AT1P.L vs. AT1D.L
AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD 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, AT1P.L returned 3.55%/yr vs 3.61%/yr for AT1D.L. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.
Performance
AT1P.L vs. AT1D.L - Performance Comparison
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Returns By Period
In the year-to-date period, AT1P.L achieves a 2.37% return, which is significantly lower than AT1D.L's 2.72% return.
AT1P.L
- 1D
- -0.15%
- 1M
- 0.01%
- 6M
- 1.16%
- YTD
- 2.37%
- 1Y
- 7.63%
- 3Y*
- 9.93%
- 5Y*
- 3.55%
- 10Y*
- —
AT1D.L
- 1D
- 0.16%
- 1M
- 0.45%
- 6M
- 1.34%
- YTD
- 2.72%
- 1Y
- 7.93%
- 3Y*
- 10.04%
- 5Y*
- 3.61%
- 10Y*
- —
AT1P.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 2.37% | 3.19% | 12.16% | -3.30% | 1.16% | 4.77% | 4.85% | 14.81% | -0.26% |
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% |
Correlation
The correlation between AT1P.L and AT1D.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.95 |
The correlation between AT1P.L and AT1D.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
AT1P.L vs. AT1D.L — Risk / Return Rank
AT1P.L
AT1D.L
AT1P.L vs. AT1D.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) and Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.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.
| AT1P.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.22 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 2.42 | -0.18 |
| Martin ratioReturn relative to average drawdown | 6.17 | 6.82 | -0.65 |
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Drawdowns
AT1P.L vs. AT1D.L - Drawdown Comparison
The maximum AT1P.L drawdown since its inception was -22.71%, smaller than the maximum AT1D.L drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for AT1P.L and AT1D.L.
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Drawdown Indicators
| AT1P.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -27.40% | +4.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -3.35% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -9.14% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | -22.70% | -0.01% |
Current DrawdownCurrent decline from peak | -1.73% | -1.32% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -8.42% | +4.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.19% | +0.01% |
Volatility
AT1P.L vs. AT1D.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) and Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) have volatilities of 1.78% and 1.70%, 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
| AT1P.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 1.70% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 4.74% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 6.49% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 9.88% | +0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 14.08% | -2.64% |
AT1P.L vs. AT1D.L - Expense Ratio Comparison
Both AT1P.L and AT1D.L have an expense ratio of 0.39%.
Dividends
AT1P.L vs. AT1D.L - Dividend Comparison
AT1P.L has not paid dividends to shareholders, while AT1D.L's dividend yield for the trailing twelve months is around 5.99%.
| 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% |
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, AT1P.L and AT1D.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AT1P.L and AT1D.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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