UCRD vs. LQDW

Last updated Jun 5, 2026

UCRD (VictoryShares ESG Corporate Bond ETF) and LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) are both Corporate Bonds funds. UCRD is actively managed, while LQDW is passively managed. Over the past 3 years, UCRD returned 5.69%/yr vs 3.87%/yr for LQDW. Their correlation of 0.81 suggests significant overlap in exposure. UCRD charges 0.40%/yr vs 0.34%/yr for LQDW.

Performance

UCRD vs. LQDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares ESG Corporate Bond ETF (UCRD) and iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCRD achieves a 0.63% return, which is significantly lower than LQDW's 1.45% return.

UCRD

• 1D: 0.11%
• 1M: 0.29%
• YTD: 0.63%
• 6M: 0.65%
• 1Y: 5.67%
• 3Y*: 5.69%
• 5Y*: —
• 10Y*: —

LQDW

• 1D: 0.20%
• 1M: 0.54%
• YTD: 1.45%
• 6M: 1.83%
• 1Y: 6.76%
• 3Y*: 3.87%
• 5Y*: —
• 10Y*: —

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

UCRD vs. LQDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UCRD VictoryShares ESG Corporate Bond ETF	0.63%	7.90%	2.68%	9.27%	-3.00%
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF	1.45%	9.05%	2.60%	3.99%	-6.78%

Correlation

The correlation between UCRD and LQDW is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.81

The correlation between UCRD and LQDW has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

Return for Risk

UCRD vs. LQDW — Risk / Return Rank

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

UCRD

UCRD Risk / Return Rank: 38
UCRD Sharpe Ratio Rank: 38
UCRD Sortino Ratio Rank: 38
UCRD Omega Ratio Rank: 36
UCRD Calmar Ratio Rank: 41
UCRD Martin Ratio Rank: 39

LQDW

LQDW Risk / Return Rank: 59
LQDW Sharpe Ratio Rank: 58
LQDW Sortino Ratio Rank: 58
LQDW Omega Ratio Rank: 67
LQDW Calmar Ratio Rank: 54
LQDW Martin Ratio Rank: 57

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.

UCRD vs. LQDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares ESG Corporate Bond ETF (UCRD) and iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW). 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.

	UCRD	LQDW	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.92	-0.60
Sortino ratio: Return per unit of downside risk	1.94	2.72	-0.78
Omega ratio: Gain probability vs. loss probability	1.23	1.39	-0.16
Calmar ratio: Return relative to maximum drawdown	1.96	2.62	-0.66
Martin ratio: Return relative to average drawdown	6.10	9.79	-3.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCRD vs. LQDW - Sharpe Ratio Comparison

The current UCRD Sharpe Ratio is 1.33, which is lower than the LQDW Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of UCRD and LQDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UCRD	LQDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.92	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.47	-0.43

Drawdowns

UCRD vs. LQDW - Drawdown Comparison

The maximum UCRD drawdown since its inception was -22.37%, which is greater than LQDW's maximum drawdown of -9.20%. Use the drawdown chart below to compare losses from any high point for UCRD and LQDW.

Drawdown Indicators

	UCRD	LQDW	Difference
Max Drawdown Largest peak-to-trough decline	-22.37%	-9.20%	-13.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-2.59%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-6.54%	-6.74%	+0.20%
Current Drawdown Current decline from peak	-1.02%	-0.15%	-0.87%
Average Drawdown Average peak-to-trough decline	-8.41%	-2.35%	-6.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.69%	+0.24%

Volatility

UCRD vs. LQDW - Volatility Comparison

VictoryShares ESG Corporate Bond ETF (UCRD) and iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) have volatilities of 1.43% and 1.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCRD	LQDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	1.39%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.22%	3.02%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	3.54%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.55%	5.49%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.55%	5.49%	+2.06%

UCRD vs. LQDW - Expense Ratio Comparison

UCRD has a 0.40% expense ratio, which is higher than LQDW's 0.34% expense ratio.

Dividends

UCRD vs. LQDW - Dividend Comparison

UCRD's dividend yield for the trailing twelve months is around 4.18%, less than LQDW's 12.55% yield.

Position	TTM	2025	2024	2023	2022	2021
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF	12.55%	16.02%	15.74%	19.28%	8.85%	0.00%
UCRD VictoryShares ESG Corporate Bond ETF	4.18%	4.05%	4.00%	3.56%	2.72%	0.54%

Frequently Asked Questions

Can I hold both UCRD and LQDW in my portfolio?

UCRD and LQDW have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCRD or LQDW?

UCRD has higher volatility (1.43%) compared to LQDW (1.39%). In terms of maximum drawdown, UCRD dropped -22.37% vs LQDW's -9.20%.

Which ETF is better, UCRD or LQDW?

On 3-year performance, UCRD leads with 5.69% vs 3.87% for LQDW. On fees, LQDW is cheaper at 0.34% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCRD or LQDW?

Over the 3-year period, UCRD has performed better with a 5.69% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCRD or LQDW?

LQDW is cheaper with a 0.34% expense ratio, compared with 0.40% for UCRD.

Which ETF pays a higher dividend yield, UCRD or LQDW?

LQDW has the higher dividend yield at 12.55%, compared with 4.18% for UCRD.

What is the main difference between UCRD and LQDW?

They also come from different issuers: Victory and iShares. Their fees differ too: 0.40% for UCRD and 0.34% for LQDW.

Which has better risk-adjusted returns?

LQDW currently has the higher Sharpe Ratio (1.92 vs 1.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.