ERNA.L vs. GFGB.L
ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) and GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) are both exchange-traded funds - ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while GFGB.L is a High Yield Bonds fund tracking the ICE BofA Gbl HY Constnd TR USD. Both are passively managed. Over the past 5 years, ERNA.L returned 3.79%/yr vs 3.20%/yr for GFGB.L. At a 0.08 correlation, their price movements are largely independent. ERNA.L charges 0.09%/yr vs 0.40%/yr for GFGB.L.
Performance
ERNA.L vs. GFGB.L - Performance Comparison
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Different Trading Currencies
ERNA.L is traded in USD, while GFGB.L is traded in GBP. To make them comparable, the GFGB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ERNA.L achieves a 1.75% return, which is significantly lower than GFGB.L's 3.69% return.
ERNA.L
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- 1.75%
- 6M
- 1.92%
- 1Y
- 4.25%
- 3Y*
- 5.14%
- 5Y*
- 3.79%
- 10Y*
- —
GFGB.L
- 1D
- 0.25%
- 1M
- 1.19%
- YTD
- 3.69%
- 6M
- 4.02%
- 1Y
- 7.63%
- 3Y*
- 9.06%
- 5Y*
- 3.20%
- 10Y*
- —
ERNA.L vs. GFGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 1.75% | 4.85% | 5.65% | 5.44% | 1.46% | 0.11% | 1.27% | 3.19% | 1.14% |
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 3.69% | 10.14% | 6.06% | 9.78% | -12.76% | 2.37% | 16.54% | 14.18% | -0.87% |
Correlation
The correlation between ERNA.L and GFGB.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 | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.08 |
The correlation between ERNA.L and GFGB.L shifts across timeframes, from 0.01 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ERNA.L vs. GFGB.L — Risk / Return Rank
ERNA.L
GFGB.L
ERNA.L vs. GFGB.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 (GFGB.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 | GFGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.88 | ||
| Sortino ratioReturn per unit of downside risk | +3.57 | ||
| Omega ratioGain probability vs. loss probability | 2.05 | 1.21 | +0.84 |
| Calmar ratioReturn relative to maximum drawdown | 13.37 | 1.95 | +11.42 |
| Martin ratioReturn relative to average drawdown | 54.91 | 6.17 | +48.74 |
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Drawdowns
ERNA.L vs. GFGB.L - Drawdown Comparison
The maximum ERNA.L drawdown since its inception was -8.63%, smaller than the maximum GFGB.L drawdown of -41.73%. Use the drawdown chart below to compare losses from any high point for ERNA.L and GFGB.L.
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Drawdown Indicators
| ERNA.L | GFGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.63% | -41.73% | +33.10% |
Max Drawdown (1Y)Largest decline over 1 year | -0.32% | -3.90% | +3.58% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -5.31% | +4.98% |
Max Drawdown (5Y)Largest decline over 5 years | -0.81% | -23.12% | +22.31% |
Current DrawdownCurrent decline from peak | -0.00% | -1.06% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -16.59% | +16.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 1.23% | -1.15% |
Volatility
ERNA.L vs. GFGB.L - Volatility Comparison
The current volatility for iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) is 0.39%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a volatility of 2.07%. This indicates that ERNA.L experiences smaller price fluctuations and is considered to be less risky than GFGB.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 | GFGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 2.07% | -1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 6.18% | -4.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.43% | 7.05% | -5.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.24% | 8.62% | -7.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.25% | 13.56% | -11.31% |
ERNA.L vs. GFGB.L - Expense Ratio Comparison
ERNA.L has a 0.09% expense ratio, which is lower than GFGB.L's 0.40% expense ratio.
Dividends
ERNA.L vs. GFGB.L - Dividend Comparison
Neither ERNA.L nor GFGB.L has paid dividends to shareholders.
Frequently Asked Questions
ERNA.L and GFGB.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.
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 GFGB.L.
ERNA.L is categorized as Corporate Bonds, while GFGB.L is High Yield Bonds. ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD, while GFGB.L tracks ICE BofA Gbl HY Constnd TR USD. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.09% for ERNA.L and 0.40% for GFGB.L.
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