AT1P.L vs. FTWG.L
AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and FTWG.L (Invesco FTSE All-World 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 FTWG.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 3 years, AT1P.L returned 9.93%/yr vs 17.94%/yr for FTWG.L. At a 0.37 correlation, their price movements are largely independent. AT1P.L charges 0.39%/yr vs 0.15%/yr for FTWG.L.
Performance
AT1P.L vs. FTWG.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 FTWG.L's 10.82% return.
AT1P.L
- 1D
- -0.15%
- 1M
- 0.39%
- 6M
- 1.68%
- YTD
- 2.37%
- 1Y
- 7.04%
- 3Y*
- 9.93%
- 5Y*
- 3.55%
- 10Y*
- —
FTWG.L
- 1D
- -0.68%
- 1M
- -1.15%
- 6M
- 9.12%
- YTD
- 10.82%
- 1Y
- 22.80%
- 3Y*
- 17.94%
- 5Y*
- —
- 10Y*
- —
AT1P.L vs. FTWG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 2.37% | 3.19% | 12.16% | 11.22% |
FTWG.L Invesco FTSE All-World UCITS ETF USD Dist | 10.82% | 14.12% | 19.92% | -13.67% |
Correlation
The correlation between AT1P.L and FTWG.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.37 |
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Return for Risk
AT1P.L vs. FTWG.L — Risk / Return Rank
AT1P.L
FTWG.L
AT1P.L vs. FTWG.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 FTSE All-World UCITS ETF USD Dist (FTWG.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 | FTWG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.39 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 3.19 | -0.96 |
| Martin ratioReturn relative to average drawdown | 6.17 | 12.44 | -6.27 |
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Drawdowns
AT1P.L vs. FTWG.L - Drawdown Comparison
The maximum AT1P.L drawdown since its inception was -22.71%, roughly equal to the maximum FTWG.L drawdown of -22.14%. Use the drawdown chart below to compare losses from any high point for AT1P.L and FTWG.L.
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Drawdown Indicators
| AT1P.L | FTWG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -22.14% | -0.57% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -7.11% | +3.80% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -17.78% | +8.66% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | — | — |
Current DrawdownCurrent decline from peak | -1.73% | -1.99% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -6.53% | +2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.83% | -0.63% |
Volatility
AT1P.L vs. FTWG.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) is 1.78%, while Invesco FTSE All-World UCITS ETF USD Dist (FTWG.L) has a volatility of 3.21%. This indicates that AT1P.L experiences smaller price fluctuations and is considered to be less risky than FTWG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AT1P.L | FTWG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 3.21% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 8.46% | -4.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 10.88% | -4.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 16.63% | -6.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 16.63% | -5.19% |
AT1P.L vs. FTWG.L - Expense Ratio Comparison
AT1P.L has a 0.39% expense ratio, which is higher than FTWG.L's 0.15% expense ratio.
Dividends
AT1P.L vs. FTWG.L - Dividend Comparison
AT1P.L has not paid dividends to shareholders, while FTWG.L's dividend yield for the trailing twelve months is around 1.26%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% |
FTWG.L Invesco FTSE All-World UCITS ETF USD Dist | 1.26% | 1.34% | 1.50% | 0.70% |
Frequently Asked Questions
AT1P.L and FTWG.L have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FTWG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FTWG.L is cheaper with a 0.15% expense ratio, compared with 0.39% for AT1P.L.
AT1P.L is categorized as Preferred Stock/Convertible Bonds, while FTWG.L is Global Equities. AT1P.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while FTWG.L tracks FTSE All-World Index. Their fees differ too: 0.39% for AT1P.L and 0.15% for FTWG.L.
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