IS3F.DE vs. XAT1.DE
IS3F.DE (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist)) and XAT1.DE (Invesco AT1 Capital Bond ETF EUR Hedged Dist) are both Corporate Bonds funds - IS3F.DE tracks the Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index 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, IS3F.DE returned 6.02%/yr vs 0.68%/yr for XAT1.DE. At a correlation of -0.01, they often move in opposite directions. IS3F.DE charges 0.25%/yr vs 0.39%/yr for XAT1.DE.
Performance
IS3F.DE vs. XAT1.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IS3F.DE achieves a 5.01% return, which is significantly higher than XAT1.DE's 0.81% return.
IS3F.DE
- 1D
- -0.23%
- 1M
- 1.13%
- 6M
- 3.17%
- YTD
- 5.01%
- 1Y
- 5.81%
- 3Y*
- 6.69%
- 5Y*
- 6.02%
- 10Y*
- 4.00%
XAT1.DE
- 1D
- 0.00%
- 1M
- 0.06%
- 6M
- 0.39%
- YTD
- 0.81%
- 1Y
- 4.86%
- 3Y*
- 8.49%
- 5Y*
- 0.68%
- 10Y*
- —
IS3F.DE vs. XAT1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IS3F.DE iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) | 5.01% | -6.28% | 14.29% | 7.35% | 6.51% | 9.83% | -8.41% | 13.49% | -0.20% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 0.81% | 8.65% | 8.27% | 0.01% | -12.09% | 2.57% | 5.81% | 14.57% | -1.46% |
Correlation
The correlation between IS3F.DE and XAT1.DE is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2018 | -0.01 |
The correlation between IS3F.DE and XAT1.DE shifts across timeframes, from -0.13 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IS3F.DE vs. XAT1.DE — Risk / Return Rank
IS3F.DE
XAT1.DE
IS3F.DE vs. XAT1.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) (IS3F.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.
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.
| IS3F.DE | XAT1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.19 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.33 | +0.65 |
| Martin ratioReturn relative to average drawdown | 5.08 | 5.15 | -0.07 |
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Drawdowns
IS3F.DE vs. XAT1.DE - Drawdown Comparison
The maximum IS3F.DE drawdown since its inception was -27.25%, smaller than the maximum XAT1.DE drawdown of -28.81%. Use the drawdown chart below to compare losses from any high point for IS3F.DE and XAT1.DE.
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Drawdown Indicators
| IS3F.DE | XAT1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.25% | -28.81% | +1.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -3.64% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -11.67% | -4.62% | -7.05% |
Max Drawdown (5Y)Largest decline over 5 years | -11.67% | -27.73% | +16.06% |
Max Drawdown (10Y)Largest decline over 10 years | -20.78% | — | — |
Current DrawdownCurrent decline from peak | -3.84% | -0.86% | -2.98% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -6.27% | -1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.94% | +0.20% |
Volatility
IS3F.DE vs. XAT1.DE - Volatility Comparison
iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) (IS3F.DE) has a higher volatility of 1.74% compared to Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) at 1.34%. This indicates that IS3F.DE's price experiences larger fluctuations and is considered to be riskier 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
| IS3F.DE | XAT1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 1.34% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 4.56% | 4.65% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.33% | 5.13% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.67% | 8.19% | -0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.21% | 10.30% | -2.09% |
IS3F.DE vs. XAT1.DE - Expense Ratio Comparison
IS3F.DE has a 0.25% expense ratio, which is lower than XAT1.DE's 0.39% expense ratio.
Dividends
IS3F.DE vs. XAT1.DE - Dividend Comparison
IS3F.DE's dividend yield for the trailing twelve months is around 4.27%, less than XAT1.DE's 6.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IS3F.DE iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) | 4.27% | 4.77% | 5.36% | 4.95% | 2.10% | 1.50% | 2.62% | 3.52% | 2.81% | 2.25% | 2.36% | 3.21% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 6.06% | 5.95% | 6.41% | 6.17% | 6.02% | 4.42% | 5.23% | 5.59% | 2.62% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IS3F.DE and XAT1.DE have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IS3F.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IS3F.DE is cheaper with a 0.25% expense ratio, compared with 0.39% for XAT1.DE.
IS3F.DE tracks Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index, 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: 0.25% for IS3F.DE and 0.39% for XAT1.DE.
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