AT1.L vs. XYLD.L
AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and XYLD.L (Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D) 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 XYLD.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD. Both are passively managed. Over the past 5 years, AT1.L returned 2.84%/yr vs 1.52%/yr for XYLD.L. At a 0.18 correlation, their price movements are largely independent. AT1.L charges 0.39%/yr vs 0.16%/yr for XYLD.L.
Performance
AT1.L vs. XYLD.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 XYLD.L's 0.88% 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*
- —
XYLD.L
- 1D
- 0.11%
- 1M
- -0.05%
- 6M
- 0.82%
- YTD
- 0.88%
- 1Y
- 3.93%
- 3Y*
- 5.12%
- 5Y*
- 1.52%
- 10Y*
- —
AT1.L vs. XYLD.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% |
XYLD.L Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D | 0.88% | 6.20% | 4.88% | 5.72% | -8.68% | 0.34% | 10.34% | 13.55% | 0.11% |
Correlation
The correlation between AT1.L and XYLD.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018 | 0.18 |
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Return for Risk
AT1.L vs. XYLD.L — Risk / Return Rank
AT1.L
XYLD.L
AT1.L vs. XYLD.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 Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D (XYLD.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 | XYLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.38 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 3.78 | -1.69 |
| Martin ratioReturn relative to average drawdown | 8.50 | 14.12 | -5.62 |
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Drawdowns
AT1.L vs. XYLD.L - Drawdown Comparison
The maximum AT1.L drawdown since its inception was -28.14%, which is greater than XYLD.L's maximum drawdown of -18.92%. Use the drawdown chart below to compare losses from any high point for AT1.L and XYLD.L.
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Drawdown Indicators
| AT1.L | XYLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.14% | -18.92% | -9.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -1.03% | -2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -1.38% | -2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -12.40% | -12.73% |
Current DrawdownCurrent decline from peak | -0.57% | -0.22% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -3.10% | -1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.28% | +0.59% |
Volatility
AT1.L vs. XYLD.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) has a higher volatility of 1.27% compared to Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D (XYLD.L) at 0.53%. This indicates that AT1.L's price experiences larger fluctuations and is considered to be riskier than XYLD.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 | XYLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 0.53% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 5.39% | 1.52% | +3.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 1.98% | +3.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 3.19% | +6.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 5.87% | +5.31% |
AT1.L vs. XYLD.L - Expense Ratio Comparison
AT1.L has a 0.39% expense ratio, which is higher than XYLD.L's 0.16% expense ratio.
Dividends
AT1.L vs. XYLD.L - Dividend Comparison
AT1.L has not paid dividends to shareholders, while XYLD.L's dividend yield for the trailing twelve months is around 3.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XYLD.L Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D | 3.76% | 3.61% | 3.34% | 2.88% | 6.03% | 3.88% | 3.78% |
Frequently Asked Questions
AT1.L and XYLD.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XYLD.L is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XYLD.L is cheaper with a 0.16% expense ratio, compared with 0.39% for AT1.L.
AT1.L is categorized as Preferred Stock/Convertible Bonds, while XYLD.L is Corporate Bonds. AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while XYLD.L tracks Bloomberg US Corp Bond TR USD. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.39% for AT1.L and 0.16% for XYLD.L.
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