AT1.L vs. SUSU.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and SUSU.L (iShares USD Corporate Bond 0-3yr ESG UCITS ETF USD (Dist)) 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 SUSU.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 2.97%/yr for SUSU.L. At a 0.12 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.12%/yr for SUSU.L.
Performance
AT1.L vs. SUSU.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 SUSU.L's 1.38% 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*
- —
SUSU.L
- 1D
- 0.20%
- 1M
- 0.20%
- 6M
- 1.38%
- YTD
- 1.38%
- 1Y
- 4.12%
- 3Y*
- 5.21%
- 5Y*
- 2.97%
- 10Y*
- —
AT1.L vs. SUSU.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% | 0.96% |
SUSU.L iShares USD Corporate Bond 0-3yr ESG UCITS ETF USD (Dist) | 1.38% | 5.55% | 5.45% | 5.18% | -2.19% | -0.16% | 3.27% | 4.16% | -0.40% |
Correlation
The correlation between AT1.L and SUSU.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2018 | 0.12 |
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Return for Risk
AT1.L vs. SUSU.L — Risk / Return Rank
AT1.L
SUSU.L
AT1.L vs. SUSU.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 Corporate Bond 0-3yr ESG UCITS ETF USD (Dist) (SUSU.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 | SUSU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.58 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 6.92 | -4.82 |
| Martin ratioReturn relative to average drawdown | 8.50 | 24.22 | -15.73 |
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Drawdowns
AT1.L vs. SUSU.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, which is greater than SUSU.L's maximum drawdown of -8.32%. Use the drawdown chart below to compare losses from any high point for AT1.L and SUSU.L.
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Drawdown Indicators
| AT1.L | SUSU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -8.32% | -19.82% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -0.59% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -1.38% | -2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -4.67% | -20.46% |
Current DrawdownCurrent decline from peak | -0.57% | 0.00% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -0.63% | -3.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.17% | +0.70% |
Volatility
AT1.L vs. SUSU.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) has a higher volatility of 1.27% compared to iShares USD Corporate Bond 0-3yr ESG UCITS ETF USD (Dist) (SUSU.L) at 0.40%. This indicates that AT1.L's price experiences larger fluctuations and is considered to be riskier than SUSU.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 | SUSU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 0.40% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 5.39% | 1.50% | +3.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 1.91% | +4.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 3.14% | +6.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 3.43% | +7.75% |
AT1.L vs. SUSU.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than SUSU.L's 0.12% expense ratio.
Dividends
AT1.L vs. SUSU.L - Dividend Comparison
AT1.L has not paid dividends to shareholders, while SUSU.L's dividend yield for the trailing twelve months is around 4.47%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
SUSU.L iShares USD Corporate Bond 0-3yr ESG UCITS ETF USD (Dist) | 4.47% | 4.60% | 4.71% | 4.01% | 1.59% | 0.82% | 2.24% | 2.90% |
Frequently Asked Questions
AT1.L and SUSU.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SUSU.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SUSU.L is cheaper with a 0.12% expense ratio, compared with 0.39% for AT1.L.
AT1.L is categorized as Preferred Stock/Convertible Bonds, while SUSU.L is Corporate Bonds. AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while SUSU.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 0.12% for SUSU.L.
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