GOVD.L vs. HLQD.L
GOVD.L (Lyxor Core Global Government Bond (DR) UCITS ETF - Dist) and HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc)) are both exchange-traded funds - GOVD.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, 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, GOVD.L returned -2.96%/yr vs 5.89%/yr for HLQD.L. At a 0.32 correlation, their price movements are largely independent. GOVD.L charges 0.09%/yr vs 0.25%/yr for HLQD.L.
Performance
GOVD.L vs. HLQD.L - Performance Comparison
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Different Trading Currencies
GOVD.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, GOVD.L achieves a -1.87% return, which is significantly lower than HLQD.L's 2.39% return.
GOVD.L
- 1D
- 0.35%
- 1M
- -1.70%
- 6M
- -1.87%
- YTD
- -1.87%
- 1Y
- -0.59%
- 3Y*
- 0.01%
- 5Y*
- -2.96%
- 10Y*
- —
HLQD.L
- 1D
- 0.17%
- 1M
- -1.23%
- 6M
- 1.37%
- YTD
- 2.39%
- 1Y
- 4.45%
- 3Y*
- 6.30%
- 5Y*
- 5.89%
- 10Y*
- —
GOVD.L vs. HLQD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist | -1.87% | -0.20% | -1.78% | -1.14% | -8.48% | -5.98% | -22.93% |
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) | 2.39% | -2.05% | 10.04% | 5.59% | 12.35% | 2.21% | -3.31% |
Correlation
The correlation between GOVD.L and HLQD.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2020 | 0.32 |
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Return for Risk
GOVD.L vs. HLQD.L — Risk / Return Rank
GOVD.L
HLQD.L
GOVD.L vs. HLQD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.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.
| GOVD.L | HLQD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.11 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 1.04 | -1.07 |
| Martin ratioReturn relative to average drawdown | -0.03 | 2.83 | -2.86 |
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Drawdowns
GOVD.L vs. HLQD.L - Drawdown Comparison
The maximum GOVD.L drawdown since its inception was -38.07%, 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 GOVD.L and HLQD.L.
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Drawdown Indicators
| GOVD.L | HLQD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.07% | -15.87% | -22.20% |
Max Drawdown (1Y)Largest decline over 1 year | -27.55% | -4.24% | -23.31% |
Max Drawdown (3Y)Largest decline over 3 years | -27.55% | -9.92% | -17.63% |
Max Drawdown (5Y)Largest decline over 5 years | -27.55% | -11.10% | -16.45% |
Current DrawdownCurrent decline from peak | -36.93% | -2.62% | -34.31% |
Average DrawdownAverage peak-to-trough decline | -32.01% | -4.62% | -27.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.11% | 1.56% | +21.55% |
Volatility
GOVD.L vs. HLQD.L - Volatility Comparison
Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) has a higher volatility of 28.36% compared to iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) (HLQD.L) at 1.98%. This indicates that GOVD.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
| GOVD.L | HLQD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.36% | 1.98% | +26.38% |
Volatility (6M)Calculated over the trailing 6-month period | 120.69% | 5.28% | +115.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 149.55% | 6.99% | +142.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 8.76% | +58.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.78% | 9.48% | +52.30% |
GOVD.L vs. HLQD.L - Expense Ratio Comparison
GOVD.L has a 0.09% expense ratio, which is lower than HLQD.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GOVD.L vs. HLQD.L - Dividend Comparison
GOVD.L's dividend yield for the trailing twelve months is around 2.73%, while HLQD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist | 2.73% | 2.68% | 2.45% | 1.64% | 1.28% | 1.23% | 0.48% |
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GOVD.L and HLQD.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, GOVD.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GOVD.L is cheaper with a 0.09% expense ratio, compared with 0.25% for HLQD.L.
GOVD.L is categorized as Global Bonds, while HLQD.L is USD Corporate Bond. GOVD.L tracks Bloomberg Global Aggregate TR USD, while HLQD.L tracks IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD). They also come from different issuers: Amundi and iShares. Their fees differ too: 0.09% for GOVD.L and 0.25% for HLQD.L.
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