FLO5.L vs. AT1D.L
FLO5.L (iShares USD Floating Rate Bond UCITS ETF) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) are both exchange-traded funds - FLO5.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 5 years, FLO5.L returned 4.81%/yr vs 3.61%/yr for AT1D.L. A 0.67 correlation means they provide meaningful diversification when combined. FLO5.L charges 0.10%/yr vs 0.39%/yr for AT1D.L.
Performance
FLO5.L vs. AT1D.L - Performance Comparison
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Returns By Period
In the year-to-date period, FLO5.L achieves a 2.13% return, which is significantly lower than AT1D.L's 2.72% return.
FLO5.L
- 1D
- -0.73%
- 1M
- -0.09%
- 6M
- 1.91%
- YTD
- 2.13%
- 1Y
- 3.97%
- 3Y*
- 4.61%
- 5Y*
- 4.81%
- 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*
- —
FLO5.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLO5.L iShares USD Floating Rate Bond UCITS ETF | 2.13% | -2.05% | 8.11% | 0.76% | 13.56% | 1.75% | -2.65% | 0.79% | 2.44% |
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 FLO5.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 | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.67 |
The correlation between FLO5.L and AT1D.L has been stable across timeframes, ranging from 0.66 to 0.76 - a consistent structural relationship.
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Return for Risk
FLO5.L vs. AT1D.L — Risk / Return Rank
FLO5.L
AT1D.L
FLO5.L vs. AT1D.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Floating Rate Bond UCITS ETF (FLO5.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.
| FLO5.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.22 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 2.42 | -1.50 |
| Martin ratioReturn relative to average drawdown | 2.38 | 6.82 | -4.45 |
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Drawdowns
FLO5.L vs. AT1D.L - Drawdown Comparison
The maximum FLO5.L drawdown since its inception was -14.02%, smaller than the maximum AT1D.L drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for FLO5.L and AT1D.L.
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Drawdown Indicators
| FLO5.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.02% | -27.40% | +13.38% |
Max Drawdown (1Y)Largest decline over 1 year | -4.32% | -3.35% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -9.46% | -9.14% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -14.02% | -22.70% | +8.68% |
Current DrawdownCurrent decline from peak | -3.23% | -1.32% | -1.91% |
Average DrawdownAverage peak-to-trough decline | -5.64% | -8.42% | +2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.19% | +0.48% |
Volatility
FLO5.L vs. AT1D.L - Volatility Comparison
iShares USD Floating Rate Bond UCITS ETF (FLO5.L) has a higher volatility of 1.82% compared to Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) at 1.70%. This indicates that FLO5.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
| FLO5.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 1.70% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 4.74% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.43% | 6.49% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.64% | 9.88% | -1.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.90% | 14.08% | -5.18% |
FLO5.L vs. AT1D.L - Expense Ratio Comparison
FLO5.L has a 0.10% expense ratio, which is lower than AT1D.L's 0.39% expense ratio.
Dividends
FLO5.L vs. AT1D.L - Dividend Comparison
FLO5.L's dividend yield for the trailing twelve months is around 4.75%, less than AT1D.L's 5.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FLO5.L iShares USD Floating Rate Bond UCITS ETF | 4.75% | 5.11% | 5.98% | 5.63% | 1.47% | 0.59% | 1.73% | 3.00% | 2.16% | 0.48% |
Frequently Asked Questions
FLO5.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, FLO5.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLO5.L is cheaper with a 0.10% expense ratio, compared with 0.39% for AT1D.L.
FLO5.L is categorized as Corporate Bonds, while AT1D.L is Preferred Stock/Convertible Bonds. FLO5.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: iShares and Invesco. Their fees differ too: 0.10% for FLO5.L and 0.39% for AT1D.L.
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