AT1S.L vs. SPXP.L
AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) and SPXP.L (Invesco S&P 500 UCITS ETF) 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 SPXP.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, AT1S.L returned 2.11%/yr vs -54.72%/yr for SPXP.L. At a 0.40 correlation, their price movements are largely independent. AT1S.L charges 0.39%/yr vs 0.05%/yr for SPXP.L.
Performance
AT1S.L vs. SPXP.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 lower than SPXP.L's 10.10% 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*
- —
SPXP.L
- 1D
- -0.46%
- 1M
- -0.34%
- 6M
- 9.72%
- YTD
- 10.10%
- 1Y
- -98.79%
- 3Y*
- -74.34%
- 5Y*
- -54.72%
- 10Y*
- -27.50%
AT1S.L vs. SPXP.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% |
SPXP.L Invesco S&P 500 UCITS ETF | 10.10% | -98.90% | 27.58% | 20.06% | -8.79% | 31.26% | 13.90% | 26.76% | -11.15% |
Correlation
The correlation between AT1S.L and SPXP.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.40 |
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Return for Risk
AT1S.L vs. SPXP.L — Risk / Return Rank
AT1S.L
SPXP.L
AT1S.L vs. SPXP.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 S&P 500 UCITS ETF (SPXP.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 | SPXP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.46 | ||
| Sortino ratioReturn per unit of downside risk | +3.00 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.49 | +0.82 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | -1.00 | +2.89 |
| Martin ratioReturn relative to average drawdown | 7.87 | -1.23 | +9.11 |
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Drawdowns
AT1S.L vs. SPXP.L - Drawdown Comparison
The maximum AT1S.L drawdown since its inception was -29.25%, smaller than the maximum SPXP.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for AT1S.L and SPXP.L.
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Drawdown Indicators
| AT1S.L | SPXP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.25% | -99.07% | +69.82% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -99.07% | +95.44% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -99.07% | +94.87% |
Max Drawdown (5Y)Largest decline over 5 years | -26.45% | -99.07% | +72.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.07% | — |
Current DrawdownCurrent decline from peak | -0.44% | -98.92% | +98.48% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -8.68% | +3.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 80.35% | -79.47% |
Volatility
AT1S.L vs. SPXP.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) is 0.87%, while Invesco S&P 500 UCITS ETF (SPXP.L) has a volatility of 2.93%. This indicates that AT1S.L experiences smaller price fluctuations and is considered to be less risky than SPXP.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 | SPXP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 2.93% | -2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 7.90% | -3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 99.31% | -94.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.57% | 46.56% | -36.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.41% | 34.90% | -23.49% |
AT1S.L vs. SPXP.L - Expense Ratio Comparison
AT1S.L has a 0.39% expense ratio, which is higher than SPXP.L's 0.05% expense ratio.
Dividends
AT1S.L vs. SPXP.L - Dividend Comparison
AT1S.L's dividend yield for the trailing twelve months is around 6.00%, while SPXP.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% |
SPXP.L Invesco S&P 500 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AT1S.L and SPXP.L have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.39% for AT1S.L.
AT1S.L is categorized as Preferred Stock/Convertible Bonds, while SPXP.L is S&P 500. AT1S.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while SPXP.L tracks S&P 500 Index. Their fees differ too: 0.39% for AT1S.L and 0.05% for SPXP.L.
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