ERN1.L vs. JPSA.L
ERN1.L (iShares € Ultrashort Bond UCITS ETF) and JPSA.L (JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc) are both Ultrashort Bond funds. ERN1.L is passively managed, while JPSA.L is actively managed. Over the past 5 years, ERN1.L returned 2.20%/yr vs 4.71%/yr for JPSA.L. At a 0.41 correlation, their price movements are largely independent. ERN1.L charges 0.09%/yr vs 0.18%/yr for JPSA.L.
Performance
ERN1.L vs. JPSA.L - Performance Comparison
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Different Trading Currencies
ERN1.L is traded in GBP, while JPSA.L is traded in USD. To make them comparable, the JPSA.L 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 -0.32% return, which is significantly lower than JPSA.L's 3.85% return.
ERN1.L
- 1D
- 0.07%
- 1M
- 0.08%
- YTD
- -0.32%
- 6M
- -0.23%
- 1Y
- 3.26%
- 3Y*
- 3.55%
- 5Y*
- 2.20%
- 10Y*
- 1.61%
JPSA.L
- 1D
- 0.19%
- 1M
- 2.30%
- YTD
- 3.85%
- 6M
- 4.28%
- 1Y
- 7.61%
- 3Y*
- 3.89%
- 5Y*
- 4.71%
- 10Y*
- —
ERN1.L vs. JPSA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ERN1.L iShares € Ultrashort Bond UCITS ETF | -0.32% | 8.04% | -0.60% | 1.37% | 5.27% | -6.83% | 5.66% | -0.90% |
JPSA.L JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc | 3.85% | -2.41% | 7.39% | -0.19% | 13.06% | 1.02% | -0.68% | 1.53% |
Correlation
The correlation between ERN1.L and JPSA.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019 | 0.41 |
The correlation between ERN1.L and JPSA.L shifts across timeframes, from 0.27 (3 years) to 0.41 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERN1.L vs. JPSA.L — Risk / Return Rank
ERN1.L
JPSA.L
ERN1.L vs. JPSA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Ultrashort Bond UCITS ETF (ERN1.L) and JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc (JPSA.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.
| ERN1.L | JPSA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.21 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.51 | +0.24 |
| Martin ratioReturn relative to average drawdown | 3.64 | 4.27 | -0.63 |
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Drawdowns
ERN1.L vs. JPSA.L - Drawdown Comparison
The maximum ERN1.L drawdown since its inception was -29.99%, which is greater than JPSA.L's maximum drawdown of -16.28%. Use the drawdown chart below to compare losses from any high point for ERN1.L and JPSA.L.
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Drawdown Indicators
| ERN1.L | JPSA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.99% | -16.28% | -13.71% |
Max Drawdown (1Y)Largest decline over 1 year | -1.86% | -5.02% | +3.16% |
Max Drawdown (3Y)Largest decline over 3 years | -2.97% | -9.48% | +6.51% |
Max Drawdown (5Y)Largest decline over 5 years | -4.83% | -15.97% | +11.14% |
Max Drawdown (10Y)Largest decline over 10 years | -11.78% | — | — |
Current DrawdownCurrent decline from peak | -3.59% | -3.01% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -13.31% | -8.21% | -5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 1.78% | -0.88% |
Volatility
ERN1.L vs. JPSA.L - Volatility Comparison
The current volatility for iShares € Ultrashort Bond UCITS ETF (ERN1.L) is 0.92%, while JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc (JPSA.L) has a volatility of 1.57%. This indicates that ERN1.L experiences smaller price fluctuations and is considered to be less risky than JPSA.L 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 | JPSA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 1.57% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 5.01% | -2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 6.54% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.38% | 8.44% | -3.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.72% | 8.65% | -1.93% |
ERN1.L vs. JPSA.L - Expense Ratio Comparison
ERN1.L has a 0.09% expense ratio, which is lower than JPSA.L's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ERN1.L vs. JPSA.L - Dividend Comparison
ERN1.L's dividend yield for the trailing twelve months is around 2.35%, while JPSA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERN1.L iShares € Ultrashort Bond UCITS ETF | 2.35% | 2.70% | 3.82% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
JPSA.L JPMorgan USD Ultra-Short Income Active UCITS ETF USD 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% |
Frequently Asked Questions
ERN1.L and JPSA.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERN1.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERN1.L is cheaper with a 0.09% expense ratio, compared with 0.18% for JPSA.L.
They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.09% for ERN1.L and 0.18% for JPSA.L.
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