PRAC.L vs. AT1.L
PRAC.L (Invesco Preferred Shares UCITS ETF USD (Acc)) and AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) are both Preferred Stock/Convertible Bonds funds from Invesco - PRAC.L tracks the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index while AT1.L tracks the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. Both are passively managed. Over the past 5 years, PRAC.L returned -1.78%/yr vs 2.83%/yr for AT1.L. At a 0.38 correlation, their price movements are largely independent. PRAC.L charges 0.50%/yr vs 0.39%/yr for AT1.L.
Performance
PRAC.L vs. AT1.L - Performance Comparison
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Returns By Period
In the year-to-date period, PRAC.L achieves a -0.94% return, which is significantly lower than AT1.L's 1.81% return.
PRAC.L
- 1D
- -0.13%
- 1M
- -0.58%
- 6M
- -2.61%
- YTD
- -0.94%
- 1Y
- 1.89%
- 3Y*
- 4.06%
- 5Y*
- -1.78%
- 10Y*
- —
AT1.L
- 1D
- -0.03%
- 1M
- 0.66%
- 6M
- 1.37%
- YTD
- 1.81%
- 1Y
- 6.99%
- 3Y*
- 10.67%
- 5Y*
- 2.83%
- 10Y*
- —
PRAC.L vs. AT1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PRAC.L Invesco Preferred Shares UCITS ETF USD (Acc) | -0.94% | 2.50% | 4.73% | 9.42% | -21.50% | 2.76% | 5.68% | 18.13% | -1.07% |
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.81% | 11.12% | 10.24% | 2.35% | -9.50% | 3.30% | 8.76% | 18.10% | 1.17% |
Correlation
The correlation between PRAC.L and AT1.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.38 |
The correlation between PRAC.L and AT1.L shifts across timeframes, from 0.22 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRAC.L vs. AT1.L — Risk / Return Rank
PRAC.L
AT1.L
PRAC.L vs. AT1.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred Shares UCITS ETF USD (Acc) (PRAC.L) and Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.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.
| PRAC.L | AT1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.23 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 1.98 | -1.68 |
| Martin ratioReturn relative to average drawdown | 0.58 | 8.04 | -7.46 |
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Drawdowns
PRAC.L vs. AT1.L - Drawdown Comparison
The maximum PRAC.L drawdown since its inception was -30.92%, which is greater than AT1.L's maximum drawdown of -28.14%. Use the drawdown chart below to compare losses from any high point for PRAC.L and AT1.L.
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Drawdown Indicators
| PRAC.L | AT1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.92% | -28.14% | -2.78% |
Max Drawdown (1Y)Largest decline over 1 year | -6.32% | -3.51% | -2.81% |
Max Drawdown (3Y)Largest decline over 3 years | -12.52% | -4.26% | -8.26% |
Max Drawdown (5Y)Largest decline over 5 years | -25.91% | -25.13% | -0.78% |
Current DrawdownCurrent decline from peak | -9.48% | -0.62% | -8.86% |
Average DrawdownAverage peak-to-trough decline | -8.28% | -4.56% | -3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 0.87% | +2.39% |
Volatility
PRAC.L vs. AT1.L - Volatility Comparison
Invesco Preferred Shares UCITS ETF USD (Acc) (PRAC.L) has a higher volatility of 1.97% compared to Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) at 1.20%. This indicates that PRAC.L's price experiences larger fluctuations and is considered to be riskier than AT1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRAC.L | AT1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 1.20% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 7.70% | 5.38% | +2.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.48% | 5.96% | +4.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 9.48% | +1.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 11.18% | +2.58% |
PRAC.L vs. AT1.L - Expense Ratio Comparison
PRAC.L has a 0.50% expense ratio, which is higher than AT1.L's 0.39% expense ratio.
Dividends
PRAC.L vs. AT1.L - Dividend Comparison
Neither PRAC.L nor AT1.L has paid dividends to shareholders.
Frequently Asked Questions
PRAC.L and AT1.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AT1.L is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AT1.L is cheaper with a 0.39% expense ratio, compared with 0.50% for PRAC.L.
PRAC.L tracks ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index, while AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. Their fees differ too: 0.50% for PRAC.L and 0.39% for AT1.L.
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