HLQD.L vs. EMCR.L
HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF) and EMCR.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist)) are both exchange-traded funds - HLQD.L is a Global Bonds fund tracking the iShares $ Corp Bond Interest Rate Hedged UCITS ETF, while EMCR.L is a Emerging Markets Bonds fund tracking the J.P. Morgan CEMBI Broad Diversified Core Index. Both are passively managed. Over the past 5 years, HLQD.L returned 5.42%/yr vs 1.97%/yr for EMCR.L. At a 0.21 correlation, their price movements are largely independent. HLQD.L charges 0.25%/yr vs 0.50%/yr for EMCR.L.
Performance
HLQD.L vs. EMCR.L - Performance Comparison
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Returns By Period
In the year-to-date period, HLQD.L achieves a 2.31% return, which is significantly higher than EMCR.L's 1.80% return.
HLQD.L
- 1D
- 0.21%
- 1M
- -0.07%
- 6M
- 2.17%
- YTD
- 2.31%
- 1Y
- 5.11%
- 3Y*
- 7.50%
- 5Y*
- 5.42%
- 10Y*
- —
EMCR.L
- 1D
- 0.29%
- 1M
- 0.23%
- 6M
- 1.61%
- YTD
- 1.80%
- 1Y
- 6.43%
- 3Y*
- 7.10%
- 5Y*
- 1.97%
- 10Y*
- 3.52%
HLQD.L vs. EMCR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF | 2.31% | 5.47% | 8.15% | 11.14% | 0.41% | 1.25% | 0.54% | 10.77% | -0.71% |
EMCR.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 1.80% | 8.43% | 6.66% | 7.85% | -12.39% | -0.65% | 7.22% | 13.82% | 1.07% |
Correlation
The correlation between HLQD.L and EMCR.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.21 |
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Return for Risk
HLQD.L vs. EMCR.L — Risk / Return Rank
HLQD.L
EMCR.L
HLQD.L vs. EMCR.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) and iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) (EMCR.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.
| HLQD.L | EMCR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 2.26 | +1.29 |
| Martin ratioReturn relative to average drawdown | 11.38 | 9.69 | +1.69 |
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Drawdowns
HLQD.L vs. EMCR.L - Drawdown Comparison
The maximum HLQD.L drawdown since its inception was -21.96%, roughly equal to the maximum EMCR.L drawdown of -22.67%. Use the drawdown chart below to compare losses from any high point for HLQD.L and EMCR.L.
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Drawdown Indicators
| HLQD.L | EMCR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -22.67% | +0.71% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -2.72% | +1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -3.08% | -3.69% | +0.61% |
Max Drawdown (5Y)Largest decline over 5 years | -6.39% | -20.20% | +13.81% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.67% | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.16% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -3.28% | +1.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.64% | -0.21% |
Volatility
HLQD.L vs. EMCR.L - Volatility Comparison
The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) is 0.83%, while iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) (EMCR.L) has a volatility of 1.02%. This indicates that HLQD.L experiences smaller price fluctuations and is considered to be less risky than EMCR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HLQD.L | EMCR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 1.02% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 3.50% | -1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 4.07% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 5.49% | -1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.09% | 7.50% | -1.41% |
HLQD.L vs. EMCR.L - Expense Ratio Comparison
HLQD.L has a 0.25% expense ratio, which is lower than EMCR.L's 0.50% expense ratio.
Dividends
HLQD.L vs. EMCR.L - Dividend Comparison
HLQD.L has not paid dividends to shareholders, while EMCR.L's dividend yield for the trailing twelve months is around 5.59%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMCR.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 5.59% | 5.56% | 5.44% | 5.04% | 4.28% | 3.62% | 3.93% | 4.58% | 4.70% | 4.35% | 4.61% | 5.13% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HLQD.L and EMCR.L have a correlation of 0.14, 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 EMCR.L.
HLQD.L is categorized as Global Bonds, while EMCR.L is Emerging Markets Bonds. HLQD.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF, while EMCR.L tracks J.P. Morgan CEMBI Broad Diversified Core Index. Their fees differ too: 0.25% for HLQD.L and 0.50% for EMCR.L.
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