V3GD.L vs. IHYE.L
V3GD.L (Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Distributing) and IHYE.L (iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist)) are both exchange-traded funds - V3GD.L is a Global Corporate Bonds fund tracking the Bloomberg Gbl Agg Corp 0901 TR Hdg USD, while IHYE.L is a Corporate Bonds fund tracking the iBoxx USD Liquid High Yield Capped (USD). Both are passively managed. Over the past 5 years, V3GD.L returned 0.73%/yr vs 1.03%/yr for IHYE.L. At a 0.44 correlation, their price movements are largely independent. V3GD.L charges 0.15%/yr vs 0.55%/yr for IHYE.L.
Performance
V3GD.L vs. IHYE.L - Performance Comparison
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Different Trading Currencies
V3GD.L is traded in USD, while IHYE.L is traded in EUR. To make them comparable, the IHYE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, V3GD.L achieves a 0.21% return, which is significantly higher than IHYE.L's -1.67% return.
V3GD.L
- 1D
- 0.11%
- 1M
- -0.91%
- 6M
- 0.11%
- YTD
- 0.21%
- 1Y
- 3.39%
- 3Y*
- 5.37%
- 5Y*
- 0.73%
- 10Y*
- —
IHYE.L
- 1D
- -0.04%
- 1M
- -0.30%
- 6M
- -0.92%
- YTD
- -1.67%
- 1Y
- 2.44%
- 3Y*
- 6.43%
- 5Y*
- 1.03%
- 10Y*
- —
V3GD.L vs. IHYE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
V3GD.L Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Distributing | 0.21% | 6.26% | 3.99% | 8.69% | -13.43% | 1.71% |
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | -1.67% | 21.11% | -1.39% | 11.47% | -16.91% | -4.33% |
Correlation
The correlation between V3GD.L and IHYE.L is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since May 20, 2021 | 0.44 |
The correlation between V3GD.L and IHYE.L has been stable across timeframes, ranging from 0.44 to 0.50 - a consistent structural relationship.
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Return for Risk
V3GD.L vs. IHYE.L — Risk / Return Rank
V3GD.L
IHYE.L
V3GD.L vs. IHYE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Distributing (V3GD.L) and iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.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.
| V3GD.L | IHYE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.06 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 0.36 | +1.04 |
| Martin ratioReturn relative to average drawdown | 4.55 | 0.83 | +3.72 |
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Drawdowns
V3GD.L vs. IHYE.L - Drawdown Comparison
The maximum V3GD.L drawdown since its inception was -19.12%, smaller than the maximum IHYE.L drawdown of -32.48%. Use the drawdown chart below to compare losses from any high point for V3GD.L and IHYE.L.
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Drawdown Indicators
| V3GD.L | IHYE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.12% | -32.48% | +13.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.58% | -6.84% | +4.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.60% | -9.59% | +5.99% |
Max Drawdown (5Y)Largest decline over 5 years | -19.12% | -31.79% | +12.67% |
Current DrawdownCurrent decline from peak | -1.23% | -4.55% | +3.32% |
Average DrawdownAverage peak-to-trough decline | -6.21% | -9.53% | +3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 2.93% | -2.14% |
Volatility
V3GD.L vs. IHYE.L - Volatility Comparison
The current volatility for Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Distributing (V3GD.L) is 1.03%, while iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.L) has a volatility of 1.75%. This indicates that V3GD.L experiences smaller price fluctuations and is considered to be less risky than IHYE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| V3GD.L | IHYE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 1.75% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 3.20% | 5.83% | -2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 7.84% | -3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.70% | 11.69% | -5.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.64% | 12.03% | -6.39% |
V3GD.L vs. IHYE.L - Expense Ratio Comparison
V3GD.L has a 0.15% expense ratio, which is lower than IHYE.L's 0.55% expense ratio.
Dividends
V3GD.L vs. IHYE.L - Dividend Comparison
V3GD.L's dividend yield for the trailing twelve months is around 4.31%, less than IHYE.L's 6.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | 6.19% | 6.07% | 6.32% | 5.59% | 5.13% | 4.35% | 4.82% | 5.59% | 3.88% |
V3GD.L Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Distributing | 4.31% | 4.45% | 4.35% | 4.06% | 2.44% | 0.70% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
V3GD.L and IHYE.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, V3GD.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
V3GD.L is cheaper with a 0.15% expense ratio, compared with 0.55% for IHYE.L.
V3GD.L is categorized as Global Corporate Bonds, while IHYE.L is Corporate Bonds. V3GD.L tracks Bloomberg Gbl Agg Corp 0901 TR Hdg USD, while IHYE.L tracks iBoxx USD Liquid High Yield Capped (USD). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.15% for V3GD.L and 0.55% for IHYE.L.
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