VCPA.L vs. LQDS.L
VCPA.L (Vanguard USD Corporate Bond UCITS ETF Accumulating) and LQDS.L (iShares USD Corporate Bond UCITS ETF (Dist)) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from Vanguard and iShares respectively. Both are passively managed. Over the past 5 years, VCPA.L returned -59.47%/yr vs 1.06%/yr for LQDS.L. Their correlation of 0.86 suggests significant overlap in exposure. VCPA.L charges 0.09%/yr vs 0.20%/yr for LQDS.L.
Performance
VCPA.L vs. LQDS.L - Performance Comparison
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Different Trading Currencies
VCPA.L is traded in GBP, while LQDS.L is traded in GBp. To make them comparable, the LQDS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VCPA.L achieves a 0.51% return, which is significantly higher than LQDS.L's 0.31% return.
VCPA.L
- 1D
- 0.29%
- 1M
- 1.41%
- YTD
- 0.51%
- 6M
- 0.27%
- 1Y
- -98.93%
- 3Y*
- -77.87%
- 5Y*
- -59.47%
- 10Y*
- —
LQDS.L
- 1D
- 0.29%
- 1M
- 1.35%
- YTD
- 0.31%
- 6M
- -0.20%
- 1Y
- 6.56%
- 3Y*
- 2.28%
- 5Y*
- 1.06%
- 10Y*
- —
VCPA.L vs. LQDS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.51% | -99.00% | 4.58% | 2.13% | -4.89% | -0.13% | 5.86% | 10.80% |
LQDS.L iShares USD Corporate Bond UCITS ETF (Dist) | 0.31% | 0.56% | 2.80% | 3.05% | -7.97% | -0.39% | 6.90% | 13.27% |
Correlation
The correlation between VCPA.L and LQDS.L is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019 | 0.86 |
The correlation between VCPA.L and LQDS.L has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.
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Return for Risk
VCPA.L vs. LQDS.L — Risk / Return Rank
VCPA.L
LQDS.L
VCPA.L vs. LQDS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.L) and iShares USD Corporate Bond UCITS ETF (Dist) (LQDS.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.
| VCPA.L | LQDS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.31 | 1.17 | -0.87 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.33 | -2.33 |
| Martin ratioReturn relative to average drawdown | -1.21 | 3.22 | -4.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VCPA.L | LQDS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 0.99 | -1.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -1.32 | 0.11 | -1.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.24 | 0.23 | -1.46 |
Drawdowns
VCPA.L vs. LQDS.L - Drawdown Comparison
The maximum VCPA.L drawdown since its inception was -99.06%, which is greater than LQDS.L's maximum drawdown of -19.03%. Use the drawdown chart below to compare losses from any high point for VCPA.L and LQDS.L.
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Drawdown Indicators
| VCPA.L | LQDS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.06% | -19.03% | -80.03% |
Max Drawdown (1Y)Largest decline over 1 year | -99.02% | -4.90% | -94.12% |
Max Drawdown (3Y)Largest decline over 3 years | -99.04% | -8.84% | -90.20% |
Max Drawdown (5Y)Largest decline over 5 years | -99.04% | -15.27% | -83.77% |
Current DrawdownCurrent decline from peak | -99.03% | -8.43% | -90.60% |
Average DrawdownAverage peak-to-trough decline | -17.55% | -8.64% | -8.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 81.78% | 2.03% | +79.75% |
Volatility
VCPA.L vs. LQDS.L - Volatility Comparison
The current volatility for Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.L) is 1.53%, while iShares USD Corporate Bond UCITS ETF (Dist) (LQDS.L) has a volatility of 1.71%. This indicates that VCPA.L experiences smaller price fluctuations and is considered to be less risky than LQDS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCPA.L | LQDS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 1.71% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 4.86% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 98.63% | 6.60% | +92.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.54% | 9.43% | +36.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.64% | 10.10% | +30.54% |
VCPA.L vs. LQDS.L - Expense Ratio Comparison
VCPA.L has a 0.09% expense ratio, which is lower than LQDS.L's 0.20% 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
VCPA.L vs. LQDS.L - Dividend Comparison
VCPA.L has not paid dividends to shareholders, while LQDS.L's dividend yield for the trailing twelve months is around 4.93%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
LQDS.L iShares USD Corporate Bond UCITS ETF (Dist) | 4.93% | 4.92% | 4.91% | 4.66% | 3.68% | 2.63% | 2.95% | 3.51% | 3.57% | 3.39% | 1.64% |
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, VCPA.L and LQDS.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, VCPA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VCPA.L is cheaper with a 0.09% expense ratio, compared with 0.20% for LQDS.L.
Both ETFs track Bloomberg US Corp Bond TR USD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for VCPA.L and 0.20% for LQDS.L.
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