LQDS.L vs. USHY

Last updated Apr 2, 2026

Compare and contrast key facts about iShares USD Corporate Bond UCITS ETF (Dist) (LQDS.L) and iShares Broad USD High Yield Corporate Bond ETF (USHY).

LQDS.L and USHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LQDS.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Corp Bond TR USD. It was launched on Mar 15, 2003. USHY is a passively managed fund by iShares that tracks the performance of the ICE BofA US High Yield Constrained. It was launched on Oct 25, 2017. Both LQDS.L and USHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

LQDS.L vs. USHY - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD Corporate Bond UCITS ETF (Dist) (LQDS.L) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

LQDS.L vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LQDS.L iShares USD Corporate Bond UCITS ETF (Dist)	0.57%	0.56%	2.80%	3.05%	-7.97%	-0.39%	6.90%	14.25%	1.50%	-1.23%
USHY iShares Broad USD High Yield Corporate Bond ETF	1.60%	1.06%	10.35%	7.09%	-0.62%	6.02%	3.06%	9.90%	3.37%	-2.51%

Different Trading Currencies

LQDS.L is traded in GBp, while USHY is traded in USD. To make them comparable, the USHY values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, LQDS.L achieves a 0.57% return, which is significantly lower than USHY's 1.60% return.

LQDS.L

• 1D: -0.09%
• 1M: -0.38%
• YTD: 0.57%
• 6M: 1.43%
• 1Y: 1.82%
• 3Y*: 2.01%
• 5Y*: 0.91%
• 10Y*: —

USHY

• 1D: 0.10%
• 1M: 0.46%
• YTD: 1.60%
• 6M: 2.69%
• 1Y: 4.57%
• 3Y*: 5.88%
• 5Y*: 5.10%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

LQDS.L vs. USHY - Expense Ratio Comparison

LQDS.L has a 0.20% expense ratio, which is higher than USHY's 0.15% 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%.

LQDS.L

iShares USD Corporate Bond UCITS ETF (Dist)

USHY

iShares Broad USD High Yield Corporate Bond ETF

Return for Risk

LQDS.L vs. USHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LQDS.L

LQDS.L Risk / Return Rank: 16
LQDS.L Sharpe Ratio Rank: 17
LQDS.L Sortino Ratio Rank: 15
LQDS.L Omega Ratio Rank: 15
LQDS.L Calmar Ratio Rank: 18
LQDS.L Martin Ratio Rank: 17

USHY

USHY Risk / Return Rank: 76
USHY Sharpe Ratio Rank: 72
USHY Sortino Ratio Rank: 74
USHY Omega Ratio Rank: 79
USHY Calmar Ratio Rank: 71
USHY Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LQDS.L vs. USHY - 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 iShares Broad USD High Yield Corporate Bond ETF (USHY). 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	USHY	Difference
Sharpe ratio Return per unit of total volatility	0.22	0.57	-0.35
Sortino ratio Return per unit of downside risk	0.35	0.83	-0.47
Omega ratio Gain probability vs. loss probability	1.05	1.11	-0.07
Calmar ratio Return relative to maximum drawdown	0.34	0.93	-0.58
Martin ratio Return relative to average drawdown	0.72	2.60	-1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LQDS.L vs. USHY - Sharpe Ratio Comparison

The current LQDS.L Sharpe Ratio is 0.22, which is lower than the USHY Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of LQDS.L and USHY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LQDS.L	USHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.57	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.59	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.47	-0.24

Correlation

The correlation between LQDS.L and USHY is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

LQDS.L vs. USHY - Dividend Comparison

LQDS.L's dividend yield for the trailing twelve months is around 4.92%, less than USHY's 6.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
LQDS.L iShares USD Corporate Bond UCITS ETF (Dist)	4.92%	4.92%	4.91%	4.66%	3.68%	2.63%	2.95%	3.51%	3.57%	3.39%	1.64%
USHY iShares Broad USD High Yield Corporate Bond ETF	6.95%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%	0.00%

Drawdowns

LQDS.L vs. USHY - Drawdown Comparison

The maximum LQDS.L drawdown since its inception was -19.03%, which is greater than USHY's maximum drawdown of -15.29%. Use the drawdown chart below to compare losses from any high point for LQDS.L and USHY.

Drawdown Indicators

	LQDS.L	USHY	Difference
Max Drawdown Largest peak-to-trough decline	-19.03%	-22.44%	+3.41%
Max Drawdown (1Y) Largest decline over 1 year	-6.34%	-3.92%	-2.42%
Max Drawdown (5Y) Largest decline over 5 years	-15.27%	-15.56%	+0.29%
Current Drawdown Current decline from peak	-8.19%	-1.03%	-7.16%
Average Drawdown Average peak-to-trough decline	-8.63%	-2.71%	-5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	0.77%	+2.23%

Volatility

LQDS.L vs. USHY - Volatility Comparison

iShares USD Corporate Bond UCITS ETF (Dist) (LQDS.L) and iShares Broad USD High Yield Corporate Bond ETF (USHY) have volatilities of 2.24% and 2.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LQDS.L	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	2.20%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	4.67%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	8.05%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.51%	8.63%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.16%	9.86%	+0.30%