ERN1.L vs. QQQ
ERN1.L (iShares € Ultrashort Bond UCITS ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - ERN1.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, ERN1.L returned 7.14%/yr vs 22.74%/yr for QQQ. At a 0.10 correlation, their price movements are largely independent. ERN1.L charges 0.09%/yr vs 0.18%/yr for QQQ.
Performance
ERN1.L vs. QQQ - Performance Comparison
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Different Trading Currencies
ERN1.L is traded in GBP, while QQQ is traded in USD. To make them comparable, the QQQ 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 lower than QQQ's 21.20% return. Over the past 10 years, ERN1.L has underperformed QQQ with an annualized return of 7.14%, while QQQ has yielded a comparatively higher 22.74% 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%
QQQ
- 1D
- -0.48%
- 1M
- 9.65%
- YTD
- 21.20%
- 6M
- 18.37%
- 1Y
- 42.10%
- 3Y*
- 25.31%
- 5Y*
- 19.13%
- 10Y*
- 22.74%
ERN1.L vs. QQQ - 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% |
QQQ Invesco QQQ ETF | 21.20% | 12.17% | 27.77% | 47.12% | -24.56% | 28.63% | 44.26% | 33.67% | 5.80% | 21.19% |
Correlation
The correlation between ERN1.L and QQQ is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2013 | 0.10 |
The correlation between ERN1.L and QQQ shifts across timeframes, from -0.12 (1 year) to 0.11 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
ERN1.L vs. QQQ — Risk / Return Rank
ERN1.L
QQQ
ERN1.L vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Ultrashort Bond UCITS ETF (ERN1.L) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.40 | ||
| Sortino ratioReturn per unit of downside risk | -2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.49 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 3.56 | -3.09 |
| Martin ratioReturn relative to average drawdown | 0.92 | 10.77 | -9.85 |
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 | QQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.37 | 2.77 | -2.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.91 | -0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 1.03 | -0.73 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.87 | -0.47 |
Drawdowns
ERN1.L vs. QQQ - Drawdown Comparison
The maximum ERN1.L drawdown since its inception was -11.79%, smaller than the maximum QQQ drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for ERN1.L and QQQ.
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Drawdown Indicators
| ERN1.L | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.79% | -34.25% | +22.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.41% | -11.89% | +8.48% |
Max Drawdown (3Y)Largest decline over 3 years | -6.78% | -24.87% | +18.09% |
Max Drawdown (5Y)Largest decline over 5 years | -6.78% | -27.87% | +21.09% |
Max Drawdown (10Y)Largest decline over 10 years | -11.79% | -27.87% | +16.08% |
Current DrawdownCurrent decline from peak | -2.62% | -0.48% | -2.14% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -5.47% | +0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 3.92% | -2.18% |
Volatility
ERN1.L vs. QQQ - Volatility Comparison
The current volatility for iShares € Ultrashort Bond UCITS ETF (ERN1.L) is 1.20%, while Invesco QQQ ETF (QQQ) has a volatility of 3.94%. This indicates that ERN1.L experiences smaller price fluctuations and is considered to be less risky than QQQ 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 | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 3.94% | -2.74% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 10.94% | -8.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 15.28% | -10.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.29% | 21.10% | +12.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.27% | 22.22% | +2.05% |
ERN1.L vs. QQQ - Expense Ratio Comparison
ERN1.L has a 0.09% expense ratio, which is lower than QQQ'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. QQQ - Dividend Comparison
ERN1.L has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERN1.L iShares € Ultrashort Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 41.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.00% | 13.08% |
QQQ Invesco QQQ ETF | 0.38% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
ERN1.L and QQQ have a correlation of -0.12, 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 QQQ.
ERN1.L is categorized as Ultrashort Bond, while QQQ is Nasdaq-100. ERN1.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.09% for ERN1.L and 0.18% for QQQ.
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