LQDS.L vs. USDG.L
LQDS.L (iShares USD Corporate Bond UCITS ETF (Dist)) and USDG.L (L&G ESG USD Corporate Bond UCITS ETF) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from iShares and Legal & General respectively. Both are passively managed. Over the past 5 years, LQDS.L returned 1.06%/yr vs 2.06%/yr for USDG.L. Their correlation of 0.92 suggests significant overlap in exposure. LQDS.L charges 0.20%/yr vs 0.09%/yr for USDG.L.
Performance
LQDS.L vs. USDG.L - Performance Comparison
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Returns By Period
In the year-to-date period, LQDS.L achieves a 0.31% return, which is significantly lower than USDG.L's 0.73% return.
LQDS.L
- 1D
- 0.29%
- 1M
- 1.35%
- YTD
- 0.31%
- 6M
- -0.20%
- 1Y
- 6.56%
- 3Y*
- 2.28%
- 5Y*
- 1.06%
- 10Y*
- —
USDG.L
- 1D
- 0.34%
- 1M
- 1.46%
- YTD
- 0.73%
- 6M
- 0.35%
- 1Y
- 6.56%
- 3Y*
- 2.83%
- 5Y*
- 2.06%
- 10Y*
- —
LQDS.L vs. USDG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
LQDS.L iShares USD Corporate Bond UCITS ETF (Dist) | 0.31% | 0.56% | 2.80% | 3.05% | -7.97% | 1.81% |
USDG.L L&G ESG USD Corporate Bond UCITS ETF | 0.73% | 0.15% | 4.75% | 2.41% | -3.62% | 1.57% |
Correlation
The correlation between LQDS.L and USDG.L is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.92 |
The correlation between LQDS.L and USDG.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.
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Return for Risk
LQDS.L vs. USDG.L — Risk / Return Rank
LQDS.L
USDG.L
LQDS.L vs. USDG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Corporate Bond UCITS ETF (Dist) (LQDS.L) and L&G ESG USD Corporate Bond UCITS ETF (USDG.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.
| LQDS.L | USDG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.44 | -0.11 |
| Martin ratioReturn relative to average drawdown | 3.22 | 3.32 | -0.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LQDS.L | USDG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 0.83 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.24 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.13 | +0.10 |
Drawdowns
LQDS.L vs. USDG.L - Drawdown Comparison
The maximum LQDS.L drawdown since its inception was -19.03%, which is greater than USDG.L's maximum drawdown of -12.80%. Use the drawdown chart below to compare losses from any high point for LQDS.L and USDG.L.
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Drawdown Indicators
| LQDS.L | USDG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -12.80% | -6.23% |
Max Drawdown (1Y)Largest decline over 1 year | -4.90% | -4.53% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -8.84% | -8.61% | -0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -15.27% | -12.80% | -2.47% |
Current DrawdownCurrent decline from peak | -8.43% | -2.29% | -6.14% |
Average DrawdownAverage peak-to-trough decline | -8.64% | -5.01% | -3.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 1.97% | +0.06% |
Volatility
LQDS.L vs. USDG.L - Volatility Comparison
The current volatility for iShares USD Corporate Bond UCITS ETF (Dist) (LQDS.L) is 1.71%, while L&G ESG USD Corporate Bond UCITS ETF (USDG.L) has a volatility of 1.98%. This indicates that LQDS.L experiences smaller price fluctuations and is considered to be less risky than USDG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LQDS.L | USDG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 1.98% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.86% | 6.75% | -1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.60% | 7.88% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.43% | 8.67% | +0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.10% | 8.64% | +1.46% |
LQDS.L vs. USDG.L - Expense Ratio Comparison
LQDS.L has a 0.20% expense ratio, which is higher than USDG.L's 0.09% 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
LQDS.L vs. USDG.L - Dividend Comparison
LQDS.L's dividend yield for the trailing twelve months is around 4.93%, more than USDG.L's 4.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
LQDS.L iShares USD Corporate Bond UCITS ETF (Dist) | 4.93% | 4.92% | 4.91% | 4.66% | 3.68% | 2.63% | 2.95% | 3.51% | 3.57% | 3.39% | 1.64% |
USDG.L L&G ESG USD Corporate Bond UCITS ETF | 4.67% | 4.70% | 3.99% | 3.27% | 2.25% | 0.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LQDS.L and USDG.L have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USDG.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USDG.L is cheaper with a 0.09% expense ratio, compared with 0.20% for LQDS.L.
Both ETFs track Bloomberg US Corp Bond TR USD. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.20% for LQDS.L and 0.09% for USDG.L.
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