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ERNA.L vs. TIP
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ERNA.L vs. TIP

Last updated Apr 2, 2026

Compare and contrast key facts about iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) and iShares TIPS Bond ETF (TIP).

ERNA.L and TIP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERNA.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Corp 1-3 Yr TR USD. It was launched on Jun 29, 2018. TIP is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). It was launched on Dec 4, 2003. Both ERNA.L and TIP 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

ERNA.L vs. TIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) and iShares TIPS Bond ETF (TIP). The values are adjusted to include any dividend payments, if applicable.

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ERNA.L vs. TIP - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ERNA.L
iShares USD Ultrashort Bond UCITS ETF USD (Acc)		0.82%4.75%5.66%5.50%1.46%0.11%1.27%3.19%1.09%
TIP
iShares TIPS Bond ETF		0.41%6.77%1.65%3.80%-12.26%5.68%10.84%8.35%-1.63%

Returns By Period

In the year-to-date period, ERNA.L achieves a 0.82% return, which is significantly higher than TIP's 0.41% return.

ERNA.L

1D
-0.06%
1M
0.24%
YTD
0.82%
6M
1.95%
1Y
4.33%
3Y*
5.23%
5Y*
3.63%
10Y*
—

TIP

1D
0.00%
1M
-1.08%
YTD
0.41%
6M
0.15%
1Y
2.76%
3Y*
2.98%
5Y*
1.24%
10Y*
2.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares USD Ultrashort Bond UCITS ETF USD (Acc)

iShares TIPS Bond ETF

Often compared with ERNA.L:
ERNA.L vs. IB01.LERNA.L vs. FLOA.LERNA.L vs. CSH2.LERNA.L vs. SDHA.LERNA.L vs. IBDTERNA.L vs. AGGU.LERNA.L vs. ECR1.DE
Often compared with TIP:
TIP vs. SCHPTIP vs. VTIPTIP vs. SGOVTIP vs. STIPTIP vs. FIPDXTIP vs. IEFTIP vs. BND

ERNA.L vs. TIP - Expense Ratio Comparison

ERNA.L has a 0.09% expense ratio, which is lower than TIP's 0.19% 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%.

TIP
iShares TIPS Bond ETF
ERNA.L
iShares USD Ultrashort Bond UCITS ETF USD (Acc)

Return for Risk

ERNA.L vs. TIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ERNA.L
ERNA.L Risk / Return Rank: 9999
Overall Rank
ERNA.L Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
ERNA.L Sortino Ratio Rank: 9999
Sortino Ratio Rank
ERNA.L Omega Ratio Rank: 9999
Omega Ratio Rank
ERNA.L Calmar Ratio Rank: 9999
Calmar Ratio Rank
ERNA.L Martin Ratio Rank: 9999
Martin Ratio Rank
TIP
TIP Risk / Return Rank: 3232
Overall Rank
TIP Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
TIP Sortino Ratio Rank: 3030
Sortino Ratio Rank
TIP Omega Ratio Rank: 2828
Omega Ratio Rank
TIP Calmar Ratio Rank: 3838
Calmar Ratio Rank
TIP Martin Ratio Rank: 3333
Martin Ratio Rank
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.

ERNA.L vs. TIP - 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 iShares TIPS Bond ETF (TIP). 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.LTIPDifference

Sharpe ratio

Return per unit of total volatility

4.63

0.67

+3.96

Sortino ratio

Return per unit of downside risk

7.59

0.93

+6.67

Omega ratio

Gain probability vs. loss probability

2.29

1.12

+1.17

Calmar ratio

Return relative to maximum drawdown

11.44

1.03

+10.41

Martin ratio

Return relative to average drawdown

81.05

2.99

+78.06

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERNA.L vs. TIP - Sharpe Ratio Comparison

The current ERNA.L Sharpe Ratio is 4.63, which is higher than the TIP Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of ERNA.L and TIP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ERNA.LTIPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.63

0.67

+3.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

4.04

0.20

+3.84

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.43

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.40

0.57

+0.83

Correlation

The correlation between ERNA.L and TIP is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ERNA.L vs. TIP - Dividend Comparison

ERNA.L has not paid dividends to shareholders, while TIP's dividend yield for the trailing twelve months is around 2.80%.

TTM20252024202320222021202020192018201720162015
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%0.00%
TIP
iShares TIPS Bond ETF		2.80%3.46%2.52%2.73%6.96%4.28%1.17%1.75%2.71%2.07%1.48%0.34%

Drawdowns

ERNA.L vs. TIP - Drawdown Comparison

The maximum ERNA.L drawdown since its inception was -8.63%, smaller than the maximum TIP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for ERNA.L and TIP.

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Drawdown Indicators

ERNA.LTIPDifference

Max Drawdown

Largest peak-to-trough decline

-8.63%

-14.57%

+5.94%

Max Drawdown (1Y)

Largest decline over 1 year

-0.38%

-2.74%

+2.36%

Max Drawdown (5Y)

Largest decline over 5 years

-0.81%

-14.51%

+13.70%

Max Drawdown (10Y)

Largest decline over 10 years

—

-14.51%

—

Current Drawdown

Current decline from peak

-0.06%

-1.36%

+1.30%

Average Drawdown

Average peak-to-trough decline

-0.10%

-3.46%

+3.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.05%

0.94%

-0.89%

Volatility

ERNA.L vs. TIP - Volatility Comparison

The current volatility for iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) is 0.50%, while iShares TIPS Bond ETF (TIP) has a volatility of 1.41%. This indicates that ERNA.L experiences smaller price fluctuations and is considered to be less risky than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ERNA.LTIPDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.50%

1.41%

-0.91%

Volatility (6M)

Calculated over the trailing 6-month period

0.63%

2.35%

-1.72%

Volatility (1Y)

Calculated over the trailing 1-year period

0.93%

4.15%

-3.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.90%

6.22%

-5.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.18%

5.75%

-3.57%