AT1.L vs. USDC.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and USDC.L (L&G USD Corporate Bond Screened 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 USDC.L is a Corporate Bonds fund tracking the J.P. Morgan Global Credit Index ESG Investment Grade USD Custom Maturity Index. Both are passively managed. Over the past 5 years, AT1.L returned 2.83%/yr vs 0.14%/yr for USDC.L. At a 0.23 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.09%/yr for USDC.L.
Performance
AT1.L vs. USDC.L - Performance Comparison
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Returns By Period
In the year-to-date period, AT1.L achieves a 1.81% return, which is significantly higher than USDC.L's -2.06% 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*
- —
USDC.L
- 1D
- 0.12%
- 1M
- -0.49%
- 6M
- 0.54%
- YTD
- -2.06%
- 1Y
- 1.96%
- 3Y*
- 4.31%
- 5Y*
- 0.14%
- 10Y*
- —
AT1.L vs. USDC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.81% | 11.12% | 10.24% | 2.35% | -9.50% | 3.76% |
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD (Dist) | -2.06% | 7.42% | 3.13% | 8.35% | -13.91% | -0.43% |
Correlation
The correlation between AT1.L and USDC.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.23 |
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Return for Risk
AT1.L vs. USDC.L — Risk / Return Rank
AT1.L
USDC.L
AT1.L vs. USDC.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 L&G USD Corporate Bond Screened UCITS ETF USD (Dist) (USDC.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 | USDC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.07 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 0.40 | +1.58 |
| Martin ratioReturn relative to average drawdown | 8.04 | 0.92 | +7.12 |
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Drawdowns
AT1.L vs. USDC.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, which is greater than USDC.L's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for AT1.L and USDC.L.
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Drawdown Indicators
| AT1.L | USDC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -20.07% | -8.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -4.92% | +1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -4.92% | +0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -20.07% | -5.06% |
Current DrawdownCurrent decline from peak | -0.62% | -2.83% | +2.21% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -6.75% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 2.13% | -1.26% |
Volatility
AT1.L vs. USDC.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) has a higher volatility of 1.20% compared to L&G USD Corporate Bond Screened UCITS ETF USD (Dist) (USDC.L) at 1.11%. This indicates that AT1.L's price experiences larger fluctuations and is considered to be riskier than USDC.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 | USDC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.11% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 5.38% | 3.79% | +1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 5.88% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 6.28% | +3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 6.12% | +5.06% |
AT1.L vs. USDC.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than USDC.L's 0.09% expense ratio.
Dividends
AT1.L vs. USDC.L - Dividend Comparison
AT1.L has not paid dividends to shareholders, while USDC.L's dividend yield for the trailing twelve months is around 2.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD (Dist) | 2.44% | 4.47% | 4.08% | 3.24% | 2.36% | 0.78% |
Frequently Asked Questions
AT1.L and USDC.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USDC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USDC.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 USDC.L is Corporate Bonds. AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while USDC.L tracks J.P. Morgan Global Credit Index ESG Investment Grade USD Custom Maturity Index. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.39% for AT1.L and 0.09% for USDC.L.
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