AT1P.L vs. XLKQ.L
AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) and XLKQ.L (Invesco Technology S&P US Select Sector UCITS ETF GBP Acc) 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 XLKQ.L is a Technology Equities fund tracking the S&P Select Sector Capped 20% Technology Index. Both are passively managed. Over the past 5 years, AT1P.L returned 3.55%/yr vs 22.68%/yr for XLKQ.L. At a 0.33 correlation, their price movements are largely independent. AT1P.L charges 0.39%/yr vs 0.14%/yr for XLKQ.L.
Performance
AT1P.L vs. XLKQ.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 XLKQ.L's 17.29% 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*
- —
XLKQ.L
- 1D
- -1.59%
- 1M
- -3.44%
- 6M
- 19.70%
- YTD
- 17.29%
- 1Y
- 31.37%
- 3Y*
- 30.04%
- 5Y*
- 22.68%
- 10Y*
- 25.10%
AT1P.L vs. XLKQ.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% |
XLKQ.L Invesco Technology S&P US Select Sector UCITS ETF GBP Acc | 17.29% | 15.76% | 44.03% | 51.84% | -20.58% | 36.28% | 37.93% | 44.38% | -11.01% |
Correlation
The correlation between AT1P.L and XLKQ.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | 0.33 |
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Return for Risk
AT1P.L vs. XLKQ.L — Risk / Return Rank
AT1P.L
XLKQ.L
AT1P.L vs. XLKQ.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 Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.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 | XLKQ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.25 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 1.86 | +0.37 |
| Martin ratioReturn relative to average drawdown | 6.17 | 4.56 | +1.61 |
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Drawdowns
AT1P.L vs. XLKQ.L - Drawdown Comparison
The maximum AT1P.L drawdown since its inception was -22.71%, smaller than the maximum XLKQ.L drawdown of -38.43%. Use the drawdown chart below to compare losses from any high point for AT1P.L and XLKQ.L.
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Drawdown Indicators
| AT1P.L | XLKQ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -38.43% | +15.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -16.76% | +13.45% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -28.74% | +19.62% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | -28.74% | +6.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.74% | — |
Current DrawdownCurrent decline from peak | -1.73% | -7.95% | +6.22% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -8.06% | +4.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 6.87% | -5.67% |
Volatility
AT1P.L vs. XLKQ.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) is 1.78%, while Invesco Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.L) has a volatility of 7.47%. This indicates that AT1P.L experiences smaller price fluctuations and is considered to be less risky than XLKQ.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 | XLKQ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 7.47% | -5.69% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 16.46% | -12.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 21.19% | -15.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 26.43% | -16.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 23.45% | -12.01% |
AT1P.L vs. XLKQ.L - Expense Ratio Comparison
AT1P.L has a 0.39% expense ratio, which is higher than XLKQ.L's 0.14% expense ratio.
Dividends
AT1P.L vs. XLKQ.L - Dividend Comparison
Neither AT1P.L nor XLKQ.L has paid dividends to shareholders.
Frequently Asked Questions
AT1P.L and XLKQ.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XLKQ.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XLKQ.L is cheaper with a 0.14% expense ratio, compared with 0.39% for AT1P.L.
AT1P.L is categorized as Preferred Stock/Convertible Bonds, while XLKQ.L is Technology Equities. AT1P.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while XLKQ.L tracks S&P Select Sector Capped 20% Technology Index. Their fees differ too: 0.39% for AT1P.L and 0.14% for XLKQ.L.
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