AT1P.L vs. EMUG.L
AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and EMUG.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)) are both exchange-traded funds - AT1P.L is a Preferred Stock/Convertible Bonds fund tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while EMUG.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 5 years, AT1P.L returned 3.55%/yr vs 1.01%/yr for EMUG.L. A 0.68 correlation means they provide meaningful diversification when combined. AT1P.L charges 0.39%/yr vs 0.35%/yr for EMUG.L.
Performance
AT1P.L vs. EMUG.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, AT1P.L achieves a 2.37% return, which is significantly higher than EMUG.L's -4.22% return.
AT1P.L
- 1D
- -0.15%
- 1M
- 0.04%
- 6M
- 1.11%
- YTD
- 2.37%
- 1Y
- 7.12%
- 3Y*
- 9.93%
- 5Y*
- 3.55%
- 10Y*
- —
EMUG.L
- 1D
- 0.52%
- 1M
- -3.43%
- 6M
- -2.27%
- YTD
- -4.22%
- 1Y
- -0.74%
- 3Y*
- 3.48%
- 5Y*
- 1.01%
- 10Y*
- —
AT1P.L vs. EMUG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 2.37% | 3.19% | 12.16% | -3.30% | 1.16% | 5.28% |
EMUG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | -4.22% | 1.10% | 7.35% | 1.04% | -0.88% | -25.37% |
Correlation
The correlation between AT1P.L and EMUG.L is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.68 |
The correlation between AT1P.L and EMUG.L has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AT1P.L vs. EMUG.L — Risk / Return Rank
AT1P.L
EMUG.L
AT1P.L vs. EMUG.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 L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUG.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 | EMUG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.99 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | -0.10 | +2.34 |
| Martin ratioReturn relative to average drawdown | 6.17 | -0.22 | +6.39 |
Loading charts...
Drawdowns
AT1P.L vs. EMUG.L - Drawdown Comparison
The maximum AT1P.L drawdown since its inception was -22.71%, smaller than the maximum EMUG.L drawdown of -30.45%. Use the drawdown chart below to compare losses from any high point for AT1P.L and EMUG.L.
Loading charts...
Drawdown Indicators
| AT1P.L | EMUG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -30.45% | +7.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -7.05% | +3.74% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -8.64% | -0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | -11.29% | -11.42% |
Current DrawdownCurrent decline from peak | -1.73% | -22.35% | +20.62% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -24.29% | +20.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 3.35% | -2.15% |
Volatility
AT1P.L vs. EMUG.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) is 1.78%, while L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUG.L) has a volatility of 3.34%. This indicates that AT1P.L experiences smaller price fluctuations and is considered to be less risky than EMUG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AT1P.L | EMUG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 3.34% | -1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 5.34% | -0.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 6.98% | -0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 8.09% | +2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 13.93% | -2.49% |
AT1P.L vs. EMUG.L - Expense Ratio Comparison
AT1P.L has a 0.39% expense ratio, which is higher than EMUG.L's 0.35% expense ratio.
Dividends
AT1P.L vs. EMUG.L - Dividend Comparison
AT1P.L has not paid dividends to shareholders, while EMUG.L's dividend yield for the trailing twelve months is around 0.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMUG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | 0.03% | 5.99% | 4.86% | 4.67% | 3.61% | 1.14% |
Frequently Asked Questions
AT1P.L and EMUG.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMUG.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMUG.L is cheaper with a 0.35% expense ratio, compared with 0.39% for AT1P.L.
AT1P.L is categorized as Preferred Stock/Convertible Bonds, while EMUG.L is Emerging Markets Bonds. AT1P.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while EMUG.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 AT1P.L and 0.35% for EMUG.L.
Find the right allocation for AT1P.L and EMUG.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer