CRPU.L vs. PUIP.L
CRPU.L (iShares Global Corporate Bond USD Hedged UCITS ETF) and PUIP.L (Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - CRPU.L is a Global Corporate Bonds fund tracking the Bloomberg Gbl Agg Corp 0901 TR Hdg USD, while PUIP.L is a Sustainable Bonds fund tracking the Bloomberg MSCI USD Liquid Corporate Climate Transition ESG Bond Index (CTB) (USD). Both are passively managed. Over the past 5 years, CRPU.L returned 0.65%/yr vs -1.31%/yr for PUIP.L. A 0.61 correlation means they provide meaningful diversification when combined. CRPU.L charges 0.25%/yr vs 0.12%/yr for PUIP.L.
Performance
CRPU.L vs. PUIP.L - Performance Comparison
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Different Trading Currencies
CRPU.L is traded in USD, while PUIP.L is traded in GBp. To make them comparable, the PUIP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CRPU.L achieves a 0.48% return, which is significantly higher than PUIP.L's -1.15% return.
CRPU.L
- 1D
- 0.00%
- 1M
- -0.48%
- 6M
- 0.32%
- YTD
- 0.48%
- 1Y
- 4.17%
- 3Y*
- 5.25%
- 5Y*
- 0.65%
- 10Y*
- —
PUIP.L
- 1D
- 0.26%
- 1M
- -0.31%
- 6M
- -0.42%
- YTD
- -1.15%
- 1Y
- 3.32%
- 3Y*
- 5.01%
- 5Y*
- -1.31%
- 10Y*
- —
CRPU.L vs. PUIP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CRPU.L iShares Global Corporate Bond USD Hedged UCITS ETF | 0.48% | 6.51% | 3.91% | 8.70% | -14.11% | -1.15% | 7.74% | 0.87% |
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) | -1.15% | 15.50% | 0.28% | 12.39% | -25.33% | -2.45% | 10.92% | 3.64% |
Correlation
The correlation between CRPU.L and PUIP.L is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2019 | 0.61 |
The correlation between CRPU.L and PUIP.L has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.
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Return for Risk
CRPU.L vs. PUIP.L — Risk / Return Rank
CRPU.L
PUIP.L
CRPU.L vs. PUIP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Corporate Bond USD Hedged UCITS ETF (CRPU.L) and Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) (PUIP.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.
| CRPU.L | PUIP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.07 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 0.56 | +0.90 |
| Martin ratioReturn relative to average drawdown | 4.68 | 1.25 | +3.43 |
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Drawdowns
CRPU.L vs. PUIP.L - Drawdown Comparison
The maximum CRPU.L drawdown since its inception was -19.78%, smaller than the maximum PUIP.L drawdown of -38.73%. Use the drawdown chart below to compare losses from any high point for CRPU.L and PUIP.L.
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Drawdown Indicators
| CRPU.L | PUIP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.78% | -38.73% | +18.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -6.15% | +3.30% |
Max Drawdown (3Y)Largest decline over 3 years | -4.29% | -13.17% | +8.88% |
Max Drawdown (5Y)Largest decline over 5 years | -19.78% | -38.73% | +18.95% |
Current DrawdownCurrent decline from peak | -0.95% | -7.94% | +6.99% |
Average DrawdownAverage peak-to-trough decline | -4.46% | -13.41% | +8.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 2.74% | -1.85% |
Volatility
CRPU.L vs. PUIP.L - Volatility Comparison
The current volatility for iShares Global Corporate Bond USD Hedged UCITS ETF (CRPU.L) is 1.21%, while Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) (PUIP.L) has a volatility of 1.86%. This indicates that CRPU.L experiences smaller price fluctuations and is considered to be less risky than PUIP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CRPU.L | PUIP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.86% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 6.61% | -3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 8.90% | -4.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.98% | 12.58% | -6.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.62% | 13.49% | -7.87% |
CRPU.L vs. PUIP.L - Expense Ratio Comparison
CRPU.L has a 0.25% expense ratio, which is higher than PUIP.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CRPU.L vs. PUIP.L - Dividend Comparison
CRPU.L has not paid dividends to shareholders, while PUIP.L's dividend yield for the trailing twelve months is around 4.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CRPU.L iShares Global Corporate Bond USD Hedged UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) | 4.99% | 4.72% | 4.73% | 4.00% | 2.99% | 2.31% | 2.85% |
Frequently Asked Questions
CRPU.L and PUIP.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PUIP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PUIP.L is cheaper with a 0.12% expense ratio, compared with 0.25% for CRPU.L.
CRPU.L is categorized as Global Corporate Bonds, while PUIP.L is Sustainable Bonds. CRPU.L tracks Bloomberg Gbl Agg Corp 0901 TR Hdg USD, while PUIP.L tracks Bloomberg MSCI USD Liquid Corporate Climate Transition ESG Bond Index (CTB) (USD). They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for CRPU.L and 0.12% for PUIP.L.
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