0FLE.L vs. ERNE.L
0FLE.L (iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist)) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both Ultrashort Bond funds from iShares - 0FLE.L tracks the Bloomberg US Floating Rate Note<5 Years Index while ERNE.L tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Both are passively managed. Over the past 5 years, 0FLE.L returned 2.60%/yr vs 2.16%/yr for ERNE.L. At a 0.06 correlation, their price movements are largely independent. 0FLE.L charges 0.12%/yr vs 0.09%/yr for ERNE.L.
Performance
0FLE.L vs. ERNE.L - Performance Comparison
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Returns By Period
In the year-to-date period, 0FLE.L achieves a 2.21% return, which is significantly higher than ERNE.L's 1.18% return.
0FLE.L
- 1D
- 0.54%
- 1M
- 1.01%
- 6M
- 1.97%
- YTD
- 2.21%
- 1Y
- 3.40%
- 3Y*
- 3.94%
- 5Y*
- 2.60%
- 10Y*
- —
ERNE.L
- 1D
- 0.00%
- 1M
- 0.22%
- 6M
- 1.10%
- YTD
- 1.18%
- 1Y
- 2.20%
- 3Y*
- 3.28%
- 5Y*
- 2.16%
- 10Y*
- 1.04%
0FLE.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
0FLE.L iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) | 2.21% | 2.69% | 4.89% | 4.20% | -0.49% | -0.51% | -1.77% | 2.79% | -1.65% | -0.04% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 1.18% | 2.59% | 4.15% | 3.38% | -0.24% | -0.36% | 0.07% | 0.32% | -0.60% | -0.11% |
Correlation
The correlation between 0FLE.L and ERNE.L is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2017 | 0.06 |
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Return for Risk
0FLE.L vs. ERNE.L — Risk / Return Rank
0FLE.L
ERNE.L
0FLE.L vs. ERNE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) (0FLE.L) and iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.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.
| 0FLE.L | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -4.56 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.89 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 12.25 | -7.44 |
| Martin ratioReturn relative to average drawdown | 13.29 | 68.00 | -54.70 |
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Drawdowns
0FLE.L vs. ERNE.L - Drawdown Comparison
The maximum 0FLE.L drawdown since its inception was -3.91%, which is greater than ERNE.L's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for 0FLE.L and ERNE.L.
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Drawdown Indicators
| 0FLE.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.91% | -3.05% | -0.86% |
Max Drawdown (1Y)Largest decline over 1 year | -0.71% | -0.18% | -0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -2.86% | -0.33% | -2.53% |
Max Drawdown (5Y)Largest decline over 5 years | -2.86% | -1.12% | -1.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.05% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.25% | -0.28% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 0.03% | +0.23% |
Volatility
0FLE.L vs. ERNE.L - Volatility Comparison
iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) (0FLE.L) has a higher volatility of 1.57% compared to iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) at 0.20%. This indicates that 0FLE.L's price experiences larger fluctuations and is considered to be riskier than ERNE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 0FLE.L | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 0.20% | +1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.14% | 0.48% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 0.58% | +2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.74% | 0.60% | +3.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.07% | 0.75% | +2.32% |
0FLE.L vs. ERNE.L - Expense Ratio Comparison
0FLE.L has a 0.12% expense ratio, which is higher than ERNE.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
0FLE.L vs. ERNE.L - Dividend Comparison
0FLE.L's dividend yield for the trailing twelve months is around 4.69%, more than ERNE.L's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
0FLE.L iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) | 4.69% | 5.04% | 6.01% | 5.52% | 1.49% | 0.58% | 1.60% | 2.96% | 2.07% | 0.36% | 0.00% | 0.00% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 2.33% | 2.74% | 3.80% | 2.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
Frequently Asked Questions
0FLE.L and ERNE.L have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNE.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNE.L is cheaper with a 0.09% expense ratio, compared with 0.12% for 0FLE.L.
0FLE.L tracks Bloomberg US Floating Rate Note<5 Years Index, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Their fees differ too: 0.12% for 0FLE.L and 0.09% for ERNE.L.
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