LQEE.L vs. PUIP.L
LQEE.L (iShares $ Corp Bond UCITS ETF EUR Hedged (Dist)) and PUIP.L (Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - LQEE.L is a Global Corporate Bonds fund tracking the IBOXX US Dollar Liquid Investment Grade 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, LQEE.L returned -2.83%/yr vs -0.64%/yr for PUIP.L. A 0.67 correlation means they provide meaningful diversification when combined. LQEE.L charges 0.25%/yr vs 0.12%/yr for PUIP.L.
Performance
LQEE.L vs. PUIP.L - Performance Comparison
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Different Trading Currencies
LQEE.L is traded in EUR, while PUIP.L is traded in GBp. To make them comparable, the PUIP.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, LQEE.L achieves a -1.61% return, which is significantly lower than PUIP.L's 1.70% return.
LQEE.L
- 1D
- 0.28%
- 1M
- -0.96%
- 6M
- -1.34%
- YTD
- -1.61%
- 1Y
- 2.12%
- 3Y*
- 2.26%
- 5Y*
- -2.83%
- 10Y*
- —
PUIP.L
- 1D
- -0.04%
- 1M
- 0.43%
- 6M
- 1.16%
- YTD
- 1.70%
- 1Y
- 4.92%
- 3Y*
- 4.42%
- 5Y*
- -0.64%
- 10Y*
- —
LQEE.L vs. PUIP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
LQEE.L iShares $ Corp Bond UCITS ETF EUR Hedged (Dist) | -1.61% | 5.71% | -0.68% | 6.15% | -20.01% | -2.75% | 8.79% | 0.82% |
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) | 1.70% | 1.79% | 6.90% | 9.02% | -20.71% | 4.85% | 1.78% | 1.81% |
Correlation
The correlation between LQEE.L and PUIP.L is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2019 | 0.67 |
The correlation between LQEE.L and PUIP.L has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.
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Return for Risk
LQEE.L vs. PUIP.L — Risk / Return Rank
LQEE.L
PUIP.L
LQEE.L vs. PUIP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Corp Bond UCITS ETF EUR Hedged (Dist) (LQEE.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.
| LQEE.L | PUIP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.17 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 1.86 | -1.29 |
| Martin ratioReturn relative to average drawdown | 1.38 | 4.72 | -3.34 |
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Drawdowns
LQEE.L vs. PUIP.L - Drawdown Comparison
The maximum LQEE.L drawdown since its inception was -27.52%, which is greater than PUIP.L's maximum drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for LQEE.L and PUIP.L.
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Drawdown Indicators
| LQEE.L | PUIP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.52% | -24.69% | -2.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -3.04% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -8.17% | -8.24% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -27.05% | -24.30% | -2.75% |
Current DrawdownCurrent decline from peak | -14.91% | -4.42% | -10.49% |
Average DrawdownAverage peak-to-trough decline | -10.49% | -9.03% | -1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 1.20% | +0.33% |
Volatility
LQEE.L vs. PUIP.L - Volatility Comparison
iShares $ Corp Bond UCITS ETF EUR Hedged (Dist) (LQEE.L) has a higher volatility of 1.31% compared to Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) (PUIP.L) at 1.12%. This indicates that LQEE.L's price experiences larger fluctuations and is considered to be riskier 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
| LQEE.L | PUIP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 1.12% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 4.29% | 4.23% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.83% | 5.85% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.47% | 9.21% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.89% | 10.60% | -1.71% |
LQEE.L vs. PUIP.L - Expense Ratio Comparison
LQEE.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
LQEE.L vs. PUIP.L - Dividend Comparison
LQEE.L's dividend yield for the trailing twelve months is around 5.02%, which matches PUIP.L's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LQEE.L iShares $ Corp Bond UCITS ETF EUR Hedged (Dist) | 5.02% | 4.75% | 5.02% | 4.58% | 3.79% | 2.69% | 2.69% | 3.45% | 3.76% | 0.65% |
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% |
Frequently Asked Questions
LQEE.L and PUIP.L have a correlation of 0.64, 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 LQEE.L.
LQEE.L is categorized as Global Corporate Bonds, while PUIP.L is Sustainable Bonds. LQEE.L tracks IBOXX US Dollar Liquid Investment Grade 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 LQEE.L and 0.12% for PUIP.L.
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