HLQD.L vs. FGOV.L
HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF) and FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) are both Global Bonds funds - HLQD.L tracks the iShares $ Corp Bond Interest Rate Hedged UCITS ETF while FGOV.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, HLQD.L returned 5.42%/yr vs 0.71%/yr for FGOV.L. At a 0.15 correlation, their price movements are largely independent. HLQD.L charges 0.25%/yr vs 0.45%/yr for FGOV.L.
Performance
HLQD.L vs. FGOV.L - Performance Comparison
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Different Trading Currencies
HLQD.L is traded in USD, while FGOV.L is traded in GBp. To make them comparable, the FGOV.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with HLQD.L having a 2.31% return and FGOV.L slightly lower at 2.23%.
HLQD.L
- 1D
- 0.21%
- 1M
- -0.07%
- 6M
- 2.17%
- YTD
- 2.31%
- 1Y
- 5.11%
- 3Y*
- 7.50%
- 5Y*
- 5.42%
- 10Y*
- —
FGOV.L
- 1D
- 1.04%
- 1M
- 0.95%
- 6M
- 1.98%
- YTD
- 2.23%
- 1Y
- 4.96%
- 3Y*
- 5.82%
- 5Y*
- 0.71%
- 10Y*
- —
HLQD.L vs. FGOV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF | 2.31% | 5.47% | 8.15% | 11.14% | 0.41% | 1.25% | 4.93% |
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 2.23% | 13.25% | 1.79% | 11.60% | -17.38% | -6.96% | 7.19% |
Correlation
The correlation between HLQD.L and FGOV.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 | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020 | 0.15 |
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Return for Risk
HLQD.L vs. FGOV.L — Risk / Return Rank
HLQD.L
FGOV.L
HLQD.L vs. FGOV.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 First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.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 | FGOV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.12 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 0.98 | +2.57 |
| Martin ratioReturn relative to average drawdown | 11.38 | 2.37 | +9.01 |
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Drawdowns
HLQD.L vs. FGOV.L - Drawdown Comparison
The maximum HLQD.L drawdown since its inception was -21.96%, smaller than the maximum FGOV.L drawdown of -33.61%. Use the drawdown chart below to compare losses from any high point for HLQD.L and FGOV.L.
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Drawdown Indicators
| HLQD.L | FGOV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -33.61% | +11.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -5.03% | +3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -3.08% | -9.90% | +6.82% |
Max Drawdown (5Y)Largest decline over 5 years | -6.39% | -31.83% | +25.44% |
Current DrawdownCurrent decline from peak | -0.34% | -0.97% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -11.84% | +10.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 2.08% | -1.65% |
Volatility
HLQD.L vs. FGOV.L - Volatility Comparison
The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) is 0.83%, while First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) has a volatility of 2.00%. This indicates that HLQD.L experiences smaller price fluctuations and is considered to be less risky than FGOV.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 | FGOV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 2.00% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 5.71% | -3.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 7.27% | -3.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 9.45% | -5.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.09% | 9.21% | -3.12% |
HLQD.L vs. FGOV.L - Expense Ratio Comparison
HLQD.L has a 0.25% expense ratio, which is lower than FGOV.L's 0.45% expense ratio.
Dividends
HLQD.L vs. FGOV.L - Dividend Comparison
HLQD.L has not paid dividends to shareholders, while FGOV.L's dividend yield for the trailing twelve months is around 3.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
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% |
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HLQD.L and FGOV.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 0.45% for FGOV.L.
HLQD.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF, while FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.25% for HLQD.L and 0.45% for FGOV.L.
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