HYG vs. FGQD.L
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and FGQD.L (Fidelity Global Quality Income ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while FGQD.L is a Global Equities fund tracking the Fidelity Global Quality Income index. Both are passively managed. Over the past 5 years, HYG returned 3.83%/yr vs 10.91%/yr for FGQD.L. A 0.51 correlation means they provide meaningful diversification when combined. HYG charges 0.49%/yr vs 0.40%/yr for FGQD.L.
Performance
HYG vs. FGQD.L - Performance Comparison
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Different Trading Currencies
HYG is traded in USD, while FGQD.L is traded in GBp. To make them comparable, the FGQD.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HYG achieves a 1.78% return, which is significantly lower than FGQD.L's 10.39% return.
HYG
- 1D
- 0.13%
- 1M
- 1.25%
- YTD
- 1.78%
- 6M
- 2.29%
- 1Y
- 6.95%
- 3Y*
- 8.47%
- 5Y*
- 3.83%
- 10Y*
- 5.03%
FGQD.L
- 1D
- 1.06%
- 1M
- 3.43%
- YTD
- 10.39%
- 6M
- 11.19%
- 1Y
- 26.09%
- 3Y*
- 16.86%
- 5Y*
- 10.91%
- 10Y*
- —
HYG vs. FGQD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.78% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 4.81% |
FGQD.L Fidelity Global Quality Income ETF | 10.39% | 20.61% | 11.33% | 17.39% | -10.91% | 22.66% | 9.68% | 28.80% | -7.79% | -7.56% |
Correlation
The correlation between HYG and FGQD.L is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2017 | 0.51 |
The correlation between HYG and FGQD.L has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.
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Return for Risk
HYG vs. FGQD.L — Risk / Return Rank
HYG
FGQD.L
HYG vs. FGQD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and Fidelity Global Quality Income ETF (FGQD.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.
| HYG | FGQD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.41 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 2.87 | +0.11 |
| Martin ratioReturn relative to average drawdown | 13.11 | 12.99 | +0.11 |
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Drawdowns
HYG vs. FGQD.L - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, roughly equal to the maximum FGQD.L drawdown of -34.58%. Use the drawdown chart below to compare losses from any high point for HYG and FGQD.L.
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Drawdown Indicators
| HYG | FGQD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -34.58% | +0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -9.04% | +6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -15.59% | +11.03% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -22.77% | +6.98% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -5.63% | +2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.00% | -1.47% |
Volatility
HYG vs. FGQD.L - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.31%, while Fidelity Global Quality Income ETF (FGQD.L) has a volatility of 3.51%. This indicates that HYG experiences smaller price fluctuations and is considered to be less risky than FGQD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYG | FGQD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 3.51% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 8.89% | -5.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 11.24% | -7.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 14.30% | -6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 16.78% | -8.49% |
HYG vs. FGQD.L - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than FGQD.L's 0.40% expense ratio.
Dividends
HYG vs. FGQD.L - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.89%, more than FGQD.L's 1.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGQD.L Fidelity Global Quality Income ETF | 1.80% | 1.86% | 2.31% | 2.78% | 2.70% | 2.46% | 2.60% | 2.44% | 2.70% | 1.10% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.89% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
HYG and FGQD.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FGQD.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FGQD.L is cheaper with a 0.40% expense ratio, compared with 0.49% for HYG.
HYG is categorized as High Yield Bonds, while FGQD.L is Global Equities. HYG tracks Markit iBoxx USD Liquid High Yield Index, while FGQD.L tracks Fidelity Global Quality Income index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.49% for HYG and 0.40% for FGQD.L.
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