PUIP.L vs. USDC.L

Last updated Jul 16, 2026

PUIP.L (Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged) and USDC.L (L&G USD Corporate Bond Screened UCITS ETF USD Distributing) are both Corporate Bonds funds - PUIP.L tracks the Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged while USDC.L tracks the L&G USD Corporate Bond Screened UCITS ETF USD Distributing. Both are passively managed. Over the past 5 years, PUIP.L returned -0.67%/yr vs 0.47%/yr for USDC.L. At a 0.39 correlation, their price movements are largely independent. PUIP.L charges 0.12%/yr vs 0.09%/yr for USDC.L.

Performance

PUIP.L vs. USDC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (PUIP.L) and L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PUIP.L is traded in GBp, while USDC.L is traded in USD. To make them comparable, the USDC.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 USDC.L's -2.54% return.

PUIP.L

• 1D: 0.01%
• 1M: -1.05%
• 6M: -0.71%
• YTD: -0.60%
• 1Y: 4.01%
• 3Y*: 4.25%
• 5Y*: -0.67%
• 10Y*: —

USDC.L

• 1D: -0.92%
• 1M: -1.56%
• 6M: -3.50%
• YTD: -2.54%
• 1Y: 1.17%
• 3Y*: 3.18%
• 5Y*: 0.47%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PUIP.L vs. USDC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged	-0.60%	7.40%	1.97%	6.75%	-16.40%	-0.54%
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD Distributing	-2.54%	-0.23%	4.93%	2.93%	-3.67%	-0.05%

Correlation

The correlation between PUIP.L and USDC.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.39

Return for Risk

PUIP.L vs. USDC.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PUIP.L

PUIP.L Risk / Return Rank: 28
PUIP.L Sharpe Ratio Rank: 27
PUIP.L Sortino Ratio Rank: 26
PUIP.L Omega Ratio Rank: 24
PUIP.L Calmar Ratio Rank: 30
PUIP.L Martin Ratio Rank: 32

USDC.L

USDC.L Risk / Return Rank: 15
USDC.L Sharpe Ratio Rank: 16
USDC.L Sortino Ratio Rank: 13
USDC.L Omega Ratio Rank: 15
USDC.L Calmar Ratio Rank: 15
USDC.L Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PUIP.L vs. USDC.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 (PUIP.L) and L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.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	USDC.L	Difference
Sharpe ratio: Return per unit of total volatility	0.82	0.15	+0.67
Sortino ratio: Return per unit of downside risk	1.21	0.25	+0.95
Omega ratio: Gain probability vs. loss probability	1.14	1.03	+0.11
Calmar ratio: Return relative to maximum drawdown	1.27	0.16	+1.11
Martin ratio: Return relative to average drawdown	3.81	0.35	+3.46

PUIP.L vs. USDC.L - Sharpe Ratio Comparison

The current PUIP.L Sharpe Ratio is 0.82, which is higher than the USDC.L Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of PUIP.L and USDC.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PUIP.L vs. USDC.L - Drawdown Comparison

The maximum PUIP.L drawdown since its inception was -22.48%, which is greater than USDC.L's maximum drawdown of -13.86%. Use the drawdown chart below to compare losses from any high point for PUIP.L and USDC.L.

Drawdown Indicators

	PUIP.L	USDC.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.48%	-13.86%	-8.62%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-7.37%	+4.39%
Max Drawdown (3Y) Largest decline over 3 years	-5.86%	-8.93%	+3.07%
Max Drawdown (5Y) Largest decline over 5 years	-22.43%	-13.86%	-8.57%
Current Drawdown Current decline from peak	-4.38%	-5.18%	+0.80%
Average Drawdown Average peak-to-trough decline	-8.30%	-5.59%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	3.37%	-2.37%

Volatility

PUIP.L vs. USDC.L - Volatility Comparison

The current volatility for Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged (PUIP.L) is 1.09%, while L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L) has a volatility of 2.33%. This indicates that PUIP.L experiences smaller price fluctuations and is considered to be less risky than USDC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PUIP.L	USDC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	2.33%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	3.58%	6.39%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	4.63%	7.82%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.08%	9.02%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.99%	8.90%	-0.91%

PUIP.L vs. USDC.L - Expense Ratio Comparison

PUIP.L has a 0.12% expense ratio, which is higher than USDC.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

PUIP.L vs. USDC.L - Dividend Comparison

PUIP.L's dividend yield for the trailing twelve months is around 4.99%, more than USDC.L's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
PUIP.L Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged	4.99%	4.72%	4.73%	4.00%	2.99%	2.31%	2.85%
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD Distributing	2.32%	4.47%	4.08%	3.24%	2.36%	0.78%	0.00%

Frequently Asked Questions

Can I hold both PUIP.L and USDC.L in my portfolio?

PUIP.L and USDC.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PUIP.L or USDC.L?

On fees, USDC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PUIP.L or USDC.L?

USDC.L is cheaper with a 0.09% expense ratio, compared with 0.12% for PUIP.L.

What is the main difference between PUIP.L and USDC.L?

PUIP.L tracks Invesco USD IG Corporate Bond ESG Climate Transition UCITS ETF GBP Hedged, while USDC.L tracks L&G USD Corporate Bond Screened UCITS ETF USD Distributing. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.12% for PUIP.L and 0.09% for USDC.L.