XAT1.DE vs. 36BE.DE
XAT1.DE (Invesco AT1 Capital Bond ETF EUR Hedged Dist) and 36BE.DE (iShares USD Corporate Bond ESG UCITS ETF Dist) are both Corporate Bonds funds - XAT1.DE tracks the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD while 36BE.DE tracks the Bloomberg MSCI US Corporate Sustainable SRI. Both are passively managed. Over the past 5 years, XAT1.DE returned 0.67%/yr vs 1.56%/yr for 36BE.DE. At a 0.04 correlation, their price movements are largely independent. XAT1.DE charges 0.39%/yr vs 0.15%/yr for 36BE.DE.
Performance
XAT1.DE vs. 36BE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XAT1.DE achieves a 0.23% return, which is significantly lower than 36BE.DE's 1.37% return.
XAT1.DE
- 1D
- -0.09%
- 1M
- -1.42%
- YTD
- 0.23%
- 6M
- 0.99%
- 1Y
- 5.49%
- 3Y*
- 8.79%
- 5Y*
- 0.67%
- 10Y*
- —
36BE.DE
- 1D
- 0.13%
- 1M
- 1.12%
- YTD
- 1.37%
- 6M
- 0.75%
- 1Y
- 3.56%
- 3Y*
- 2.22%
- 5Y*
- 1.56%
- 10Y*
- —
XAT1.DE vs. 36BE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 0.23% | 8.61% | 8.34% | -0.02% | -12.08% | 2.58% | 8.29% |
36BE.DE iShares USD Corporate Bond ESG UCITS ETF Dist | 1.37% | -4.25% | 7.93% | 4.49% | -9.70% | 7.28% | -3.86% |
Correlation
The correlation between XAT1.DE and 36BE.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 | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2020 | 0.04 |
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Return for Risk
XAT1.DE vs. 36BE.DE — Risk / Return Rank
XAT1.DE
36BE.DE
XAT1.DE vs. 36BE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) and iShares USD Corporate Bond ESG UCITS ETF Dist (36BE.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.
| XAT1.DE | 36BE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.10 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 0.97 | +0.58 |
| Martin ratioReturn relative to average drawdown | 6.31 | 2.49 | +3.82 |
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
| XAT1.DE | 36BE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 0.57 | +0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.19 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.03 | +0.27 |
Drawdowns
XAT1.DE vs. 36BE.DE - Drawdown Comparison
The maximum XAT1.DE drawdown since its inception was -28.95%, which is greater than 36BE.DE's maximum drawdown of -12.76%. Use the drawdown chart below to compare losses from any high point for XAT1.DE and 36BE.DE.
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Drawdown Indicators
| XAT1.DE | 36BE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.95% | -12.76% | -16.19% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -3.31% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -4.67% | -11.21% | +6.54% |
Max Drawdown (5Y)Largest decline over 5 years | -27.74% | -12.76% | -14.98% |
Current DrawdownCurrent decline from peak | -1.42% | -5.56% | +4.14% |
Average DrawdownAverage peak-to-trough decline | -6.38% | -5.98% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 1.29% | -0.40% |
Volatility
XAT1.DE vs. 36BE.DE - Volatility Comparison
Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) has a higher volatility of 1.69% compared to iShares USD Corporate Bond ESG UCITS ETF Dist (36BE.DE) at 0.99%. This indicates that XAT1.DE's price experiences larger fluctuations and is considered to be riskier than 36BE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XAT1.DE | 36BE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 0.99% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 3.90% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.91% | 5.65% | -0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.18% | 8.11% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.25% | 8.79% | +1.46% |
XAT1.DE vs. 36BE.DE - Expense Ratio Comparison
XAT1.DE has a 0.39% expense ratio, which is higher than 36BE.DE's 0.15% expense ratio.
Dividends
XAT1.DE vs. 36BE.DE - Dividend Comparison
XAT1.DE's dividend yield for the trailing twelve months is around 5.94%, more than 36BE.DE's 4.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
36BE.DE iShares USD Corporate Bond ESG UCITS ETF Dist | 4.92% | 4.92% | 4.68% | 4.24% | 2.85% | 2.47% | 1.43% | 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
XAT1.DE and 36BE.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, 36BE.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
36BE.DE is cheaper with a 0.15% expense ratio, compared with 0.39% for XAT1.DE.
XAT1.DE tracks Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD, while 36BE.DE tracks Bloomberg MSCI US Corporate Sustainable SRI. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for XAT1.DE and 0.15% for 36BE.DE.
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