LQDS.L vs. VCPA.L
LQDS.L (iShares USD Corporate Bond UCITS ETF (Dist)) and VCPA.L (Vanguard USD Corporate Bond UCITS ETF Accumulating) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from iShares and Vanguard respectively. Both are passively managed. Over the past 5 years, LQDS.L returned 1.06%/yr vs -59.47%/yr for VCPA.L. Their correlation of 0.86 suggests significant overlap in exposure. LQDS.L charges 0.20%/yr vs 0.09%/yr for VCPA.L.
Performance
LQDS.L vs. VCPA.L - Performance Comparison
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Different Trading Currencies
LQDS.L is traded in GBp, while VCPA.L is traded in GBP. To make them comparable, the VCPA.L 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 0.31% return, which is significantly lower than VCPA.L's 0.51% 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*
- —
VCPA.L
- 1D
- 0.29%
- 1M
- 1.41%
- YTD
- 0.51%
- 6M
- 0.27%
- 1Y
- -98.93%
- 3Y*
- -77.87%
- 5Y*
- -59.47%
- 10Y*
- —
LQDS.L vs. VCPA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
LQDS.L iShares USD Corporate Bond UCITS ETF (Dist) | 0.31% | 0.56% | 2.80% | 3.05% | -7.97% | -0.39% | 6.90% | 13.27% |
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.51% | -99.00% | 4.58% | 2.13% | -4.89% | -0.13% | 5.86% | 10.80% |
Correlation
The correlation between LQDS.L and VCPA.L is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019 | 0.86 |
The correlation between LQDS.L and VCPA.L has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.
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Return for Risk
LQDS.L vs. VCPA.L — Risk / Return Rank
LQDS.L
VCPA.L
LQDS.L vs. VCPA.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 Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.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 | VCPA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.31 | +0.87 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | -1.00 | +2.33 |
| Martin ratioReturn relative to average drawdown | 3.22 | -1.21 | +4.44 |
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 | VCPA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | -1.00 | +1.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | -1.32 | +1.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | -1.24 | +1.46 |
Drawdowns
LQDS.L vs. VCPA.L - Drawdown Comparison
The maximum LQDS.L drawdown since its inception was -19.03%, smaller than the maximum VCPA.L drawdown of -99.06%. Use the drawdown chart below to compare losses from any high point for LQDS.L and VCPA.L.
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Drawdown Indicators
| LQDS.L | VCPA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -99.06% | +80.03% |
Max Drawdown (1Y)Largest decline over 1 year | -4.90% | -99.02% | +94.12% |
Max Drawdown (3Y)Largest decline over 3 years | -8.84% | -99.04% | +90.20% |
Max Drawdown (5Y)Largest decline over 5 years | -15.27% | -99.04% | +83.77% |
Current DrawdownCurrent decline from peak | -8.43% | -99.03% | +90.60% |
Average DrawdownAverage peak-to-trough decline | -8.64% | -17.55% | +8.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 81.78% | -79.75% |
Volatility
LQDS.L vs. VCPA.L - Volatility Comparison
iShares USD Corporate Bond UCITS ETF (Dist) (LQDS.L) has a higher volatility of 1.71% compared to Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.L) at 1.53%. This indicates that LQDS.L's price experiences larger fluctuations and is considered to be riskier than VCPA.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 | VCPA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 1.53% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.86% | 4.41% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.60% | 98.63% | -92.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.43% | 45.54% | -36.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.10% | 40.64% | -30.54% |
LQDS.L vs. VCPA.L - Expense Ratio Comparison
LQDS.L has a 0.20% expense ratio, which is higher than VCPA.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. VCPA.L - Dividend Comparison
LQDS.L's dividend yield for the trailing twelve months is around 4.93%, while VCPA.L has not paid dividends to shareholders.
| 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% |
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, LQDS.L and VCPA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, VCPA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VCPA.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 Vanguard. Their fees differ too: 0.20% for LQDS.L and 0.09% for VCPA.L.
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