VUCE.DE vs. XAT1.DE
VUCE.DE (Vanguard USD Corporate Bond UCITS ETF Accumulating) and XAT1.DE (Invesco AT1 Capital Bond ETF EUR Hedged Dist) are both Corporate Bonds funds - VUCE.DE tracks the Bloomberg Global Aggregate Corporate USD while XAT1.DE tracks the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD. Both are passively managed. Over the past 5 years, VUCE.DE returned 1.63%/yr vs 0.67%/yr for XAT1.DE. At a 0.03 correlation, their price movements are largely independent. VUCE.DE charges 0.09%/yr vs 0.39%/yr for XAT1.DE.
Performance
VUCE.DE vs. XAT1.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VUCE.DE achieves a 1.67% return, which is significantly higher than XAT1.DE's 0.23% return.
VUCE.DE
- 1D
- 0.13%
- 1M
- 1.23%
- YTD
- 1.67%
- 6M
- 1.00%
- 1Y
- 4.10%
- 3Y*
- 2.60%
- 5Y*
- 1.63%
- 10Y*
- —
XAT1.DE
- 1D
- -0.09%
- 1M
- -1.42%
- YTD
- 0.23%
- 6M
- 0.99%
- 1Y
- 5.49%
- 3Y*
- 8.79%
- 5Y*
- 0.67%
- 10Y*
- —
VUCE.DE vs. XAT1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VUCE.DE Vanguard USD Corporate Bond UCITS ETF Accumulating | 1.67% | -4.17% | 8.58% | 4.45% | -9.55% | 7.08% | -0.48% | 6.52% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 0.23% | 8.61% | 8.34% | -0.02% | -12.08% | 2.58% | 5.80% | 6.88% |
Correlation
The correlation between VUCE.DE and XAT1.DE is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019 | 0.03 |
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Return for Risk
VUCE.DE vs. XAT1.DE — Risk / Return Rank
VUCE.DE
XAT1.DE
VUCE.DE vs. XAT1.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate Bond UCITS ETF Accumulating (VUCE.DE) and Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE). 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.
| VUCE.DE | XAT1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.24 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 1.55 | -0.38 |
| Martin ratioReturn relative to average drawdown | 2.99 | 6.31 | -3.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VUCE.DE | XAT1.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 1.15 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.08 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.31 | -0.09 |
Drawdowns
VUCE.DE vs. XAT1.DE - Drawdown Comparison
The maximum VUCE.DE drawdown since its inception was -13.02%, smaller than the maximum XAT1.DE drawdown of -28.95%. Use the drawdown chart below to compare losses from any high point for VUCE.DE and XAT1.DE.
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Drawdown Indicators
| VUCE.DE | XAT1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.02% | -28.95% | +15.93% |
Max Drawdown (1Y)Largest decline over 1 year | -3.24% | -3.63% | +0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -11.15% | -4.67% | -6.48% |
Max Drawdown (5Y)Largest decline over 5 years | -12.75% | -27.74% | +14.99% |
Current DrawdownCurrent decline from peak | -5.08% | -1.42% | -3.66% |
Average DrawdownAverage peak-to-trough decline | -5.43% | -6.38% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 0.89% | +0.37% |
Volatility
VUCE.DE vs. XAT1.DE - Volatility Comparison
The current volatility for Vanguard USD Corporate Bond UCITS ETF Accumulating (VUCE.DE) is 0.91%, while Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) has a volatility of 1.69%. This indicates that VUCE.DE experiences smaller price fluctuations and is considered to be less risky than XAT1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VUCE.DE | XAT1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 1.69% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.98% | 4.41% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.71% | 4.91% | +0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.02% | 8.18% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.36% | 10.25% | -1.89% |
VUCE.DE vs. XAT1.DE - Expense Ratio Comparison
VUCE.DE has a 0.09% expense ratio, which is lower than XAT1.DE's 0.39% expense ratio.
Dividends
VUCE.DE vs. XAT1.DE - Dividend Comparison
VUCE.DE has not paid dividends to shareholders, while XAT1.DE's dividend yield for the trailing twelve months is around 5.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
VUCE.DE Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 5.94% | 5.95% | 6.40% | 6.17% | 6.02% | 4.42% | 5.23% | 5.59% | 2.63% |
Frequently Asked Questions
VUCE.DE and XAT1.DE have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VUCE.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUCE.DE is cheaper with a 0.09% expense ratio, compared with 0.39% for XAT1.DE.
VUCE.DE tracks Bloomberg Global Aggregate Corporate USD, while XAT1.DE tracks Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.09% for VUCE.DE and 0.39% for XAT1.DE.
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