AT1S.L vs. VPAC.L
AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)) 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 VPAC.L tracks the ICE Diversified Variable Rate Preferred & Hybrid Securities Index. Both are passively managed. Over the past 5 years, AT1S.L returned 2.11%/yr vs 4.29%/yr for VPAC.L. At a 0.02 correlation, their price movements are largely independent. AT1S.L charges 0.39%/yr vs 0.50%/yr for VPAC.L.
Performance
AT1S.L vs. VPAC.L - Performance Comparison
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Different Trading Currencies
AT1S.L is traded in GBp, while VPAC.L is traded in USD. To make them comparable, the VPAC.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 2.07% return, which is significantly lower than VPAC.L's 3.01% 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*
- —
VPAC.L
- 1D
- 0.27%
- 1M
- -0.35%
- 6M
- 1.83%
- YTD
- 3.01%
- 1Y
- 5.46%
- 3Y*
- 7.72%
- 5Y*
- 4.29%
- 10Y*
- —
AT1S.L vs. VPAC.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% | 0.89% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) | 3.01% | -1.24% | 12.77% | 3.80% | 1.04% | 4.62% | 1.73% | 12.68% | -2.79% |
Correlation
The correlation between AT1S.L and VPAC.L is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.02 |
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Return for Risk
AT1S.L vs. VPAC.L — Risk / Return Rank
AT1S.L
VPAC.L
AT1S.L vs. VPAC.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 Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.17 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 1.27 | +0.64 |
| Martin ratioReturn relative to average drawdown | 7.93 | 3.30 | +4.62 |
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Drawdowns
AT1S.L vs. VPAC.L - Drawdown Comparison
The maximum AT1S.L drawdown since its inception was -29.25%, which is greater than VPAC.L's maximum drawdown of -26.87%. Use the drawdown chart below to compare losses from any high point for AT1S.L and VPAC.L.
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Drawdown Indicators
| AT1S.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.25% | -26.87% | -2.38% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -4.94% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -9.34% | +5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -26.45% | -15.98% | -10.47% |
Current DrawdownCurrent decline from peak | -0.40% | -1.48% | +1.08% |
Average DrawdownAverage peak-to-trough decline | -5.37% | -4.54% | -0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.90% | -1.02% |
Volatility
AT1S.L vs. VPAC.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) is 0.86%, while Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) has a volatility of 1.91%. This indicates that AT1S.L experiences smaller price fluctuations and is considered to be less risky than VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.91% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 4.25% | 5.14% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.70% | 6.72% | -2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.56% | 8.70% | +0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.41% | 12.35% | -0.94% |
AT1S.L vs. VPAC.L - Expense Ratio Comparison
AT1S.L has a 0.39% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.
Dividends
AT1S.L vs. VPAC.L - Dividend Comparison
AT1S.L's dividend yield for the trailing twelve months is around 5.99%, while VPAC.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 | 5.99% | 5.91% | 6.29% | 6.12% | 6.02% | 4.36% | 5.31% | 5.45% | 1.13% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD (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 VPAC.L have a correlation of -0.02, 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 VPAC.L.
AT1S.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while VPAC.L tracks ICE Diversified Variable Rate Preferred & Hybrid Securities Index. Their fees differ too: 0.39% for AT1S.L and 0.50% for VPAC.L.
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