ERNU.L vs. AT1D.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) are both exchange-traded funds - ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr 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 5 years, ERNU.L returned 4.28%/yr vs 3.61%/yr for AT1D.L. A 0.65 correlation means they provide meaningful diversification when combined. ERNU.L charges 0.09%/yr vs 0.39%/yr for AT1D.L.
Performance
ERNU.L vs. AT1D.L - Performance Comparison
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Different Trading Currencies
ERNU.L is traded in GBP, while AT1D.L is traded in GBp. To make them comparable, the AT1D.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, ERNU.L achieves a 1.85% return, which is significantly lower than AT1D.L's 2.72% return.
ERNU.L
- 1D
- -0.66%
- 1M
- -0.09%
- 6M
- 1.60%
- YTD
- 1.85%
- 1Y
- 3.51%
- 3Y*
- 4.10%
- 5Y*
- 4.28%
- 10Y*
- 2.57%
AT1D.L
- 1D
- 0.16%
- 1M
- 0.67%
- 6M
- 2.10%
- YTD
- 2.72%
- 1Y
- 7.35%
- 3Y*
- 10.04%
- 5Y*
- 3.61%
- 10Y*
- —
ERNU.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 1.85% | -2.44% | 7.39% | -0.34% | 13.44% | 1.53% | -2.16% | -0.16% | 3.36% |
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 2.72% | 3.15% | 12.17% | -3.30% | 1.10% | 4.76% | 4.84% | 14.79% | -23.76% |
Correlation
The correlation between ERNU.L and AT1D.L is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.65 |
The correlation between ERNU.L and AT1D.L shifts across timeframes, from 0.65 (all time) to 0.75 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ERNU.L vs. AT1D.L — Risk / Return Rank
ERNU.L
AT1D.L
ERNU.L vs. AT1D.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Ultrashort Bond UCITS ETF (ERNU.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.
| ERNU.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.22 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 2.42 | -1.63 |
| Martin ratioReturn relative to average drawdown | 2.01 | 6.82 | -4.82 |
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Drawdowns
ERNU.L vs. AT1D.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -41.55%, 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 ERNU.L and AT1D.L.
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Drawdown Indicators
| ERNU.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.55% | -27.40% | -14.15% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -3.35% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -9.14% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -22.70% | +7.78% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | — | — |
Current DrawdownCurrent decline from peak | -4.03% | -1.32% | -2.71% |
Average DrawdownAverage peak-to-trough decline | -18.45% | -8.42% | -10.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.19% | +0.55% |
Volatility
ERNU.L vs. AT1D.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 1.80% compared to Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) at 1.70%. This indicates that ERNU.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
| ERNU.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 1.70% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.81% | 4.74% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 6.49% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.35% | 9.88% | -1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.73% | 14.08% | -5.35% |
ERNU.L vs. AT1D.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than AT1D.L's 0.39% expense ratio.
Dividends
ERNU.L vs. AT1D.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 4.35%, less than AT1D.L's 5.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 4.35% | 4.68% | 5.46% | 4.99% | 1.56% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
Frequently Asked Questions
ERNU.L and AT1D.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNU.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNU.L is cheaper with a 0.09% expense ratio, compared with 0.39% for AT1D.L.
ERNU.L is categorized as Corporate Bonds, while AT1D.L is Preferred Stock/Convertible Bonds. ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.09% for ERNU.L and 0.39% for AT1D.L.
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