EMUG.L vs. AT1D.L
EMUG.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) are both exchange-traded funds - EMUG.L is a Emerging Markets Bonds fund tracking the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, 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 5 years, EMUG.L returned 0.93%/yr vs 3.61%/yr for AT1D.L. A 0.66 correlation means they provide meaningful diversification when combined. EMUG.L charges 0.35%/yr vs 0.39%/yr for AT1D.L.
Performance
EMUG.L vs. AT1D.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMUG.L achieves a -4.61% return, which is significantly lower than AT1D.L's 2.72% return.
EMUG.L
- 1D
- -2.86%
- 1M
- -3.42%
- 6M
- -4.66%
- YTD
- -4.61%
- 1Y
- -0.64%
- 3Y*
- 3.42%
- 5Y*
- 0.93%
- 10Y*
- —
AT1D.L
- 1D
- 0.16%
- 1M
- 0.67%
- 6M
- 2.10%
- YTD
- 2.72%
- 1Y
- 7.35%
- 3Y*
- 10.04%
- 5Y*
- 3.61%
- 10Y*
- —
EMUG.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMUG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | -4.61% | 1.10% | 7.35% | 1.04% | -0.88% | -25.37% |
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 2.72% | 3.15% | 12.17% | -3.30% | 1.10% | 5.27% |
Correlation
The correlation between EMUG.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 | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.66 |
The correlation between EMUG.L and AT1D.L has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.
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Return for Risk
EMUG.L vs. AT1D.L — Risk / Return Rank
EMUG.L
AT1D.L
EMUG.L vs. AT1D.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUG.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.
| EMUG.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.22 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.00 | 2.42 | -2.42 |
| Martin ratioReturn relative to average drawdown | 0.01 | 6.82 | -6.82 |
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Drawdowns
EMUG.L vs. AT1D.L - Drawdown Comparison
The maximum EMUG.L drawdown since its inception was -30.45%, which is greater than AT1D.L's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for EMUG.L and AT1D.L.
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Drawdown Indicators
| EMUG.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.45% | -27.40% | -3.05% |
Max Drawdown (1Y)Largest decline over 1 year | -6.95% | -3.35% | -3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -8.64% | -9.14% | +0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -11.29% | -22.70% | +11.41% |
Current DrawdownCurrent decline from peak | -22.67% | -1.32% | -21.35% |
Average DrawdownAverage peak-to-trough decline | -24.29% | -8.42% | -15.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.32% | 1.19% | +2.13% |
Volatility
EMUG.L vs. AT1D.L - Volatility Comparison
L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUG.L) has a higher volatility of 3.48% compared to Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) at 1.70%. This indicates that EMUG.L's price experiences larger fluctuations and is considered to be riskier than AT1D.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMUG.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.48% | 1.70% | +1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 5.25% | 4.74% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.94% | 6.49% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.08% | 9.88% | -1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.93% | 14.08% | -0.15% |
EMUG.L vs. AT1D.L - Expense Ratio Comparison
EMUG.L has a 0.35% expense ratio, which is lower than AT1D.L's 0.39% expense ratio.
Dividends
EMUG.L vs. AT1D.L - Dividend Comparison
EMUG.L's dividend yield for the trailing twelve months is around 3.27%, less than AT1D.L's 5.99% yield.
| 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% |
EMUG.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | 3.27% | 5.99% | 4.86% | 4.67% | 3.61% | 1.14% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMUG.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, EMUG.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMUG.L is cheaper with a 0.35% expense ratio, compared with 0.39% for AT1D.L.
EMUG.L is categorized as Emerging Markets Bonds, while AT1D.L is Preferred Stock/Convertible Bonds. EMUG.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, while AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. They also come from different issuers: L&G and Invesco. Their fees differ too: 0.35% for EMUG.L and 0.39% for AT1D.L.
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