HLQD.L vs. GAGG.L
HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF) and GAGG.L (Amundi Index Barclays Global Agg 500M) are both Global Bonds funds - HLQD.L tracks the iShares $ Corp Bond Interest Rate Hedged UCITS ETF while GAGG.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, HLQD.L returned 5.42%/yr vs -1.79%/yr for GAGG.L. At a correlation of -0.04, they often move in opposite directions. HLQD.L charges 0.25%/yr vs 0.03%/yr for GAGG.L.
Performance
HLQD.L vs. GAGG.L - Performance Comparison
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Different Trading Currencies
HLQD.L is traded in USD, while GAGG.L is traded in GBp. To make them comparable, the GAGG.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 2.31% return, which is significantly higher than GAGG.L's -0.43% 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*
- —
GAGG.L
- 1D
- 0.49%
- 1M
- -0.37%
- 6M
- -0.18%
- YTD
- -0.43%
- 1Y
- 2.08%
- 3Y*
- 2.76%
- 5Y*
- -1.79%
- 10Y*
- —
HLQD.L vs. GAGG.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% |
GAGG.L Amundi Index Barclays Global Agg 500M | -0.43% | 8.00% | -1.48% | 4.50% | -16.02% | -4.78% | 8.87% | 6.88% | 3.07% |
Correlation
The correlation between HLQD.L and GAGG.L is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | -0.04 |
The correlation between HLQD.L and GAGG.L shifts across timeframes, from -0.04 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HLQD.L vs. GAGG.L — Risk / Return Rank
HLQD.L
GAGG.L
HLQD.L vs. GAGG.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 Amundi Index Barclays Global Agg 500M (GAGG.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 | GAGG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.07 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 0.52 | +3.04 |
| Martin ratioReturn relative to average drawdown | 11.38 | 1.31 | +10.07 |
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Drawdowns
HLQD.L vs. GAGG.L - Drawdown Comparison
The maximum HLQD.L drawdown since its inception was -21.96%, smaller than the maximum GAGG.L drawdown of -26.02%. Use the drawdown chart below to compare losses from any high point for HLQD.L and GAGG.L.
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Drawdown Indicators
| HLQD.L | GAGG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -26.02% | +4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -4.03% | +2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -3.08% | -6.74% | +3.66% |
Max Drawdown (5Y)Largest decline over 5 years | -6.39% | -24.43% | +18.04% |
Current DrawdownCurrent decline from peak | -0.34% | -11.82% | +11.48% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -12.18% | +10.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 1.58% | -1.15% |
Volatility
HLQD.L vs. GAGG.L - Volatility Comparison
The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) is 0.83%, while Amundi Index Barclays Global Agg 500M (GAGG.L) has a volatility of 1.34%. This indicates that HLQD.L experiences smaller price fluctuations and is considered to be less risky than GAGG.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 | GAGG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 1.34% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 4.27% | -1.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 5.41% | -2.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 7.20% | -2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.09% | 8.25% | -2.16% |
HLQD.L vs. GAGG.L - Expense Ratio Comparison
HLQD.L has a 0.25% expense ratio, which is higher than GAGG.L's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HLQD.L vs. GAGG.L - Dividend Comparison
Neither HLQD.L nor GAGG.L has paid dividends to shareholders.
Frequently Asked Questions
HLQD.L and GAGG.L have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GAGG.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GAGG.L is cheaper with a 0.03% expense ratio, compared with 0.25% for HLQD.L.
HLQD.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF, while GAGG.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.25% for HLQD.L and 0.03% for GAGG.L.
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