HLQD.L vs. IE15.L

Last updated Jul 16, 2026

HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF) and IE15.L (iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist)) are both Global Bonds funds from iShares - HLQD.L tracks the iShares $ Corp Bond Interest Rate Hedged UCITS ETF while IE15.L tracks the iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist). Both are passively managed. Over the past 5 years, HLQD.L returned 5.42%/yr vs 0.16%/yr for IE15.L. At a 0.17 correlation, their price movements are largely independent. HLQD.L charges 0.25%/yr vs 0.20%/yr for IE15.L.

Performance

HLQD.L vs. IE15.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) and iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) (IE15.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HLQD.L is traded in USD, while IE15.L is traded in EUR. To make them comparable, the IE15.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 IE15.L's -3.27% 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*: —

IE15.L

• 1D: 0.00%
• 1M: -1.12%
• 6M: -2.63%
• YTD: -3.27%
• 1Y: -1.10%
• 3Y*: 4.45%
• 5Y*: 0.16%
• 10Y*: 1.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HLQD.L vs. IE15.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%
IE15.L iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist)	-3.27%	17.31%	-2.11%	9.11%	-13.33%	-7.12%	10.01%	0.63%	-1.46%

Correlation

The correlation between HLQD.L and IE15.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018	0.17

Return for Risk

HLQD.L vs. IE15.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HLQD.L

HLQD.L Risk / Return Rank: 66
HLQD.L Sharpe Ratio Rank: 54
HLQD.L Sortino Ratio Rank: 62
HLQD.L Omega Ratio Rank: 55
HLQD.L Calmar Ratio Rank: 83
HLQD.L Martin Ratio Rank: 77

IE15.L

IE15.L Risk / Return Rank: 8
IE15.L Sharpe Ratio Rank: 8
IE15.L Sortino Ratio Rank: 7
IE15.L Omega Ratio Rank: 7
IE15.L Calmar Ratio Rank: 8
IE15.L Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HLQD.L vs. IE15.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 € Corp Bond 1-5yr UCITS ETF EUR (Dist) (IE15.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	IE15.L	Difference
Sharpe ratio: Return per unit of total volatility	1.50	-0.21	+1.71
Sortino ratio: Return per unit of downside risk	2.33	-0.25	+2.58
Omega ratio: Gain probability vs. loss probability	1.28	0.97	+0.31
Calmar ratio: Return relative to maximum drawdown	3.55	-0.25	+3.81
Martin ratio: Return relative to average drawdown	11.38	-0.55	+11.94

HLQD.L vs. IE15.L - Sharpe Ratio Comparison

The current HLQD.L Sharpe Ratio is 1.50, which is higher than the IE15.L Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of HLQD.L and IE15.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HLQD.L vs. IE15.L - Drawdown Comparison

The maximum HLQD.L drawdown since its inception was -21.96%, smaller than the maximum IE15.L drawdown of -31.96%. Use the drawdown chart below to compare losses from any high point for HLQD.L and IE15.L.

Drawdown Indicators

	HLQD.L	IE15.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.96%	-31.96%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-1.39%	-6.14%	+4.75%
Max Drawdown (3Y) Largest decline over 3 years	-3.08%	-8.00%	+4.92%
Max Drawdown (5Y) Largest decline over 5 years	-6.39%	-27.14%	+20.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.41%	—
Current Drawdown Current decline from peak	-0.34%	-6.75%	+6.41%
Average Drawdown Average peak-to-trough decline	-1.33%	-12.28%	+10.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	2.80%	-2.37%

Volatility

HLQD.L vs. IE15.L - Volatility Comparison

The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) is 0.83%, while iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) (IE15.L) has a volatility of 1.41%. This indicates that HLQD.L experiences smaller price fluctuations and is considered to be less risky than IE15.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLQD.L	IE15.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	1.41%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	5.35%	-3.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	7.24%	-3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.36%	8.45%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.09%	8.04%	-1.95%

HLQD.L vs. IE15.L - Expense Ratio Comparison

HLQD.L has a 0.25% expense ratio, which is higher than IE15.L's 0.20% 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. IE15.L - Dividend Comparison

HLQD.L has not paid dividends to shareholders, while IE15.L's dividend yield for the trailing twelve months is around 3.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IE15.L iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist)	3.00%	2.92%	2.50%	1.41%	0.51%	0.57%	0.59%	0.62%	0.62%	0.68%	0.90%	0.56%

Frequently Asked Questions

Can I hold both HLQD.L and IE15.L in my portfolio?

HLQD.L and IE15.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HLQD.L or IE15.L?

On fees, IE15.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HLQD.L or IE15.L?

IE15.L is cheaper with a 0.20% expense ratio, compared with 0.25% for HLQD.L.

What is the main difference between HLQD.L and IE15.L?

HLQD.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF, while IE15.L tracks iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist). Their fees differ too: 0.25% for HLQD.L and 0.20% for IE15.L.