PUIP.L vs. HYLD.L
PUIP.L (Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist)) and HYLD.L (iShares Global High Yield Corp Bond UCITS ETF USD (Dist)) are both exchange-traded funds - PUIP.L is a Sustainable Bonds fund tracking the Bloomberg MSCI USD Liquid Corporate Climate Transition ESG Bond Index (CTB) (USD), while HYLD.L is a Global Corporate Bonds fund tracking the Markit iBoxx Global Developed Markets Liquid High Yield Capped (USD) Index. Both are passively managed. Over the past 5 years, PUIP.L returned -0.67%/yr vs 3.50%/yr for HYLD.L. At a 0.22 correlation, their price movements are largely independent. PUIP.L charges 0.12%/yr vs 0.50%/yr for HYLD.L.
Performance
PUIP.L vs. HYLD.L - Performance Comparison
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Different Trading Currencies
PUIP.L is traded in GBp, while HYLD.L is traded in USD. To make them comparable, the HYLD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, PUIP.L achieves a -0.60% return, which is significantly lower than HYLD.L's 0.53% return.
PUIP.L
- 1D
- 0.01%
- 1M
- -0.99%
- 6M
- -0.46%
- YTD
- -0.60%
- 1Y
- 3.58%
- 3Y*
- 4.25%
- 5Y*
- -0.67%
- 10Y*
- —
HYLD.L
- 1D
- -0.01%
- 1M
- -1.76%
- 6M
- 0.14%
- YTD
- 0.53%
- 1Y
- 3.90%
- 3Y*
- 6.41%
- 5Y*
- 3.50%
- 10Y*
- 4.04%
PUIP.L vs. HYLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) | -0.60% | 7.40% | 1.97% | 6.75% | -16.40% | -1.56% | 7.62% | 0.89% |
HYLD.L iShares Global High Yield Corp Bond UCITS ETF USD (Dist) | 0.53% | 6.27% | 4.40% | 7.88% | -1.53% | 0.03% | 5.13% | -0.46% |
Correlation
The correlation between PUIP.L and HYLD.L is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2019 | 0.22 |
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Return for Risk
PUIP.L vs. HYLD.L — Risk / Return Rank
PUIP.L
HYLD.L
PUIP.L vs. HYLD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) (PUIP.L) and iShares Global High Yield Corp Bond UCITS ETF USD (Dist) (HYLD.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.
| PUIP.L | HYLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.12 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 1.41 | -0.14 |
| Martin ratioReturn relative to average drawdown | 3.81 | 4.11 | -0.30 |
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Drawdowns
PUIP.L vs. HYLD.L - Drawdown Comparison
The maximum PUIP.L drawdown since its inception was -22.48%, which is greater than HYLD.L's maximum drawdown of -16.98%. Use the drawdown chart below to compare losses from any high point for PUIP.L and HYLD.L.
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Drawdown Indicators
| PUIP.L | HYLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.48% | -16.98% | -5.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -2.75% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -5.86% | -3.81% | -2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -22.43% | -9.38% | -13.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.98% | — |
Current DrawdownCurrent decline from peak | -4.38% | -1.93% | -2.45% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -2.94% | -5.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.95% | +0.05% |
Volatility
PUIP.L vs. HYLD.L - Volatility Comparison
The current volatility for Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist) (PUIP.L) is 1.09%, while iShares Global High Yield Corp Bond UCITS ETF USD (Dist) (HYLD.L) has a volatility of 1.76%. This indicates that PUIP.L experiences smaller price fluctuations and is considered to be less risky than HYLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PUIP.L | HYLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.76% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 4.92% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.63% | 5.98% | -1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.08% | 7.78% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.99% | 9.25% | -1.26% |
PUIP.L vs. HYLD.L - Expense Ratio Comparison
PUIP.L has a 0.12% expense ratio, which is lower than HYLD.L's 0.50% expense ratio.
Dividends
PUIP.L vs. HYLD.L - Dividend Comparison
PUIP.L's dividend yield for the trailing twelve months is around 4.99%, less than HYLD.L's 7.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYLD.L iShares Global High Yield Corp Bond UCITS ETF USD (Dist) | 7.11% | 5.32% | 5.61% | 4.70% | 4.01% | 3.95% | 4.42% | 4.77% | 4.98% | 4.73% | 5.08% | 5.31% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
PUIP.L and HYLD.L have a correlation of 0.29, 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 0.50% for HYLD.L.
PUIP.L is categorized as Sustainable Bonds, while HYLD.L is Global Corporate Bonds. PUIP.L tracks Bloomberg MSCI USD Liquid Corporate Climate Transition ESG Bond Index (CTB) (USD), while HYLD.L tracks Markit iBoxx Global Developed Markets Liquid High Yield Capped (USD) Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for PUIP.L and 0.50% for HYLD.L.
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