AT1S.L vs. PRFP.L
AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) and PRFP.L (Invesco Preferred Shares UCITS ETF USD (Dist)) are both Preferred Stock/Convertible Bonds funds from Invesco - AT1S.L tracks the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index while PRFP.L tracks the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index. Both are passively managed. Over the past 5 years, AT1S.L returned 2.11%/yr vs -1.28%/yr for PRFP.L. At a 0.15 correlation, their price movements are largely independent. AT1S.L charges 0.39%/yr vs 0.50%/yr for PRFP.L.
Performance
AT1S.L vs. PRFP.L - Performance Comparison
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Returns By Period
In the year-to-date period, AT1S.L achieves a 2.07% return, which is significantly higher than PRFP.L's -0.84% return.
AT1S.L
- 1D
- 0.01%
- 1M
- 0.20%
- 6M
- 1.38%
- YTD
- 2.07%
- 1Y
- 6.98%
- 3Y*
- 10.30%
- 5Y*
- 2.11%
- 10Y*
- —
PRFP.L
- 1D
- -0.70%
- 1M
- -1.13%
- 6M
- -2.93%
- YTD
- -0.84%
- 1Y
- 1.66%
- 3Y*
- 2.70%
- 5Y*
- -1.28%
- 10Y*
- —
AT1S.L vs. PRFP.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 | 2.07% | 10.47% | 9.80% | 1.39% | -11.03% | 3.09% | 5.25% | 16.25% | -3.05% |
PRFP.L Invesco Preferred Shares UCITS ETF USD (Dist) | -0.84% | -4.46% | 6.43% | 3.44% | -12.08% | 4.09% | 2.23% | 14.04% | -3.10% |
Correlation
The correlation between AT1S.L and PRFP.L is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.15 |
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Return for Risk
AT1S.L vs. PRFP.L — Risk / Return Rank
AT1S.L
PRFP.L
AT1S.L vs. PRFP.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 Preferred Shares UCITS ETF USD (Dist) (PRFP.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 | PRFP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.05 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 0.41 | +1.50 |
| Martin ratioReturn relative to average drawdown | 7.93 | 0.76 | +7.17 |
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Drawdowns
AT1S.L vs. PRFP.L - Drawdown Comparison
The maximum AT1S.L drawdown since its inception was -29.25%, smaller than the maximum PRFP.L drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for AT1S.L and PRFP.L.
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Drawdown Indicators
| AT1S.L | PRFP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.25% | -33.34% | +4.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -5.06% | +1.43% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -13.79% | +9.59% |
Max Drawdown (5Y)Largest decline over 5 years | -26.45% | -20.03% | -6.42% |
Current DrawdownCurrent decline from peak | -0.40% | -19.04% | +18.64% |
Average DrawdownAverage peak-to-trough decline | -5.37% | -16.25% | +10.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.73% | -1.85% |
Volatility
AT1S.L vs. PRFP.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) is 0.86%, while Invesco Preferred Shares UCITS ETF USD (Dist) (PRFP.L) has a volatility of 2.64%. This indicates that AT1S.L experiences smaller price fluctuations and is considered to be less risky than PRFP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AT1S.L | PRFP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 2.64% | -1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 4.25% | 5.89% | -1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.70% | 7.75% | -3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.56% | 11.19% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.41% | 15.02% | -3.61% |
AT1S.L vs. PRFP.L - Expense Ratio Comparison
AT1S.L has a 0.39% expense ratio, which is lower than PRFP.L's 0.50% expense ratio.
Dividends
AT1S.L vs. PRFP.L - Dividend Comparison
AT1S.L's dividend yield for the trailing twelve months is around 5.99%, more than PRFP.L's 5.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AT1S.L Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist | 5.99% | 5.91% | 6.29% | 6.12% | 6.02% | 4.36% | 5.31% | 5.45% | 1.13% | 0.00% |
PRFP.L Invesco Preferred Shares UCITS ETF USD (Dist) | 5.58% | 5.38% | 5.08% | 5.39% | 5.57% | 4.36% | 4.81% | 4.64% | 5.05% | 0.57% |
Frequently Asked Questions
AT1S.L and PRFP.L have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AT1S.L is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AT1S.L is cheaper with a 0.39% expense ratio, compared with 0.50% for PRFP.L.
AT1S.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while PRFP.L tracks ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index. Their fees differ too: 0.39% for AT1S.L and 0.50% for PRFP.L.
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