ERN1.L vs. WLDS.L

Last updated Jun 5, 2026

ERN1.L (iShares € Ultrashort Bond UCITS ETF) and WLDS.L (iShares MSCI World Small Cap UCITS ETF) are both exchange-traded funds - ERN1.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while WLDS.L is a Small Cap Blend Equities fund tracking the MSCI World Small Cap Inde. Both are passively managed. Over the past 5 years, ERN1.L returned 12.09%/yr vs 8.23%/yr for WLDS.L. At a 0.09 correlation, their price movements are largely independent. ERN1.L charges 0.09%/yr vs 0.35%/yr for WLDS.L.

Performance

ERN1.L vs. WLDS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares € Ultrashort Bond UCITS ETF (ERN1.L) and iShares MSCI World Small Cap UCITS ETF (WLDS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ERN1.L achieves a -0.66% return, which is significantly lower than WLDS.L's 14.58% 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%

WLDS.L

• 1D: 0.69%
• 1M: 4.25%
• YTD: 14.58%
• 6M: 14.95%
• 1Y: 33.75%
• 3Y*: 15.03%
• 5Y*: 8.23%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ERN1.L vs. WLDS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ERN1.L iShares € Ultrashort Bond UCITS ETF	-0.66%	5.12%	-4.27%	72.37%	5.26%	-6.83%	5.64%	-4.76%	1.79%
WLDS.L iShares MSCI World Small Cap UCITS ETF	14.58%	11.86%	8.58%	11.22%	-8.89%	16.71%	12.54%	20.41%	-4.07%

Correlation

The correlation between ERN1.L and WLDS.L is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Apr 3, 2018	0.09

Return for Risk

ERN1.L vs. WLDS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ERN1.L

ERN1.L Risk / Return Rank: 14
ERN1.L Sharpe Ratio Rank: 15
ERN1.L Sortino Ratio Rank: 14
ERN1.L Omega Ratio Rank: 14
ERN1.L Calmar Ratio Rank: 15
ERN1.L Martin Ratio Rank: 13

WLDS.L

WLDS.L Risk / Return Rank: 83
WLDS.L Sharpe Ratio Rank: 83
WLDS.L Sortino Ratio Rank: 84
WLDS.L Omega Ratio Rank: 80
WLDS.L Calmar Ratio Rank: 83
WLDS.L Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ERN1.L vs. WLDS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares € Ultrashort Bond UCITS ETF (ERN1.L) and iShares MSCI World Small Cap UCITS ETF (WLDS.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.

	ERN1.L	WLDS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.37	2.67	-2.31
Sortino ratio: Return per unit of downside risk	0.56	3.75	-3.19
Omega ratio: Gain probability vs. loss probability	1.07	1.48	-0.41
Calmar ratio: Return relative to maximum drawdown	0.47	4.32	-3.85
Martin ratio: Return relative to average drawdown	0.92	16.35	-15.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERN1.L vs. WLDS.L - Sharpe Ratio Comparison

The current ERN1.L Sharpe Ratio is 0.37, which is lower than the WLDS.L Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of ERN1.L and WLDS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ERN1.L	WLDS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	2.67	-2.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.53	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.56	-0.16

Drawdowns

ERN1.L vs. WLDS.L - Drawdown Comparison

The maximum ERN1.L drawdown since its inception was -11.79%, smaller than the maximum WLDS.L drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for ERN1.L and WLDS.L.

Drawdown Indicators

	ERN1.L	WLDS.L	Difference
Max Drawdown Largest peak-to-trough decline	-11.79%	-33.26%	+21.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.41%	-7.78%	+4.37%
Max Drawdown (3Y) Largest decline over 3 years	-6.78%	-21.55%	+14.77%
Max Drawdown (5Y) Largest decline over 5 years	-6.78%	-21.55%	+14.77%
Max Drawdown (10Y) Largest decline over 10 years	-11.79%	—	—
Current Drawdown Current decline from peak	-2.62%	0.00%	-2.62%
Average Drawdown Average peak-to-trough decline	-4.51%	-6.36%	+1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	2.06%	-0.32%

Volatility

ERN1.L vs. WLDS.L - Volatility Comparison

The current volatility for iShares € Ultrashort Bond UCITS ETF (ERN1.L) is 1.20%, while iShares MSCI World Small Cap UCITS ETF (WLDS.L) has a volatility of 3.41%. This indicates that ERN1.L experiences smaller price fluctuations and is considered to be less risky than WLDS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERN1.L	WLDS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	3.41%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	9.29%	-6.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	12.58%	-8.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.29%	15.53%	+17.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.27%	17.29%	+6.98%

ERN1.L vs. WLDS.L - Expense Ratio Comparison

ERN1.L has a 0.09% expense ratio, which is lower than WLDS.L's 0.35% expense ratio.

Dividends

ERN1.L vs. WLDS.L - Dividend Comparison

Neither ERN1.L nor WLDS.L has paid dividends to shareholders.

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%
WLDS.L iShares MSCI World Small Cap UCITS ETF	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

Can I hold both ERN1.L and WLDS.L in my portfolio?

ERN1.L and WLDS.L have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ERN1.L or WLDS.L?

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.

Which ETF is cheaper, ERN1.L or WLDS.L?

ERN1.L is cheaper with a 0.09% expense ratio, compared with 0.35% for WLDS.L.

What is the main difference between ERN1.L and WLDS.L?

ERN1.L is categorized as Ultrashort Bond, while WLDS.L is Small Cap Blend Equities. ERN1.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while WLDS.L tracks MSCI World Small Cap Inde. Their fees differ too: 0.09% for ERN1.L and 0.35% for WLDS.L.