UKCO.L vs. HYGU.L

Last updated Jul 18, 2026

UKCO.L (SPDR Bloomberg Sterling Corporate Bond UCITS ETF) and HYGU.L (iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc)) are both exchange-traded funds - UKCO.L is a European Corporate Bonds fund tracking the Markit iBoxx GBP NonGilts TR, while HYGU.L is a European High Yield Bonds fund tracking the Markit iBoxx Euro Liquid High Yield Index (EUR). Both are passively managed. Over the past 5 years, UKCO.L returned -1.17%/yr vs 5.04%/yr for HYGU.L. At a 0.13 correlation, their price movements are largely independent. UKCO.L charges 0.20%/yr vs 0.55%/yr for HYGU.L.

Performance

UKCO.L vs. HYGU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) and iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc) (HYGU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UKCO.L is traded in GBP, while HYGU.L is traded in USD. To make them comparable, the HYGU.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, UKCO.L achieves a -0.09% return, which is significantly lower than HYGU.L's 2.21% return.

UKCO.L

• 1D: 0.18%
• 1M: -0.97%
• 6M: -1.05%
• YTD: -0.09%
• 1Y: 3.80%
• 3Y*: 5.89%
• 5Y*: -1.17%
• 10Y*: 1.28%

HYGU.L

• 1D: 0.03%
• 1M: -1.09%
• 6M: 1.48%
• YTD: 2.21%
• 1Y: 4.82%
• 3Y*: 6.89%
• 5Y*: 5.04%
• 10Y*: —

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

UKCO.L vs. HYGU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF	-0.09%	6.81%	1.66%	8.84%	-19.34%	-3.36%	8.76%	11.27%	-2.43%	1.67%
HYGU.L iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc)	2.21%	-0.40%	9.16%	7.87%	3.91%	4.70%	-0.84%	8.53%	5.02%	-1.67%

Correlation

The correlation between UKCO.L and HYGU.L is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017	0.13

Return for Risk

UKCO.L vs. HYGU.L — Risk / Return Rank

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

UKCO.L

UKCO.L Risk / Return Rank: 24
UKCO.L Sharpe Ratio Rank: 24
UKCO.L Sortino Ratio Rank: 22
UKCO.L Omega Ratio Rank: 22
UKCO.L Calmar Ratio Rank: 25
UKCO.L Martin Ratio Rank: 26

HYGU.L

HYGU.L Risk / Return Rank: 64
HYGU.L Sharpe Ratio Rank: 61
HYGU.L Sortino Ratio Rank: 72
HYGU.L Omega Ratio Rank: 72
HYGU.L Calmar Ratio Rank: 51
HYGU.L Martin Ratio Rank: 64

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.

UKCO.L vs. HYGU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) and iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc) (HYGU.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.

	UKCO.L	HYGU.L	Difference
Sharpe ratio: Return per unit of total volatility	0.66	0.71	-0.05
Sortino ratio: Return per unit of downside risk	0.96	1.04	-0.07
Omega ratio: Gain probability vs. loss probability	1.12	1.13	-0.01
Calmar ratio: Return relative to maximum drawdown	0.90	1.12	-0.22
Martin ratio: Return relative to average drawdown	2.52	2.79	-0.27

UKCO.L vs. HYGU.L - Sharpe Ratio Comparison

The current UKCO.L Sharpe Ratio is 0.66, which is comparable to the HYGU.L Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of UKCO.L and HYGU.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

UKCO.L vs. HYGU.L - Drawdown Comparison

The maximum UKCO.L drawdown since its inception was -30.78%, which is greater than HYGU.L's maximum drawdown of -19.14%. Use the drawdown chart below to compare losses from any high point for UKCO.L and HYGU.L.

Drawdown Indicators

	UKCO.L	HYGU.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.78%	-19.14%	-11.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.19%	-4.27%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-4.19%	-8.35%	+4.16%
Max Drawdown (5Y) Largest decline over 5 years	-29.89%	-9.08%	-20.81%
Max Drawdown (10Y) Largest decline over 10 years	-30.78%	—	—
Current Drawdown Current decline from peak	-8.24%	-1.99%	-6.25%
Average Drawdown Average peak-to-trough decline	-6.38%	-3.90%	-2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.72%	-0.21%

Volatility

UKCO.L vs. HYGU.L - Volatility Comparison

The current volatility for SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) is 1.53%, while iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc) (HYGU.L) has a volatility of 1.62%. This indicates that UKCO.L experiences smaller price fluctuations and is considered to be less risky than HYGU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UKCO.L	HYGU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	1.62%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	4.93%	5.11%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	6.78%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	8.40%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.22%	9.42%	-1.20%

UKCO.L vs. HYGU.L - Expense Ratio Comparison

UKCO.L has a 0.20% expense ratio, which is lower than HYGU.L's 0.55% expense ratio.

Dividends

UKCO.L vs. HYGU.L - Dividend Comparison

UKCO.L's dividend yield for the trailing twelve months is around 4.61%, while HYGU.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGU.L iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF	4.61%	4.39%	4.11%	3.30%	2.79%	2.28%	2.40%	2.51%	2.69%	3.09%	3.17%	3.50%

Frequently Asked Questions

Can I hold both UKCO.L and HYGU.L in my portfolio?

UKCO.L and HYGU.L have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UKCO.L or HYGU.L?

On fees, UKCO.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UKCO.L or HYGU.L?

UKCO.L is cheaper with a 0.20% expense ratio, compared with 0.55% for HYGU.L.

What is the main difference between UKCO.L and HYGU.L?

UKCO.L is categorized as European Corporate Bonds, while HYGU.L is European High Yield Bonds. UKCO.L tracks Markit iBoxx GBP NonGilts TR, while HYGU.L tracks Markit iBoxx Euro Liquid High Yield Index (EUR). They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for UKCO.L and 0.55% for HYGU.L.