HLQD.L vs. IRCP.L
HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF) and IRCP.L (iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist)) are both Global Bonds funds from iShares - HLQD.L tracks the iShares $ Corp Bond Interest Rate Hedged UCITS ETF while IRCP.L tracks the iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist). Both are passively managed. Over the past 5 years, HLQD.L returned 5.42%/yr vs 2.15%/yr for IRCP.L. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.
Performance
HLQD.L vs. IRCP.L - Performance Comparison
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Different Trading Currencies
HLQD.L is traded in USD, while IRCP.L is traded in EUR. To make them comparable, the IRCP.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 IRCP.L's -0.94% 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*
- —
IRCP.L
- 1D
- 0.00%
- 1M
- -1.00%
- 6M
- -0.08%
- YTD
- -0.94%
- 1Y
- 1.81%
- 3Y*
- 5.92%
- 5Y*
- 2.15%
- 10Y*
- 1.94%
HLQD.L vs. IRCP.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% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | -0.94% | 18.21% | -0.11% | 8.46% | -8.58% | -7.04% | 9.77% | 1.98% | -2.38% |
Correlation
The correlation between HLQD.L and IRCP.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.27 |
The correlation between HLQD.L and IRCP.L shifts across timeframes, from 0.16 (3 years) to 0.27 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HLQD.L vs. IRCP.L — Risk / Return Rank
HLQD.L
IRCP.L
HLQD.L vs. IRCP.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 Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.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 | IRCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.04 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 0.28 | +3.27 |
| Martin ratioReturn relative to average drawdown | 11.38 | 0.65 | +10.74 |
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Drawdowns
HLQD.L vs. IRCP.L - Drawdown Comparison
The maximum HLQD.L drawdown since its inception was -21.96%, smaller than the maximum IRCP.L drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for HLQD.L and IRCP.L.
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Drawdown Indicators
| HLQD.L | IRCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -33.94% | +11.98% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -5.66% | +4.27% |
Max Drawdown (3Y)Largest decline over 3 years | -3.08% | -6.44% | +3.36% |
Max Drawdown (5Y)Largest decline over 5 years | -6.39% | -24.27% | +17.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.61% | — |
Current DrawdownCurrent decline from peak | -0.34% | -3.68% | +3.34% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -15.21% | +13.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 2.47% | -2.04% |
Volatility
HLQD.L vs. IRCP.L - Volatility Comparison
The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) is 0.83%, while iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.L) has a volatility of 1.62%. This indicates that HLQD.L experiences smaller price fluctuations and is considered to be less risky than IRCP.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 | IRCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 1.62% | -0.79% |
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% | 7.00% | -3.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 8.79% | -4.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.09% | 8.45% | -2.36% |
HLQD.L vs. IRCP.L - Expense Ratio Comparison
Both HLQD.L and IRCP.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. IRCP.L - Dividend Comparison
HLQD.L has not paid dividends to shareholders, while IRCP.L's dividend yield for the trailing twelve months is around 2.58%.
| 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% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | 2.58% | 2.91% | 3.70% | 2.52% | 0.43% | 0.70% | 0.82% | 0.92% | 0.58% | 0.71% | 1.35% | 1.47% |
Frequently Asked Questions
HLQD.L and IRCP.L have a correlation of 0.19, 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 IRCP.L have the same expense ratio: 0.25% per year.
HLQD.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF, while IRCP.L tracks iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist).
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