IBCD.DE vs. XAT1.DE
IBCD.DE (iShares USD Corporate Bond UCITS ETF (Dist)) and XAT1.DE (Invesco AT1 Capital Bond ETF EUR Hedged Dist) are both Corporate Bonds funds - IBCD.DE tracks the iBoxx® USD Liquid Investment Grade while XAT1.DE tracks the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD. Both are passively managed. Over the past 5 years, IBCD.DE returned 0.50%/yr vs 0.67%/yr for XAT1.DE. At a 0.09 correlation, their price movements are largely independent. IBCD.DE charges 0.20%/yr vs 0.39%/yr for XAT1.DE.
Performance
IBCD.DE vs. XAT1.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IBCD.DE achieves a 1.30% return, which is significantly higher than XAT1.DE's 0.23% return.
IBCD.DE
- 1D
- 0.20%
- 1M
- 1.19%
- YTD
- 1.30%
- 6M
- 0.27%
- 1Y
- 3.27%
- 3Y*
- 1.65%
- 5Y*
- 0.50%
- 10Y*
- 1.88%
XAT1.DE
- 1D
- -0.09%
- 1M
- -1.42%
- YTD
- 0.23%
- 6M
- 0.99%
- 1Y
- 5.49%
- 3Y*
- 8.79%
- 5Y*
- 0.67%
- 10Y*
- —
IBCD.DE vs. XAT1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IBCD.DE iShares USD Corporate Bond UCITS ETF (Dist) | 1.30% | -4.58% | 6.33% | 4.97% | -12.66% | 6.14% | 0.35% | 20.25% | 1.04% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 0.23% | 8.61% | 8.34% | -0.02% | -12.08% | 2.58% | 5.80% | 15.11% | -0.93% |
Correlation
The correlation between IBCD.DE and XAT1.DE is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.09 |
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Return for Risk
IBCD.DE vs. XAT1.DE — Risk / Return Rank
IBCD.DE
XAT1.DE
IBCD.DE vs. XAT1.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Corporate Bond UCITS ETF (Dist) (IBCD.DE) and Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE). 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.
| IBCD.DE | XAT1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.24 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 1.55 | -0.80 |
| Martin ratioReturn relative to average drawdown | 1.78 | 6.31 | -4.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBCD.DE | XAT1.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.47 | 1.15 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.08 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.31 | -0.15 |
Drawdowns
IBCD.DE vs. XAT1.DE - Drawdown Comparison
The maximum IBCD.DE drawdown since its inception was -41.86%, which is greater than XAT1.DE's maximum drawdown of -28.95%. Use the drawdown chart below to compare losses from any high point for IBCD.DE and XAT1.DE.
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Drawdown Indicators
| IBCD.DE | XAT1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.86% | -28.95% | -12.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.93% | -3.63% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -4.67% | -7.69% |
Max Drawdown (5Y)Largest decline over 5 years | -17.12% | -27.74% | +10.62% |
Max Drawdown (10Y)Largest decline over 10 years | -17.51% | — | — |
Current DrawdownCurrent decline from peak | -7.49% | -1.42% | -6.07% |
Average DrawdownAverage peak-to-trough decline | -9.84% | -6.38% | -3.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 0.89% | +0.76% |
Volatility
IBCD.DE vs. XAT1.DE - Volatility Comparison
The current volatility for iShares USD Corporate Bond UCITS ETF (Dist) (IBCD.DE) is 1.33%, while Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) has a volatility of 1.69%. This indicates that IBCD.DE experiences smaller price fluctuations and is considered to be less risky than XAT1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBCD.DE | XAT1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 1.69% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.22% | 4.41% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.21% | 4.91% | +1.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.18% | 8.18% | +1.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.07% | 10.25% | -1.18% |
IBCD.DE vs. XAT1.DE - Expense Ratio Comparison
IBCD.DE has a 0.20% expense ratio, which is lower than XAT1.DE's 0.39% expense ratio.
Dividends
IBCD.DE vs. XAT1.DE - Dividend Comparison
IBCD.DE's dividend yield for the trailing twelve months is around 4.24%, less than XAT1.DE's 5.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBCD.DE iShares USD Corporate Bond UCITS ETF (Dist) | 4.24% | 4.39% | 4.52% | 4.34% | 3.60% | 2.21% | 2.56% | 3.06% | 3.09% | 3.02% | 2.97% | 3.00% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 5.94% | 5.95% | 6.40% | 6.17% | 6.02% | 4.42% | 5.23% | 5.59% | 2.63% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBCD.DE and XAT1.DE have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBCD.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBCD.DE is cheaper with a 0.20% expense ratio, compared with 0.39% for XAT1.DE.
IBCD.DE tracks iBoxx® USD Liquid Investment Grade, while XAT1.DE tracks Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for IBCD.DE and 0.39% for XAT1.DE.
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