CBS5.L vs. ERNE.L
CBS5.L (UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-acc) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - CBS5.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, 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 3 years, CBS5.L returned 4.18%/yr vs 2.82%/yr for ERNE.L. At a 0.33 correlation, their price movements are largely independent. CBS5.L charges 0.20%/yr vs 0.09%/yr for ERNE.L.
Performance
CBS5.L vs. ERNE.L - Performance Comparison
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Different Trading Currencies
CBS5.L is traded in GBp, while ERNE.L is traded in EUR. To make them comparable, the ERNE.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CBS5.L achieves a 0.23% return, which is significantly higher than ERNE.L's -1.36% return.
CBS5.L
- 1D
- 0.04%
- 1M
- -0.74%
- 6M
- -0.15%
- YTD
- 0.23%
- 1Y
- 2.97%
- 3Y*
- 4.18%
- 5Y*
- —
- 10Y*
- —
ERNE.L
- 1D
- 0.09%
- 1M
- -1.57%
- 6M
- -0.93%
- YTD
- -1.36%
- 1Y
- 0.46%
- 3Y*
- 2.82%
- 5Y*
- 1.98%
- 10Y*
- 1.14%
CBS5.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CBS5.L UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-acc | 0.23% | -0.23% | 6.03% | 0.27% | -17.89% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | -1.36% | 8.08% | -0.59% | 1.32% | 5.17% |
Correlation
The correlation between CBS5.L and ERNE.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Apr 25, 2022 | 0.33 |
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Return for Risk
CBS5.L vs. ERNE.L — Risk / Return Rank
CBS5.L
ERNE.L
CBS5.L vs. ERNE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-acc (CBS5.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.
| CBS5.L | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.02 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 0.16 | +0.64 |
| Martin ratioReturn relative to average drawdown | 2.01 | 0.43 | +1.58 |
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Drawdowns
CBS5.L vs. ERNE.L - Drawdown Comparison
The maximum CBS5.L drawdown since its inception was -23.09%, which is greater than ERNE.L's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for CBS5.L and ERNE.L.
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Drawdown Indicators
| CBS5.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.09% | -18.38% | -4.71% |
Max Drawdown (1Y)Largest decline over 1 year | -4.35% | -2.76% | -1.59% |
Max Drawdown (3Y)Largest decline over 3 years | -8.03% | -3.01% | -5.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.82% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.73% | — |
Current DrawdownCurrent decline from peak | -12.95% | -2.41% | -10.54% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -5.90% | -10.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.05% | +0.69% |
Volatility
CBS5.L vs. ERNE.L - Volatility Comparison
UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-acc (CBS5.L) has a higher volatility of 1.68% compared to iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) at 1.08%. This indicates that CBS5.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
| CBS5.L | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 1.08% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 4.27% | 2.58% | +1.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 3.90% | +1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.42% | 5.37% | +7.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.42% | 6.65% | +5.77% |
CBS5.L vs. ERNE.L - Expense Ratio Comparison
CBS5.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
CBS5.L vs. ERNE.L - Dividend Comparison
CBS5.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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBS5.L UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (USD) A-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
CBS5.L and ERNE.L have a correlation of 0.36, 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 CBS5.L.
CBS5.L is categorized as Corporate Bonds, while ERNE.L is Ultrashort Bond. CBS5.L tracks Bloomberg US Corp Bond TR USD, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). They also come from different issuers: UBS and iShares. Their fees differ too: 0.20% for CBS5.L and 0.09% for ERNE.L.
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