VRPS.L vs. AT1.L
VRPS.L (Invesco Variable Rate 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 - VRPS.L tracks the ICE Diversified Variable Rate Preferred & Hybrid 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, VRPS.L returned 3.51%/yr vs 2.83%/yr for AT1.L. At a 0.38 correlation, their price movements are largely independent. VRPS.L charges 0.50%/yr vs 0.39%/yr for AT1.L.
Performance
VRPS.L vs. AT1.L - Performance Comparison
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Returns By Period
In the year-to-date period, VRPS.L achieves a 2.17% return, which is significantly higher than AT1.L's 1.81% return.
VRPS.L
- 1D
- -0.08%
- 1M
- 0.15%
- 6M
- 1.54%
- YTD
- 2.17%
- 1Y
- 5.34%
- 3Y*
- 8.46%
- 5Y*
- 3.51%
- 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*
- —
VRPS.L vs. AT1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VRPS.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) | 2.17% | 6.33% | 10.82% | 9.27% | -9.73% | 3.63% | 4.19% | 17.74% | -6.03% |
AT1.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.81% | 11.12% | 10.24% | 2.35% | -9.50% | 3.30% | 8.76% | 18.10% | -2.51% |
Correlation
The correlation between VRPS.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 | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2018 | 0.38 |
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Return for Risk
VRPS.L vs. AT1.L — Risk / Return Rank
VRPS.L
AT1.L
VRPS.L vs. AT1.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) (VRPS.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.
| VRPS.L | AT1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.23 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.98 | +0.53 |
| Martin ratioReturn relative to average drawdown | 9.28 | 8.04 | +1.24 |
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Drawdowns
VRPS.L vs. AT1.L - Drawdown Comparison
The maximum VRPS.L drawdown since its inception was -34.22%, which is greater than AT1.L's maximum drawdown of -28.14%. Use the drawdown chart below to compare losses from any high point for VRPS.L and AT1.L.
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Drawdown Indicators
| VRPS.L | AT1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.22% | -28.14% | -6.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.11% | -3.51% | +1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -3.45% | -4.26% | +0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -13.90% | -25.13% | +11.23% |
Current DrawdownCurrent decline from peak | -0.31% | -0.62% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -3.22% | -4.56% | +1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.87% | -0.30% |
Volatility
VRPS.L vs. AT1.L - Volatility Comparison
The current volatility for Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) (VRPS.L) is 0.66%, while Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1.L) has a volatility of 1.20%. This indicates that VRPS.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.
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Volatility by Period
| VRPS.L | AT1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 1.20% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 5.38% | -2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 5.96% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 9.48% | -4.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.84% | 11.18% | -0.34% |
VRPS.L vs. AT1.L - Expense Ratio Comparison
VRPS.L has a 0.50% expense ratio, which is higher than AT1.L's 0.39% expense ratio.
Dividends
VRPS.L vs. AT1.L - Dividend Comparison
VRPS.L's dividend yield for the trailing twelve months is around 5.14%, while AT1.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
VRPS.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) | 5.14% | 4.99% | 4.98% | 4.97% | 4.60% | 3.72% | 3.97% | 4.33% | 0.70% |
Frequently Asked Questions
VRPS.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 VRPS.L.
VRPS.L tracks ICE Diversified Variable Rate Preferred & Hybrid 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 VRPS.L and 0.39% for AT1.L.
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