FGQD.L vs. HYG
FGQD.L (Fidelity Global Quality Income ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - FGQD.L is a Global Equities fund tracking the Fidelity Global Quality Income index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 5 years, FGQD.L returned 11.84%/yr vs 4.70%/yr for HYG. At a 0.44 correlation, their price movements are largely independent. FGQD.L charges 0.40%/yr vs 0.49%/yr for HYG.
Performance
FGQD.L vs. HYG - Performance Comparison
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Different Trading Currencies
FGQD.L is traded in GBp, while HYG is traded in USD. To make them comparable, the HYG values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, FGQD.L achieves a 10.74% return, which is significantly higher than HYG's 2.23% return.
FGQD.L
- 1D
- 0.92%
- 1M
- 2.70%
- YTD
- 10.74%
- 6M
- 10.84%
- 1Y
- 27.46%
- 3Y*
- 15.11%
- 5Y*
- 11.84%
- 10Y*
- —
HYG
- 1D
- 0.06%
- 1M
- 0.56%
- YTD
- 2.23%
- 6M
- 2.00%
- 1Y
- 8.21%
- 3Y*
- 6.86%
- 5Y*
- 4.70%
- 10Y*
- 5.76%
FGQD.L vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGQD.L Fidelity Global Quality Income ETF | 10.74% | 12.15% | 13.21% | 11.51% | -0.25% | 23.78% | 6.42% | 23.83% | -2.25% | -14.04% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2.23% | 0.86% | 9.85% | 5.96% | -0.40% | 4.74% | 1.40% | 9.75% | 3.79% | -3.27% |
Correlation
The correlation between FGQD.L and HYG is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2017 | 0.44 |
The correlation between FGQD.L and HYG shifts across timeframes, from 0.29 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FGQD.L vs. HYG — Risk / Return Rank
FGQD.L
HYG
FGQD.L vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Global Quality Income ETF (FGQD.L) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| FGQD.L | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.26 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 2.12 | +1.67 |
| Martin ratioReturn relative to average drawdown | 17.00 | 6.58 | +10.43 |
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Drawdowns
FGQD.L vs. HYG - Drawdown Comparison
The maximum FGQD.L drawdown since its inception was -26.43%, which is greater than HYG's maximum drawdown of -23.86%. Use the drawdown chart below to compare losses from any high point for FGQD.L and HYG.
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Drawdown Indicators
| FGQD.L | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.43% | -23.86% | -2.57% |
Max Drawdown (1Y)Largest decline over 1 year | -7.22% | -3.88% | -3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -16.90% | -10.25% | -6.65% |
Max Drawdown (5Y)Largest decline over 5 years | -16.90% | -10.25% | -6.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.89% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.76% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -5.63% | -3.76% | -1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.61% | 1.25% | +0.36% |
Volatility
FGQD.L vs. HYG - Volatility Comparison
Fidelity Global Quality Income ETF (FGQD.L) has a higher volatility of 3.04% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 0.97%. This indicates that FGQD.L's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGQD.L | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.04% | 0.97% | +2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 7.57% | 4.33% | +3.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.81% | 5.98% | +3.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.22% | 8.54% | +3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.46% | 10.41% | +5.05% |
FGQD.L vs. HYG - Expense Ratio Comparison
FGQD.L has a 0.40% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
FGQD.L vs. HYG - Dividend Comparison
FGQD.L's dividend yield for the trailing twelve months is around 1.80%, less than HYG's 5.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGQD.L Fidelity Global Quality Income ETF | 1.80% | 1.86% | 2.31% | 2.78% | 2.70% | 2.46% | 2.60% | 2.44% | 2.70% | 1.10% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.89% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
FGQD.L and HYG have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FGQD.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FGQD.L is cheaper with a 0.40% expense ratio, compared with 0.49% for HYG.
FGQD.L is categorized as Global Equities, while HYG is High Yield Bonds. FGQD.L tracks Fidelity Global Quality Income index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.40% for FGQD.L and 0.49% for HYG.
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