PRFP.L vs. AT1.L
PRFP.L (Invesco Preferred Shares UCITS ETF USD (Dist)) and AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) are both Preferred Stock/Convertible Bonds funds from Invesco - PRFP.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, PRFP.L returned -1.28%/yr vs 3.30%/yr for AT1.L. At a 0.48 correlation, their price movements are largely independent. PRFP.L charges 0.50%/yr vs 0.39%/yr for AT1.L.
Performance
PRFP.L vs. AT1.L - Performance Comparison
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Different Trading Currencies
PRFP.L is traded in GBp, while AT1.L is traded in USD. To make them comparable, the AT1.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, PRFP.L achieves a -0.84% return, which is significantly lower than AT1.L's 1.96% return.
PRFP.L
- 1D
- -0.70%
- 1M
- -1.13%
- 6M
- -2.93%
- YTD
- -0.84%
- 1Y
- 1.66%
- 3Y*
- 2.70%
- 5Y*
- -1.28%
- 10Y*
- —
AT1.L
- 1D
- 0.13%
- 1M
- -0.57%
- 6M
- 0.79%
- YTD
- 1.96%
- 1Y
- 6.69%
- 3Y*
- 9.51%
- 5Y*
- 3.30%
- 10Y*
- —
PRFP.L vs. AT1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PRFP.L Invesco Preferred Shares UCITS ETF USD (Dist) | -0.84% | -4.46% | 6.43% | 3.44% | -12.08% | 4.09% | 2.23% | 14.04% | -26.35% |
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.96% | 3.20% | 12.17% | -2.77% | 1.26% | 4.27% | 5.57% | 13.61% | 2.13% |
Correlation
The correlation between PRFP.L and AT1.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018 | 0.48 |
The correlation between PRFP.L and AT1.L shifts across timeframes, from 0.34 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PRFP.L vs. AT1.L — Risk / Return Rank
PRFP.L
AT1.L
PRFP.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 (Dist) (PRFP.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.
| PRFP.L | AT1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.14 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 1.67 | -1.26 |
| Martin ratioReturn relative to average drawdown | 0.76 | 4.54 | -3.78 |
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Drawdowns
PRFP.L vs. AT1.L - Drawdown Comparison
The maximum PRFP.L drawdown since its inception was -33.34%, which is greater than AT1.L's maximum drawdown of -22.87%. Use the drawdown chart below to compare losses from any high point for PRFP.L and AT1.L.
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Drawdown Indicators
| PRFP.L | AT1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -22.87% | -10.47% |
Max Drawdown (1Y)Largest decline over 1 year | -5.06% | -3.99% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -13.79% | -8.95% | -4.84% |
Max Drawdown (5Y)Largest decline over 5 years | -20.03% | -22.87% | +2.84% |
Current DrawdownCurrent decline from peak | -19.04% | -2.22% | -16.82% |
Average DrawdownAverage peak-to-trough decline | -16.25% | -4.23% | -12.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 1.47% | +1.26% |
Volatility
PRFP.L vs. AT1.L - Volatility Comparison
Invesco Preferred Shares UCITS ETF USD (Dist) (PRFP.L) has a higher volatility of 2.64% compared to Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) at 2.03%. This indicates that PRFP.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
| PRFP.L | AT1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.64% | 2.03% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 5.89% | 6.79% | -0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.75% | 8.16% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.19% | 11.52% | -0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 12.30% | +2.72% |
PRFP.L vs. AT1.L - Expense Ratio Comparison
PRFP.L has a 0.50% expense ratio, which is higher than AT1.L's 0.39% expense ratio.
Dividends
PRFP.L vs. AT1.L - Dividend Comparison
PRFP.L's dividend yield for the trailing twelve months is around 5.58%, while AT1.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PRFP.L Invesco Preferred Shares UCITS ETF USD (Dist) | 5.58% | 5.38% | 5.08% | 5.39% | 5.57% | 4.36% | 4.81% | 4.64% | 5.05% | 0.57% |
Frequently Asked Questions
PRFP.L and AT1.L have a correlation of 0.34, 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 PRFP.L.
PRFP.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 PRFP.L and 0.39% for AT1.L.
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