ERNA.L vs. USFR.L
ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both exchange-traded funds - ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while USFR.L is a Government Bonds fund tracking the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, ERNA.L returned 3.77%/yr vs 3.59%/yr for USFR.L. At a 0.09 correlation, their price movements are largely independent. ERNA.L charges 0.09%/yr vs 0.15%/yr for USFR.L.
Performance
ERNA.L vs. USFR.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ERNA.L having a 1.64% return and USFR.L slightly lower at 1.59%.
ERNA.L
- 1D
- 0.11%
- 1M
- 0.35%
- YTD
- 1.64%
- 6M
- 1.95%
- 1Y
- 4.36%
- 3Y*
- 5.21%
- 5Y*
- 3.77%
- 10Y*
- —
USFR.L
- 1D
- 0.01%
- 1M
- 0.33%
- YTD
- 1.59%
- 6M
- 1.90%
- 1Y
- 3.96%
- 3Y*
- 4.69%
- 5Y*
- 3.59%
- 10Y*
- —
ERNA.L vs. USFR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 1.64% | 4.75% | 5.66% | 5.50% | 1.46% | 0.11% | 1.27% | 2.14% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 1.59% | 4.13% | 5.41% | 4.94% | 2.05% | -0.16% | 0.57% | 1.47% |
Correlation
The correlation between ERNA.L and USFR.L is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2019 | 0.09 |
The correlation between ERNA.L and USFR.L shifts across timeframes, from -0.02 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERNA.L vs. USFR.L — Risk / Return Rank
ERNA.L
USFR.L
ERNA.L vs. USFR.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 WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.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.
| ERNA.L | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +2.30 | ||
| Omega ratioGain probability vs. loss probability | 2.31 | 1.93 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 21.10 | 14.72 | +6.39 |
| Martin ratioReturn relative to average drawdown | 82.85 | 58.09 | +24.76 |
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 | USFR.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.65 | 3.60 | +1.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.03 | 2.39 | +1.64 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.43 | 1.51 | -0.08 |
Drawdowns
ERNA.L vs. USFR.L - Drawdown Comparison
The maximum ERNA.L drawdown since its inception was -8.63%, which is greater than USFR.L's maximum drawdown of -2.99%. Use the drawdown chart below to compare losses from any high point for ERNA.L and USFR.L.
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Drawdown Indicators
| ERNA.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.63% | -2.99% | -5.64% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -0.27% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -0.38% | -0.89% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -0.81% | -0.89% | +0.08% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.09% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.07% | -0.02% |
Volatility
ERNA.L vs. USFR.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) has a higher volatility of 0.30% compared to WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) at 0.28%. This indicates that ERNA.L's price experiences larger fluctuations and is considered to be riskier than USFR.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 | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.28% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.86% | 0.86% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.93% | 1.10% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.93% | 1.50% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.17% | 1.84% | +0.33% |
ERNA.L vs. USFR.L - Expense Ratio Comparison
ERNA.L has a 0.09% expense ratio, which is lower than USFR.L's 0.15% 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. USFR.L - Dividend Comparison
ERNA.L has not paid dividends to shareholders, while USFR.L's dividend yield for the trailing twelve months is around 3.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 3.99% | 4.32% | 5.24% | 4.58% | 0.78% | 0.00% | 0.57% | 1.09% |
Frequently Asked Questions
ERNA.L and USFR.L have a correlation of -0.02, 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 0.15% for USFR.L.
ERNA.L is categorized as Corporate Bonds, while USFR.L is Government Bonds. ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD, while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.09% for ERNA.L and 0.15% for USFR.L.
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