USDC.L vs. AT1.L
USDC.L (L&G USD Corporate Bond Screened UCITS ETF USD (Dist)) and AT1.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) are both exchange-traded funds - USDC.L is a Corporate Bonds fund tracking the J.P. Morgan Global Credit Index ESG Investment Grade USD Custom Maturity Index, while AT1.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, USDC.L returned 0.14%/yr vs 2.83%/yr for AT1.L. At a 0.23 correlation, their price movements are largely independent. USDC.L charges 0.09%/yr vs 0.39%/yr for AT1.L.
Performance
USDC.L vs. AT1.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USDC.L achieves a -2.06% return, which is significantly lower than AT1.L's 1.81% return.
USDC.L
- 1D
- 0.12%
- 1M
- -0.49%
- 6M
- 0.54%
- YTD
- -2.06%
- 1Y
- 1.96%
- 3Y*
- 4.31%
- 5Y*
- 0.14%
- 10Y*
- —
AT1.L
- 1D
- -0.03%
- 1M
- 0.66%
- 6M
- 1.37%
- YTD
- 1.81%
- 1Y
- 6.99%
- 3Y*
- 10.67%
- 5Y*
- 2.83%
- 10Y*
- —
USDC.L vs. AT1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD (Dist) | -2.06% | 7.42% | 3.13% | 8.35% | -13.91% | -0.43% |
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.81% | 11.12% | 10.24% | 2.35% | -9.50% | 3.76% |
Correlation
The correlation between USDC.L and AT1.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.23 |
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
USDC.L vs. AT1.L — Risk / Return Rank
USDC.L
AT1.L
USDC.L vs. AT1.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G USD Corporate Bond Screened UCITS ETF USD (Dist) (USDC.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.
| USDC.L | AT1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.23 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 1.98 | -1.58 |
| Martin ratioReturn relative to average drawdown | 0.92 | 8.04 | -7.12 |
Loading charts...
Drawdowns
USDC.L vs. AT1.L - Drawdown Comparison
The maximum USDC.L drawdown since its inception was -20.07%, smaller than the maximum AT1.L drawdown of -28.14%. Use the drawdown chart below to compare losses from any high point for USDC.L and AT1.L.
Loading charts...
Drawdown Indicators
| USDC.L | AT1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.07% | -28.14% | +8.07% |
Max Drawdown (1Y)Largest decline over 1 year | -4.92% | -3.51% | -1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.92% | -4.26% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -20.07% | -25.13% | +5.06% |
Current DrawdownCurrent decline from peak | -2.83% | -0.62% | -2.21% |
Average DrawdownAverage peak-to-trough decline | -6.75% | -4.56% | -2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 0.87% | +1.26% |
Volatility
USDC.L vs. AT1.L - Volatility Comparison
The current volatility for L&G USD Corporate Bond Screened UCITS ETF USD (Dist) (USDC.L) is 1.11%, while Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) has a volatility of 1.20%. This indicates that USDC.L experiences smaller price fluctuations and is considered to be less risky than AT1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| USDC.L | AT1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 1.20% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.79% | 5.38% | -1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.88% | 5.96% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.28% | 9.48% | -3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.12% | 11.18% | -5.06% |
USDC.L vs. AT1.L - Expense Ratio Comparison
USDC.L has a 0.09% expense ratio, which is lower than AT1.L's 0.39% expense ratio.
Dividends
USDC.L vs. AT1.L - Dividend Comparison
USDC.L's dividend yield for the trailing twelve months is around 2.44%, while AT1.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD (Dist) | 2.44% | 4.47% | 4.08% | 3.24% | 2.36% | 0.78% |
Frequently Asked Questions
USDC.L and AT1.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USDC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USDC.L is cheaper with a 0.09% expense ratio, compared with 0.39% for AT1.L.
USDC.L is categorized as Corporate Bonds, while AT1.L is Preferred Stock/Convertible Bonds. USDC.L tracks J.P. Morgan Global Credit Index ESG Investment Grade USD Custom Maturity Index, while AT1.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. They also come from different issuers: L&G and Invesco. Their fees differ too: 0.09% for USDC.L and 0.39% for AT1.L.
Find the right allocation for USDC.L and AT1.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