XAT1.DE vs. FRNH.DE
XAT1.DE (Invesco AT1 Capital Bond ETF EUR Hedged Dist) and FRNH.DE (Amundi USD Floating Rate Corporate Bond ESG UCITS ETF EUR Hedged (Acc)) 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 FRNH.DE tracks the iBoxx MSCI ESG USD FRN Investment Grade Corporates Index (EUR Hedged). Both are passively managed. Over the past 5 years, XAT1.DE returned 0.68%/yr vs 2.43%/yr for FRNH.DE. At a 0.18 correlation, their price movements are largely independent. XAT1.DE charges 0.39%/yr vs 0.20%/yr for FRNH.DE.
Performance
XAT1.DE vs. FRNH.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XAT1.DE achieves a 0.81% return, which is significantly lower than FRNH.DE's 1.44% return.
XAT1.DE
- 1D
- 0.00%
- 1M
- 0.06%
- 6M
- 0.39%
- YTD
- 0.81%
- 1Y
- 4.86%
- 3Y*
- 8.49%
- 5Y*
- 0.68%
- 10Y*
- —
FRNH.DE
- 1D
- -0.04%
- 1M
- 0.23%
- 6M
- 1.24%
- YTD
- 1.44%
- 1Y
- 2.84%
- 3Y*
- 3.73%
- 5Y*
- 2.43%
- 10Y*
- 1.22%
XAT1.DE vs. FRNH.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 0.81% | 8.65% | 8.27% | 0.01% | -12.09% | 2.57% | 5.81% | 14.57% | -1.46% |
FRNH.DE Amundi USD Floating Rate Corporate Bond ESG UCITS ETF EUR Hedged (Acc) | 1.44% | 2.90% | 4.99% | 4.33% | -0.84% | -0.64% | -0.04% | 2.05% | -2.25% |
Correlation
The correlation between XAT1.DE and FRNH.DE is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2018 | 0.18 |
The correlation between XAT1.DE and FRNH.DE shifts across timeframes, from 0.17 (5 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XAT1.DE vs. FRNH.DE — Risk / Return Rank
XAT1.DE
FRNH.DE
XAT1.DE vs. FRNH.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 Amundi USD Floating Rate Corporate Bond ESG UCITS ETF EUR Hedged (Acc) (FRNH.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.
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.
| XAT1.DE | FRNH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.19 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.86 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 7.91 | -6.59 |
| Martin ratioReturn relative to average drawdown | 5.15 | 38.31 | -33.17 |
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Drawdowns
XAT1.DE vs. FRNH.DE - Drawdown Comparison
The maximum XAT1.DE drawdown since its inception was -28.81%, which is greater than FRNH.DE's maximum drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for XAT1.DE and FRNH.DE.
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Drawdown Indicators
| XAT1.DE | FRNH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.81% | -15.25% | -13.56% |
Max Drawdown (1Y)Largest decline over 1 year | -3.64% | -0.36% | -3.28% |
Max Drawdown (3Y)Largest decline over 3 years | -4.62% | -1.39% | -3.23% |
Max Drawdown (5Y)Largest decline over 5 years | -27.73% | -3.17% | -24.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.25% | — |
Current DrawdownCurrent decline from peak | -0.86% | -0.04% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -0.87% | -5.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.07% | +0.87% |
Volatility
XAT1.DE vs. FRNH.DE - Volatility Comparison
Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) has a higher volatility of 1.34% compared to Amundi USD Floating Rate Corporate Bond ESG UCITS ETF EUR Hedged (Acc) (FRNH.DE) at 0.12%. This indicates that XAT1.DE's price experiences larger fluctuations and is considered to be riskier than FRNH.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 | FRNH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 0.12% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.65% | 0.52% | +4.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.13% | 0.90% | +4.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.19% | 2.42% | +5.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.30% | 3.36% | +6.94% |
XAT1.DE vs. FRNH.DE - Expense Ratio Comparison
XAT1.DE has a 0.39% expense ratio, which is higher than FRNH.DE's 0.20% expense ratio.
Dividends
XAT1.DE vs. FRNH.DE - Dividend Comparison
XAT1.DE's dividend yield for the trailing twelve months is around 6.06%, while FRNH.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FRNH.DE Amundi USD Floating Rate Corporate Bond ESG UCITS ETF EUR Hedged (Acc) | 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 | 6.06% | 5.95% | 6.41% | 6.17% | 6.02% | 4.42% | 5.23% | 5.59% | 2.62% |
Frequently Asked Questions
XAT1.DE and FRNH.DE have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FRNH.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FRNH.DE is cheaper with a 0.20% 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 FRNH.DE tracks iBoxx MSCI ESG USD FRN Investment Grade Corporates Index (EUR Hedged). They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.39% for XAT1.DE and 0.20% for FRNH.DE.
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