VUSC.L vs. AT1D.L
VUSC.L (Vanguard USD Corporate 1-3 year Bond UCITS ETF) and AT1D.L (Invesco USD AT1 CoCo Bond UCITS ETF USD Dist) are both exchange-traded funds - VUSC.L is a Corporate Bonds fund tracking the Vanguard USD Corporate 1-3 year Bond UCITS ETF, 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, VUSC.L returned 3.13%/yr vs 3.61%/yr for AT1D.L. A 0.65 correlation means they provide meaningful diversification when combined.
Performance
VUSC.L vs. AT1D.L - Performance Comparison
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Different Trading Currencies
VUSC.L is traded in GBP, while AT1D.L is traded in GBp. To make them comparable, the AT1D.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VUSC.L achieves a 1.01% return, which is significantly lower than AT1D.L's 2.72% return.
VUSC.L
- 1D
- 0.03%
- 1M
- -0.23%
- 6M
- 0.76%
- YTD
- 1.01%
- 1Y
- 3.35%
- 3Y*
- 4.27%
- 5Y*
- 3.13%
- 10Y*
- —
AT1D.L
- 1D
- 0.16%
- 1M
- 0.67%
- 6M
- 2.10%
- YTD
- 2.72%
- 1Y
- 7.35%
- 3Y*
- 10.04%
- 5Y*
- 3.61%
- 10Y*
- —
VUSC.L vs. AT1D.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VUSC.L Vanguard USD Corporate 1-3 year Bond UCITS ETF | 1.01% | -1.33% | 7.18% | -0.33% | 7.69% | 1.08% | 0.03% | 2.11% | 3.51% |
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 VUSC.L and AT1D.L is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2018 | 0.65 |
The correlation between VUSC.L and AT1D.L has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.
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Return for Risk
VUSC.L vs. AT1D.L — Risk / Return Rank
VUSC.L
AT1D.L
VUSC.L vs. AT1D.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate 1-3 year Bond UCITS ETF (VUSC.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.
| VUSC.L | AT1D.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.22 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 2.42 | -1.55 |
| Martin ratioReturn relative to average drawdown | 2.28 | 6.82 | -4.55 |
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Drawdowns
VUSC.L vs. AT1D.L - Drawdown Comparison
The maximum VUSC.L drawdown since its inception was -15.15%, smaller than the maximum AT1D.L drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for VUSC.L and AT1D.L.
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Drawdown Indicators
| VUSC.L | AT1D.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.15% | -27.40% | +12.25% |
Max Drawdown (1Y)Largest decline over 1 year | -4.38% | -3.35% | -1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -8.76% | -9.14% | +0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -15.15% | -22.70% | +7.55% |
Current DrawdownCurrent decline from peak | -3.61% | -1.32% | -2.29% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -8.42% | +2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | 1.19% | +0.47% |
Volatility
VUSC.L vs. AT1D.L - Volatility Comparison
Vanguard USD Corporate 1-3 year Bond UCITS ETF (VUSC.L) and Invesco USD AT1 CoCo Bond UCITS ETF USD Dist (AT1D.L) have volatilities of 1.68% and 1.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VUSC.L | AT1D.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 1.70% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 4.74% | -0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.04% | 6.49% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.89% | 9.88% | -1.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.49% | 14.08% | -5.59% |
Dividends
VUSC.L vs. AT1D.L - Dividend Comparison
VUSC.L's dividend yield for the trailing twelve months is around 4.93%, less than AT1D.L's 5.99% yield.
| 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% |
VUSC.L Vanguard USD Corporate 1-3 year Bond UCITS ETF | 4.93% | 4.94% | 4.85% | 4.15% | 1.92% | 1.03% | 2.12% | 2.92% | 1.75% |
Frequently Asked Questions
VUSC.L and AT1D.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VUSC.L is categorized as Corporate Bonds, while AT1D.L is Preferred Stock/Convertible Bonds. VUSC.L tracks Vanguard USD Corporate 1-3 year Bond UCITS ETF, while AT1D.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. They also come from different issuers: Vanguard and Invesco.
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