XYLD.L vs. AT1P.L
XYLD.L (Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D) and AT1P.L (Invesco USD AT1 CoCo Bond UCITS ETF Acc) are both exchange-traded funds - XYLD.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while AT1P.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, XYLD.L returned 1.52%/yr vs 2.88%/yr for AT1P.L. At a 0.14 correlation, their price movements are largely independent. XYLD.L charges 0.16%/yr vs 0.39%/yr for AT1P.L.
Performance
XYLD.L vs. AT1P.L - Performance Comparison
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Different Trading Currencies
XYLD.L is traded in USD, while AT1P.L is traded in GBp. To make them comparable, the AT1P.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XYLD.L achieves a 0.88% return, which is significantly lower than AT1P.L's 1.80% return.
XYLD.L
- 1D
- 0.11%
- 1M
- -0.05%
- 6M
- 0.82%
- YTD
- 0.88%
- 1Y
- 3.93%
- 3Y*
- 5.12%
- 5Y*
- 1.52%
- 10Y*
- —
AT1P.L
- 1D
- 0.10%
- 1M
- 0.15%
- 6M
- 1.24%
- YTD
- 1.80%
- 1Y
- 7.05%
- 3Y*
- 10.73%
- 5Y*
- 2.88%
- 10Y*
- —
XYLD.L vs. AT1P.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XYLD.L Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D | 0.88% | 6.20% | 4.88% | 5.72% | -8.68% | 0.34% | 10.34% | 13.55% | -0.85% |
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 1.80% | 10.98% | 10.30% | 1.81% | -9.65% | 3.82% | 8.06% | 19.42% | -2.06% |
Correlation
The correlation between XYLD.L and AT1P.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | 0.14 |
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Return for Risk
XYLD.L vs. AT1P.L — Risk / Return Rank
XYLD.L
AT1P.L
XYLD.L vs. AT1P.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D (XYLD.L) and Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.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.
| XYLD.L | AT1P.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.22 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 1.79 | +1.99 |
| Martin ratioReturn relative to average drawdown | 14.12 | 8.05 | +6.07 |
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Drawdowns
XYLD.L vs. AT1P.L - Drawdown Comparison
The maximum XYLD.L drawdown since its inception was -18.92%, smaller than the maximum AT1P.L drawdown of -29.11%. Use the drawdown chart below to compare losses from any high point for XYLD.L and AT1P.L.
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Drawdown Indicators
| XYLD.L | AT1P.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.92% | -29.11% | +10.19% |
Max Drawdown (1Y)Largest decline over 1 year | -1.03% | -3.92% | +2.89% |
Max Drawdown (3Y)Largest decline over 3 years | -1.38% | -4.22% | +2.84% |
Max Drawdown (5Y)Largest decline over 5 years | -12.40% | -24.64% | +12.24% |
Current DrawdownCurrent decline from peak | -0.22% | -1.04% | +0.82% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -4.38% | +1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 0.88% | -0.60% |
Volatility
XYLD.L vs. AT1P.L - Volatility Comparison
The current volatility for Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D (XYLD.L) is 0.53%, while Invesco USD AT1 CoCo Bond UCITS ETF Acc (AT1P.L) has a volatility of 1.74%. This indicates that XYLD.L experiences smaller price fluctuations and is considered to be less risky than AT1P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XYLD.L | AT1P.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 1.74% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 1.52% | 4.82% | -3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.98% | 5.66% | -3.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.19% | 9.44% | -6.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.87% | 11.49% | -5.62% |
XYLD.L vs. AT1P.L - Expense Ratio Comparison
XYLD.L has a 0.16% expense ratio, which is lower than AT1P.L's 0.39% expense ratio.
Dividends
XYLD.L vs. AT1P.L - Dividend Comparison
XYLD.L's dividend yield for the trailing twelve months is around 3.76%, while AT1P.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
AT1P.L Invesco USD AT1 CoCo Bond UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XYLD.L Xtrackers USD Corporate Bond Short Duration SRI PAB UCITS ETF 1D | 3.76% | 3.61% | 3.34% | 2.88% | 6.03% | 3.88% | 3.78% |
Frequently Asked Questions
XYLD.L and AT1P.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XYLD.L is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XYLD.L is cheaper with a 0.16% expense ratio, compared with 0.39% for AT1P.L.
XYLD.L is categorized as Corporate Bonds, while AT1P.L is Preferred Stock/Convertible Bonds. XYLD.L tracks Bloomberg US Corp Bond TR USD, while AT1P.L tracks iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.16% for XYLD.L and 0.39% for AT1P.L.
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