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AT1D.L vs. AT1S.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AT1D.L vs. AT1S.L

Last updated Jul 16, 2026
Documentation

AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) and AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) 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 2.11%/yr for AT1S.L. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.39% expense ratio.

Performance

AT1D.L vs. AT1S.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) and Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L). The values are adjusted to include any dividend payments, if applicable.

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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 AT1S.L's 2.03% return.

AT1D.L

1D
0.16%
1M
0.67%
6M
2.10%
YTD
2.72%
1Y
7.35%
3Y*
10.04%
5Y*
3.61%
10Y*
—

AT1S.L

1D
0.09%
1M
0.31%
6M
1.47%
YTD
2.03%
1Y
6.92%
3Y*
10.39%
5Y*
2.11%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

AT1D.L vs. AT1S.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
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%
AT1S.L
Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist		2.03%10.47%9.80%1.39%-11.03%3.09%5.25%16.25%-3.05%

Correlation

The correlation between AT1D.L and AT1S.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

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.27

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2018

0.32

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Invesco USD AT1 CoCo Bond UCITS ETF USD Dist

Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist

Return for Risk

AT1D.L vs. AT1S.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AT1D.L
AT1D.L Risk / Return Rank: 4747
Overall Rank
AT1D.L Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
AT1D.L Sortino Ratio Rank: 4444
Sortino Ratio Rank
AT1D.L Omega Ratio Rank: 4040
Omega Ratio Rank
AT1D.L Calmar Ratio Rank: 6060
Calmar Ratio Rank
AT1D.L Martin Ratio Rank: 5050
Martin Ratio Rank
AT1S.L
AT1S.L Risk / Return Rank: 5555
Overall Rank
AT1S.L Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
AT1S.L Sortino Ratio Rank: 5656
Sortino Ratio Rank
AT1S.L Omega Ratio Rank: 6464
Omega Ratio Rank
AT1S.L Calmar Ratio Rank: 4646
Calmar Ratio Rank
AT1S.L Martin Ratio Rank: 5757
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AT1D.L vs. AT1S.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 GBP Hedged Dist (AT1S.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.LAT1S.LDifference
Sharpe ratioReturn per unit of total volatility
1.25
1.46

-0.21

Sortino ratioReturn per unit of downside risk
1.87
2.21

-0.34

Omega ratioGain probability vs. loss probability

1.22

1.31

-0.09

Calmar ratioReturn relative to maximum drawdown

2.42

1.90

+0.52

Martin ratioReturn relative to average drawdown

6.82

7.87

-1.05

AT1D.L vs. AT1S.L - Sharpe Ratio Comparison

The current AT1D.L Sharpe Ratio is 1.25, which is comparable to the AT1S.L Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of AT1D.L and AT1S.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

AT1D.L vs. AT1S.L - Drawdown Comparison

The maximum AT1D.L drawdown since its inception was -27.40%, smaller than the maximum AT1S.L drawdown of -29.25%. Use the drawdown chart below to compare losses from any high point for AT1D.L and AT1S.L.

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Drawdown Indicators

AT1D.LAT1S.LDifference

Max Drawdown

Largest peak-to-trough decline

-27.40%

-29.25%

+1.85%

Max Drawdown (1Y)

Largest decline over 1 year

-3.35%

-3.63%

+0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-9.14%

-4.20%

-4.94%

Max Drawdown (5Y)

Largest decline over 5 years

-22.70%

-26.45%

+3.75%

Current Drawdown

Current decline from peak

-1.32%

-0.44%

-0.88%

Average Drawdown

Average peak-to-trough decline

-8.42%

-5.38%

-3.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.19%

0.88%

+0.31%

Volatility

AT1D.L vs. AT1S.L - Volatility Comparison

Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) has a higher volatility of 1.70% compared to Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) at 0.87%. This indicates that AT1D.L's price experiences larger fluctuations and is considered to be riskier than AT1S.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AT1D.LAT1S.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.70%

0.87%

+0.83%

Volatility (6M)

Calculated over the trailing 6-month period

4.74%

4.26%

+0.48%

Volatility (1Y)

Calculated over the trailing 1-year period

6.49%

4.71%

+1.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.88%

9.57%

+0.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.08%

11.41%

+2.67%

AT1D.L vs. AT1S.L - Expense Ratio Comparison

Both AT1D.L and AT1S.L have an expense ratio of 0.39%.

Dividends

AT1D.L vs. AT1S.L - Dividend Comparison

AT1D.L's dividend yield for the trailing twelve months is around 5.99%, which matches AT1S.L's 6.00% yield.

PositionTTM20252024202320222021202020192018
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%
AT1S.L
Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist		6.00%5.91%6.29%6.12%6.02%4.36%5.31%5.45%1.13%

Frequently Asked Questions

AT1D.L and AT1S.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.

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 AT1S.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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