LQDH.L vs. FGOV.L
LQDH.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist)) and FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) are both Global Bonds funds - LQDH.L tracks the iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) while FGOV.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, LQDH.L returned 5.33%/yr vs 0.71%/yr for FGOV.L. At a 0.15 correlation, their price movements are largely independent. LQDH.L charges 0.25%/yr vs 0.45%/yr for FGOV.L.
Performance
LQDH.L vs. FGOV.L - Performance Comparison
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Different Trading Currencies
LQDH.L is traded in USD, while FGOV.L is traded in GBp. To make them comparable, the FGOV.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with LQDH.L having a 2.29% return and FGOV.L slightly lower at 2.23%.
LQDH.L
- 1D
- -0.21%
- 1M
- -0.37%
- 6M
- 1.67%
- YTD
- 2.29%
- 1Y
- 4.74%
- 3Y*
- 7.38%
- 5Y*
- 5.33%
- 10Y*
- 4.37%
FGOV.L
- 1D
- 1.04%
- 1M
- 0.95%
- 6M
- 1.98%
- YTD
- 2.23%
- 1Y
- 4.96%
- 3Y*
- 5.82%
- 5Y*
- 0.71%
- 10Y*
- —
LQDH.L vs. FGOV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LQDH.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) | 2.29% | 4.93% | 8.27% | 11.54% | 0.28% | 0.92% | 5.32% |
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 2.23% | 13.25% | 1.79% | 11.60% | -17.38% | -6.96% | 7.19% |
Correlation
The correlation between LQDH.L and FGOV.L is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020 | 0.15 |
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Return for Risk
LQDH.L vs. FGOV.L — Risk / Return Rank
LQDH.L
FGOV.L
LQDH.L vs. FGOV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) (LQDH.L) and First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.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.
| LQDH.L | FGOV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.12 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.29 | 0.98 | +2.31 |
| Martin ratioReturn relative to average drawdown | 11.24 | 2.37 | +8.87 |
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Drawdowns
LQDH.L vs. FGOV.L - Drawdown Comparison
The maximum LQDH.L drawdown since its inception was -23.77%, smaller than the maximum FGOV.L drawdown of -33.61%. Use the drawdown chart below to compare losses from any high point for LQDH.L and FGOV.L.
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Drawdown Indicators
| LQDH.L | FGOV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -33.61% | +9.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -5.03% | +3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -2.81% | -9.90% | +7.09% |
Max Drawdown (5Y)Largest decline over 5 years | -6.42% | -31.83% | +25.41% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | — | — |
Current DrawdownCurrent decline from peak | -0.51% | -0.97% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -11.84% | +10.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 2.08% | -1.67% |
Volatility
LQDH.L vs. FGOV.L - Volatility Comparison
The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) (LQDH.L) is 0.93%, while First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) has a volatility of 2.00%. This indicates that LQDH.L experiences smaller price fluctuations and is considered to be less risky than FGOV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LQDH.L | FGOV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 2.00% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.21% | 5.71% | -3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.19% | 7.27% | -4.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 9.45% | -4.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.41% | 9.21% | -2.80% |
LQDH.L vs. FGOV.L - Expense Ratio Comparison
LQDH.L has a 0.25% expense ratio, which is lower than FGOV.L's 0.45% expense ratio.
Dividends
LQDH.L vs. FGOV.L - Dividend Comparison
LQDH.L's dividend yield for the trailing twelve months is around 4.34%, more than FGOV.L's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 3.28% | 2.82% | 2.27% | 1.86% | 1.01% | 1.20% | 0.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LQDH.L iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) | 4.34% | 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
LQDH.L and FGOV.L have a correlation of 0.06, 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 0.45% for FGOV.L.
LQDH.L tracks iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist), while FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.25% for LQDH.L and 0.45% for FGOV.L.
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