EMUS.L vs. ERNU.L
EMUS.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both exchange-traded funds - EMUS.L is a Emerging Markets Bonds fund tracking the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity 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 5 years, EMUS.L returned 1.05%/yr vs 3.94%/yr for ERNU.L. At a correlation of -0.01, they often move in opposite directions. EMUS.L charges 0.35%/yr vs 0.09%/yr for ERNU.L.
Performance
EMUS.L vs. ERNU.L - Performance Comparison
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Different Trading Currencies
EMUS.L is traded in USD, while ERNU.L is traded in GBP. To make them comparable, the ERNU.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMUS.L achieves a -1.57% return, which is significantly lower than ERNU.L's 2.44% return.
EMUS.L
- 1D
- 0.00%
- 1M
- -0.23%
- 6M
- -1.57%
- YTD
- -1.57%
- 1Y
- 2.64%
- 3Y*
- 5.25%
- 5Y*
- 1.05%
- 10Y*
- —
ERNU.L
- 1D
- 0.48%
- 1M
- 0.81%
- 6M
- 2.31%
- YTD
- 2.44%
- 1Y
- 4.70%
- 3Y*
- 5.25%
- 5Y*
- 3.94%
- 10Y*
- 2.85%
EMUS.L vs. ERNU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMUS.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | -1.57% | 8.01% | 5.52% | 7.02% | -11.63% | 0.86% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 2.44% | 4.92% | 5.60% | 4.92% | 1.31% | 0.63% |
Correlation
The correlation between EMUS.L and ERNU.L is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | -0.01 |
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Return for Risk
EMUS.L vs. ERNU.L — Risk / Return Rank
EMUS.L
ERNU.L
EMUS.L vs. ERNU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUS.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.
| EMUS.L | ERNU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.19 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 3.52 | -2.95 |
| Martin ratioReturn relative to average drawdown | 1.52 | 14.63 | -13.11 |
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Drawdowns
EMUS.L vs. ERNU.L - Drawdown Comparison
The maximum EMUS.L drawdown since its inception was -19.58%, smaller than the maximum ERNU.L drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for EMUS.L and ERNU.L.
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Drawdown Indicators
| EMUS.L | ERNU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.58% | -37.72% | +18.14% |
Max Drawdown (1Y)Largest decline over 1 year | -4.59% | -1.33% | -3.26% |
Max Drawdown (3Y)Largest decline over 3 years | -4.59% | -1.33% | -3.26% |
Max Drawdown (5Y)Largest decline over 5 years | -19.58% | -2.54% | -17.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -8.12% | — |
Current DrawdownCurrent decline from peak | -1.90% | -16.29% | +14.39% |
Average DrawdownAverage peak-to-trough decline | -5.63% | -31.12% | +25.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 0.32% | +1.41% |
Volatility
EMUS.L vs. ERNU.L - Volatility Comparison
The current volatility for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUS.L) is 0.82%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 1.38%. This indicates that EMUS.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
| EMUS.L | ERNU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.38% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 4.14% | 3.81% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.56% | 4.37% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.30% | 4.80% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.30% | 5.09% | +0.21% |
EMUS.L vs. ERNU.L - Expense Ratio Comparison
EMUS.L has a 0.35% expense ratio, which is higher than ERNU.L's 0.09% expense ratio.
Dividends
EMUS.L vs. ERNU.L - Dividend Comparison
EMUS.L's dividend yield for the trailing twelve months is around 2.81%, less than ERNU.L's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMUS.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | 2.81% | 5.39% | 4.96% | 4.62% | 3.79% | 1.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 4.35% | 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
EMUS.L and ERNU.L have a correlation of -0.05, 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 0.35% for EMUS.L.
EMUS.L is categorized as Emerging Markets Bonds, while ERNU.L is Corporate Bonds. EMUS.L tracks J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, while ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: L&G and iShares. Their fees differ too: 0.35% for EMUS.L and 0.09% for ERNU.L.
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