EMLB.L vs. HLQD.L
EMLB.L (PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)) and HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc)) are both exchange-traded funds - EMLB.L is a Emerging Markets Bonds fund tracking the PIMCO Emerging Markets Advantage Local Currency Bond 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, EMLB.L returned 3.90%/yr vs 5.41%/yr for HLQD.L. At a 0.28 correlation, their price movements are largely independent. EMLB.L charges 0.39%/yr vs 0.25%/yr for HLQD.L.
Performance
EMLB.L vs. HLQD.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMLB.L achieves a 2.55% return, which is significantly higher than HLQD.L's 2.24% return.
EMLB.L
- 1D
- -0.10%
- 1M
- -0.55%
- 6M
- 1.96%
- YTD
- 2.55%
- 1Y
- 8.40%
- 3Y*
- 5.61%
- 5Y*
- 3.90%
- 10Y*
- 3.12%
HLQD.L
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.96%
- YTD
- 2.24%
- 1Y
- 4.73%
- 3Y*
- 7.42%
- 5Y*
- 5.41%
- 10Y*
- —
EMLB.L vs. HLQD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMLB.L PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) | 2.55% | 17.08% | -3.25% | 13.74% | -5.70% | -5.53% | 1.91% | 13.10% | -0.22% |
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) | 2.24% | 5.47% | 8.15% | 11.14% | 0.41% | 1.25% | 0.54% | 10.77% | -0.71% |
Correlation
The correlation between EMLB.L and HLQD.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 | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.28 |
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Return for Risk
EMLB.L vs. HLQD.L — Risk / Return Rank
EMLB.L
HLQD.L
EMLB.L vs. HLQD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.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.
| EMLB.L | HLQD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 3.40 | -1.87 |
| Martin ratioReturn relative to average drawdown | 4.98 | 10.85 | -5.87 |
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Drawdowns
EMLB.L vs. HLQD.L - Drawdown Comparison
The maximum EMLB.L drawdown since its inception was -29.75%, which is greater than HLQD.L's maximum drawdown of -21.96%. Use the drawdown chart below to compare losses from any high point for EMLB.L and HLQD.L.
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Drawdown Indicators
| EMLB.L | HLQD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.75% | -21.96% | -7.79% |
Max Drawdown (1Y)Largest decline over 1 year | -5.48% | -1.39% | -4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -7.50% | -3.08% | -4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -20.09% | -6.39% | -13.70% |
Max Drawdown (10Y)Largest decline over 10 years | -21.37% | — | — |
Current DrawdownCurrent decline from peak | -1.40% | -0.41% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -9.33% | -1.33% | -8.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 0.44% | +1.24% |
Volatility
EMLB.L vs. HLQD.L - Volatility Comparison
PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.L) has a higher volatility of 1.78% compared to iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) (HLQD.L) at 0.82%. This indicates that EMLB.L's price experiences larger fluctuations and is considered to be riskier 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
| EMLB.L | HLQD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 0.82% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 6.18% | 2.35% | +3.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.00% | 3.29% | +3.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 4.36% | +5.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.58% | 6.08% | +3.50% |
EMLB.L vs. HLQD.L - Expense Ratio Comparison
EMLB.L has a 0.39% expense ratio, which is higher than HLQD.L's 0.25% expense ratio.
Dividends
EMLB.L vs. HLQD.L - Dividend Comparison
Neither EMLB.L nor HLQD.L has paid dividends to shareholders.
Frequently Asked Questions
EMLB.L and HLQD.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, 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 0.39% for EMLB.L.
EMLB.L is categorized as Emerging Markets Bonds, while HLQD.L is USD Corporate Bond. EMLB.L tracks PIMCO Emerging Markets Advantage Local Currency Bond Index, while HLQD.L tracks IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD). They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.39% for EMLB.L and 0.25% for HLQD.L.
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