AT1.L vs. SDIA.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and SDIA.L (iShares USD Short Duration Corporate Bond UCITS ETF (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 SDIA.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 2.46%/yr for SDIA.L. At a 0.18 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.20%/yr for SDIA.L.
Performance
AT1.L vs. SDIA.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 higher than SDIA.L's 0.95% 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*
- —
SDIA.L
- 1D
- 0.00%
- 1M
- 0.16%
- 6M
- 0.79%
- YTD
- 0.95%
- 1Y
- 4.08%
- 3Y*
- 5.20%
- 5Y*
- 2.46%
- 10Y*
- —
AT1.L vs. SDIA.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% |
SDIA.L iShares USD Short Duration Corporate Bond UCITS ETF (Acc) | 0.95% | 6.22% | 4.94% | 5.68% | -4.49% | -0.70% | 4.50% | 6.15% | 1.39% |
Correlation
The correlation between AT1.L and SDIA.L is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018 | 0.18 |
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Return for Risk
AT1.L vs. SDIA.L — Risk / Return Rank
AT1.L
SDIA.L
AT1.L vs. SDIA.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 Short Duration Corporate Bond UCITS ETF (Acc) (SDIA.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 | SDIA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.40 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 3.70 | -1.60 |
| Martin ratioReturn relative to average drawdown | 8.50 | 14.20 | -5.70 |
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Drawdowns
AT1.L vs. SDIA.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, which is greater than SDIA.L's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for AT1.L and SDIA.L.
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Drawdown Indicators
| AT1.L | SDIA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -12.55% | -15.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -1.10% | -2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -1.32% | -2.94% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -7.61% | -17.52% |
Current DrawdownCurrent decline from peak | -0.57% | -0.16% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -1.15% | -3.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.29% | +0.58% |
Volatility
AT1.L vs. SDIA.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) has a higher volatility of 1.27% compared to iShares USD Short Duration Corporate Bond UCITS ETF (Acc) (SDIA.L) at 0.80%. This indicates that AT1.L's price experiences larger fluctuations and is considered to be riskier than SDIA.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 | SDIA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 0.80% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 5.39% | 1.81% | +3.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 2.22% | +3.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 2.78% | +6.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 3.50% | +7.68% |
AT1.L vs. SDIA.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than SDIA.L's 0.20% expense ratio.
Dividends
AT1.L vs. SDIA.L - Dividend Comparison
Neither AT1.L nor SDIA.L has paid dividends to shareholders.
Frequently Asked Questions
AT1.L and SDIA.L have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SDIA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SDIA.L is cheaper with a 0.20% expense ratio, compared with 0.39% for AT1.L.
AT1.L is categorized as Preferred Stock/Convertible Bonds, while SDIA.L is Corporate Bonds. AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while SDIA.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 0.20% for SDIA.L.
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