ERN1.L vs. BTC-USD
ERN1.L (iShares € Ultrashort Bond UCITS ETF) is Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, ERN1.L returned 7.14%/yr vs 60.90%/yr for BTC-USD. At a 0.06 correlation, their price movements are largely independent.
Performance
ERN1.L vs. BTC-USD - Performance Comparison
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Different Trading Currencies
ERN1.L is traded in GBP, while BTC-USD is traded in USD. To make them comparable, the BTC-USD values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, ERN1.L achieves a -0.66% return, which is significantly higher than BTC-USD's -27.31% return. Over the past 10 years, ERN1.L has underperformed BTC-USD with an annualized return of 7.14%, while BTC-USD has yielded a comparatively higher 60.90% annualized return.
ERN1.L
- 1D
- 0.17%
- 1M
- 0.50%
- YTD
- -0.66%
- 6M
- -1.68%
- 1Y
- 1.60%
- 3Y*
- 20.59%
- 5Y*
- 12.09%
- 10Y*
- 7.14%
BTC-USD
- 1D
- -1.08%
- 1M
- -20.99%
- YTD
- -27.31%
- 6M
- -31.69%
- 1Y
- -38.94%
- 3Y*
- 31.62%
- 5Y*
- 12.64%
- 10Y*
- 60.90%
ERN1.L vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERN1.L iShares € Ultrashort Bond UCITS ETF | -0.66% | 5.12% | -4.27% | 72.37% | 5.26% | -6.83% | 5.64% | -4.76% | 0.45% | 3.37% |
BTC-USD Bitcoin | -27.31% | -12.95% | 125.81% | 140.73% | -59.81% | 60.91% | 292.68% | 86.71% | -73.15% | 1,284.82% |
Correlation
The correlation between ERN1.L and BTC-USD is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2013 | 0.06 |
The correlation between ERN1.L and BTC-USD shifts across timeframes, from -0.10 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERN1.L vs. BTC-USD — Risk / Return Rank
ERN1.L
BTC-USD
ERN1.L vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Ultrashort Bond UCITS ETF (ERN1.L) and Bitcoin (BTC-USD). 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.
| ERN1.L | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.86 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | -0.78 | +1.25 |
| Martin ratioReturn relative to average drawdown | 0.92 | -1.39 | +2.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ERN1.L | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.37 | -0.93 | +1.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.23 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.90 | -0.61 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 1.14 | -0.74 |
Drawdowns
ERN1.L vs. BTC-USD - Drawdown Comparison
The maximum ERN1.L drawdown since its inception was -11.79%, smaller than the maximum BTC-USD drawdown of -84.19%. Use the drawdown chart below to compare losses from any high point for ERN1.L and BTC-USD.
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Drawdown Indicators
| ERN1.L | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.79% | -84.19% | +72.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.41% | -49.84% | +46.43% |
Max Drawdown (3Y)Largest decline over 3 years | -6.78% | -49.84% | +43.06% |
Max Drawdown (5Y)Largest decline over 5 years | -6.78% | -73.24% | +66.46% |
Max Drawdown (10Y)Largest decline over 10 years | -11.79% | -82.15% | +70.36% |
Current DrawdownCurrent decline from peak | -2.62% | -48.98% | +46.36% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -40.26% | +35.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 33.59% | -31.85% |
Volatility
ERN1.L vs. BTC-USD - Volatility Comparison
The current volatility for iShares € Ultrashort Bond UCITS ETF (ERN1.L) is 1.20%, while Bitcoin (BTC-USD) has a volatility of 10.38%. This indicates that ERN1.L experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERN1.L | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 10.38% | -9.18% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 33.67% | -30.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 34.71% | -30.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.29% | 44.81% | -11.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.27% | 56.04% | -31.77% |
Frequently Asked Questions
ERN1.L and BTC-USD have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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