AT1.L vs. VPAC.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)) 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 VPAC.L tracks the ICE Diversified Variable Rate Preferred & Hybrid Securities Index. Both are passively managed. Over the past 5 years, AT1.L returned 2.83%/yr vs 3.51%/yr for VPAC.L. At a 0.34 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.50%/yr for VPAC.L.
Performance
AT1.L vs. VPAC.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 lower than VPAC.L's 2.04% 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*
- —
VPAC.L
- 1D
- -0.12%
- 1M
- 0.08%
- 6M
- 1.60%
- YTD
- 2.04%
- 1Y
- 4.91%
- 3Y*
- 8.42%
- 5Y*
- 3.51%
- 10Y*
- —
AT1.L vs. VPAC.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% | 1.17% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) | 2.04% | 6.34% | 10.84% | 9.27% | -9.70% | 3.64% | 4.81% | 17.14% | -1.27% |
Correlation
The correlation between AT1.L and VPAC.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.35 |
The correlation between AT1.L and VPAC.L shifts across timeframes, from 0.24 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AT1.L vs. VPAC.L — Risk / Return Rank
AT1.L
VPAC.L
AT1.L vs. VPAC.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 Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.32 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.54 | -0.56 |
| Martin ratioReturn relative to average drawdown | 8.04 | 9.98 | -1.95 |
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Drawdowns
AT1.L vs. VPAC.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, smaller than the maximum VPAC.L drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for AT1.L and VPAC.L.
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Drawdown Indicators
| AT1.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -34.25% | +6.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -2.02% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -3.40% | -0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -13.89% | -11.24% |
Current DrawdownCurrent decline from peak | -0.62% | -0.33% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -3.14% | -1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.52% | +0.35% |
Volatility
AT1.L vs. VPAC.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) has a higher volatility of 1.20% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) at 0.74%. This indicates that AT1.L's price experiences larger fluctuations and is considered to be riskier than VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 0.74% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 5.38% | 2.28% | +3.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 3.17% | +2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 5.30% | +4.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 11.00% | +0.18% |
AT1.L vs. VPAC.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.
Dividends
AT1.L vs. VPAC.L - Dividend Comparison
Neither AT1.L nor VPAC.L has paid dividends to shareholders.
Frequently Asked Questions
AT1.L and VPAC.L have a correlation of 0.24, 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 VPAC.L.
AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while VPAC.L tracks ICE Diversified Variable Rate Preferred & Hybrid Securities Index. Their fees differ too: 0.39% for AT1.L and 0.50% for VPAC.L.
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