AT1S.L vs. AT1P.L
AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) and AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) are both Preferred Stock/Convertible Bonds funds from Invesco tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. Both are passively managed. Over the past 5 years, AT1S.L returned 2.11%/yr vs 3.55%/yr for AT1P.L. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.39% expense ratio.
Performance
AT1S.L vs. AT1P.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, AT1S.L achieves a 2.03% return, which is significantly lower than AT1P.L's 2.37% return.
AT1S.L
- 1D
- 0.09%
- 1M
- 0.29%
- 6M
- 1.20%
- YTD
- 2.03%
- 1Y
- 7.08%
- 3Y*
- 10.39%
- 5Y*
- 2.11%
- 10Y*
- —
AT1P.L
- 1D
- -0.15%
- 1M
- 0.01%
- 6M
- 1.16%
- YTD
- 2.37%
- 1Y
- 7.63%
- 3Y*
- 9.93%
- 5Y*
- 3.55%
- 10Y*
- —
AT1S.L vs. AT1P.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AT1S.L Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist | 2.03% | 10.47% | 9.80% | 1.39% | -11.03% | 3.09% | 5.25% | 16.25% | -3.05% |
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% | -0.26% |
Correlation
The correlation between AT1S.L and AT1P.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.35 |
The correlation between AT1S.L and AT1P.L shifts across timeframes, from 0.23 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AT1S.L vs. AT1P.L — Risk / Return Rank
AT1S.L
AT1P.L
AT1S.L vs. AT1P.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) and Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.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.
| AT1S.L | AT1P.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.22 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 2.24 | -0.34 |
| Martin ratioReturn relative to average drawdown | 7.87 | 6.17 | +1.70 |
Loading charts...
Drawdowns
AT1S.L vs. AT1P.L - Drawdown Comparison
The maximum AT1S.L drawdown since its inception was -29.25%, which is greater than AT1P.L's maximum drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for AT1S.L and AT1P.L.
Loading charts...
Drawdown Indicators
| AT1S.L | AT1P.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.25% | -22.71% | -6.54% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -3.31% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -9.12% | +4.92% |
Max Drawdown (5Y)Largest decline over 5 years | -26.45% | -22.71% | -3.74% |
Current DrawdownCurrent decline from peak | -0.44% | -1.73% | +1.29% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -4.05% | -1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.20% | -0.32% |
Volatility
AT1S.L vs. AT1P.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) is 0.87%, while Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) has a volatility of 1.78%. This indicates that AT1S.L experiences smaller price fluctuations and is considered to be less risky than AT1P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AT1S.L | AT1P.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.78% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 4.41% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 6.13% | -1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.57% | 10.19% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.41% | 11.44% | -0.03% |
AT1S.L vs. AT1P.L - Expense Ratio Comparison
Both AT1S.L and AT1P.L have an expense ratio of 0.39%.
Dividends
AT1S.L vs. AT1P.L - Dividend Comparison
AT1S.L's dividend yield for the trailing twelve months is around 6.00%, while AT1P.L has not paid dividends to shareholders.
| 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% |
AT1S.L Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist | 6.00% | 5.91% | 6.29% | 6.12% | 6.02% | 4.36% | 5.31% | 5.45% | 1.13% |
Frequently Asked Questions
AT1S.L and AT1P.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AT1S.L and AT1P.L have the same expense ratio: 0.39% per year.
Both ETFs track iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index.
Find the right allocation for AT1S.L and AT1P.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer