AT1D.L vs. ERNA.L
AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) and ERNA.L (iShares USD Ultrashort Bond 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 ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, AT1D.L returned 3.61%/yr vs 4.29%/yr for ERNA.L. A 0.54 correlation means they provide meaningful diversification when combined. AT1D.L charges 0.39%/yr vs 0.09%/yr for ERNA.L.
Performance
AT1D.L vs. ERNA.L - Performance Comparison
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Different Trading Currencies
AT1D.L is traded in GBp, while ERNA.L is traded in USD. To make them comparable, the ERNA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, AT1D.L achieves a 2.72% return, which is significantly higher than ERNA.L's 2.04% 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*
- —
ERNA.L
- 1D
- 0.43%
- 1M
- -0.05%
- 6M
- 1.19%
- YTD
- 2.04%
- 1Y
- 3.77%
- 3Y*
- 4.06%
- 5Y*
- 4.29%
- 10Y*
- —
AT1D.L vs. ERNA.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% |
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 2.04% | -2.62% | 7.50% | 0.17% | 13.52% | 1.06% | -1.70% | -0.73% | 3.29% |
Correlation
The correlation between AT1D.L and ERNA.L is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.54 |
The correlation between AT1D.L and ERNA.L has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.
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Return for Risk
AT1D.L vs. ERNA.L — Risk / Return Rank
AT1D.L
ERNA.L
AT1D.L vs. ERNA.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 iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.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 | ERNA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.10 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 0.76 | +1.66 |
| Martin ratioReturn relative to average drawdown | 6.82 | 2.05 | +4.77 |
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Drawdowns
AT1D.L vs. ERNA.L - Drawdown Comparison
The maximum AT1D.L drawdown since its inception was -27.40%, which is greater than ERNA.L's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for AT1D.L and ERNA.L.
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Drawdown Indicators
| AT1D.L | ERNA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.40% | -15.54% | -11.86% |
Max Drawdown (1Y)Largest decline over 1 year | -3.35% | -4.92% | +1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -9.14% | -9.71% | +0.57% |
Max Drawdown (5Y)Largest decline over 5 years | -22.70% | -15.54% | -7.16% |
Current DrawdownCurrent decline from peak | -1.32% | -4.43% | +3.11% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -6.86% | -1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.83% | -0.64% |
Volatility
AT1D.L vs. ERNA.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) and iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) have volatilities of 1.70% and 1.67%, 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 | ERNA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.67% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.74% | 4.99% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.49% | 6.56% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.88% | 8.47% | +1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.08% | 8.73% | +5.35% |
AT1D.L vs. ERNA.L - Expense Ratio Comparison
AT1D.L has a 0.39% expense ratio, which is higher than ERNA.L's 0.09% expense ratio.
Dividends
AT1D.L vs. ERNA.L - Dividend Comparison
AT1D.L's dividend yield for the trailing twelve months is around 5.99%, while ERNA.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% |
ERNA.L iShares USD Ultrashort Bond 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 ERNA.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNA.L is cheaper with a 0.09% expense ratio, compared with 0.39% for AT1D.L.
AT1D.L is categorized as Preferred Stock/Convertible Bonds, while ERNA.L is Corporate Bonds. AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for AT1D.L and 0.09% for ERNA.L.
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