CBE3.L vs. ERNU.L
CBE3.L (iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc)) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both exchange-traded funds - CBE3.L is a Short-Term Bond fund tracking the Bloomberg Euro Government Bond 1-3 Year Index, while ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 10 years, CBE3.L returned 0.41%/yr vs 2.41%/yr for ERNU.L. At a correlation of -0.00, they often move in opposite directions. CBE3.L charges 0.20%/yr vs 0.09%/yr for ERNU.L.
Performance
CBE3.L vs. ERNU.L - Performance Comparison
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Different Trading Currencies
CBE3.L is traded in EUR, while ERNU.L is traded in GBP. To make them comparable, the ERNU.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, CBE3.L achieves a 0.48% return, which is significantly lower than ERNU.L's 5.20% return. Over the past 10 years, CBE3.L has underperformed ERNU.L with an annualized return of 0.41%, while ERNU.L has yielded a comparatively higher 2.41% annualized return.
CBE3.L
- 1D
- 0.03%
- 1M
- 0.30%
- YTD
- 0.48%
- 6M
- 0.60%
- 1Y
- 1.25%
- 3Y*
- 2.87%
- 5Y*
- 0.90%
- 10Y*
- 0.41%
ERNU.L
- 1D
- -0.17%
- 1M
- 2.57%
- YTD
- 5.20%
- 6M
- 5.58%
- 1Y
- 6.48%
- 3Y*
- 3.67%
- 5Y*
- 4.84%
- 10Y*
- 2.41%
CBE3.L vs. ERNU.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) | 0.48% | 2.28% | 3.10% | 3.46% | -4.26% | -0.83% | -0.15% | 0.18% | -0.46% | 0.20% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 5.20% | -7.53% | 12.57% | 1.77% | 7.59% | 8.13% | -7.47% | 6.19% | 6.66% | -11.24% |
Correlation
The correlation between CBE3.L and ERNU.L is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | -0.00 |
Over the past year, the inverse relationship between CBE3.L and ERNU.L has strengthened: their correlation has moved from -0.00 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CBE3.L vs. ERNU.L — Risk / Return Rank
CBE3.L
ERNU.L
CBE3.L vs. ERNU.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 USD Ultrashort Bond UCITS ETF (ERNU.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 | ERNU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.18 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 2.05 | -0.92 |
| Martin ratioReturn relative to average drawdown | 3.62 | 4.70 | -1.07 |
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Drawdowns
CBE3.L vs. ERNU.L - Drawdown Comparison
The maximum CBE3.L drawdown since its inception was -6.13%, smaller than the maximum ERNU.L drawdown of -39.15%. Use the drawdown chart below to compare losses from any high point for CBE3.L and ERNU.L.
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Drawdown Indicators
| CBE3.L | ERNU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.13% | -39.15% | +33.02% |
Max Drawdown (1Y)Largest decline over 1 year | -1.11% | -3.15% | +2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -1.11% | -11.37% | +10.26% |
Max Drawdown (5Y)Largest decline over 5 years | -5.19% | -11.44% | +6.25% |
Max Drawdown (10Y)Largest decline over 10 years | -6.13% | -15.83% | +9.70% |
Current DrawdownCurrent decline from peak | -0.07% | -4.48% | +4.41% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -18.41% | +17.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 1.38% | -1.04% |
Volatility
CBE3.L vs. ERNU.L - Volatility Comparison
The current volatility for iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) is 0.30%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 1.56%. This indicates that CBE3.L experiences smaller price fluctuations and is considered to be less risky than ERNU.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 | ERNU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 1.56% | -1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 4.51% | -3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.19% | 6.28% | -5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.51% | 7.86% | -6.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.28% | 7.79% | -6.51% |
CBE3.L vs. ERNU.L - Expense Ratio Comparison
CBE3.L has a 0.20% expense ratio, which is higher than ERNU.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. ERNU.L - Dividend Comparison
CBE3.L has not paid dividends to shareholders, while ERNU.L's dividend yield for the trailing twelve months is around 4.27%.
| 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% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 4.27% | 4.68% | 5.46% | 4.99% | 1.56% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
Frequently Asked Questions
CBE3.L and ERNU.L have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNU.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNU.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 ERNU.L is Corporate Bonds. CBE3.L tracks Bloomberg Euro Government Bond 1-3 Year Index, while ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD. Their fees differ too: 0.20% for CBE3.L and 0.09% for ERNU.L.
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