AT1.L vs. VDPA.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and VDPA.L (Vanguard USD Corporate Bond UCITS ETF USD Accumulation) 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 VDPA.L is a Corporate Bonds fund tracking the Bloomberg Global Aggregate Corporate - United States Dollar Index. Both are passively managed. Over the past 5 years, AT1.L returned 2.83%/yr vs 0.28%/yr for VDPA.L. At a 0.23 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.07%/yr for VDPA.L.
Performance
AT1.L vs. VDPA.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 VDPA.L's 0.13% 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*
- —
VDPA.L
- 1D
- 0.08%
- 1M
- -0.61%
- 6M
- 0.16%
- YTD
- 0.13%
- 1Y
- 4.51%
- 3Y*
- 5.06%
- 5Y*
- 0.28%
- 10Y*
- —
AT1.L vs. VDPA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.81% | 11.12% | 10.24% | 2.35% | -9.50% | 3.30% | 8.76% | 13.18% |
VDPA.L Vanguard USD Corporate Bond UCITS ETF USD Accumulation | 0.13% | 7.78% | 2.82% | 8.06% | -14.88% | -1.21% | 9.15% | 11.61% |
Correlation
The correlation between AT1.L and VDPA.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019 | 0.23 |
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Return for Risk
AT1.L vs. VDPA.L — Risk / Return Rank
AT1.L
VDPA.L
AT1.L vs. VDPA.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 Vanguard USD Corporate Bond UCITS ETF USD Accumulation (VDPA.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 | VDPA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.18 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.66 | +0.32 |
| Martin ratioReturn relative to average drawdown | 8.04 | 4.92 | +3.12 |
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Drawdowns
AT1.L vs. VDPA.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, which is greater than VDPA.L's maximum drawdown of -21.43%. Use the drawdown chart below to compare losses from any high point for AT1.L and VDPA.L.
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Drawdown Indicators
| AT1.L | VDPA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -21.43% | -6.71% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -2.71% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -5.61% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -21.43% | -3.70% |
Current DrawdownCurrent decline from peak | -0.62% | -1.08% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -5.88% | +1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.91% | -0.04% |
Volatility
AT1.L vs. VDPA.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) has a higher volatility of 1.20% compared to Vanguard USD Corporate Bond UCITS ETF USD Accumulation (VDPA.L) at 0.97%. This indicates that AT1.L's price experiences larger fluctuations and is considered to be riskier than VDPA.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 | VDPA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 0.97% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 5.38% | 3.60% | +1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 4.54% | +1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 6.86% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 8.71% | +2.47% |
AT1.L vs. VDPA.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than VDPA.L's 0.07% expense ratio.
Dividends
AT1.L vs. VDPA.L - Dividend Comparison
Neither AT1.L nor VDPA.L has paid dividends to shareholders.
Frequently Asked Questions
AT1.L and VDPA.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VDPA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDPA.L is cheaper with a 0.07% expense ratio, compared with 0.39% for AT1.L.
AT1.L is categorized as Preferred Stock/Convertible Bonds, while VDPA.L is Corporate Bonds. AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while VDPA.L tracks Bloomberg Global Aggregate Corporate - United States Dollar Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.39% for AT1.L and 0.07% for VDPA.L.
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