EMUS.L vs. AT1D.L
EMUS.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 - EMUS.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, EMUS.L returned 1.05%/yr vs 2.83%/yr for AT1D.L. At a 0.26 correlation, their price movements are largely independent. EMUS.L charges 0.35%/yr vs 0.39%/yr for AT1D.L.
Performance
EMUS.L vs. AT1D.L - Performance Comparison
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Different Trading Currencies
EMUS.L is traded in USD, while AT1D.L is traded in GBp. To make them comparable, the AT1D.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMUS.L achieves a -1.57% return, which is significantly lower than AT1D.L's 1.90% return.
EMUS.L
- 1D
- 0.00%
- 1M
- -0.23%
- 6M
- -1.57%
- YTD
- -1.57%
- 1Y
- 2.64%
- 3Y*
- 5.25%
- 5Y*
- 1.05%
- 10Y*
- —
AT1D.L
- 1D
- -0.21%
- 1M
- 0.18%
- 6M
- 1.40%
- YTD
- 1.90%
- 1Y
- 7.09%
- 3Y*
- 10.75%
- 5Y*
- 2.83%
- 10Y*
- —
EMUS.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMUS.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | -1.57% | 8.01% | 5.52% | 7.02% | -11.63% | 0.86% |
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 1.90% | 10.93% | 10.30% | 1.80% | -9.71% | 4.10% |
Correlation
The correlation between EMUS.L and AT1D.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.26 |
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Return for Risk
EMUS.L vs. AT1D.L — Risk / Return Rank
EMUS.L
AT1D.L
EMUS.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) (EMUS.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.
| EMUS.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.21 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 1.84 | -1.27 |
| Martin ratioReturn relative to average drawdown | 1.52 | 8.25 | -6.73 |
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Drawdowns
EMUS.L vs. AT1D.L - Drawdown Comparison
The maximum EMUS.L drawdown since its inception was -19.58%, smaller than the maximum AT1D.L drawdown of -36.00%. Use the drawdown chart below to compare losses from any high point for EMUS.L and AT1D.L.
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Drawdown Indicators
| EMUS.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.58% | -36.00% | +16.42% |
Max Drawdown (1Y)Largest decline over 1 year | -4.59% | -3.81% | -0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -4.59% | -4.39% | -0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -19.58% | -25.05% | +5.47% |
Current DrawdownCurrent decline from peak | -1.90% | -0.97% | -0.93% |
Average DrawdownAverage peak-to-trough decline | -5.63% | -9.14% | +3.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 0.85% | +0.88% |
Volatility
EMUS.L vs. AT1D.L - Volatility Comparison
The current volatility for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUS.L) is 0.82%, while Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) has a volatility of 1.59%. This indicates that EMUS.L experiences smaller price fluctuations and is considered to be less risky 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
| EMUS.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.59% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.14% | 5.05% | -0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.56% | 5.99% | -1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.30% | 9.01% | -3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.30% | 14.15% | -8.85% |
EMUS.L vs. AT1D.L - Expense Ratio Comparison
EMUS.L has a 0.35% expense ratio, which is lower than AT1D.L's 0.39% expense ratio.
Dividends
EMUS.L vs. AT1D.L - Dividend Comparison
EMUS.L's dividend yield for the trailing twelve months is around 2.81%, 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% |
EMUS.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | 2.81% | 5.39% | 4.96% | 4.62% | 3.79% | 1.17% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMUS.L and AT1D.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMUS.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMUS.L is cheaper with a 0.35% expense ratio, compared with 0.39% for AT1D.L.
EMUS.L is categorized as Emerging Markets Bonds, while AT1D.L is Preferred Stock/Convertible Bonds. EMUS.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 EMUS.L and 0.39% for AT1D.L.
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