AT1D.L vs. USDC.L
AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) and USDC.L (L&G USD Corporate Bond Screened UCITS ETF USD (Dist)) 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 USDC.L is a Corporate Bonds fund tracking the J.P. Morgan Global Credit Index ESG Investment Grade USD Custom Maturity Index. Both are passively managed. Over the past 5 years, AT1D.L returned 3.61%/yr vs 0.54%/yr for USDC.L. At a 0.46 correlation, their price movements are largely independent. AT1D.L charges 0.39%/yr vs 0.09%/yr for USDC.L.
Performance
AT1D.L vs. USDC.L - Performance Comparison
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Different Trading Currencies
AT1D.L is traded in GBp, while USDC.L is traded in USD. To make them comparable, the USDC.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 USDC.L's -2.21% 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*
- —
USDC.L
- 1D
- 0.40%
- 1M
- -0.97%
- 6M
- -0.52%
- YTD
- -2.21%
- 1Y
- 1.76%
- 3Y*
- 3.34%
- 5Y*
- 0.54%
- 10Y*
- —
AT1D.L vs. USDC.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% | 5.27% |
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD (Dist) | -2.21% | -0.23% | 4.93% | 2.93% | -3.67% | -0.05% |
Correlation
The correlation between AT1D.L and USDC.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.46 |
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Return for Risk
AT1D.L vs. USDC.L — Risk / Return Rank
AT1D.L
USDC.L
AT1D.L vs. USDC.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 USD Corporate Bond Screened UCITS ETF USD (Dist) (USDC.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 | USDC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.04 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 0.24 | +2.18 |
| Martin ratioReturn relative to average drawdown | 6.82 | 0.52 | +6.30 |
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Drawdowns
AT1D.L vs. USDC.L - Drawdown Comparison
The maximum AT1D.L drawdown since its inception was -27.40%, which is greater than USDC.L's maximum drawdown of -13.86%. Use the drawdown chart below to compare losses from any high point for AT1D.L and USDC.L.
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Drawdown Indicators
| AT1D.L | USDC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.40% | -13.86% | -13.54% |
Max Drawdown (1Y)Largest decline over 1 year | -3.35% | -7.37% | +4.02% |
Max Drawdown (3Y)Largest decline over 3 years | -9.14% | -8.93% | -0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -22.70% | -13.86% | -8.84% |
Current DrawdownCurrent decline from peak | -1.32% | -4.86% | +3.54% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -5.59% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 3.39% | -2.20% |
Volatility
AT1D.L vs. USDC.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) is 1.70%, while L&G USD Corporate Bond Screened UCITS ETF USD (Dist) (USDC.L) has a volatility of 2.10%. This indicates that AT1D.L experiences smaller price fluctuations and is considered to be less risky than USDC.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 | USDC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 2.10% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 4.74% | 5.82% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.49% | 7.83% | -1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.88% | 9.02% | +0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.08% | 8.90% | +5.18% |
AT1D.L vs. USDC.L - Expense Ratio Comparison
AT1D.L has a 0.39% expense ratio, which is higher than USDC.L's 0.09% expense ratio.
Dividends
AT1D.L vs. USDC.L - Dividend Comparison
AT1D.L's dividend yield for the trailing twelve months is around 5.99%, more than USDC.L's 4.82% yield.
| 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% |
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD (Dist) | 2.44% | 4.47% | 4.08% | 3.24% | 2.36% | 0.78% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AT1D.L and USDC.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USDC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USDC.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 USDC.L is Corporate Bonds. AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while USDC.L tracks J.P. Morgan Global Credit Index ESG Investment Grade USD Custom Maturity Index. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.39% for AT1D.L and 0.09% for USDC.L.
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