AT1P.L vs. ICBU.L
AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and ICBU.L (iShares USD Intermediate Credit Bond UCITS ETF) 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 ICBU.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD. Both are passively managed. Over the past 5 years, AT1P.L returned 3.55%/yr vs 2.04%/yr for ICBU.L. A 0.52 correlation means they provide meaningful diversification when combined. AT1P.L charges 0.39%/yr vs 0.15%/yr for ICBU.L.
Performance
AT1P.L vs. ICBU.L - Performance Comparison
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Different Trading Currencies
AT1P.L is traded in GBp, while ICBU.L is traded in USD. To make them comparable, the ICBU.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 ICBU.L's 0.31% 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*
- —
ICBU.L
- 1D
- 0.51%
- 1M
- -0.48%
- 6M
- -0.18%
- YTD
- 0.31%
- 1Y
- 3.76%
- 3Y*
- 4.34%
- 5Y*
- 2.04%
- 10Y*
- —
AT1P.L vs. ICBU.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% |
ICBU.L iShares USD Intermediate Credit Bond UCITS ETF | 0.31% | 0.01% | 5.93% | 1.31% | 1.78% | -0.36% | 3.31% | 5.86% | 4.39% |
Correlation
The correlation between AT1P.L and ICBU.L is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | 0.52 |
The correlation between AT1P.L and ICBU.L has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.
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Return for Risk
AT1P.L vs. ICBU.L — Risk / Return Rank
AT1P.L
ICBU.L
AT1P.L vs. ICBU.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 iShares USD Intermediate Credit Bond UCITS ETF (ICBU.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 | ICBU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.10 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 0.75 | +1.49 |
| Martin ratioReturn relative to average drawdown | 6.17 | 2.02 | +4.15 |
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Drawdowns
AT1P.L vs. ICBU.L - Drawdown Comparison
The maximum AT1P.L drawdown since its inception was -22.71%, which is greater than ICBU.L's maximum drawdown of -14.43%. Use the drawdown chart below to compare losses from any high point for AT1P.L and ICBU.L.
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Drawdown Indicators
| AT1P.L | ICBU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -14.43% | -8.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -5.01% | +1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -8.02% | -1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | -14.43% | -8.28% |
Current DrawdownCurrent decline from peak | -1.73% | -2.61% | +0.88% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -5.84% | +1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.86% | -0.66% |
Volatility
AT1P.L vs. ICBU.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) is 1.78%, while iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) has a volatility of 1.89%. This indicates that AT1P.L experiences smaller price fluctuations and is considered to be less risky than ICBU.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 | ICBU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 1.89% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 5.28% | -0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 6.73% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 8.40% | +1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 8.64% | +2.80% |
AT1P.L vs. ICBU.L - Expense Ratio Comparison
AT1P.L has a 0.39% expense ratio, which is higher than ICBU.L's 0.15% expense ratio.
Dividends
AT1P.L vs. ICBU.L - Dividend Comparison
AT1P.L has not paid dividends to shareholders, while ICBU.L's dividend yield for the trailing twelve months is around 6.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
ICBU.L iShares USD Intermediate Credit Bond UCITS ETF | 4.51% | 4.21% | 3.78% | 2.78% | 1.93% | 1.93% | 2.78% | 2.93% | 2.65% | 0.44% |
Frequently Asked Questions
AT1P.L and ICBU.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICBU.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICBU.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 ICBU.L is Corporate Bonds. AT1P.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while ICBU.L tracks Bloomberg US Corp Bond TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for AT1P.L and 0.15% for ICBU.L.
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