HYLD.L vs. LQDH.L
HYLD.L (iShares Global High Yield Corp Bond UCITS ETF USD (Dist)) and LQDH.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist)) are both Global Corporate Bonds funds from iShares - HYLD.L tracks the Markit iBoxx Global Developed Markets Liquid High Yield Capped (USD) Index while LQDH.L tracks the IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD). Both are passively managed. Over the past 10 years, HYLD.L returned 4.32%/yr vs 4.41%/yr for LQDH.L. At a 0.38 correlation, their price movements are largely independent. HYLD.L charges 0.50%/yr vs 0.25%/yr for LQDH.L.
Performance
HYLD.L vs. LQDH.L - Performance Comparison
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Returns By Period
In the year-to-date period, HYLD.L achieves a 0.39% return, which is significantly lower than LQDH.L's 2.46% return. Both investments have delivered pretty close results over the past 10 years, with HYLD.L having a 4.32% annualized return and LQDH.L not far ahead at 4.41%.
HYLD.L
- 1D
- -0.18%
- 1M
- -0.54%
- 6M
- 0.72%
- YTD
- 0.39%
- 1Y
- 4.18%
- 3Y*
- 7.53%
- 5Y*
- 3.03%
- 10Y*
- 4.32%
LQDH.L
- 1D
- 0.07%
- 1M
- -0.21%
- 6M
- 2.01%
- YTD
- 2.46%
- 1Y
- 4.61%
- 3Y*
- 7.42%
- 5Y*
- 5.37%
- 10Y*
- 4.41%
HYLD.L vs. LQDH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYLD.L iShares Global High Yield Corp Bond UCITS ETF USD (Dist) | 0.39% | 14.42% | 2.61% | 13.55% | -11.99% | -0.90% | 8.32% | 11.99% | -4.23% | 9.84% |
LQDH.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) | 2.46% | 4.93% | 8.27% | 11.54% | 0.28% | 0.92% | 0.77% | 10.76% | -2.64% | 4.56% |
Correlation
The correlation between HYLD.L and LQDH.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2013 | 0.38 |
Over the past year, the correlation between HYLD.L and LQDH.L has dropped to 0.14 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.
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Return for Risk
HYLD.L vs. LQDH.L — Risk / Return Rank
HYLD.L
LQDH.L
HYLD.L vs. LQDH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corp Bond UCITS ETF USD (Dist) (HYLD.L) and iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) (LQDH.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.
| HYLD.L | LQDH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 3.30 | -2.31 |
| Martin ratioReturn relative to average drawdown | 3.27 | 11.26 | -7.99 |
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Drawdowns
HYLD.L vs. LQDH.L - Drawdown Comparison
The maximum HYLD.L drawdown since its inception was -23.53%, roughly equal to the maximum LQDH.L drawdown of -23.77%. Use the drawdown chart below to compare losses from any high point for HYLD.L and LQDH.L.
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Drawdown Indicators
| HYLD.L | LQDH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.53% | -23.77% | +0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -4.21% | -1.39% | -2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -5.36% | -2.81% | -2.55% |
Max Drawdown (5Y)Largest decline over 5 years | -22.52% | -6.42% | -16.10% |
Max Drawdown (10Y)Largest decline over 10 years | -23.53% | -23.77% | +0.24% |
Current DrawdownCurrent decline from peak | -1.25% | -0.34% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -1.46% | -2.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 0.41% | +0.87% |
Volatility
HYLD.L vs. LQDH.L - Volatility Comparison
iShares Global High Yield Corp Bond UCITS ETF USD (Dist) (HYLD.L) has a higher volatility of 1.25% compared to iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) (LQDH.L) at 0.84%. This indicates that HYLD.L's price experiences larger fluctuations and is considered to be riskier than LQDH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYLD.L | LQDH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 0.84% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 4.20% | 2.19% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.49% | 3.18% | +2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.30% | 4.87% | +3.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.57% | 6.41% | +2.16% |
HYLD.L vs. LQDH.L - Expense Ratio Comparison
HYLD.L has a 0.50% expense ratio, which is higher than LQDH.L's 0.25% expense ratio.
Dividends
HYLD.L vs. LQDH.L - Dividend Comparison
HYLD.L's dividend yield for the trailing twelve months is around 7.11%, more than LQDH.L's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYLD.L iShares Global High Yield Corp Bond UCITS ETF USD (Dist) | 7.11% | 5.32% | 5.61% | 4.70% | 4.01% | 3.95% | 4.42% | 4.77% | 4.98% | 4.73% | 5.08% | 5.31% |
LQDH.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) | 4.33% | 4.66% | 5.52% | 4.83% | 2.07% | 1.55% | 2.45% | 3.52% | 2.87% | 2.14% | 2.46% | 3.25% |
Frequently Asked Questions
HYLD.L and LQDH.L have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, LQDH.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LQDH.L is cheaper with a 0.25% expense ratio, compared with 0.50% for HYLD.L.
HYLD.L tracks Markit iBoxx Global Developed Markets Liquid High Yield Capped (USD) Index, while LQDH.L tracks IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD). Their fees differ too: 0.50% for HYLD.L and 0.25% for LQDH.L.
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