ERNA.L vs. BIL
ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, ERNA.L returned 3.77%/yr vs 3.41%/yr for BIL. At a 0.07 correlation, their price movements are largely independent. ERNA.L charges 0.09%/yr vs 0.14%/yr for BIL.
Performance
ERNA.L vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, ERNA.L achieves a 1.64% return, which is significantly higher than BIL's 1.49% return.
ERNA.L
- 1D
- 0.11%
- 1M
- 0.35%
- YTD
- 1.64%
- 6M
- 1.95%
- 1Y
- 4.36%
- 3Y*
- 5.21%
- 5Y*
- 3.77%
- 10Y*
- —
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.49%
- 6M
- 1.76%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
ERNA.L vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 1.64% | 4.75% | 5.66% | 5.50% | 1.46% | 0.11% | 1.27% | 3.19% | 1.09% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 0.97% |
Correlation
The correlation between ERNA.L and BIL is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.07 |
The correlation between ERNA.L and BIL shifts across timeframes, from -0.05 (1 year) to 0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ERNA.L vs. BIL — Risk / Return Rank
ERNA.L
BIL
ERNA.L vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| ERNA.L | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.06 | ||
| Sortino ratioReturn per unit of downside risk | -165.86 | ||
| Omega ratioGain probability vs. loss probability | 2.31 | 87.91 | -85.60 |
| Calmar ratioReturn relative to maximum drawdown | 21.10 | 355.35 | -334.25 |
| Martin ratioReturn relative to average drawdown | 82.85 | 2,817.77 | -2,734.92 |
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
| ERNA.L | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.65 | 19.71 | -15.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.03 | 13.15 | -9.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.43 | 2.78 | -1.35 |
Drawdowns
ERNA.L vs. BIL - Drawdown Comparison
The maximum ERNA.L drawdown since its inception was -8.63%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for ERNA.L and BIL.
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Drawdown Indicators
| ERNA.L | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.63% | -0.78% | -7.85% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -0.01% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -0.38% | -0.01% | -0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -0.81% | -0.10% | -0.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.26% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.00% | +0.05% |
Volatility
ERNA.L vs. BIL - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) has a higher volatility of 0.30% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that ERNA.L's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERNA.L | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.06% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 0.86% | 0.13% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.93% | 0.20% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.93% | 0.26% | +0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.17% | 0.26% | +1.91% |
ERNA.L vs. BIL - Expense Ratio Comparison
ERNA.L has a 0.09% expense ratio, which is lower than BIL's 0.14% 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
ERNA.L vs. BIL - Dividend Comparison
ERNA.L has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
ERNA.L iShares USD Ultrashort Bond 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% |
Frequently Asked Questions
ERNA.L and BIL have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNA.L is cheaper with a 0.09% expense ratio, compared with 0.14% for BIL.
ERNA.L is categorized as Corporate Bonds, while BIL is Government Bonds. ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for ERNA.L and 0.14% for BIL.
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