ERNA.L vs. GFA.L
ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) and GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc)) are both exchange-traded funds - ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while GFA.L is a Global High Yield Bonds fund tracking the ICE Global Fallen Angel High Yield 10% Constrained Index. Both are passively managed. Over the past 5 years, ERNA.L returned 3.85%/yr vs 2.98%/yr for GFA.L. At a 0.10 correlation, their price movements are largely independent. ERNA.L charges 0.09%/yr vs 0.40%/yr for GFA.L.
Performance
ERNA.L vs. GFA.L - Performance Comparison
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Returns By Period
In the year-to-date period, ERNA.L achieves a 2.07% return, which is significantly lower than GFA.L's 3.55% return.
ERNA.L
- 1D
- 0.00%
- 1M
- 0.31%
- 6M
- 1.91%
- YTD
- 2.07%
- 1Y
- 4.23%
- 3Y*
- 5.12%
- 5Y*
- 3.85%
- 10Y*
- —
GFA.L
- 1D
- -0.14%
- 1M
- -0.18%
- 6M
- 3.30%
- YTD
- 3.55%
- 1Y
- 6.91%
- 3Y*
- 8.15%
- 5Y*
- 2.98%
- 10Y*
- —
ERNA.L vs. GFA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 2.07% | 4.85% | 5.65% | 5.44% | 1.46% | 0.11% | 1.27% | 3.19% | 1.14% |
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) | 3.55% | 9.97% | 6.02% | 10.29% | -12.56% | 1.93% | 16.95% | 13.34% | -2.21% |
Correlation
The correlation between ERNA.L and GFA.L is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.10 |
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Return for Risk
ERNA.L vs. GFA.L — Risk / Return Rank
ERNA.L
GFA.L
ERNA.L vs. GFA.L - 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 VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.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.
| ERNA.L | GFA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.93 | ||
| Sortino ratioReturn per unit of downside risk | +3.65 | ||
| Omega ratioGain probability vs. loss probability | 2.10 | 1.21 | +0.88 |
| Calmar ratioReturn relative to maximum drawdown | 13.33 | 1.76 | +11.56 |
| Martin ratioReturn relative to average drawdown | 55.76 | 4.76 | +51.00 |
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Drawdowns
ERNA.L vs. GFA.L - Drawdown Comparison
The maximum ERNA.L drawdown since its inception was -8.63%, smaller than the maximum GFA.L drawdown of -22.98%. Use the drawdown chart below to compare losses from any high point for ERNA.L and GFA.L.
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Drawdown Indicators
| ERNA.L | GFA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.63% | -22.98% | +14.35% |
Max Drawdown (1Y)Largest decline over 1 year | -0.32% | -3.90% | +3.58% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -5.03% | +4.70% |
Max Drawdown (5Y)Largest decline over 5 years | -0.81% | -22.54% | +21.73% |
Current DrawdownCurrent decline from peak | 0.00% | -0.80% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -4.38% | +4.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 1.45% | -1.37% |
Volatility
ERNA.L vs. GFA.L - Volatility Comparison
The current volatility for iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) is 0.34%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.L) has a volatility of 1.33%. This indicates that ERNA.L experiences smaller price fluctuations and is considered to be less risky than GFA.L 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 | GFA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 1.33% | -0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 1.24% | 5.65% | -4.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.41% | 6.49% | -5.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.24% | 8.25% | -7.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.25% | 8.42% | -6.17% |
ERNA.L vs. GFA.L - Expense Ratio Comparison
ERNA.L has a 0.09% expense ratio, which is lower than GFA.L's 0.40% expense ratio.
Dividends
ERNA.L vs. GFA.L - Dividend Comparison
Neither ERNA.L nor GFA.L has paid dividends to shareholders.
Frequently Asked Questions
ERNA.L and GFA.L have a correlation of 0.10, 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 0.40% for GFA.L.
ERNA.L is categorized as Corporate Bonds, while GFA.L is Global High Yield Bonds. ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD, while GFA.L tracks ICE Global Fallen Angel High Yield 10% Constrained Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.09% for ERNA.L and 0.40% for GFA.L.
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