PRAC.L vs. AT1S.L
PRAC.L (Invesco Preferred Shares UCITS ETF USD (Acc)) and AT1S.L (Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist) are both Preferred Stock/Convertible Bonds funds from Invesco - PRAC.L tracks the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index while AT1S.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 -1.75%/yr vs 1.78%/yr for AT1S.L. At a 0.38 correlation, their price movements are largely independent. PRAC.L charges 0.50%/yr vs 0.39%/yr for AT1S.L.
Performance
PRAC.L vs. AT1S.L - Performance Comparison
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Different Trading Currencies
PRAC.L is traded in USD, while AT1S.L is traded in GBp. To make them comparable, the AT1S.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, PRAC.L achieves a -0.81% return, which is significantly lower than AT1S.L's 2.66% return.
PRAC.L
- 1D
- -0.22%
- 1M
- -0.11%
- 6M
- -2.65%
- YTD
- -0.81%
- 1Y
- 2.73%
- 3Y*
- 3.84%
- 5Y*
- -1.75%
- 10Y*
- —
AT1S.L
- 1D
- 1.28%
- 1M
- 1.14%
- 6M
- 2.43%
- YTD
- 2.66%
- 1Y
- 8.03%
- 3Y*
- 11.63%
- 5Y*
- 1.78%
- 10Y*
- —
PRAC.L vs. AT1S.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PRAC.L Invesco Preferred Shares UCITS ETF USD (Acc) | -0.81% | 2.50% | 4.73% | 9.42% | -21.50% | 2.76% | 5.68% | 18.13% | -1.07% |
AT1S.L Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist | 2.66% | 18.80% | 7.97% | 6.74% | -20.54% | 2.16% | 8.48% | 20.91% | 0.97% |
Correlation
The correlation between PRAC.L and AT1S.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
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 |
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Return for Risk
PRAC.L vs. AT1S.L — Risk / Return Rank
PRAC.L
AT1S.L
PRAC.L vs. AT1S.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 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.
| PRAC.L | AT1S.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.17 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | 1.12 | -0.69 |
| Martin ratioReturn relative to average drawdown | 0.84 | 3.37 | -2.53 |
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Drawdowns
PRAC.L vs. AT1S.L - Drawdown Comparison
The maximum PRAC.L drawdown since its inception was -30.92%, smaller than the maximum AT1S.L drawdown of -37.63%. Use the drawdown chart below to compare losses from any high point for PRAC.L and AT1S.L.
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Drawdown Indicators
| PRAC.L | AT1S.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.92% | -37.63% | +6.71% |
Max Drawdown (1Y)Largest decline over 1 year | -6.32% | -7.32% | +1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -12.52% | -9.48% | -3.04% |
Max Drawdown (5Y)Largest decline over 5 years | -25.91% | -36.09% | +10.18% |
Current DrawdownCurrent decline from peak | -9.37% | -1.09% | -8.28% |
Average DrawdownAverage peak-to-trough decline | -8.28% | -10.03% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 2.43% | +0.81% |
Volatility
PRAC.L vs. AT1S.L - Volatility Comparison
The current volatility for Invesco Preferred Shares UCITS ETF USD (Acc) (PRAC.L) is 1.97%, while Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist (AT1S.L) has a volatility of 2.26%. This indicates that PRAC.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
| PRAC.L | AT1S.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 2.26% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 7.70% | 7.37% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.48% | 8.91% | +1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 13.91% | -2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 16.07% | -2.31% |
PRAC.L vs. AT1S.L - Expense Ratio Comparison
PRAC.L has a 0.50% expense ratio, which is higher than AT1S.L's 0.39% expense ratio.
Dividends
PRAC.L vs. AT1S.L - Dividend Comparison
PRAC.L has not paid dividends to shareholders, while AT1S.L's dividend yield for the trailing twelve months is around 6.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AT1S.L Invesco USD AT1 CoCo Bond UCITS ETF GBP Hedged Dist | 6.00% | 5.91% | 6.29% | 6.12% | 6.02% | 4.36% | 5.31% | 5.45% | 1.13% |
PRAC.L Invesco Preferred Shares UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PRAC.L and AT1S.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AT1S.L is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AT1S.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 AT1S.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 AT1S.L.
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