CBE3.L vs. ERNE.L
CBE3.L (iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc)) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - CBE3.L is a Short-Term Bond fund tracking the Bloomberg Euro Government Bond 1-3 Year Index, while ERNE.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Both are passively managed. Over the past 10 years, CBE3.L returned 0.38%/yr vs 1.04%/yr for ERNE.L. At a 0.11 correlation, their price movements are largely independent. CBE3.L charges 0.20%/yr vs 0.09%/yr for ERNE.L.
Performance
CBE3.L vs. ERNE.L - Performance Comparison
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Returns By Period
In the year-to-date period, CBE3.L achieves a 0.31% return, which is significantly lower than ERNE.L's 1.18% return. Over the past 10 years, CBE3.L has underperformed ERNE.L with an annualized return of 0.38%, while ERNE.L has yielded a comparatively higher 1.04% annualized return.
CBE3.L
- 1D
- 0.01%
- 1M
- -0.03%
- 6M
- 0.16%
- YTD
- 0.31%
- 1Y
- 1.03%
- 3Y*
- 2.82%
- 5Y*
- 0.85%
- 10Y*
- 0.38%
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%
CBE3.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) | 0.31% | 2.28% | 3.10% | 3.46% | -4.26% | -0.83% | -0.15% | 0.18% | -0.46% | 0.20% |
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% | -0.09% |
Correlation
The correlation between CBE3.L and ERNE.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.11 |
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Return for Risk
CBE3.L vs. ERNE.L — Risk / Return Rank
CBE3.L
ERNE.L
CBE3.L vs. ERNE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.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.
| CBE3.L | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.92 | ||
| Sortino ratioReturn per unit of downside risk | -5.15 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.89 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 12.25 | -11.33 |
| Martin ratioReturn relative to average drawdown | 2.95 | 68.00 | -65.05 |
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Drawdowns
CBE3.L vs. ERNE.L - Drawdown Comparison
The maximum CBE3.L drawdown since its inception was -6.13%, 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 CBE3.L and ERNE.L.
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Drawdown Indicators
| CBE3.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.13% | -3.05% | -3.08% |
Max Drawdown (1Y)Largest decline over 1 year | -1.11% | -0.18% | -0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -1.11% | -0.33% | -0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -5.19% | -1.12% | -4.07% |
Max Drawdown (10Y)Largest decline over 10 years | -6.13% | -3.05% | -3.08% |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -1.01% | -0.28% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.03% | +0.32% |
Volatility
CBE3.L vs. ERNE.L - Volatility Comparison
iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) has a higher volatility of 0.33% compared to iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) at 0.20%. This indicates that CBE3.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
| CBE3.L | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 0.20% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 0.48% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.21% | 0.58% | +0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.52% | 0.60% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.28% | 0.75% | +0.53% |
CBE3.L vs. ERNE.L - Expense Ratio Comparison
CBE3.L has a 0.20% 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
CBE3.L vs. ERNE.L - Dividend Comparison
CBE3.L has not paid dividends to shareholders, while ERNE.L's dividend yield for the trailing twelve months is around 2.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (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% |
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
CBE3.L and ERNE.L have a correlation of 0.18, 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 0.20% for CBE3.L.
CBE3.L is categorized as Short-Term Bond, while ERNE.L is Ultrashort Bond. CBE3.L tracks Bloomberg Euro Government Bond 1-3 Year Index, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Their fees differ too: 0.20% for CBE3.L and 0.09% for ERNE.L.
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