HLQD.L vs. FLRG.L
HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc)) and FLRG.L (Franklin Sustainable Euro Green Bond UCITS ETF EUR (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 FLRG.L is a Global Bonds fund tracking the Bloomberg Global Aggregate EUR Green Bond Index. Both are passively managed. Over the past 5 years, HLQD.L returned 5.41%/yr vs -2.83%/yr for FLRG.L. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.
Performance
HLQD.L vs. FLRG.L - Performance Comparison
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Different Trading Currencies
HLQD.L is traded in USD, while FLRG.L is traded in EUR. To make them comparable, the FLRG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HLQD.L achieves a 2.24% return, which is significantly higher than FLRG.L's -2.16% 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*
- —
FLRG.L
- 1D
- 0.31%
- 1M
- -1.32%
- 6M
- -1.37%
- YTD
- -2.16%
- 1Y
- -0.32%
- 3Y*
- 3.87%
- 5Y*
- -2.83%
- 10Y*
- —
HLQD.L vs. FLRG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 4.95% |
FLRG.L Franklin Sustainable Euro Green Bond UCITS ETF EUR (Acc) | -2.16% | 14.10% | -3.58% | 11.11% | -23.86% | -9.62% | 14.79% | 3.93% |
Correlation
The correlation between HLQD.L and FLRG.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 2, 2019 | 0.08 |
The correlation between HLQD.L and FLRG.L shifts across timeframes, from 0.06 (3 years) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HLQD.L vs. FLRG.L — Risk / Return Rank
HLQD.L
FLRG.L
HLQD.L vs. FLRG.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 Franklin Sustainable Euro Green Bond UCITS ETF EUR (Acc) (FLRG.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 | FLRG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.52 | ||
| Sortino ratioReturn per unit of downside risk | +2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.99 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | -0.12 | +3.51 |
| Martin ratioReturn relative to average drawdown | 10.85 | -0.26 | +11.11 |
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Drawdowns
HLQD.L vs. FLRG.L - Drawdown Comparison
The maximum HLQD.L drawdown since its inception was -21.96%, smaller than the maximum FLRG.L drawdown of -39.06%. Use the drawdown chart below to compare losses from any high point for HLQD.L and FLRG.L.
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Drawdown Indicators
| HLQD.L | FLRG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -39.06% | +17.10% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -5.86% | +4.47% |
Max Drawdown (3Y)Largest decline over 3 years | -3.08% | -9.87% | +6.79% |
Max Drawdown (5Y)Largest decline over 5 years | -6.39% | -36.29% | +29.90% |
Current DrawdownCurrent decline from peak | -0.41% | -18.44% | +18.03% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -16.82% | +15.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 2.67% | -2.23% |
Volatility
HLQD.L vs. FLRG.L - Volatility Comparison
The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Acc) (HLQD.L) is 0.82%, while Franklin Sustainable Euro Green Bond UCITS ETF EUR (Acc) (FLRG.L) has a volatility of 1.69%. This indicates that HLQD.L experiences smaller price fluctuations and is considered to be less risky than FLRG.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 | FLRG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.69% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 5.92% | -3.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 7.79% | -4.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 9.55% | -5.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.08% | 9.04% | -2.96% |
HLQD.L vs. FLRG.L - Expense Ratio Comparison
Both HLQD.L and FLRG.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
HLQD.L vs. FLRG.L - Dividend Comparison
Neither HLQD.L nor FLRG.L has paid dividends to shareholders.
Frequently Asked Questions
HLQD.L and FLRG.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HLQD.L and FLRG.L have the same expense ratio: 0.25% per year.
HLQD.L is categorized as USD Corporate Bond, while FLRG.L is Global Bonds. HLQD.L tracks IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD), while FLRG.L tracks Bloomberg Global Aggregate EUR Green Bond Index. They also come from different issuers: iShares and Franklin.
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