JR15.L vs. AT1S.L
JR15.L (JPM EUR 1-5 Year IG Corporate Bond Active UCITS ETF EUR (Acc)) and AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) are both exchange-traded funds - JR15.L is a European Corporate Bonds fund actively managed by JPMorgan, while AT1S.L is a Preferred Stock/Convertible Bonds fund tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. JR15.L is actively managed, while AT1S.L is passively managed. Over the past 5 years, JR15.L returned 1.11%/yr vs 2.30%/yr for AT1S.L. At a 0.31 correlation, their price movements are largely independent. JR15.L charges 0.04%/yr vs 0.39%/yr for AT1S.L.
Performance
JR15.L vs. AT1S.L - Performance Comparison
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Different Trading Currencies
JR15.L is traded in EUR, while AT1S.L is traded in GBp. To make them comparable, the AT1S.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, JR15.L achieves a 0.45% return, which is significantly lower than AT1S.L's 4.76% return.
JR15.L
- 1D
- -0.06%
- 1M
- -0.24%
- 6M
- 0.24%
- YTD
- 0.45%
- 1Y
- 1.52%
- 3Y*
- 4.16%
- 5Y*
- 1.11%
- 10Y*
- —
AT1S.L
- 1D
- -0.16%
- 1M
- 1.96%
- 6M
- 3.35%
- YTD
- 4.76%
- 1Y
- 8.71%
- 3Y*
- 10.77%
- 5Y*
- 2.30%
- 10Y*
- —
JR15.L vs. AT1S.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JR15.L JPM EUR 1-5 Year IG Corporate Bond Active UCITS ETF EUR (Acc) | 0.45% | 3.45% | 4.35% | 6.21% | -7.76% | -0.38% | 0.84% | 2.40% | 0.22% |
AT1S.L Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist | 4.76% | 4.71% | 15.10% | 3.54% | -15.62% | 9.80% | -0.46% | 23.64% | -0.05% |
Correlation
The correlation between JR15.L and AT1S.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 5, 2018 | 0.31 |
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Return for Risk
JR15.L vs. AT1S.L — Risk / Return Rank
JR15.L
AT1S.L
JR15.L vs. AT1S.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPM EUR 1-5 Year IG Corporate Bond Active UCITS ETF EUR (Acc) (JR15.L) and Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.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.
| JR15.L | AT1S.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.26 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 2.28 | -1.51 |
| Martin ratioReturn relative to average drawdown | 2.77 | 8.00 | -5.23 |
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Drawdowns
JR15.L vs. AT1S.L - Drawdown Comparison
The maximum JR15.L drawdown since its inception was -10.19%, smaller than the maximum AT1S.L drawdown of -37.27%. Use the drawdown chart below to compare losses from any high point for JR15.L and AT1S.L.
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Drawdown Indicators
| JR15.L | AT1S.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.19% | -37.27% | +27.08% |
Max Drawdown (1Y)Largest decline over 1 year | -1.97% | -3.80% | +1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -1.97% | -8.82% | +6.85% |
Max Drawdown (5Y)Largest decline over 5 years | -10.19% | -29.11% | +18.92% |
Current DrawdownCurrent decline from peak | -0.57% | -0.43% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -6.88% | +4.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 1.09% | -0.54% |
Volatility
JR15.L vs. AT1S.L - Volatility Comparison
The current volatility for JPM EUR 1-5 Year IG Corporate Bond Active UCITS ETF EUR (Acc) (JR15.L) is 0.51%, while Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) has a volatility of 1.39%. This indicates that JR15.L experiences smaller price fluctuations and is considered to be less risky than AT1S.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JR15.L | AT1S.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 1.39% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 1.80% | 5.20% | -3.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.95% | 6.44% | -4.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.56% | 11.14% | -8.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.11% | 13.92% | -10.81% |
JR15.L vs. AT1S.L - Expense Ratio Comparison
JR15.L has a 0.04% expense ratio, which is lower than AT1S.L's 0.39% expense ratio.
Dividends
JR15.L vs. AT1S.L - Dividend Comparison
JR15.L has not paid dividends to shareholders, while AT1S.L's dividend yield for the trailing twelve months is around 5.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AT1S.L Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist | 5.99% | 5.91% | 6.29% | 6.12% | 6.02% | 4.36% | 5.31% | 5.45% | 1.13% |
JR15.L JPM EUR 1-5 Year IG Corporate Bond Active UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JR15.L and AT1S.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JR15.L is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JR15.L is cheaper with a 0.04% expense ratio, compared with 0.39% for AT1S.L.
JR15.L is categorized as European Corporate Bonds, while AT1S.L is Preferred Stock/Convertible Bonds. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.04% for JR15.L and 0.39% for AT1S.L.
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