ERN1.L vs. XEON.DE

Last updated Apr 2, 2026

Compare and contrast key facts about iShares € Ultrashort Bond UCITS ETF (ERN1.L) and Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE).

ERN1.L and XEON.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERN1.L is a passively managed fund by iShares that tracks the performance of the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. It was launched on Oct 16, 2013. XEON.DE is a passively managed fund by Xtrackers that tracks the performance of the Solactive €STR +8.5 Daily Index. It was launched on May 27, 2007. Both ERN1.L and XEON.DE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ERN1.L vs. XEON.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares € Ultrashort Bond UCITS ETF (ERN1.L) and Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE). The values are adjusted to include any dividend payments, if applicable.

ERN1.L vs. XEON.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERN1.L iShares € Ultrashort Bond UCITS ETF	-0.37%	926.99%	26.16%	-339.28%	5.26%	-6.83%	5.64%	-4.76%	0.45%	3.37%
XEON.DE Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C	0.77%	7.57%	-0.74%	1.24%	5.43%	-7.60%	5.04%	-5.67%	0.93%	3.73%

Different Trading Currencies

ERN1.L is traded in GBP, while XEON.DE is traded in EUR. To make them comparable, the XEON.DE 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 -0.37% return, which is significantly lower than XEON.DE's 0.77% return.

ERN1.L

• 1D: -0.09%
• 1M: -0.76%
• YTD: -0.37%
• 6M: -599.07%
• 1Y: 908.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XEON.DE

• 1D: 0.13%
• 1M: 0.49%
• YTD: 0.77%
• 6M: 1.50%
• 1Y: 6.89%
• 3Y*: 2.90%
• 5Y*: 2.41%
• 10Y*: 1.56%

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

ERN1.L vs. XEON.DE - Expense Ratio Comparison

ERN1.L has a 0.09% expense ratio, which is lower than XEON.DE's 0.10% 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%.

XEON.DE

Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C

ERN1.L

iShares € Ultrashort Bond UCITS ETF

Return for Risk

ERN1.L vs. XEON.DE — 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: 32
ERN1.L Sharpe Ratio Rank: 73
ERN1.L Sortino Ratio Rank: 1
ERN1.L Omega Ratio Rank: 0
ERN1.L Calmar Ratio Rank: 55
ERN1.L Martin Ratio Rank: 31

XEON.DE

XEON.DE Risk / Return Rank: 99
XEON.DE Sharpe Ratio Rank: 99
XEON.DE Sortino Ratio Rank: 99
XEON.DE Omega Ratio Rank: 99
XEON.DE Calmar Ratio Rank: 99
XEON.DE Martin Ratio Rank: 99

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. XEON.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares € Ultrashort Bond UCITS ETF (ERN1.L) and Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE). 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	XEON.DE	Difference
Sharpe ratio Return per unit of total volatility	1.36	1.40	-0.04
Sortino ratio Return per unit of downside risk	-1.33	2.21	-3.54
Omega ratio Gain probability vs. loss probability	0.03	1.27	-1.24
Calmar ratio Return relative to maximum drawdown	1.52	2.17	-0.65
Martin ratio Return relative to average drawdown	2.78	5.42	-2.65
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. XEON.DE - Sharpe Ratio Comparison

The current ERN1.L Sharpe Ratio is 1.36, which is comparable to the XEON.DE Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of ERN1.L and XEON.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ERN1.L	XEON.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.40	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.26	—

Correlation

The correlation between ERN1.L and XEON.DE is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ERN1.L vs. XEON.DE - Dividend Comparison

ERN1.L's dividend yield for the trailing twelve months is around 271.43%, while XEON.DE has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERN1.L iShares € Ultrashort Bond UCITS ETF	271.43%	270.43%	382.39%	214.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.00%	13.08%
XEON.DE Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ERN1.L vs. XEON.DE - Drawdown Comparison

The maximum ERN1.L drawdown since its inception was -596.86%, which is greater than XEON.DE's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for ERN1.L and XEON.DE.

Drawdown Indicators

	ERN1.L	XEON.DE	Difference
Max Drawdown Largest peak-to-trough decline	-596.86%	-3.71%	-593.15%
Max Drawdown (1Y) Largest decline over 1 year	-297.73%	-0.08%	-297.65%
Max Drawdown (5Y) Largest decline over 5 years	-596.86%	-0.82%	-596.04%
Max Drawdown (10Y) Largest decline over 10 years	-596.86%	-3.33%	-593.53%
Current Drawdown Current decline from peak	-590.68%	0.00%	-590.68%
Average Drawdown Average peak-to-trough decline	-36.27%	-0.93%	-35.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	326.57%	0.01%	+326.56%

Volatility

ERN1.L vs. XEON.DE - Volatility Comparison

iShares € Ultrashort Bond UCITS ETF (ERN1.L) has a higher volatility of 1.28% compared to Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE) at 1.07%. This indicates that ERN1.L's price experiences larger fluctuations and is considered to be riskier than XEON.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERN1.L	XEON.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	1.07%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	2.76%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	661.69%	4.90%	+656.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	344.47%	5.46%	+339.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	243.54%	7.20%	+236.34%