XAT1.DE vs. PQVM.L
XAT1.DE (Invesco AT1 Capital Bond ETF EUR Hedged Dist) and PQVM.L (Invesco S&P 500 QVM UCITS ETF) are both exchange-traded funds - XAT1.DE is a Corporate Bonds fund tracking the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD, while PQVM.L is a S&P 500 fund tracking the S&P 500 Quality, Value, and Momentum Multi-Factor Index. Both are passively managed. Over the past 5 years, XAT1.DE returned 0.67%/yr vs 16.53%/yr for PQVM.L. At a 0.36 correlation, their price movements are largely independent. XAT1.DE charges 0.39%/yr vs 0.35%/yr for PQVM.L.
Performance
XAT1.DE vs. PQVM.L - Performance Comparison
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Different Trading Currencies
XAT1.DE is traded in EUR, while PQVM.L is traded in USD. To make them comparable, the PQVM.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, XAT1.DE achieves a 0.23% return, which is significantly lower than PQVM.L's 17.99% 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*
- —
PQVM.L
- 1D
- 0.26%
- 1M
- 4.77%
- YTD
- 17.99%
- 6M
- 18.05%
- 1Y
- 21.32%
- 3Y*
- 21.07%
- 5Y*
- 16.53%
- 10Y*
- —
XAT1.DE vs. PQVM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 0.23% | 8.61% | 8.34% | -0.02% | -12.08% | 2.58% | 5.80% | 15.11% | -0.93% |
PQVM.L Invesco S&P 500 QVM UCITS ETF | 17.99% | 0.17% | 38.76% | 3.61% | 6.75% | 35.56% | -0.85% | 27.89% | -6.10% |
Correlation
The correlation between XAT1.DE and PQVM.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.36 |
The correlation between XAT1.DE and PQVM.L shifts across timeframes, from 0.21 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XAT1.DE vs. PQVM.L — Risk / Return Rank
XAT1.DE
PQVM.L
XAT1.DE vs. PQVM.L - 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 Invesco S&P 500 QVM UCITS ETF (PQVM.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.
| XAT1.DE | PQVM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.31 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 4.22 | -2.67 |
| Martin ratioReturn relative to average drawdown | 6.31 | 12.62 | -6.31 |
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 | PQVM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 1.75 | -0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 1.01 | -0.93 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.82 | -0.51 |
Drawdowns
XAT1.DE vs. PQVM.L - Drawdown Comparison
The maximum XAT1.DE drawdown since its inception was -28.95%, smaller than the maximum PQVM.L drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for XAT1.DE and PQVM.L.
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Drawdown Indicators
| XAT1.DE | PQVM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.95% | -33.85% | +4.90% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -4.88% | +1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -4.67% | -19.31% | +14.64% |
Max Drawdown (5Y)Largest decline over 5 years | -27.74% | -19.31% | -8.43% |
Current DrawdownCurrent decline from peak | -1.42% | 0.00% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -6.38% | -5.00% | -1.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 1.64% | -0.75% |
Volatility
XAT1.DE vs. PQVM.L - Volatility Comparison
The current volatility for Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) is 1.69%, while Invesco S&P 500 QVM UCITS ETF (PQVM.L) has a volatility of 3.15%. This indicates that XAT1.DE experiences smaller price fluctuations and is considered to be less risky than PQVM.L 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 | PQVM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 3.15% | -1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 8.98% | -4.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.91% | 11.79% | -6.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.18% | 16.38% | -8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.25% | 17.60% | -7.35% |
XAT1.DE vs. PQVM.L - Expense Ratio Comparison
XAT1.DE has a 0.39% expense ratio, which is higher than PQVM.L's 0.35% expense ratio.
Dividends
XAT1.DE vs. PQVM.L - Dividend Comparison
XAT1.DE's dividend yield for the trailing twelve months is around 5.94%, more than PQVM.L's 0.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PQVM.L Invesco S&P 500 QVM UCITS ETF | 0.77% | 0.82% | 0.84% | 1.58% | 1.79% | 0.89% | 1.48% | 1.38% | 1.68% | 0.71% |
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% | 0.00% |
Frequently Asked Questions
XAT1.DE and PQVM.L have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PQVM.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PQVM.L is cheaper with a 0.35% expense ratio, compared with 0.39% for XAT1.DE.
XAT1.DE is categorized as Corporate Bonds, while PQVM.L is S&P 500. XAT1.DE tracks Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD, while PQVM.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index. Their fees differ too: 0.39% for XAT1.DE and 0.35% for PQVM.L.
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