HLQD.L vs. EMLB.L
HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc)) and EMLB.L (PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)) are both exchange-traded funds - HLQD.L is a USD Corporate Bond fund tracking the IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD), while EMLB.L is a Emerging Markets Bonds fund tracking the PIMCO Emerging Markets Advantage Local Currency Bond Index. Both are passively managed. Over the past 5 years, HLQD.L returned 5.41%/yr vs 3.90%/yr for EMLB.L. At a 0.28 correlation, their price movements are largely independent. HLQD.L charges 0.25%/yr vs 0.39%/yr for EMLB.L.
Performance
HLQD.L vs. EMLB.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HLQD.L achieves a 2.24% return, which is significantly lower than EMLB.L's 2.55% return.
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
- 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 vs. EMLB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between HLQD.L and EMLB.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 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HLQD.L vs. EMLB.L — Risk / Return Rank
HLQD.L
EMLB.L
HLQD.L vs. EMLB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) (HLQD.L) and PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.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 | EMLB.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 | 1.27 | 1.23 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 1.53 | +1.87 |
| Martin ratioReturn relative to average drawdown | 10.85 | 4.98 | +5.87 |
Loading charts...
Drawdowns
HLQD.L vs. EMLB.L - Drawdown Comparison
The maximum HLQD.L drawdown since its inception was -21.96%, smaller than the maximum EMLB.L drawdown of -29.75%. Use the drawdown chart below to compare losses from any high point for HLQD.L and EMLB.L.
Loading charts...
Drawdown Indicators
| HLQD.L | EMLB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -29.75% | +7.79% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -5.48% | +4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -3.08% | -7.50% | +4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -6.39% | -20.09% | +13.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.37% | — |
Current DrawdownCurrent decline from peak | -0.41% | -1.40% | +0.99% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -9.33% | +8.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 1.68% | -1.24% |
Volatility
HLQD.L vs. EMLB.L - Volatility Comparison
The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) (HLQD.L) is 0.82%, while PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.L) has a volatility of 1.78%. This indicates that HLQD.L experiences smaller price fluctuations and is considered to be less risky than EMLB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HLQD.L | EMLB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.78% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 6.18% | -3.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 7.00% | -3.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 9.48% | -5.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.08% | 9.58% | -3.50% |
HLQD.L vs. EMLB.L - Expense Ratio Comparison
HLQD.L has a 0.25% expense ratio, which is lower than EMLB.L's 0.39% expense ratio.
Dividends
HLQD.L vs. EMLB.L - Dividend Comparison
Neither HLQD.L nor EMLB.L has paid dividends to shareholders.
Frequently Asked Questions
HLQD.L and EMLB.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.
HLQD.L is categorized as USD Corporate Bond, while EMLB.L is Emerging Markets Bonds. HLQD.L tracks IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD), while EMLB.L tracks PIMCO Emerging Markets Advantage Local Currency Bond Index. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.25% for HLQD.L and 0.39% for EMLB.L.
Find the right allocation for HLQD.L and EMLB.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer