CBS5.L vs. AT1D.L
CBS5.L (UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-acc) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) are both exchange-traded funds - CBS5.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while AT1D.L is a Preferred Stock/Convertible Bonds fund tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. Both are passively managed. Over the past 3 years, CBS5.L returned 4.18%/yr vs 10.04%/yr for AT1D.L. A 0.64 correlation means they provide meaningful diversification when combined. CBS5.L charges 0.20%/yr vs 0.39%/yr for AT1D.L.
Performance
CBS5.L vs. AT1D.L - Performance Comparison
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Returns By Period
In the year-to-date period, CBS5.L achieves a 0.23% return, which is significantly lower than AT1D.L's 2.72% return.
CBS5.L
- 1D
- 0.04%
- 1M
- -0.74%
- 6M
- -0.15%
- YTD
- 0.23%
- 1Y
- 2.97%
- 3Y*
- 4.18%
- 5Y*
- —
- 10Y*
- —
AT1D.L
- 1D
- 0.16%
- 1M
- 0.34%
- 6M
- 1.47%
- YTD
- 2.72%
- 1Y
- 7.48%
- 3Y*
- 10.04%
- 5Y*
- 3.61%
- 10Y*
- —
CBS5.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CBS5.L UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-acc | 0.23% | -0.23% | 6.03% | 0.27% | -17.89% |
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 2.72% | 3.15% | 12.17% | -3.30% | 2.35% |
Correlation
The correlation between CBS5.L and AT1D.L is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Apr 25, 2022 | 0.64 |
The correlation between CBS5.L and AT1D.L has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.
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Return for Risk
CBS5.L vs. AT1D.L — Risk / Return Rank
CBS5.L
AT1D.L
CBS5.L vs. AT1D.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-acc (CBS5.L) and Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.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.
| CBS5.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.22 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 2.42 | -1.62 |
| Martin ratioReturn relative to average drawdown | 2.01 | 6.82 | -4.82 |
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Drawdowns
CBS5.L vs. AT1D.L - Drawdown Comparison
The maximum CBS5.L drawdown since its inception was -23.09%, smaller than the maximum AT1D.L drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for CBS5.L and AT1D.L.
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Drawdown Indicators
| CBS5.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.09% | -27.40% | +4.31% |
Max Drawdown (1Y)Largest decline over 1 year | -4.35% | -3.35% | -1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -8.03% | -9.14% | +1.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.70% | — |
Current DrawdownCurrent decline from peak | -12.95% | -1.32% | -11.63% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -8.42% | -7.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.19% | +0.55% |
Volatility
CBS5.L vs. AT1D.L - Volatility Comparison
UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-acc (CBS5.L) and Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) have volatilities of 1.68% and 1.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBS5.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 1.70% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.27% | 4.74% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 6.49% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.42% | 9.88% | +2.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.42% | 14.08% | -1.66% |
CBS5.L vs. AT1D.L - Expense Ratio Comparison
CBS5.L has a 0.20% expense ratio, which is lower than AT1D.L's 0.39% expense ratio.
Dividends
CBS5.L vs. AT1D.L - Dividend Comparison
CBS5.L has not paid dividends to shareholders, while AT1D.L's dividend yield for the trailing twelve months is around 5.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 5.99% | 6.07% | 6.14% | 6.24% | 5.79% | 4.25% | 5.63% | 5.59% | 1.12% |
CBS5.L UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBS5.L and AT1D.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBS5.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBS5.L is cheaper with a 0.20% expense ratio, compared with 0.39% for AT1D.L.
CBS5.L is categorized as Corporate Bonds, while AT1D.L is Preferred Stock/Convertible Bonds. CBS5.L tracks Bloomberg US Corp Bond TR USD, while AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.20% for CBS5.L and 0.39% for AT1D.L.
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