AT1S.L vs. XLKQ.L
AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) and XLKQ.L (Invesco Technology S&P US Select Sector UCITS ETF GBP 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 XLKQ.L is a Technology Equities fund tracking the S&P Select Sector Capped 20% Technology Index. Both are passively managed. Over the past 5 years, AT1S.L returned 2.11%/yr vs 22.68%/yr for XLKQ.L. At a 0.38 correlation, their price movements are largely independent. AT1S.L charges 0.39%/yr vs 0.14%/yr for XLKQ.L.
Performance
AT1S.L vs. XLKQ.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 XLKQ.L's 17.29% 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*
- —
XLKQ.L
- 1D
- -1.59%
- 1M
- -3.44%
- 6M
- 19.70%
- YTD
- 17.29%
- 1Y
- 31.37%
- 3Y*
- 30.04%
- 5Y*
- 22.68%
- 10Y*
- 25.10%
AT1S.L vs. XLKQ.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% |
XLKQ.L Invesco Technology S&P US Select Sector UCITS ETF GBP Acc | 17.29% | 15.76% | 44.03% | 51.84% | -20.58% | 36.28% | 37.93% | 44.38% | -14.34% |
Correlation
The correlation between AT1S.L and XLKQ.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.38 |
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Return for Risk
AT1S.L vs. XLKQ.L — Risk / Return Rank
AT1S.L
XLKQ.L
AT1S.L vs. XLKQ.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 Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.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 | XLKQ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.25 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 1.86 | +0.03 |
| Martin ratioReturn relative to average drawdown | 7.87 | 4.56 | +3.32 |
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Drawdowns
AT1S.L vs. XLKQ.L - Drawdown Comparison
The maximum AT1S.L drawdown since its inception was -29.25%, smaller than the maximum XLKQ.L drawdown of -38.43%. Use the drawdown chart below to compare losses from any high point for AT1S.L and XLKQ.L.
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Drawdown Indicators
| AT1S.L | XLKQ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.25% | -38.43% | +9.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -16.76% | +13.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -28.74% | +24.54% |
Max Drawdown (5Y)Largest decline over 5 years | -26.45% | -28.74% | +2.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.74% | — |
Current DrawdownCurrent decline from peak | -0.44% | -7.95% | +7.51% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -8.06% | +2.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 6.87% | -5.99% |
Volatility
AT1S.L vs. XLKQ.L - Volatility Comparison
The current volatility for Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) is 0.87%, while Invesco Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.L) has a volatility of 7.47%. This indicates that AT1S.L experiences smaller price fluctuations and is considered to be less risky than XLKQ.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 | XLKQ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 7.47% | -6.60% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 16.46% | -12.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 21.19% | -16.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.57% | 26.43% | -16.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.41% | 23.45% | -12.04% |
AT1S.L vs. XLKQ.L - Expense Ratio Comparison
AT1S.L has a 0.39% expense ratio, which is higher than XLKQ.L's 0.14% expense ratio.
Dividends
AT1S.L vs. XLKQ.L - Dividend Comparison
AT1S.L's dividend yield for the trailing twelve months is around 6.00%, while XLKQ.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% |
XLKQ.L Invesco Technology S&P US Select Sector UCITS ETF GBP 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 XLKQ.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XLKQ.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XLKQ.L is cheaper with a 0.14% expense ratio, compared with 0.39% for AT1S.L.
AT1S.L is categorized as Preferred Stock/Convertible Bonds, while XLKQ.L is Technology Equities. AT1S.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, while XLKQ.L tracks S&P Select Sector Capped 20% Technology Index. Their fees differ too: 0.39% for AT1S.L and 0.14% for XLKQ.L.
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