AT1D.L vs. SGLP.L
AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) and SGLP.L (Invesco Physical Gold A) 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 SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 5 years, AT1D.L returned 3.61%/yr vs 17.81%/yr for SGLP.L. At a 0.13 correlation, their price movements are largely independent. AT1D.L charges 0.39%/yr vs 0.12%/yr for SGLP.L.
Performance
AT1D.L vs. SGLP.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 SGLP.L's -6.33% 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*
- —
SGLP.L
- 1D
- -1.60%
- 1M
- -7.47%
- 6M
- -12.71%
- YTD
- -6.33%
- 1Y
- 20.56%
- 3Y*
- 26.02%
- 5Y*
- 17.81%
- 10Y*
- 11.36%
AT1D.L vs. SGLP.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% |
SGLP.L Invesco Physical Gold A | -6.33% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 19.99% | 14.65% | 9.74% |
Correlation
The correlation between AT1D.L and SGLP.L is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.13 |
The correlation between AT1D.L and SGLP.L shifts across timeframes, from -0.09 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AT1D.L vs. SGLP.L — Risk / Return Rank
AT1D.L
SGLP.L
AT1D.L vs. SGLP.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 Physical Gold A (SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.17 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 0.84 | +1.58 |
| Martin ratioReturn relative to average drawdown | 6.82 | 2.08 | +4.74 |
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Drawdowns
AT1D.L vs. SGLP.L - Drawdown Comparison
The maximum AT1D.L drawdown since its inception was -27.40%, smaller than the maximum SGLP.L drawdown of -63.75%. Use the drawdown chart below to compare losses from any high point for AT1D.L and SGLP.L.
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Drawdown Indicators
| AT1D.L | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.40% | -63.75% | +36.35% |
Max Drawdown (1Y)Largest decline over 1 year | -3.35% | -24.29% | +20.94% |
Max Drawdown (3Y)Largest decline over 3 years | -9.14% | -24.29% | +15.15% |
Max Drawdown (5Y)Largest decline over 5 years | -22.70% | -24.29% | +1.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.29% | — |
Current DrawdownCurrent decline from peak | -1.32% | -24.29% | +22.97% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -31.67% | +23.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 9.84% | -8.65% |
Volatility
AT1D.L vs. SGLP.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) is 1.70%, while Invesco Physical Gold A (SGLP.L) has a volatility of 6.71%. This indicates that AT1D.L experiences smaller price fluctuations and is considered to be less risky than SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 6.71% | -5.01% |
Volatility (6M)Calculated over the trailing 6-month period | 4.74% | 21.07% | -16.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.49% | 24.32% | -17.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.88% | 21.89% | -12.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.08% | 18.29% | -4.21% |
AT1D.L vs. SGLP.L - Expense Ratio Comparison
AT1D.L has a 0.39% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.
Dividends
AT1D.L vs. SGLP.L - Dividend Comparison
AT1D.L's dividend yield for the trailing twelve months is around 5.99%, while SGLP.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% |
SGLP.L Invesco Physical Gold A | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AT1D.L and SGLP.L have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.39% for AT1D.L.
AT1D.L is categorized as Preferred Stock/Convertible Bonds, while SGLP.L is Gold. AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while SGLP.L tracks Gold. Their fees differ too: 0.39% for AT1D.L and 0.12% for SGLP.L.
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