AT1P.L vs. SGLP.L
AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and SGLP.L (Invesco Physical Gold A) 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 SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 5 years, AT1P.L returned 3.55%/yr vs 17.81%/yr for SGLP.L. At a 0.12 correlation, their price movements are largely independent. AT1P.L charges 0.39%/yr vs 0.12%/yr for SGLP.L.
Performance
AT1P.L vs. SGLP.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 higher than SGLP.L's -6.33% 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*
- —
SGLP.L
- 1D
- -1.60%
- 1M
- -7.47%
- 6M
- -12.71%
- YTD
- -6.33%
- 1Y
- 20.56%
- 3Y*
- 26.02%
- 5Y*
- 17.81%
- 10Y*
- 11.36%
AT1P.L vs. SGLP.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% |
SGLP.L Invesco Physical Gold A | -6.33% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 19.99% | 14.65% | 6.64% |
Correlation
The correlation between AT1P.L and SGLP.L is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | 0.12 |
The correlation between AT1P.L and SGLP.L shifts across timeframes, from -0.10 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AT1P.L vs. SGLP.L — Risk / Return Rank
AT1P.L
SGLP.L
AT1P.L vs. SGLP.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 Physical Gold A (SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.17 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 0.84 | +1.39 |
| Martin ratioReturn relative to average drawdown | 6.17 | 2.08 | +4.09 |
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Drawdowns
AT1P.L vs. SGLP.L - Drawdown Comparison
The maximum AT1P.L drawdown since its inception was -22.71%, smaller than the maximum SGLP.L drawdown of -63.75%. Use the drawdown chart below to compare losses from any high point for AT1P.L and SGLP.L.
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Drawdown Indicators
| AT1P.L | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -63.75% | +41.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -24.29% | +20.98% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -24.29% | +15.17% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | -24.29% | +1.58% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.29% | — |
Current DrawdownCurrent decline from peak | -1.73% | -24.29% | +22.56% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -31.67% | +27.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 9.84% | -8.64% |
Volatility
AT1P.L vs. SGLP.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) is 1.78%, while Invesco Physical Gold A (SGLP.L) has a volatility of 6.71%. This indicates that AT1P.L experiences smaller price fluctuations and is considered to be less risky than SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 6.71% | -4.93% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 21.07% | -16.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 24.32% | -18.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 21.89% | -11.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 18.29% | -6.85% |
AT1P.L vs. SGLP.L - Expense Ratio Comparison
AT1P.L has a 0.39% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.
Dividends
AT1P.L vs. SGLP.L - Dividend Comparison
Neither AT1P.L nor SGLP.L has paid dividends to shareholders.
Frequently Asked Questions
AT1P.L and SGLP.L have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.39% for AT1P.L.
AT1P.L is categorized as Preferred Stock/Convertible Bonds, while SGLP.L is Gold. AT1P.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while SGLP.L tracks Gold. Their fees differ too: 0.39% for AT1P.L and 0.12% for SGLP.L.
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