AT1D.L vs. EMAG.L
AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) and EMAG.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc)) are both exchange-traded funds - AT1D.L is a Preferred Stock/Convertible Bonds fund tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while EMAG.L is a Emerging Markets Bonds fund tracking the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index. Both are passively managed. Over the past 3 years, AT1D.L returned 10.04%/yr vs 5.31%/yr for EMAG.L. A 0.67 correlation means they provide meaningful diversification when combined. AT1D.L charges 0.39%/yr vs 0.35%/yr for EMAG.L.
Performance
AT1D.L vs. EMAG.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 EMAG.L's 0.97% return.
AT1D.L
- 1D
- 0.16%
- 1M
- 0.34%
- 6M
- 1.47%
- YTD
- 2.72%
- 1Y
- 7.48%
- 3Y*
- 10.04%
- 5Y*
- 3.61%
- 10Y*
- —
EMAG.L
- 1D
- -0.65%
- 1M
- -0.94%
- 6M
- 0.08%
- YTD
- 0.97%
- 1Y
- 4.65%
- 3Y*
- 5.31%
- 5Y*
- —
- 10Y*
- —
AT1D.L vs. EMAG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 2.72% | 3.15% | 12.17% | -3.30% | 1.10% | 1.67% |
EMAG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) | 0.97% | 0.75% | 7.46% | 0.98% | -0.82% | 1.27% |
Correlation
The correlation between AT1D.L and EMAG.L is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.67 |
The correlation between AT1D.L and EMAG.L has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.
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Return for Risk
AT1D.L vs. EMAG.L — Risk / Return Rank
AT1D.L
EMAG.L
AT1D.L vs. EMAG.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 L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAG.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 | EMAG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.14 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 1.14 | +1.28 |
| Martin ratioReturn relative to average drawdown | 6.82 | 2.81 | +4.01 |
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Drawdowns
AT1D.L vs. EMAG.L - Drawdown Comparison
The maximum AT1D.L drawdown since its inception was -27.40%, which is greater than EMAG.L's maximum drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for AT1D.L and EMAG.L.
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Drawdown Indicators
| AT1D.L | EMAG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.40% | -11.32% | -16.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.35% | -4.20% | +0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -9.14% | -8.30% | -0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -22.70% | — | — |
Current DrawdownCurrent decline from peak | -1.32% | -2.56% | +1.24% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -4.05% | -4.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.71% | -0.52% |
Volatility
AT1D.L vs. EMAG.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) is 1.70%, while L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) (EMAG.L) has a volatility of 1.96%. This indicates that AT1D.L experiences smaller price fluctuations and is considered to be less risky than EMAG.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.L | EMAG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.96% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 4.74% | 4.36% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.49% | 5.96% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.88% | 7.85% | +2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.08% | 7.85% | +6.23% |
AT1D.L vs. EMAG.L - Expense Ratio Comparison
AT1D.L has a 0.39% expense ratio, which is higher than EMAG.L's 0.35% expense ratio.
Dividends
AT1D.L vs. EMAG.L - Dividend Comparison
AT1D.L's dividend yield for the trailing twelve months is around 5.99%, while EMAG.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% |
EMAG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AT1D.L and EMAG.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMAG.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMAG.L is cheaper with a 0.35% expense ratio, compared with 0.39% for AT1D.L.
AT1D.L is categorized as Preferred Stock/Convertible Bonds, while EMAG.L is Emerging Markets Bonds. AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while EMAG.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.39% for AT1D.L and 0.35% for EMAG.L.
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