AT1P.L vs. LQDE.L

Last updated Jul 18, 2026

AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and LQDE.L (iShares $ Corp Bond UCITS ETF USD Distributing) 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 LQDE.L is a Corporate Bonds fund tracking the Morningstar US Corporate Bond TR USD. Both are passively managed. Over the past 5 years, AT1P.L returned 3.55%/yr vs -0.21%/yr for LQDE.L. At a 0.45 correlation, their price movements are largely independent. AT1P.L charges 0.39%/yr vs 0.20%/yr for LQDE.L.

Performance

AT1P.L vs. LQDE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) and iShares $ Corp Bond UCITS ETF USD Distributing (LQDE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AT1P.L is traded in GBp, while LQDE.L is traded in USD. To make them comparable, the LQDE.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 LQDE.L's -0.58% 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*: —

LQDE.L

• 1D: 0.43%
• 1M: -2.35%
• 6M: -1.15%
• YTD: -0.58%
• 1Y: 3.66%
• 3Y*: 3.28%
• 5Y*: -0.21%
• 10Y*: 1.85%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AT1P.L vs. LQDE.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%
LQDE.L iShares $ Corp Bond UCITS ETF USD Distributing	-0.58%	0.39%	2.83%	3.68%	-8.03%	-1.11%	7.72%	13.38%	2.75%

Correlation

The correlation between AT1P.L and LQDE.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018	0.45

Return for Risk

AT1P.L vs. LQDE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AT1P.L

AT1P.L Risk / Return Rank: 49
AT1P.L Sharpe Ratio Rank: 45
AT1P.L Sortino Ratio Rank: 47
AT1P.L Omega Ratio Rank: 43
AT1P.L Calmar Ratio Rank: 59
AT1P.L Martin Ratio Rank: 49

LQDE.L

LQDE.L Risk / Return Rank: 26
LQDE.L Sharpe Ratio Rank: 25
LQDE.L Sortino Ratio Rank: 23
LQDE.L Omega Ratio Rank: 22
LQDE.L Calmar Ratio Rank: 31
LQDE.L Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AT1P.L vs. LQDE.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 $ Corp Bond UCITS ETF USD Distributing (LQDE.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	LQDE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.21	0.48	+0.72
Sortino ratio: Return per unit of downside risk	1.83	0.74	+1.09
Omega ratio: Gain probability vs. loss probability	1.22	1.09	+0.13
Calmar ratio: Return relative to maximum drawdown	2.24	0.67	+1.57
Martin ratio: Return relative to average drawdown	6.17	1.56	+4.61

AT1P.L vs. LQDE.L - Sharpe Ratio Comparison

The current AT1P.L Sharpe Ratio is 1.21, which is higher than the LQDE.L Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of AT1P.L and LQDE.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AT1P.L vs. LQDE.L - Drawdown Comparison

The maximum AT1P.L drawdown since its inception was -22.71%, smaller than the maximum LQDE.L drawdown of -25.28%. Use the drawdown chart below to compare losses from any high point for AT1P.L and LQDE.L.

Drawdown Indicators

	AT1P.L	LQDE.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.71%	-25.28%	+2.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-5.44%	+2.13%
Max Drawdown (3Y) Largest decline over 3 years	-9.12%	-9.22%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-22.71%	-15.49%	-7.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.06%	—
Current Drawdown Current decline from peak	-1.73%	-9.02%	+7.29%
Average Drawdown Average peak-to-trough decline	-4.05%	-6.91%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	2.34%	-1.14%

Volatility

AT1P.L vs. LQDE.L - Volatility Comparison

The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) is 1.78%, while iShares $ Corp Bond UCITS ETF USD Distributing (LQDE.L) has a volatility of 2.08%. This indicates that AT1P.L experiences smaller price fluctuations and is considered to be less risky than LQDE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AT1P.L	LQDE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	2.08%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	4.41%	6.04%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	6.13%	7.55%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.19%	9.93%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.44%	10.83%	+0.61%

AT1P.L vs. LQDE.L - Expense Ratio Comparison

AT1P.L has a 0.39% expense ratio, which is higher than LQDE.L's 0.20% expense ratio.

Dividends

AT1P.L vs. LQDE.L - Dividend Comparison

AT1P.L has not paid dividends to shareholders, while LQDE.L's dividend yield for the trailing twelve months is around 5.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
LQDE.L iShares $ Corp Bond UCITS ETF USD Distributing	5.05%	4.89%	5.02%	4.58%	3.74%	2.68%	2.77%	3.42%	3.69%	3.25%	3.40%	3.36%

Frequently Asked Questions

Can I hold both AT1P.L and LQDE.L in my portfolio?

AT1P.L and LQDE.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AT1P.L or LQDE.L?

On fees, LQDE.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AT1P.L or LQDE.L?

LQDE.L is cheaper with a 0.20% expense ratio, compared with 0.39% for AT1P.L.

What is the main difference between AT1P.L and LQDE.L?

AT1P.L is categorized as Preferred Stock/Convertible Bonds, while LQDE.L is Corporate Bonds. AT1P.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while LQDE.L tracks Morningstar US Corporate Bond TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for AT1P.L and 0.20% for LQDE.L.