6.89 |
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Drawdowns
AT1.L vs. PRFP.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, smaller than the maximum PRFP.L drawdown of -44.97%. Use the drawdown chart below to compare losses from any high point for AT1.L and PRFP.L.
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Drawdown Indicators
| AT1.L | PRFP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -44.97% | +16.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -5.48% | +1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -11.77% | +7.51% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -25.84% | +0.71% |
Current DrawdownCurrent decline from peak | -0.62% | -21.59% | +20.97% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -22.07% | +17.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 2.86% | -1.99% |
Volatility
AT1.L vs. PRFP.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) is 1.20%, while Invesco Preferred Shares UCITS ETF USD (Dist) (PRFP.L) has a volatility of 2.40%. This indicates that AT1.L experiences smaller price fluctuations and is considered to be less risky than PRFP.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 | PRFP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 2.40% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 5.38% | 6.64% | -1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 8.40% | -2.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 11.26% | -1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 15.52% | -4.34% |
AT1.L vs. PRFP.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is lower than PRFP.L's 0.50% expense ratio.
Dividends
AT1.L vs. PRFP.L - Dividend Comparison
AT1.L has not paid dividends to shareholders, while PRFP.L's dividend yield for the trailing twelve months is around 5.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
PRFP.L Invesco Preferred Shares UCITS ETF USD (Dist) | 5.58% | 5.38% | 5.08% | 5.39% | 5.57% | 4.36% | 4.81% | 4.64% | 5.05% | 0.57% |
Frequently Asked Questions
AT1.L and PRFP.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, AT1.L is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AT1.L is cheaper with a 0.39% expense ratio, compared with 0.50% for PRFP.L.
AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while PRFP.L tracks ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index. Their fees differ too: 0.39% for AT1.L and 0.50% for PRFP.L.
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