PRFD.L vs. AT1D.L
PRFD.L (Invesco Preferred Shares UCITS ETF USD (Dist)) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) are both Preferred Stock/Convertible Bonds funds from Invesco - PRFD.L tracks the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index while AT1D.L tracks the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. Both are passively managed. Over the past 5 years, PRFD.L returned -1.77%/yr vs 2.83%/yr for AT1D.L. At a 0.25 correlation, their price movements are largely independent. PRFD.L charges 0.50%/yr vs 0.39%/yr for AT1D.L.
Performance
PRFD.L vs. AT1D.L - Performance Comparison
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Different Trading Currencies
PRFD.L is traded in USD, while AT1D.L is traded in GBp. To make them comparable, the AT1D.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, PRFD.L achieves a -0.93% return, which is significantly lower than AT1D.L's 1.90% return.
PRFD.L
- 1D
- -0.14%
- 1M
- -0.83%
- 6M
- -2.63%
- YTD
- -0.93%
- 1Y
- 1.82%
- 3Y*
- 4.07%
- 5Y*
- -1.77%
- 10Y*
- —
AT1D.L
- 1D
- -0.21%
- 1M
- 0.78%
- 6M
- 1.25%
- YTD
- 1.90%
- 1Y
- 6.94%
- 3Y*
- 10.75%
- 5Y*
- 2.83%
- 10Y*
- —
PRFD.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PRFD.L Invesco Preferred Shares UCITS ETF USD (Dist) | -0.93% | 2.46% | 4.65% | 9.57% | -21.50% | 2.76% | 5.81% | 17.87% | -5.82% |
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 1.90% | 10.93% | 10.30% | 1.80% | -9.71% | 3.81% | 8.06% | 19.40% | -26.29% |
Correlation
The correlation between PRFD.L and AT1D.L is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.25 |
The correlation between PRFD.L and AT1D.L shifts across timeframes, from 0.09 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PRFD.L vs. AT1D.L — Risk / Return Rank
PRFD.L
AT1D.L
PRFD.L vs. AT1D.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred Shares UCITS ETF USD (Dist) (PRFD.L) and Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.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.
| PRFD.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.21 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.24 | 1.84 | -1.60 |
| Martin ratioReturn relative to average drawdown | 0.58 | 8.25 | -7.67 |
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Drawdowns
PRFD.L vs. AT1D.L - Drawdown Comparison
The maximum PRFD.L drawdown since its inception was -31.01%, smaller than the maximum AT1D.L drawdown of -36.00%. Use the drawdown chart below to compare losses from any high point for PRFD.L and AT1D.L.
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Drawdown Indicators
| PRFD.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.01% | -36.00% | +4.99% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -3.81% | -3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -12.07% | -4.39% | -7.68% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -25.05% | -0.75% |
Current DrawdownCurrent decline from peak | -9.39% | -0.97% | -8.42% |
Average DrawdownAverage peak-to-trough decline | -7.43% | -9.14% | +1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 0.85% | +2.26% |
Volatility
PRFD.L vs. AT1D.L - Volatility Comparison
Invesco Preferred Shares UCITS ETF USD (Dist) (PRFD.L) has a higher volatility of 2.11% compared to Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) at 1.59%. This indicates that PRFD.L's price experiences larger fluctuations and is considered to be riskier than AT1D.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFD.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.11% | 1.59% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 6.38% | 5.05% | +1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.99% | 5.99% | +5.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.49% | 9.01% | +2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.23% | 14.15% | -0.92% |
PRFD.L vs. AT1D.L - Expense Ratio Comparison
PRFD.L has a 0.50% expense ratio, which is higher than AT1D.L's 0.39% expense ratio.
Dividends
PRFD.L vs. AT1D.L - Dividend Comparison
PRFD.L's dividend yield for the trailing twelve months is around 5.57%, less than AT1D.L's 5.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 5.99% | 6.07% | 6.14% | 6.24% | 5.79% | 4.25% | 5.63% | 5.59% | 1.12% | 0.00% |
PRFD.L Invesco Preferred Shares UCITS ETF USD (Dist) | 5.57% | 5.35% | 5.19% | 5.28% | 5.67% | 4.44% | 4.50% | 4.53% | 5.25% | 0.76% |
Frequently Asked Questions
PRFD.L and AT1D.L have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AT1D.L is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AT1D.L is cheaper with a 0.39% expense ratio, compared with 0.50% for PRFD.L.
PRFD.L tracks ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index, while AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. Their fees differ too: 0.50% for PRFD.L and 0.39% for AT1D.L.
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