PUIP.L vs. LQGH.L
PUIP.L (Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (Dist)) and LQGH.L (iShares $ Corp Bond UCITS ETF GBP Hedged (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 LQGH.L is a Global Corporate Bonds fund tracking the Markit iBoxx USD Liquid Investment Grade Index. Both are passively managed. Over the past 5 years, PUIP.L returned -0.67%/yr vs -1.35%/yr for LQGH.L. Their correlation of 0.93 suggests significant overlap in exposure. PUIP.L charges 0.12%/yr vs 0.25%/yr for LQGH.L.
Performance
PUIP.L vs. LQGH.L - Performance Comparison
Loading charts...
Different Trading Currencies
PUIP.L is traded in GBp, while LQGH.L is traded in GBP. To make them comparable, the LQGH.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 higher than LQGH.L's -0.88% 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*
- —
LQGH.L
- 1D
- 0.24%
- 1M
- -1.16%
- 6M
- -0.41%
- YTD
- -0.88%
- 1Y
- 3.71%
- 3Y*
- 3.84%
- 5Y*
- -1.35%
- 10Y*
- —
PUIP.L vs. LQGH.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% |
LQGH.L iShares $ Corp Bond UCITS ETF GBP Hedged (Dist) | -0.88% | 7.39% | 1.02% | 7.48% | -18.79% | -1.87% | 8.22% | 1.16% |
Correlation
The correlation between PUIP.L and LQGH.L is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2019 | 0.93 |
The correlation between PUIP.L and LQGH.L has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PUIP.L vs. LQGH.L — Risk / Return Rank
PUIP.L
LQGH.L
PUIP.L vs. LQGH.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 $ Corp Bond UCITS ETF GBP Hedged (Dist) (LQGH.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 | LQGH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.12 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 1.07 | +0.20 |
| Martin ratioReturn relative to average drawdown | 3.81 | 2.84 | +0.97 |
Loading charts...
Drawdowns
PUIP.L vs. LQGH.L - Drawdown Comparison
The maximum PUIP.L drawdown since its inception was -22.48%, smaller than the maximum LQGH.L drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for PUIP.L and LQGH.L.
Loading charts...
Drawdown Indicators
| PUIP.L | LQGH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.48% | -25.71% | +3.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -3.44% | +0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -5.86% | -7.99% | +2.13% |
Max Drawdown (5Y)Largest decline over 5 years | -22.43% | -25.61% | +3.18% |
Current DrawdownCurrent decline from peak | -4.38% | -7.89% | +3.51% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -8.50% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 1.30% | -0.30% |
Volatility
PUIP.L vs. LQGH.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 $ Corp Bond UCITS ETF GBP Hedged (Dist) (LQGH.L) has a volatility of 1.39%. This indicates that PUIP.L experiences smaller price fluctuations and is considered to be less risky than LQGH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PUIP.L | LQGH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.39% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 4.46% | -0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.63% | 5.99% | -1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.08% | 8.68% | -1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.99% | 8.84% | -0.85% |
PUIP.L vs. LQGH.L - Expense Ratio Comparison
PUIP.L has a 0.12% expense ratio, which is lower than LQGH.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PUIP.L vs. LQGH.L - Dividend Comparison
PUIP.L's dividend yield for the trailing twelve months is around 4.99%, which matches LQGH.L's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LQGH.L iShares $ Corp Bond UCITS ETF GBP Hedged (Dist) | 4.97% | 4.72% | 4.91% | 4.53% | 3.77% | 2.65% | 2.74% | 3.40% | 2.64% |
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% |
Frequently Asked Questions
With a correlation of 0.91, PUIP.L and LQGH.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, 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 LQGH.L.
PUIP.L is categorized as Sustainable Bonds, while LQGH.L is Global Corporate Bonds. PUIP.L tracks Bloomberg MSCI USD Liquid Corporate Climate Transition ESG Bond Index (CTB) (USD), while LQGH.L tracks Markit iBoxx USD Liquid Investment Grade Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for PUIP.L and 0.25% for LQGH.L.
Find the right allocation for PUIP.L and LQGH.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer