AT1D.L vs. AT1P.L
AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) and AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) are both Preferred Stock/Convertible Bonds funds from Invesco tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. Both are passively managed. Over the past 5 years, AT1D.L returned 3.61%/yr vs 3.55%/yr for AT1P.L. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.
Performance
AT1D.L vs. AT1P.L - Performance Comparison
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Returns By Period
In the year-to-date period, AT1D.L achieves a 2.72% return, which is significantly higher than AT1P.L's 2.37% return.
AT1D.L
- 1D
- 0.16%
- 1M
- 0.45%
- 6M
- 1.34%
- YTD
- 2.72%
- 1Y
- 7.93%
- 3Y*
- 10.04%
- 5Y*
- 3.61%
- 10Y*
- —
AT1P.L
- 1D
- -0.15%
- 1M
- 0.01%
- 6M
- 1.16%
- YTD
- 2.37%
- 1Y
- 7.63%
- 3Y*
- 9.93%
- 5Y*
- 3.55%
- 10Y*
- —
AT1D.L vs. AT1P.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 2.72% | 3.15% | 12.17% | -3.30% | 1.10% | 4.76% | 4.84% | 14.79% | -23.76% |
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 2.37% | 3.19% | 12.16% | -3.30% | 1.16% | 4.77% | 4.85% | 14.81% | -0.26% |
Correlation
The correlation between AT1D.L and AT1P.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.95 |
The correlation between AT1D.L and AT1P.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
AT1D.L vs. AT1P.L — Risk / Return Rank
AT1D.L
AT1P.L
AT1D.L vs. AT1P.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) and Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.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.
| AT1D.L | AT1P.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.22 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 2.24 | +0.18 |
| Martin ratioReturn relative to average drawdown | 6.82 | 6.17 | +0.65 |
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Drawdowns
AT1D.L vs. AT1P.L - Drawdown Comparison
The maximum AT1D.L drawdown since its inception was -27.40%, which is greater than AT1P.L's maximum drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for AT1D.L and AT1P.L.
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Drawdown Indicators
| AT1D.L | AT1P.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.40% | -22.71% | -4.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.35% | -3.31% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -9.14% | -9.12% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -22.70% | -22.71% | +0.01% |
Current DrawdownCurrent decline from peak | -1.32% | -1.73% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -4.05% | -4.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.20% | -0.01% |
Volatility
AT1D.L vs. AT1P.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) and Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) have volatilities of 1.70% and 1.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AT1D.L | AT1P.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.78% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.74% | 4.41% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.49% | 6.13% | +0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.88% | 10.19% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.08% | 11.44% | +2.64% |
AT1D.L vs. AT1P.L - Expense Ratio Comparison
Both AT1D.L and AT1P.L have an expense ratio of 0.39%.
Dividends
AT1D.L vs. AT1P.L - Dividend Comparison
AT1D.L's dividend yield for the trailing twelve months is around 5.99%, while AT1P.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 5.99% | 6.07% | 6.14% | 6.24% | 5.79% | 4.25% | 5.63% | 5.59% | 1.12% |
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, AT1D.L and AT1P.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AT1D.L and AT1P.L have the same expense ratio: 0.39% per year.
Both ETFs track iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index.
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