UC98.L vs. AT1D.L
UC98.L (UBS ETF (LU) Bloomberg MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-dis) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) are both exchange-traded funds - UC98.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while AT1D.L is a Preferred Stock/Convertible Bonds fund tracking the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. Both are passively managed. Over the past 5 years, UC98.L returned -0.16%/yr vs 3.61%/yr for AT1D.L. A 0.57 correlation means they provide meaningful diversification when combined. UC98.L charges 0.20%/yr vs 0.39%/yr for AT1D.L.
Performance
UC98.L vs. AT1D.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UC98.L achieves a -0.93% return, which is significantly lower than AT1D.L's 2.72% return.
UC98.L
- 1D
- 0.07%
- 1M
- -1.41%
- 6M
- -1.45%
- YTD
- -0.93%
- 1Y
- 3.63%
- 3Y*
- 3.51%
- 5Y*
- -0.16%
- 10Y*
- 1.50%
AT1D.L
- 1D
- 0.16%
- 1M
- 0.45%
- 6M
- 1.34%
- YTD
- 2.72%
- 1Y
- 7.93%
- 3Y*
- 10.04%
- 5Y*
- 3.61%
- 10Y*
- —
UC98.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UC98.L UBS ETF (LU) Bloomberg MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-dis | -0.93% | 0.33% | 3.62% | 2.43% | -7.46% | -1.33% | 6.37% | 12.84% | 2.56% |
AT1D.L Invesco USD AT1 CoCo Bond UCITS ETF USD Dist | 2.72% | 3.15% | 12.17% | -3.30% | 1.10% | 4.76% | 4.84% | 14.79% | -23.76% |
Correlation
The correlation between UC98.L and AT1D.L is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.57 |
The correlation between UC98.L and AT1D.L shifts across timeframes, from 0.53 (5 years) to 0.69 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UC98.L vs. AT1D.L — Risk / Return Rank
UC98.L
AT1D.L
UC98.L vs. AT1D.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-dis (UC98.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.
| UC98.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.22 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 2.42 | -1.68 |
| Martin ratioReturn relative to average drawdown | 1.72 | 6.82 | -5.10 |
Loading charts...
Drawdowns
UC98.L vs. AT1D.L - Drawdown Comparison
The maximum UC98.L drawdown since its inception was -36.07%, which is greater than AT1D.L's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for UC98.L and AT1D.L.
Loading charts...
Drawdown Indicators
| UC98.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.07% | -27.40% | -8.67% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -3.35% | -1.51% |
Max Drawdown (3Y)Largest decline over 3 years | -8.30% | -9.14% | +0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -14.17% | -22.70% | +8.53% |
Max Drawdown (10Y)Largest decline over 10 years | -19.62% | — | — |
Current DrawdownCurrent decline from peak | -10.83% | -1.32% | -9.51% |
Average DrawdownAverage peak-to-trough decline | -14.40% | -8.42% | -5.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 1.19% | +0.91% |
Volatility
UC98.L vs. AT1D.L - Volatility Comparison
UBS ETF (LU) Bloomberg MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-dis (UC98.L) has a higher volatility of 2.01% compared to Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) at 1.70%. This indicates that UC98.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.
Loading charts...
Volatility by Period
| UC98.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.01% | 1.70% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 4.42% | 4.74% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.00% | 6.49% | -0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.92% | 9.88% | -0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.72% | 14.08% | -4.36% |
UC98.L vs. AT1D.L - Expense Ratio Comparison
UC98.L has a 0.20% expense ratio, which is lower than AT1D.L's 0.39% expense ratio.
Dividends
UC98.L vs. AT1D.L - Dividend Comparison
UC98.L's dividend yield for the trailing twelve months is around 4.52%, 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% |
UC98.L UBS ETF (LU) Bloomberg MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-dis | 4.52% | 5.96% | 4.81% | 3.91% | 2.35% | 2.01% | 2.72% | 3.27% | 2.04% | 1.74% |
Frequently Asked Questions
UC98.L and AT1D.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UC98.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UC98.L is cheaper with a 0.20% expense ratio, compared with 0.39% for AT1D.L.
UC98.L is categorized as Corporate Bonds, while AT1D.L is Preferred Stock/Convertible Bonds. UC98.L tracks Bloomberg US Corp Bond TR USD, while AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.20% for UC98.L and 0.39% for AT1D.L.
Find the right allocation for UC98.L and AT1D.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer