AT1S.L vs. SDIA.L
AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) and SDIA.L (iShares USD Short Duration Corporate Bond UCITS ETF (Acc)) 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 SDIA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, AT1S.L returned 2.11%/yr vs 2.81%/yr for SDIA.L. At a correlation of -0.15, they often move in opposite directions. AT1S.L charges 0.39%/yr vs 0.20%/yr for SDIA.L.
Performance
AT1S.L vs. SDIA.L - Performance Comparison
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Different Trading Currencies
AT1S.L is traded in GBp, while SDIA.L is traded in USD. To make them comparable, the SDIA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, AT1S.L achieves a 2.03% return, which is significantly higher than SDIA.L's 0.54% 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*
- —
SDIA.L
- 1D
- -1.04%
- 1M
- -0.72%
- 6M
- 0.18%
- YTD
- 0.54%
- 1Y
- 2.97%
- 3Y*
- 4.05%
- 5Y*
- 2.81%
- 10Y*
- —
AT1S.L vs. SDIA.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% |
SDIA.L iShares USD Short Duration Corporate Bond UCITS ETF (Acc) | 0.54% | -1.35% | 6.77% | 0.39% | 6.87% | 0.24% | 1.43% | 2.11% | 3.45% |
Correlation
The correlation between AT1S.L and SDIA.L is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
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. SDIA.L — Risk / Return Rank
AT1S.L
SDIA.L
AT1S.L vs. SDIA.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 iShares USD Short Duration Corporate Bond UCITS ETF (Acc) (SDIA.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 | SDIA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.08 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 0.58 | +1.31 |
| Martin ratioReturn relative to average drawdown | 7.87 | 1.65 | +6.22 |
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Drawdowns
AT1S.L vs. SDIA.L - Drawdown Comparison
The maximum AT1S.L drawdown since its inception was -29.25%, which is greater than SDIA.L's maximum drawdown of -15.35%. Use the drawdown chart below to compare losses from any high point for AT1S.L and SDIA.L.
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Drawdown Indicators
| AT1S.L | SDIA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.25% | -15.35% | -13.90% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -5.08% | +1.45% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -8.81% | +4.61% |
Max Drawdown (5Y)Largest decline over 5 years | -26.45% | -15.35% | -11.10% |
Current DrawdownCurrent decline from peak | -0.44% | -4.53% | +4.09% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -6.22% | +0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.79% | -0.91% |
Volatility
AT1S.L vs. SDIA.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) is 0.87%, while iShares USD Short Duration Corporate Bond UCITS ETF (Acc) (SDIA.L) has a volatility of 2.14%. This indicates that AT1S.L experiences smaller price fluctuations and is considered to be less risky than SDIA.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 | SDIA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 2.14% | -1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 5.21% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 6.59% | -1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.57% | 8.18% | +1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.41% | 8.41% | +3.00% |
AT1S.L vs. SDIA.L - Expense Ratio Comparison
AT1S.L has a 0.39% expense ratio, which is higher than SDIA.L's 0.20% expense ratio.
Dividends
AT1S.L vs. SDIA.L - Dividend Comparison
AT1S.L's dividend yield for the trailing twelve months is around 6.00%, while SDIA.L has not paid dividends to shareholders.
| 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% |
SDIA.L iShares USD Short Duration Corporate Bond UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AT1S.L and SDIA.L have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SDIA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SDIA.L is cheaper with a 0.20% expense ratio, compared with 0.39% for AT1S.L.
AT1S.L is categorized as Preferred Stock/Convertible Bonds, while SDIA.L is Corporate Bonds. AT1S.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while SDIA.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for AT1S.L and 0.20% for SDIA.L.
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