EMHG.L vs. HLQD.L
EMHG.L (iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist)) and HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF) are both exchange-traded funds - EMHG.L is a Emerging Markets Bonds fund tracking the J.P. Morgan Emerging Markets Bond Index Global Diversified Core, while HLQD.L is a Global Bonds fund tracking the iShares $ Corp Bond Interest Rate Hedged UCITS ETF. Both are passively managed. Over the past 5 years, EMHG.L returned 0.93%/yr vs 5.74%/yr for HLQD.L. At a correlation of -0.07, they often move in opposite directions. EMHG.L charges 0.50%/yr vs 0.25%/yr for HLQD.L.
Performance
EMHG.L vs. HLQD.L - Performance Comparison
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Different Trading Currencies
EMHG.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, EMHG.L achieves a 1.82% return, which is significantly higher than HLQD.L's 1.68% return.
EMHG.L
- 1D
- 0.30%
- 1M
- -0.56%
- 6M
- 2.08%
- YTD
- 1.82%
- 1Y
- 9.87%
- 3Y*
- 8.37%
- 5Y*
- 0.93%
- 10Y*
- —
HLQD.L
- 1D
- 0.00%
- 1M
- -1.15%
- 6M
- 1.34%
- YTD
- 1.68%
- 1Y
- 3.78%
- 3Y*
- 6.21%
- 5Y*
- 5.74%
- 10Y*
- —
EMHG.L vs. HLQD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 1.82% | 13.40% | 5.31% | 8.97% | -19.93% | -2.50% | 3.49% | 13.78% | 0.22% |
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF | 1.68% | -2.05% | 10.04% | 5.59% | 12.35% | 2.21% | -2.41% | 6.56% | 2.78% |
Correlation
The correlation between EMHG.L and HLQD.L is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | -0.07 |
The correlation between EMHG.L and HLQD.L shifts across timeframes, from -0.20 (3 years) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMHG.L vs. HLQD.L — Risk / Return Rank
EMHG.L
HLQD.L
EMHG.L vs. HLQD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) and iShares $ Corp Bond Interest Rate Hedged UCITS ETF (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.
| EMHG.L | HLQD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.10 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 0.91 | +1.37 |
| Martin ratioReturn relative to average drawdown | 9.28 | 2.48 | +6.80 |
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Drawdowns
EMHG.L vs. HLQD.L - Drawdown Comparison
The maximum EMHG.L drawdown since its inception was -29.64%, 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 EMHG.L and HLQD.L.
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Drawdown Indicators
| EMHG.L | HLQD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.64% | -15.87% | -13.77% |
Max Drawdown (1Y)Largest decline over 1 year | -4.44% | -4.24% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -9.92% | +2.30% |
Max Drawdown (5Y)Largest decline over 5 years | -29.64% | -11.10% | -18.54% |
Current DrawdownCurrent decline from peak | -0.56% | -3.28% | +2.72% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -4.62% | -3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.56% | -0.47% |
Volatility
EMHG.L vs. HLQD.L - Volatility Comparison
The current volatility for iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) is 1.37%, while iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) has a volatility of 1.93%. This indicates that EMHG.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
| EMHG.L | HLQD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.93% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 4.88% | 5.24% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.90% | 6.96% | -1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.00% | 8.75% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 9.48% | +0.54% |
EMHG.L vs. HLQD.L - Expense Ratio Comparison
EMHG.L has a 0.50% expense ratio, which is higher than HLQD.L's 0.25% expense ratio.
Dividends
EMHG.L vs. HLQD.L - Dividend Comparison
EMHG.L's dividend yield for the trailing twelve months is around 6.17%, while HLQD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 6.17% | 5.71% | 5.74% | 5.61% | 5.64% | 3.93% | 3.85% | 4.73% | 3.64% |
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMHG.L and HLQD.L have a correlation of -0.09, 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 0.50% for EMHG.L.
EMHG.L is categorized as Emerging Markets Bonds, while HLQD.L is Global Bonds. EMHG.L tracks J.P. Morgan Emerging Markets Bond Index Global Diversified Core, while HLQD.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF. Their fees differ too: 0.50% for EMHG.L and 0.25% for HLQD.L.
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