AT1S.L vs. FTWG.L
AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) and FTWG.L (Invesco FTSE All-World UCITS ETF USD Dist) are both exchange-traded funds - AT1S.L is a Preferred Stock/Convertible Bonds fund tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while FTWG.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 3 years, AT1S.L returned 10.39%/yr vs 17.94%/yr for FTWG.L. At a 0.49 correlation, their price movements are largely independent. AT1S.L charges 0.39%/yr vs 0.15%/yr for FTWG.L.
Performance
AT1S.L vs. FTWG.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 FTWG.L's 10.82% return.
AT1S.L
- 1D
- 0.09%
- 1M
- 0.31%
- 6M
- 1.47%
- YTD
- 2.03%
- 1Y
- 6.92%
- 3Y*
- 10.39%
- 5Y*
- 2.11%
- 10Y*
- —
FTWG.L
- 1D
- -0.68%
- 1M
- -1.15%
- 6M
- 9.12%
- YTD
- 10.82%
- 1Y
- 22.80%
- 3Y*
- 17.94%
- 5Y*
- —
- 10Y*
- —
AT1S.L vs. FTWG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AT1S.L Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist | 2.03% | 10.47% | 9.80% | 11.29% |
FTWG.L Invesco FTSE All-World UCITS ETF USD Dist | 10.82% | 14.12% | 19.92% | -13.67% |
Correlation
The correlation between AT1S.L and FTWG.L is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.49 |
The correlation between AT1S.L and FTWG.L has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.
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. FTWG.L — Risk / Return Rank
AT1S.L
FTWG.L
AT1S.L vs. FTWG.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 FTSE All-World UCITS ETF USD Dist (FTWG.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 | FTWG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 3.19 | -1.30 |
| Martin ratioReturn relative to average drawdown | 7.87 | 12.44 | -4.57 |
Loading charts...
Drawdowns
AT1S.L vs. FTWG.L - Drawdown Comparison
The maximum AT1S.L drawdown since its inception was -29.25%, which is greater than FTWG.L's maximum drawdown of -22.14%. Use the drawdown chart below to compare losses from any high point for AT1S.L and FTWG.L.
Loading charts...
Drawdown Indicators
| AT1S.L | FTWG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.25% | -22.14% | -7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -7.11% | +3.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -17.78% | +13.58% |
Max Drawdown (5Y)Largest decline over 5 years | -26.45% | — | — |
Current DrawdownCurrent decline from peak | -0.44% | -1.99% | +1.55% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -6.53% | +1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.83% | -0.95% |
Volatility
AT1S.L vs. FTWG.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) is 0.87%, while Invesco FTSE All-World UCITS ETF USD Dist (FTWG.L) has a volatility of 3.21%. This indicates that AT1S.L experiences smaller price fluctuations and is considered to be less risky than FTWG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AT1S.L | FTWG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 3.21% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 8.46% | -4.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 10.88% | -6.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.57% | 16.63% | -7.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.41% | 16.63% | -5.22% |
AT1S.L vs. FTWG.L - Expense Ratio Comparison
AT1S.L has a 0.39% expense ratio, which is higher than FTWG.L's 0.15% expense ratio.
Dividends
AT1S.L vs. FTWG.L - Dividend Comparison
AT1S.L's dividend yield for the trailing twelve months is around 6.00%, more than FTWG.L's 1.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
FTWG.L Invesco FTSE All-World UCITS ETF USD Dist | 1.26% | 1.34% | 1.50% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AT1S.L and FTWG.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FTWG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FTWG.L is cheaper with a 0.15% expense ratio, compared with 0.39% for AT1S.L.
AT1S.L is categorized as Preferred Stock/Convertible Bonds, while FTWG.L is Global Equities. AT1S.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while FTWG.L tracks FTSE All-World Index. Their fees differ too: 0.39% for AT1S.L and 0.15% for FTWG.L.
Find the right allocation for AT1S.L and FTWG.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