FGOV.L vs. LQDH.L
FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) and LQDH.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist)) are both Global Bonds funds - FGOV.L tracks the Bloomberg Global Aggregate TR Hdg GBP while LQDH.L tracks the iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist). Both are passively managed. Over the past 5 years, FGOV.L returned 1.03%/yr vs 5.74%/yr for LQDH.L. At a correlation of -0.05, they often move in opposite directions. FGOV.L charges 0.45%/yr vs 0.25%/yr for LQDH.L.
Performance
FGOV.L vs. LQDH.L - Performance Comparison
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Different Trading Currencies
FGOV.L is traded in GBp, while LQDH.L is traded in USD. To make them comparable, the LQDH.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, FGOV.L achieves a 1.63% return, which is significantly lower than LQDH.L's 2.08% return.
FGOV.L
- 1D
- -0.10%
- 1M
- 0.04%
- 6M
- 1.26%
- YTD
- 1.63%
- 1Y
- 3.76%
- 3Y*
- 4.66%
- 5Y*
- 1.03%
- 10Y*
- —
LQDH.L
- 1D
- 0.00%
- 1M
- -1.03%
- 6M
- 1.27%
- YTD
- 2.08%
- 1Y
- 3.85%
- 3Y*
- 6.24%
- 5Y*
- 5.74%
- 10Y*
- 4.18%
FGOV.L vs. LQDH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 1.63% | 5.31% | 3.51% | 6.01% | -7.49% | -6.11% | 1.12% |
LQDH.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) | 2.08% | -2.55% | 10.16% | 5.96% | 12.21% | 1.87% | -0.41% |
Correlation
The correlation between FGOV.L and LQDH.L is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020 | -0.05 |
Over the past year, the inverse relationship between FGOV.L and LQDH.L has strengthened: their correlation has moved from -0.05 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FGOV.L vs. LQDH.L — Risk / Return Rank
FGOV.L
LQDH.L
FGOV.L vs. LQDH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) and iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) (LQDH.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.
| FGOV.L | LQDH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.10 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 0.97 | +1.18 |
| Martin ratioReturn relative to average drawdown | 7.38 | 2.61 | +4.77 |
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Drawdowns
FGOV.L vs. LQDH.L - Drawdown Comparison
The maximum FGOV.L drawdown since its inception was -14.18%, smaller than the maximum LQDH.L drawdown of -17.83%. Use the drawdown chart below to compare losses from any high point for FGOV.L and LQDH.L.
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Drawdown Indicators
| FGOV.L | LQDH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.18% | -17.83% | +3.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.74% | -4.07% | +2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -1.74% | -9.62% | +7.88% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -10.90% | -0.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.83% | — |
Current DrawdownCurrent decline from peak | -0.21% | -3.01% | +2.80% |
Average DrawdownAverage peak-to-trough decline | -5.91% | -4.31% | -1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 1.52% | -1.01% |
Volatility
FGOV.L vs. LQDH.L - Volatility Comparison
The current volatility for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) is 0.53%, while iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) (LQDH.L) has a volatility of 1.74%. This indicates that FGOV.L experiences smaller price fluctuations and is considered to be less risky than LQDH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGOV.L | LQDH.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 | 1.67% | 5.35% | -3.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 6.99% | -5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 8.95% | -5.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.16% | 9.87% | -6.71% |
FGOV.L vs. LQDH.L - Expense Ratio Comparison
FGOV.L has a 0.45% expense ratio, which is higher than LQDH.L's 0.25% expense ratio.
Dividends
FGOV.L vs. LQDH.L - Dividend Comparison
FGOV.L's dividend yield for the trailing twelve months is around 3.28%, less than LQDH.L's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 3.28% | 2.82% | 2.27% | 1.86% | 1.01% | 1.20% | 0.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LQDH.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) | 4.34% | 4.66% | 5.52% | 4.83% | 2.07% | 1.55% | 2.45% | 3.52% | 2.87% | 2.14% | 2.46% | 3.25% |
Frequently Asked Questions
FGOV.L and LQDH.L have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, LQDH.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LQDH.L is cheaper with a 0.25% expense ratio, compared with 0.45% for FGOV.L.
FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP, while LQDH.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist). They also come from different issuers: First Trust and iShares. Their fees differ too: 0.45% for FGOV.L and 0.25% for LQDH.L.
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