JMBA.L vs. HLQD.L
JMBA.L (JPMorgan ETFs (Ireland) ICAV - USD Emerging Markets Sovereign Bond UCITS ETF USD (acc)) and HLQD.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF) are both Global Bonds funds - JMBA.L tracks the JPMorgan ETFs (Ireland) ICAV - USD Emerging Markets Sovereign Bond UCITS ETF USD (acc) while HLQD.L tracks the iShares $ Corp Bond Interest Rate Hedged UCITS ETF. Both are passively managed. Over the past 5 years, JMBA.L returned 1.31%/yr vs 5.42%/yr for HLQD.L. At a 0.34 correlation, their price movements are largely independent. JMBA.L charges 0.39%/yr vs 0.25%/yr for HLQD.L.
Performance
JMBA.L vs. HLQD.L - Performance Comparison
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Returns By Period
In the year-to-date period, JMBA.L achieves a 1.60% return, which is significantly lower than HLQD.L's 2.31% return.
JMBA.L
- 1D
- 0.03%
- 1M
- -0.86%
- 6M
- 1.96%
- YTD
- 1.60%
- 1Y
- 9.48%
- 3Y*
- 7.23%
- 5Y*
- 1.31%
- 10Y*
- —
HLQD.L
- 1D
- 0.21%
- 1M
- -0.07%
- 6M
- 2.17%
- YTD
- 2.31%
- 1Y
- 5.11%
- 3Y*
- 7.50%
- 5Y*
- 5.42%
- 10Y*
- —
JMBA.L vs. HLQD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
JMBA.L JPMorgan ETFs (Ireland) ICAV - USD Emerging Markets Sovereign Bond UCITS ETF USD (acc) | 1.60% | 13.26% | 2.01% | 9.51% | -16.13% | -2.45% | 5.36% | 3.30% |
HLQD.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF | 2.31% | 5.47% | 8.15% | 11.14% | 0.41% | 1.25% | 0.54% | 1.80% |
Correlation
The correlation between JMBA.L and HLQD.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019 | 0.34 |
The correlation between JMBA.L and HLQD.L shifts across timeframes, from 0.22 (3 years) to 0.34 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JMBA.L vs. HLQD.L — Risk / Return Rank
JMBA.L
HLQD.L
JMBA.L vs. HLQD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan ETFs (Ireland) ICAV - USD Emerging Markets Sovereign Bond UCITS ETF USD (acc) (JMBA.L) and iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.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.
| JMBA.L | HLQD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.28 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 3.55 | -1.40 |
| Martin ratioReturn relative to average drawdown | 9.04 | 11.38 | -2.35 |
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Drawdowns
JMBA.L vs. HLQD.L - Drawdown Comparison
The maximum JMBA.L drawdown since its inception was -26.75%, which is greater than HLQD.L's maximum drawdown of -21.96%. Use the drawdown chart below to compare losses from any high point for JMBA.L and HLQD.L.
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Drawdown Indicators
| JMBA.L | HLQD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.75% | -21.96% | -4.79% |
Max Drawdown (1Y)Largest decline over 1 year | -4.39% | -1.39% | -3.00% |
Max Drawdown (3Y)Largest decline over 3 years | -7.30% | -3.08% | -4.22% |
Max Drawdown (5Y)Largest decline over 5 years | -25.91% | -6.39% | -19.52% |
Current DrawdownCurrent decline from peak | -0.86% | -0.34% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -1.33% | -6.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.43% | +0.62% |
Volatility
JMBA.L vs. HLQD.L - Volatility Comparison
The current volatility for JPMorgan ETFs (Ireland) ICAV - USD Emerging Markets Sovereign Bond UCITS ETF USD (acc) (JMBA.L) is 0.76%, while iShares $ Corp Bond Interest Rate Hedged UCITS ETF (HLQD.L) has a volatility of 0.83%. This indicates that JMBA.L experiences smaller price fluctuations and is considered to be less risky than HLQD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMBA.L | HLQD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.83% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.38% | 2.35% | +2.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.21% | 3.30% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 4.36% | +4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.54% | 6.09% | +4.45% |
JMBA.L vs. HLQD.L - Expense Ratio Comparison
JMBA.L has a 0.39% expense ratio, which is higher than HLQD.L's 0.25% expense ratio.
Dividends
JMBA.L vs. HLQD.L - Dividend Comparison
Neither JMBA.L nor HLQD.L has paid dividends to shareholders.
Frequently Asked Questions
JMBA.L and HLQD.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HLQD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HLQD.L is cheaper with a 0.25% expense ratio, compared with 0.39% for JMBA.L.
JMBA.L tracks JPMorgan ETFs (Ireland) ICAV - USD Emerging Markets Sovereign Bond UCITS ETF USD (acc), while HLQD.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.39% for JMBA.L and 0.25% for HLQD.L.
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