AT1P.L vs. VUSC.L
AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and VUSC.L (Vanguard USD Corporate 1-3 Year 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 VUSC.L is a Corporate Bonds fund tracking the Bloomberg Global Aggregate Corporate – United States Dollar Index 1-3 Year. Both are passively managed. Over the past 5 years, AT1P.L returned 3.55%/yr vs 3.14%/yr for VUSC.L. A 0.65 correlation means they provide meaningful diversification when combined. AT1P.L charges 0.39%/yr vs 0.09%/yr for VUSC.L.
Performance
AT1P.L vs. VUSC.L - Performance Comparison
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Different Trading Currencies
AT1P.L is traded in GBp, while VUSC.L is traded in GBP. To make them comparable, the VUSC.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 VUSC.L's 1.05% 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*
- —
VUSC.L
- 1D
- 0.07%
- 1M
- -0.24%
- 6M
- 0.61%
- YTD
- 1.05%
- 1Y
- 3.84%
- 3Y*
- 4.28%
- 5Y*
- 3.14%
- 10Y*
- —
AT1P.L vs. VUSC.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% |
VUSC.L Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD (Dist) | 1.05% | -1.33% | 7.18% | -0.33% | 7.69% | 1.08% | 0.03% | 2.11% | 4.59% |
Correlation
The correlation between AT1P.L and VUSC.L is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | 0.65 |
The correlation between AT1P.L and VUSC.L shifts across timeframes, from 0.64 (5 years) to 0.75 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
AT1P.L vs. VUSC.L — Risk / Return Rank
AT1P.L
VUSC.L
AT1P.L vs. VUSC.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 Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD (Dist) (VUSC.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 | VUSC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.11 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 0.87 | +1.36 |
| Martin ratioReturn relative to average drawdown | 6.17 | 2.30 | +3.87 |
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Drawdowns
AT1P.L vs. VUSC.L - Drawdown Comparison
The maximum AT1P.L drawdown since its inception was -22.71%, which is greater than VUSC.L's maximum drawdown of -15.15%. Use the drawdown chart below to compare losses from any high point for AT1P.L and VUSC.L.
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Drawdown Indicators
| AT1P.L | VUSC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -15.15% | -7.56% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -4.38% | +1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -8.76% | -0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | -15.15% | -7.56% |
Current DrawdownCurrent decline from peak | -1.73% | -3.57% | +1.84% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -6.19% | +2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.66% | -0.46% |
Volatility
AT1P.L vs. VUSC.L - Volatility Comparison
Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) has a higher volatility of 1.78% compared to Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD (Dist) (VUSC.L) at 1.68%. This indicates that AT1P.L's price experiences larger fluctuations and is considered to be riskier than VUSC.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 | VUSC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 1.68% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 4.43% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 6.04% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 7.89% | +2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 8.49% | +2.95% |
AT1P.L vs. VUSC.L - Expense Ratio Comparison
AT1P.L has a 0.39% expense ratio, which is higher than VUSC.L's 0.09% expense ratio.
Dividends
AT1P.L vs. VUSC.L - Dividend Comparison
AT1P.L has not paid dividends to shareholders, while VUSC.L's dividend yield for the trailing twelve months is around 4.93%.
| 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% |
VUSC.L Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD (Dist) | 4.47% | 4.94% | 4.85% | 4.15% | 1.92% | 1.03% | 2.12% | 2.92% | 1.75% |
Frequently Asked Questions
AT1P.L and VUSC.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VUSC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUSC.L is cheaper with a 0.09% expense ratio, compared with 0.39% for AT1P.L.
AT1P.L is categorized as Preferred Stock/Convertible Bonds, while VUSC.L is Corporate Bonds. AT1P.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while VUSC.L tracks Bloomberg Global Aggregate Corporate – United States Dollar Index 1-3 Year. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.39% for AT1P.L and 0.09% for VUSC.L.
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