LQDS.L vs. VUCP.L
LQDS.L (iShares USD Corporate Bond UCITS ETF (Dist)) and VUCP.L (Vanguard USD Corporate Bond UCITS ETF Distributing) 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 1.01%/yr for VUCP.L. With a 0.96 correlation, they move nearly in lockstep. LQDS.L charges 0.20%/yr vs 0.09%/yr for VUCP.L.
Performance
LQDS.L vs. VUCP.L - Performance Comparison
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Different Trading Currencies
LQDS.L is traded in GBp, while VUCP.L is traded in GBP. To make them comparable, the VUCP.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 higher than VUCP.L's 0.04% 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*
- —
VUCP.L
- 1D
- 0.29%
- 1M
- 1.42%
- YTD
- 0.04%
- 6M
- -0.47%
- 1Y
- 5.40%
- 3Y*
- 1.87%
- 5Y*
- 1.01%
- 10Y*
- 2.70%
LQDS.L vs. VUCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LQDS.L iShares USD Corporate Bond UCITS ETF (Dist) | 0.31% | 0.56% | 2.80% | 3.05% | -7.97% | -0.39% | 6.90% | 14.25% | 1.50% | -2.69% |
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | 0.04% | -0.91% | 4.32% | 1.29% | -5.38% | -0.63% | 4.96% | 10.22% | 2.22% | -3.67% |
Correlation
The correlation between LQDS.L and VUCP.L is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2016 | 0.96 |
The correlation between LQDS.L and VUCP.L has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
LQDS.L vs. VUCP.L — Risk / Return Rank
LQDS.L
VUCP.L
LQDS.L vs. VUCP.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 Distributing (VUCP.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 | VUCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.15 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.08 | +0.26 |
| Martin ratioReturn relative to average drawdown | 3.22 | 2.44 | +0.79 |
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 | VUCP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 0.90 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.12 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.27 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.27 | -0.05 |
Drawdowns
LQDS.L vs. VUCP.L - Drawdown Comparison
The maximum LQDS.L drawdown since its inception was -19.03%, which is greater than VUCP.L's maximum drawdown of -16.84%. Use the drawdown chart below to compare losses from any high point for LQDS.L and VUCP.L.
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Drawdown Indicators
| LQDS.L | VUCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -16.84% | -2.19% |
Max Drawdown (1Y)Largest decline over 1 year | -4.90% | -5.00% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -8.84% | -9.00% | +0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -15.27% | -13.14% | -2.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.84% | — |
Current DrawdownCurrent decline from peak | -8.43% | -7.67% | -0.76% |
Average DrawdownAverage peak-to-trough decline | -8.64% | -7.67% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 2.21% | -0.18% |
Volatility
LQDS.L vs. VUCP.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 Distributing (VUCP.L) at 1.62%. This indicates that LQDS.L's price experiences larger fluctuations and is considered to be riskier than VUCP.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 | VUCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 1.62% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.86% | 4.46% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.60% | 5.99% | +0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.43% | 8.51% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.10% | 9.92% | +0.18% |
LQDS.L vs. VUCP.L - Expense Ratio Comparison
LQDS.L has a 0.20% expense ratio, which is higher than VUCP.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. VUCP.L - Dividend Comparison
LQDS.L's dividend yield for the trailing twelve months is around 4.93%, more than VUCP.L's 3.85% 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% |
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | 3.85% | 4.02% | 4.73% | 3.57% | 2.79% | 1.85% | 2.36% | 2.64% | 2.58% | 2.57% | 1.73% |
Frequently Asked Questions
With a correlation of 0.92, LQDS.L and VUCP.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, VUCP.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUCP.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 VUCP.L.
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