ERNA.L vs. USDG.L
ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) and USDG.L (L&G ESG USD Corporate Bond UCITS ETF) are both Corporate Bonds funds - ERNA.L tracks the Bloomberg US Corp 1-3 Yr TR USD while USDG.L tracks the Bloomberg US Corp Bond TR USD. Both are passively managed. Over the past 5 years, ERNA.L returned 3.79%/yr vs 1.03%/yr for USDG.L. At a 0.10 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.
Performance
ERNA.L vs. USDG.L - Performance Comparison
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Different Trading Currencies
ERNA.L is traded in USD, while USDG.L is traded in GBp. To make them comparable, the USDG.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 higher than USDG.L's 1.01% 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*
- —
USDG.L
- 1D
- 0.36%
- 1M
- 0.85%
- YTD
- 1.01%
- 6M
- 1.48%
- 1Y
- 4.97%
- 3Y*
- 5.60%
- 5Y*
- 1.03%
- 10Y*
- —
ERNA.L vs. USDG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 1.75% | 4.85% | 5.65% | 5.44% | 1.46% | 0.15% |
USDG.L L&G ESG USD Corporate Bond UCITS ETF | 1.01% | 7.71% | 3.00% | 7.81% | -13.92% | -26.33% |
Correlation
The correlation between ERNA.L and USDG.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 | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.10 |
The correlation between ERNA.L and USDG.L shifts across timeframes, from -0.01 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ERNA.L vs. USDG.L — Risk / Return Rank
ERNA.L
USDG.L
ERNA.L vs. USDG.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 L&G ESG USD Corporate Bond UCITS ETF (USDG.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 | USDG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +4.05 | ||
| Omega ratioGain probability vs. loss probability | 2.05 | 1.14 | +0.91 |
| Calmar ratioReturn relative to maximum drawdown | 13.37 | 1.34 | +12.03 |
| Martin ratioReturn relative to average drawdown | 54.91 | 3.99 | +50.92 |
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Drawdowns
ERNA.L vs. USDG.L - Drawdown Comparison
The maximum ERNA.L drawdown since its inception was -8.63%, smaller than the maximum USDG.L drawdown of -40.76%. Use the drawdown chart below to compare losses from any high point for ERNA.L and USDG.L.
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Drawdown Indicators
| ERNA.L | USDG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.63% | -40.76% | +32.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.32% | -3.87% | +3.55% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -5.43% | +5.10% |
Max Drawdown (5Y)Largest decline over 5 years | -0.81% | -19.99% | +19.18% |
Current DrawdownCurrent decline from peak | -0.00% | -23.92% | +23.92% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -30.68% | +30.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 1.31% | -1.23% |
Volatility
ERNA.L vs. USDG.L - Volatility Comparison
The current volatility for iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) is 0.39%, while L&G ESG USD Corporate Bond UCITS ETF (USDG.L) has a volatility of 1.91%. This indicates that ERNA.L experiences smaller price fluctuations and is considered to be less risky than USDG.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 | USDG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 1.91% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 6.61% | -5.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.43% | 7.46% | -6.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.24% | 7.58% | -6.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.25% | 13.76% | -11.51% |
ERNA.L vs. USDG.L - Expense Ratio Comparison
Both ERNA.L and USDG.L have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ERNA.L vs. USDG.L - Dividend Comparison
ERNA.L has not paid dividends to shareholders, while USDG.L's dividend yield for the trailing twelve months is around 4.56%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USDG.L L&G ESG USD Corporate Bond UCITS ETF | 4.56% | 4.70% | 3.99% | 3.26% | 2.24% | 0.76% |
Frequently Asked Questions
ERNA.L and USDG.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.
Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ERNA.L and USDG.L have the same expense ratio: 0.09% per year.
ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD, while USDG.L tracks Bloomberg US Corp Bond TR USD. They also come from different issuers: iShares and Legal & General.
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