PQVM.L vs. XAT1.DE

Last updated Jun 5, 2026

PQVM.L (Invesco S&P 500 QVM UCITS ETF) and XAT1.DE (Invesco AT1 Capital Bond ETF EUR Hedged Dist) are both exchange-traded funds - PQVM.L is a S&P 500 fund tracking the S&P 500 Quality, Value, and Momentum Multi-Factor Index, while XAT1.DE is a Corporate Bonds fund tracking 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, PQVM.L returned 15.45%/yr vs -0.26%/yr for XAT1.DE. At a 0.39 correlation, their price movements are largely independent. PQVM.L charges 0.35%/yr vs 0.39%/yr for XAT1.DE.

Performance

PQVM.L vs. XAT1.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 QVM UCITS ETF (PQVM.L) and Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PQVM.L is traded in USD, while XAT1.DE is traded in EUR. To make them comparable, the XAT1.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PQVM.L achieves a 16.65% return, which is significantly higher than XAT1.DE's -0.92% return.

PQVM.L

• 1D: 0.39%
• 1M: 4.36%
• YTD: 16.65%
• 6M: 17.79%
• 1Y: 22.76%
• 3Y*: 24.37%
• 5Y*: 15.45%
• 10Y*: —

XAT1.DE

• 1D: 0.03%
• 1M: -1.33%
• YTD: -0.92%
• 6M: 0.62%
• 1Y: 7.45%
• 3Y*: 11.76%
• 5Y*: -0.26%
• 10Y*: —

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

PQVM.L vs. XAT1.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PQVM.L Invesco S&P 500 QVM UCITS ETF	16.65%	13.66%	30.17%	6.82%	0.52%	26.13%	8.05%	25.07%	-6.90%
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist	-0.92%	22.61%	2.14%	3.14%	-16.92%	-5.51%	16.13%	12.68%	-2.02%

Correlation

The correlation between PQVM.L and XAT1.DE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018	0.39

The correlation between PQVM.L and XAT1.DE shifts across timeframes, from 0.29 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PQVM.L vs. XAT1.DE — Risk / Return Rank

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

PQVM.L

PQVM.L Risk / Return Rank: 73
PQVM.L Sharpe Ratio Rank: 63
PQVM.L Sortino Ratio Rank: 71
PQVM.L Omega Ratio Rank: 62
PQVM.L Calmar Ratio Rank: 86
PQVM.L Martin Ratio Rank: 82

XAT1.DE

XAT1.DE Risk / Return Rank: 35
XAT1.DE Sharpe Ratio Rank: 32
XAT1.DE Sortino Ratio Rank: 32
XAT1.DE Omega Ratio Rank: 36
XAT1.DE Calmar Ratio Rank: 32
XAT1.DE Martin Ratio Rank: 41

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.

PQVM.L vs. XAT1.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 QVM UCITS ETF (PQVM.L) 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.

	PQVM.L	XAT1.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.06	0.86	+1.20
Sortino ratio: Return per unit of downside risk	3.15	1.28	+1.87
Omega ratio: Gain probability vs. loss probability	1.37	1.16	+0.22
Calmar ratio: Return relative to maximum drawdown	4.70	0.99	+3.70
Martin ratio: Return relative to average drawdown	16.26	3.16	+13.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQVM.L vs. XAT1.DE - Sharpe Ratio Comparison

The current PQVM.L Sharpe Ratio is 2.06, which is higher than the XAT1.DE Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of PQVM.L and XAT1.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PQVM.L	XAT1.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	0.86	+1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	-0.02	+0.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.24	+0.63

Drawdowns

PQVM.L vs. XAT1.DE - Drawdown Comparison

The maximum PQVM.L drawdown since its inception was -34.42%, smaller than the maximum XAT1.DE drawdown of -36.63%. Use the drawdown chart below to compare losses from any high point for PQVM.L and XAT1.DE.

Drawdown Indicators

	PQVM.L	XAT1.DE	Difference
Max Drawdown Largest peak-to-trough decline	-34.42%	-36.63%	+2.21%
Max Drawdown (1Y) Largest decline over 1 year	-4.83%	-7.48%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	-15.49%	-9.44%	-6.05%
Max Drawdown (5Y) Largest decline over 5 years	-17.35%	-36.59%	+19.24%
Current Drawdown Current decline from peak	0.00%	-3.84%	+3.84%
Average Drawdown Average peak-to-trough decline	-3.90%	-11.17%	+7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	2.36%	-0.96%

Volatility

PQVM.L vs. XAT1.DE - Volatility Comparison

Invesco S&P 500 QVM UCITS ETF (PQVM.L) has a higher volatility of 3.15% compared to Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) at 2.60%. This indicates that PQVM.L'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.

Volatility by Period

	PQVM.L	XAT1.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	2.60%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	6.86%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	8.63%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	12.15%	+3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	13.49%	+3.64%

PQVM.L vs. XAT1.DE - Expense Ratio Comparison

PQVM.L has a 0.35% expense ratio, which is lower than XAT1.DE's 0.39% expense ratio.

Dividends

PQVM.L vs. XAT1.DE - Dividend Comparison

PQVM.L's dividend yield for the trailing twelve months is around 0.77%, less than XAT1.DE's 5.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVM.L Invesco S&P 500 QVM UCITS ETF	0.77%	0.82%	0.84%	1.58%	1.79%	0.89%	1.48%	1.38%	1.68%	0.71%
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%

Frequently Asked Questions

Can I hold both PQVM.L and XAT1.DE in my portfolio?

PQVM.L and XAT1.DE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PQVM.L or XAT1.DE?

On fees, PQVM.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PQVM.L or XAT1.DE?

PQVM.L is cheaper with a 0.35% expense ratio, compared with 0.39% for XAT1.DE.

What is the main difference between PQVM.L and XAT1.DE?

PQVM.L is categorized as S&P 500, while XAT1.DE is Corporate Bonds. PQVM.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index, while XAT1.DE tracks Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD. Their fees differ too: 0.35% for PQVM.L and 0.39% for XAT1.DE.