LQDH.L vs. PUIP.L
LQDH.L (iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist)) and PUIP.L (Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - LQDH.L is a Global Corporate Bonds fund tracking the IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD), while PUIP.L is a Sustainable Bonds fund tracking the Bloomberg MSCI USD Liquid Corporate Climate Transition ESG Bond Index (CTB) (USD). Both are passively managed. Over the past 5 years, LQDH.L returned 5.37%/yr vs -1.31%/yr for PUIP.L. At a 0.25 correlation, their price movements are largely independent. LQDH.L charges 0.25%/yr vs 0.12%/yr for PUIP.L.
Performance
LQDH.L vs. PUIP.L - Performance Comparison
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Different Trading Currencies
LQDH.L is traded in USD, while PUIP.L is traded in GBp. To make them comparable, the PUIP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, LQDH.L achieves a 2.46% return, which is significantly higher than PUIP.L's -1.15% return.
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%
PUIP.L
- 1D
- 0.26%
- 1M
- -0.31%
- 6M
- -0.42%
- YTD
- -1.15%
- 1Y
- 3.32%
- 3Y*
- 5.01%
- 5Y*
- -1.31%
- 10Y*
- —
LQDH.L vs. PUIP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 2.47% |
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) | -1.15% | 15.50% | 0.28% | 12.39% | -25.33% | -2.45% | 10.92% | 3.64% |
Correlation
The correlation between LQDH.L and PUIP.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2019 | 0.25 |
The correlation between LQDH.L and PUIP.L shifts across timeframes, from 0.14 (3 years) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LQDH.L vs. PUIP.L — Risk / Return Rank
LQDH.L
PUIP.L
LQDH.L vs. PUIP.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 Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) (PUIP.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 | PUIP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.07 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.30 | 0.56 | +2.74 |
| Martin ratioReturn relative to average drawdown | 11.26 | 1.25 | +10.01 |
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Drawdowns
LQDH.L vs. PUIP.L - Drawdown Comparison
The maximum LQDH.L drawdown since its inception was -23.77%, smaller than the maximum PUIP.L drawdown of -38.73%. Use the drawdown chart below to compare losses from any high point for LQDH.L and PUIP.L.
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Drawdown Indicators
| LQDH.L | PUIP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -38.73% | +14.96% |
Max Drawdown (1Y)Largest decline over 1 year | -1.39% | -6.15% | +4.76% |
Max Drawdown (3Y)Largest decline over 3 years | -2.81% | -13.17% | +10.36% |
Max Drawdown (5Y)Largest decline over 5 years | -6.42% | -38.73% | +32.31% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | — | — |
Current DrawdownCurrent decline from peak | -0.34% | -7.94% | +7.60% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -13.41% | +11.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 2.74% | -2.33% |
Volatility
LQDH.L vs. PUIP.L - Volatility Comparison
The current volatility for iShares $ Corp Bond Interest Rate Hedged UCITS ETF USD (Dist) (LQDH.L) is 0.84%, while Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) (PUIP.L) has a volatility of 1.86%. This indicates that LQDH.L experiences smaller price fluctuations and is considered to be less risky than PUIP.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 | PUIP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 1.86% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.19% | 6.61% | -4.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.18% | 8.90% | -5.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 12.58% | -7.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.41% | 13.49% | -7.08% |
LQDH.L vs. PUIP.L - Expense Ratio Comparison
LQDH.L has a 0.25% expense ratio, which is higher than PUIP.L's 0.12% 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
LQDH.L vs. PUIP.L - Dividend Comparison
LQDH.L's dividend yield for the trailing twelve months is around 4.33%, less than PUIP.L's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) | 4.99% | 4.72% | 4.73% | 4.00% | 2.99% | 2.31% | 2.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LQDH.L and PUIP.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PUIP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PUIP.L is cheaper with a 0.12% expense ratio, compared with 0.25% for LQDH.L.
LQDH.L is categorized as Global Corporate Bonds, while PUIP.L is Sustainable Bonds. LQDH.L tracks IBOXX US Dollar Liquid Investment Grade IR Hedged Index (USD), while PUIP.L tracks Bloomberg MSCI USD Liquid Corporate Climate Transition ESG Bond Index (CTB) (USD). They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for LQDH.L and 0.12% for PUIP.L.
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