AT1S.L vs. SGLP.L
AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) and SGLP.L (Invesco Physical Gold A) 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 SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 5 years, AT1S.L returned 2.11%/yr vs 17.81%/yr for SGLP.L. At a correlation of -0.07, they often move in opposite directions. AT1S.L charges 0.39%/yr vs 0.12%/yr for SGLP.L.
Performance
AT1S.L vs. SGLP.L - Performance Comparison
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Returns By Period
In the year-to-date period, AT1S.L achieves a 2.03% return, which is significantly higher than SGLP.L's -6.33% 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*
- —
SGLP.L
- 1D
- -1.60%
- 1M
- -7.47%
- 6M
- -12.71%
- YTD
- -6.33%
- 1Y
- 20.56%
- 3Y*
- 26.02%
- 5Y*
- 17.81%
- 10Y*
- 11.36%
AT1S.L vs. SGLP.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% |
SGLP.L Invesco Physical Gold A | -6.33% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 19.99% | 14.65% | 9.74% |
Correlation
The correlation between AT1S.L and SGLP.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | -0.07 |
The correlation between AT1S.L and SGLP.L shifts across timeframes, from -0.07 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AT1S.L vs. SGLP.L — Risk / Return Rank
AT1S.L
SGLP.L
AT1S.L vs. SGLP.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 Physical Gold A (SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.17 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 0.84 | +1.05 |
| Martin ratioReturn relative to average drawdown | 7.87 | 2.08 | +5.79 |
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Drawdowns
AT1S.L vs. SGLP.L - Drawdown Comparison
The maximum AT1S.L drawdown since its inception was -29.25%, smaller than the maximum SGLP.L drawdown of -63.75%. Use the drawdown chart below to compare losses from any high point for AT1S.L and SGLP.L.
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Drawdown Indicators
| AT1S.L | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.25% | -63.75% | +34.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -24.29% | +20.66% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -24.29% | +20.09% |
Max Drawdown (5Y)Largest decline over 5 years | -26.45% | -24.29% | -2.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.29% | — |
Current DrawdownCurrent decline from peak | -0.44% | -24.29% | +23.85% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -31.67% | +26.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 9.84% | -8.96% |
Volatility
AT1S.L vs. SGLP.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) is 0.87%, while Invesco Physical Gold A (SGLP.L) has a volatility of 6.71%. This indicates that AT1S.L experiences smaller price fluctuations and is considered to be less risky than SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 6.71% | -5.84% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 21.07% | -16.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 24.32% | -19.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.57% | 21.89% | -12.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.41% | 18.29% | -6.88% |
AT1S.L vs. SGLP.L - Expense Ratio Comparison
AT1S.L has a 0.39% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.
Dividends
AT1S.L vs. SGLP.L - Dividend Comparison
AT1S.L's dividend yield for the trailing twelve months is around 6.00%, while SGLP.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% |
SGLP.L Invesco Physical Gold A | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AT1S.L and SGLP.L have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.39% for AT1S.L.
AT1S.L is categorized as Preferred Stock/Convertible Bonds, while SGLP.L is Gold. AT1S.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while SGLP.L tracks Gold. Their fees differ too: 0.39% for AT1S.L and 0.12% for SGLP.L.
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