AT1P.L vs. FLUC.L
AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and FLUC.L (Franklin USD Investment Grade Corporate Bond 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 FLUC.L is a Corporate Bonds fund tracking the Bloomberg US Corporate - Investment Grade Index. Both are passively managed. Over the past 5 years, AT1P.L returned 3.55%/yr vs 0.17%/yr for FLUC.L. At a 0.47 correlation, their price movements are largely independent. AT1P.L charges 0.39%/yr vs 0.35%/yr for FLUC.L.
Performance
AT1P.L vs. FLUC.L - Performance Comparison
Loading charts...
Different Trading Currencies
AT1P.L is traded in GBp, while FLUC.L is traded in USD. To make them comparable, the FLUC.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, AT1P.L achieves a 2.37% return, which is significantly higher than FLUC.L's -0.24% 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*
- —
FLUC.L
- 1D
- 0.25%
- 1M
- -1.60%
- 6M
- -0.67%
- YTD
- -0.24%
- 1Y
- 3.89%
- 3Y*
- 3.35%
- 5Y*
- 0.17%
- 10Y*
- —
AT1P.L vs. FLUC.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% | 1.74% |
FLUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) | -0.24% | -0.20% | 3.86% | 2.39% | -5.48% | -1.32% | 6.53% | 10.17% | 3.09% |
Correlation
The correlation between AT1P.L and FLUC.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | 0.47 |
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. FLUC.L — Risk / Return Rank
AT1P.L
FLUC.L
AT1P.L vs. FLUC.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 Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) (FLUC.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 | FLUC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| 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 | 2.24 | 0.74 | +1.50 |
| Martin ratioReturn relative to average drawdown | 6.17 | 1.76 | +4.41 |
Loading charts...
Drawdowns
AT1P.L vs. FLUC.L - Drawdown Comparison
The maximum AT1P.L drawdown since its inception was -22.71%, which is greater than FLUC.L's maximum drawdown of -17.30%. Use the drawdown chart below to compare losses from any high point for AT1P.L and FLUC.L.
Loading charts...
Drawdown Indicators
| AT1P.L | FLUC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -17.30% | -5.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -5.27% | +1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -9.19% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | -14.55% | -8.16% |
Current DrawdownCurrent decline from peak | -1.73% | -7.60% | +5.87% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -7.94% | +3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 2.20% | -1.00% |
Volatility
AT1P.L vs. FLUC.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) and Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) (FLUC.L) have volatilities of 1.78% and 1.72%, 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.
Loading charts...
Volatility by Period
| AT1P.L | FLUC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 1.72% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 5.73% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 7.25% | -1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 9.29% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 9.88% | +1.56% |
AT1P.L vs. FLUC.L - Expense Ratio Comparison
AT1P.L has a 0.39% expense ratio, which is higher than FLUC.L's 0.35% expense ratio.
Dividends
AT1P.L vs. FLUC.L - Dividend Comparison
AT1P.L has not paid dividends to shareholders, while FLUC.L's dividend yield for the trailing twelve months is around 4.22%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
FLUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF USD (Dist) | 4.22% | 4.01% | 4.26% | 3.38% | 2.76% | 2.17% | 2.29% | 3.37% | 1.61% |
Frequently Asked Questions
AT1P.L and FLUC.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLUC.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLUC.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 FLUC.L is Corporate Bonds. AT1P.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while FLUC.L tracks Bloomberg US Corporate - Investment Grade Index. They also come from different issuers: Invesco and Franklin. Their fees differ too: 0.39% for AT1P.L and 0.35% for FLUC.L.
Find the right allocation for AT1P.L and FLUC.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