HLQD.L vs. SWDA.L
HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - HLQD.L is a Global Bonds fund tracking the iShares $ Corp Bond Interest Rate Hedged UCITS ETF, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 5 years, HLQD.L returned 5.42%/yr vs 11.75%/yr for SWDA.L. A 0.52 correlation means they provide meaningful diversification when combined. HLQD.L charges 0.25%/yr vs 0.20%/yr for SWDA.L.
Performance
HLQD.L vs. SWDA.L - Performance Comparison
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Different Trading Currencies
HLQD.L is traded in USD, while SWDA.L is traded in GBp. To make them comparable, the SWDA.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 lower than SWDA.L's 10.59% 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*
- —
SWDA.L
- 1D
- 0.59%
- 1M
- 0.70%
- 6M
- 9.50%
- YTD
- 10.59%
- 1Y
- 22.47%
- 3Y*
- 19.10%
- 5Y*
- 11.75%
- 10Y*
- 13.08%
HLQD.L vs. SWDA.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% |
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 10.59% | 21.14% | 19.09% | 23.79% | -18.13% | 22.52% | 15.68% | 27.97% | -8.33% |
Correlation
The correlation between HLQD.L and SWDA.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.52 |
The correlation between HLQD.L and SWDA.L has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.
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Return for Risk
HLQD.L vs. SWDA.L — Risk / Return Rank
HLQD.L
SWDA.L
HLQD.L vs. SWDA.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 Core MSCI World UCITS ETF USD (Acc) (SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.34 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 2.60 | +0.95 |
| Martin ratioReturn relative to average drawdown | 11.38 | 11.09 | +0.30 |
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Drawdowns
HLQD.L vs. SWDA.L - Drawdown Comparison
The maximum HLQD.L drawdown since its inception was -21.96%, smaller than the maximum SWDA.L drawdown of -45.69%. Use the drawdown chart below to compare losses from any high point for HLQD.L and SWDA.L.
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Drawdown Indicators
| HLQD.L | SWDA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -45.69% | +23.73% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -8.59% | +7.20% |
Max Drawdown (3Y)Largest decline over 3 years | -3.08% | -17.07% | +13.99% |
Max Drawdown (5Y)Largest decline over 5 years | -6.39% | -26.50% | +20.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.61% | — |
Current DrawdownCurrent decline from peak | -0.34% | 0.00% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -11.15% | +9.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 2.02% | -1.59% |
Volatility
HLQD.L vs. SWDA.L - Volatility Comparison
The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) is 0.83%, while iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) has a volatility of 2.88%. This indicates that HLQD.L experiences smaller price fluctuations and is considered to be less risky than SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 2.88% | -2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 9.14% | -6.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 11.74% | -8.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 15.34% | -10.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.09% | 15.69% | -9.60% |
HLQD.L vs. SWDA.L - Expense Ratio Comparison
HLQD.L has a 0.25% expense ratio, which is higher than SWDA.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. SWDA.L - Dividend Comparison
Neither HLQD.L nor SWDA.L has paid dividends to shareholders.
Frequently Asked Questions
HLQD.L and SWDA.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SWDA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SWDA.L is cheaper with a 0.20% expense ratio, compared with 0.25% for HLQD.L.
HLQD.L is categorized as Global Bonds, while SWDA.L is Global Equities. HLQD.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF, while SWDA.L tracks MSCI World Index. Their fees differ too: 0.25% for HLQD.L and 0.20% for SWDA.L.
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