UCRP.L vs. AT1D.L
UCRP.L (Amundi Index US Corporate SRI UCITS ETF DR (C)) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) are both exchange-traded funds - UCRP.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, UCRP.L returned 0.66%/yr vs 3.61%/yr for AT1D.L. At a 0.48 correlation, their price movements are largely independent. UCRP.L charges 0.14%/yr vs 0.39%/yr for AT1D.L.
Performance
UCRP.L vs. AT1D.L - Performance Comparison
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Returns By Period
In the year-to-date period, UCRP.L achieves a -0.10% return, which is significantly lower than AT1D.L's 2.72% return.
UCRP.L
- 1D
- -0.13%
- 1M
- -0.67%
- 6M
- -0.62%
- YTD
- -0.10%
- 1Y
- 4.59%
- 3Y*
- 3.87%
- 5Y*
- 0.66%
- 10Y*
- —
AT1D.L
- 1D
- 0.16%
- 1M
- 0.45%
- 6M
- 1.34%
- YTD
- 2.72%
- 1Y
- 7.93%
- 3Y*
- 10.04%
- 5Y*
- 3.61%
- 10Y*
- —
UCRP.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UCRP.L Amundi Index US Corporate SRI UCITS ETF DR (C) | -0.10% | 0.44% | 3.64% | 2.29% | -5.01% | -0.35% | -19.86% | 14.52% | -0.12% |
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 UCRP.L and AT1D.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.48 |
Over the past year, UCRP.L and AT1D.L have become more correlated (0.70) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
UCRP.L vs. AT1D.L — Risk / Return Rank
UCRP.L
AT1D.L
UCRP.L vs. AT1D.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi Index US Corporate SRI UCITS ETF DR (C) (UCRP.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.
| UCRP.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.22 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 2.42 | -1.50 |
| Martin ratioReturn relative to average drawdown | 2.13 | 6.82 | -4.69 |
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Drawdowns
UCRP.L vs. AT1D.L - Drawdown Comparison
The maximum UCRP.L drawdown since its inception was -29.61%, 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 UCRP.L and AT1D.L.
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Drawdown Indicators
| UCRP.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.61% | -27.40% | -2.21% |
Max Drawdown (1Y)Largest decline over 1 year | -4.65% | -3.35% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -9.14% | -10.99% |
Max Drawdown (5Y)Largest decline over 5 years | -20.13% | -22.70% | +2.57% |
Current DrawdownCurrent decline from peak | -21.08% | -1.32% | -19.76% |
Average DrawdownAverage peak-to-trough decline | -18.66% | -8.42% | -10.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 1.19% | +0.82% |
Volatility
UCRP.L vs. AT1D.L - Volatility Comparison
Amundi Index US Corporate SRI UCITS ETF DR (C) (UCRP.L) has a higher volatility of 2.02% compared to Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) at 1.70%. This indicates that UCRP.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
| UCRP.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 1.70% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.54% | 4.74% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 6.49% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.59% | 9.88% | +6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.29% | 14.08% | +2.21% |
UCRP.L vs. AT1D.L - Expense Ratio Comparison
UCRP.L has a 0.14% expense ratio, which is lower than AT1D.L's 0.39% expense ratio.
Dividends
UCRP.L vs. AT1D.L - Dividend Comparison
UCRP.L has not paid dividends to shareholders, while AT1D.L's dividend yield for the trailing twelve months is around 5.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
UCRP.L Amundi Index US Corporate SRI UCITS ETF DR (C) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCRP.L and AT1D.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UCRP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UCRP.L is cheaper with a 0.14% expense ratio, compared with 0.39% for AT1D.L.
UCRP.L is categorized as Corporate Bonds, while AT1D.L is Preferred Stock/Convertible Bonds. UCRP.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: Amundi and Invesco. Their fees differ too: 0.14% for UCRP.L and 0.39% for AT1D.L.
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