FLOA.L vs. AT1D.L

Last updated Jul 16, 2026

FLOA.L (iShares USD Floating Rate Bond UCITS ETF USD (Acc)) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) are both exchange-traded funds - FLOA.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, FLOA.L returned 4.34%/yr vs 2.83%/yr for AT1D.L. At a 0.16 correlation, their price movements are largely independent. FLOA.L charges 0.10%/yr vs 0.39%/yr for AT1D.L.

Performance

FLOA.L vs. AT1D.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD Floating Rate Bond UCITS ETF USD (Acc) (FLOA.L) and Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FLOA.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, FLOA.L achieves a 2.49% return, which is significantly higher than AT1D.L's 1.90% return.

FLOA.L

• 1D: 0.00%
• 1M: 0.30%
• 6M: 2.17%
• YTD: 2.49%
• 1Y: 4.77%
• 3Y*: 5.58%
• 5Y*: 4.34%
• 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*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FLOA.L vs. AT1D.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLOA.L iShares USD Floating Rate Bond UCITS ETF USD (Acc)	2.49%	4.89%	6.42%	6.65%	1.35%	0.42%	0.86%	4.17%	-0.46%
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist	1.90%	10.93%	10.30%	1.80%	-9.71%	3.81%	8.06%	19.40%	-26.29%

Correlation

The correlation between FLOA.L and AT1D.L is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018	0.16

Return for Risk

FLOA.L vs. AT1D.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FLOA.L

FLOA.L Risk / Return Rank: 97
FLOA.L Sharpe Ratio Rank: 95
FLOA.L Sortino Ratio Rank: 96
FLOA.L Omega Ratio Rank: 98
FLOA.L Calmar Ratio Rank: 98
FLOA.L Martin Ratio Rank: 98

AT1D.L

AT1D.L Risk / Return Rank: 47
AT1D.L Sharpe Ratio Rank: 42
AT1D.L Sortino Ratio Rank: 44
AT1D.L Omega Ratio Rank: 40
AT1D.L Calmar Ratio Rank: 60
AT1D.L Martin Ratio Rank: 50

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FLOA.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 USD (Acc) (FLOA.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.

	FLOA.L	AT1D.L	Difference
Sharpe ratio: Return per unit of total volatility	2.90	1.18	+1.73
Sortino ratio: Return per unit of downside risk	4.73	1.73	+3.00
Omega ratio: Gain probability vs. loss probability	1.92	1.21	+0.71
Calmar ratio: Return relative to maximum drawdown	10.31	1.84	+8.46
Martin ratio: Return relative to average drawdown	42.95	8.25	+34.70

FLOA.L vs. AT1D.L - Sharpe Ratio Comparison

The current FLOA.L Sharpe Ratio is 2.90, which is higher than the AT1D.L Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of FLOA.L and AT1D.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLOA.L vs. AT1D.L - Drawdown Comparison

The maximum FLOA.L drawdown since its inception was -14.96%, smaller than the maximum AT1D.L drawdown of -36.00%. Use the drawdown chart below to compare losses from any high point for FLOA.L and AT1D.L.

Drawdown Indicators

	FLOA.L	AT1D.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.96%	-36.00%	+21.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-3.81%	+3.35%
Max Drawdown (3Y) Largest decline over 3 years	-1.77%	-4.39%	+2.62%
Max Drawdown (5Y) Largest decline over 5 years	-2.53%	-25.05%	+22.52%
Current Drawdown Current decline from peak	-0.15%	-0.97%	+0.82%
Average Drawdown Average peak-to-trough decline	-0.22%	-9.14%	+8.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.85%	-0.74%

Volatility

FLOA.L vs. AT1D.L - Volatility Comparison

The current volatility for iShares USD Floating Rate Bond UCITS ETF USD (Acc) (FLOA.L) is 0.44%, while Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) has a volatility of 1.59%. This indicates that FLOA.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.

Volatility by Period

	FLOA.L	AT1D.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	1.59%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	1.33%	5.05%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	1.64%	5.99%	-4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.11%	9.01%	-6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.27%	14.15%	-9.88%

FLOA.L vs. AT1D.L - Expense Ratio Comparison

FLOA.L has a 0.10% expense ratio, which is lower than AT1D.L's 0.39% expense ratio.

Dividends

FLOA.L vs. AT1D.L - Dividend Comparison

FLOA.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%
FLOA.L iShares USD Floating Rate Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLOA.L and AT1D.L in my portfolio?

FLOA.L and AT1D.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLOA.L or AT1D.L?

On fees, FLOA.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLOA.L or AT1D.L?

FLOA.L is cheaper with a 0.10% expense ratio, compared with 0.39% for AT1D.L.

What is the main difference between FLOA.L and AT1D.L?

FLOA.L is categorized as Corporate Bonds, while AT1D.L is Preferred Stock/Convertible Bonds. FLOA.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 FLOA.L and 0.39% for AT1D.L.