AT1.L vs. XLKQ.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and XLKQ.L (Invesco Technology S&P US Select Sector UCITS ETF GBP 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 XLKQ.L is a Technology Equities fund tracking the S&P Select Sector Capped 20% Technology Index. Both are passively managed. Over the past 5 years, AT1.L returned 2.84%/yr vs 22.29%/yr for XLKQ.L. At a 0.40 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.14%/yr for XLKQ.L.
Performance
AT1.L vs. XLKQ.L - Performance Comparison
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Different Trading Currencies
AT1.L is traded in USD, while XLKQ.L is traded in GBp. To make them comparable, the XLKQ.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, AT1.L achieves a 1.86% return, which is significantly lower than XLKQ.L's 17.97% 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*
- —
XLKQ.L
- 1D
- -0.46%
- 1M
- -2.56%
- 6M
- 20.54%
- YTD
- 17.97%
- 1Y
- 32.89%
- 3Y*
- 31.49%
- 5Y*
- 22.29%
- 10Y*
- 25.44%
AT1.L vs. XLKQ.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% |
XLKQ.L Invesco Technology S&P US Select Sector UCITS ETF GBP Acc | 17.97% | 24.49% | 41.63% | 59.85% | -29.07% | 35.05% | 42.15% | 50.17% | -12.98% |
Correlation
The correlation between AT1.L and XLKQ.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 | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018 | 0.40 |
The correlation between AT1.L and XLKQ.L shifts across timeframes, from 0.28 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AT1.L vs. XLKQ.L — Risk / Return Rank
AT1.L
XLKQ.L
AT1.L vs. XLKQ.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 Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.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 | XLKQ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.26 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 1.95 | +0.14 |
| Martin ratioReturn relative to average drawdown | 8.50 | 5.35 | +3.15 |
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Drawdowns
AT1.L vs. XLKQ.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, smaller than the maximum XLKQ.L drawdown of -39.80%. Use the drawdown chart below to compare losses from any high point for AT1.L and XLKQ.L.
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Drawdown Indicators
| AT1.L | XLKQ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -39.80% | +11.66% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -16.81% | +13.30% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -26.96% | +22.70% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -35.00% | +9.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.00% | — |
Current DrawdownCurrent decline from peak | -0.57% | -7.48% | +6.91% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -9.18% | +4.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 6.13% | -5.26% |
Volatility
AT1.L vs. XLKQ.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) is 1.27%, while Invesco Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.L) has a volatility of 7.47%. This indicates that AT1.L experiences smaller price fluctuations and is considered to be less risky than XLKQ.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 | XLKQ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 7.47% | -6.20% |
Volatility (6M)Calculated over the trailing 6-month period | 5.39% | 17.08% | -11.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 21.52% | -15.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 27.46% | -17.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 23.97% | -12.79% |
AT1.L vs. XLKQ.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than XLKQ.L's 0.14% expense ratio.
Dividends
AT1.L vs. XLKQ.L - Dividend Comparison
Neither AT1.L nor XLKQ.L has paid dividends to shareholders.
Frequently Asked Questions
AT1.L and XLKQ.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, XLKQ.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XLKQ.L is cheaper with a 0.14% expense ratio, compared with 0.39% for AT1.L.
AT1.L is categorized as Preferred Stock/Convertible Bonds, while XLKQ.L is Technology Equities. AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while XLKQ.L tracks S&P Select Sector Capped 20% Technology Index. Their fees differ too: 0.39% for AT1.L and 0.14% for XLKQ.L.
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