CNYB.L vs. HLQD.L
CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) and HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc)) are both exchange-traded funds - CNYB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index, while HLQD.L is a USD Corporate Bond fund tracking the IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD). Both are passively managed. Over the past 5 years, CNYB.L returned 3.58%/yr vs 5.89%/yr for HLQD.L. At a 0.43 correlation, their price movements are largely independent. CNYB.L charges 0.35%/yr vs 0.25%/yr for HLQD.L.
Performance
CNYB.L vs. HLQD.L - Performance Comparison
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Different Trading Currencies
CNYB.L is traded in GBP, while HLQD.L is traded in USD. To make them comparable, the HLQD.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, CNYB.L achieves a 5.09% return, which is significantly higher than HLQD.L's 2.39% return.
CNYB.L
- 1D
- 0.24%
- 1M
- -0.35%
- 6M
- 4.32%
- YTD
- 5.09%
- 1Y
- 7.12%
- 3Y*
- 4.85%
- 5Y*
- 3.58%
- 10Y*
- —
HLQD.L
- 1D
- 0.17%
- 1M
- -1.23%
- 6M
- 1.37%
- YTD
- 2.39%
- 1Y
- 4.45%
- 3Y*
- 6.30%
- 5Y*
- 5.89%
- 10Y*
- —
CNYB.L vs. HLQD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.09% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | -19.80% | 0.53% |
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) | 2.39% | -2.05% | 10.04% | 5.59% | 12.35% | 2.21% | -2.41% | -2.91% |
Correlation
The correlation between CNYB.L and HLQD.L is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.43 |
The correlation between CNYB.L and HLQD.L shifts across timeframes, from 0.43 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CNYB.L vs. HLQD.L — Risk / Return Rank
CNYB.L
HLQD.L
CNYB.L vs. HLQD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) and iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) (HLQD.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.
| CNYB.L | HLQD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.11 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 1.04 | +1.53 |
| Martin ratioReturn relative to average drawdown | 6.11 | 2.83 | +3.28 |
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Drawdowns
CNYB.L vs. HLQD.L - Drawdown Comparison
The maximum CNYB.L drawdown since its inception was -25.82%, which is greater than HLQD.L's maximum drawdown of -15.87%. Use the drawdown chart below to compare losses from any high point for CNYB.L and HLQD.L.
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Drawdown Indicators
| CNYB.L | HLQD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.82% | -15.87% | -9.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -4.24% | +1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -9.03% | -9.92% | +0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -15.44% | -11.10% | -4.34% |
Current DrawdownCurrent decline from peak | -7.24% | -2.62% | -4.62% |
Average DrawdownAverage peak-to-trough decline | -12.52% | -4.62% | -7.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.56% | -0.40% |
Volatility
CNYB.L vs. HLQD.L - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) is 1.24%, while iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) (HLQD.L) has a volatility of 1.98%. This indicates that CNYB.L experiences smaller price fluctuations and is considered to be less risky than HLQD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNYB.L | HLQD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.98% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 5.28% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 6.99% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.65% | 8.76% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.47% | 9.48% | +1.99% |
CNYB.L vs. HLQD.L - Expense Ratio Comparison
CNYB.L has a 0.35% expense ratio, which is higher than HLQD.L's 0.25% expense ratio.
Dividends
CNYB.L vs. HLQD.L - Dividend Comparison
CNYB.L's dividend yield for the trailing twelve months is around 1.72%, while HLQD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% |
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CNYB.L and HLQD.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HLQD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HLQD.L is cheaper with a 0.25% expense ratio, compared with 0.35% for CNYB.L.
CNYB.L is categorized as Emerging Markets Bonds, while HLQD.L is USD Corporate Bond. CNYB.L tracks Bloomberg China Treasury + Policy Bank Index, while HLQD.L tracks IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD). Their fees differ too: 0.35% for CNYB.L and 0.25% for HLQD.L.
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