ERND.L vs. CBE3.L
ERND.L (iShares $ Ultrashort Bond UCITS ETF USD (Dist)) and CBE3.L (iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc)) are both exchange-traded funds - ERND.L is a Ultrashort Bond fund tracking the Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD), while CBE3.L is a Short-Term Bond fund tracking the Bloomberg Euro Government Bond 1-3 Year Index. Both are passively managed. Over the past 10 years, ERND.L returned 2.77%/yr vs 0.74%/yr for CBE3.L. At a 0.03 correlation, their price movements are largely independent. ERND.L charges 0.09%/yr vs 0.20%/yr for CBE3.L.
Performance
ERND.L vs. CBE3.L - Performance Comparison
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Different Trading Currencies
ERND.L is traded in USD, while CBE3.L is traded in EUR. To make them comparable, the CBE3.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ERND.L achieves a 2.05% return, which is significantly higher than CBE3.L's -2.38% return. Over the past 10 years, ERND.L has outperformed CBE3.L with an annualized return of 2.77%, while CBE3.L has yielded a comparatively lower 0.74% annualized return.
ERND.L
- 1D
- 0.05%
- 1M
- 0.27%
- 6M
- 1.87%
- YTD
- 2.05%
- 1Y
- 4.24%
- 3Y*
- 5.09%
- 5Y*
- 3.84%
- 10Y*
- 2.77%
CBE3.L
- 1D
- -0.08%
- 1M
- -0.66%
- 6M
- -1.27%
- YTD
- -2.38%
- 1Y
- -0.54%
- 3Y*
- 3.36%
- 5Y*
- 0.21%
- 10Y*
- 0.74%
ERND.L vs. CBE3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 2.05% | 4.84% | 5.55% | 5.09% | 2.03% | 0.00% | 1.21% | 3.03% | 2.11% | 1.48% |
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) | -2.38% | 16.02% | -3.27% | 6.73% | -10.01% | -7.58% | 8.69% | -1.77% | -5.11% | 14.37% |
Correlation
The correlation between ERND.L and CBE3.L is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | 0.03 |
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Return for Risk
ERND.L vs. CBE3.L — Risk / Return Rank
ERND.L
CBE3.L
ERND.L vs. CBE3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.L) and iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.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.
| ERND.L | CBE3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.42 | ||
| Sortino ratioReturn per unit of downside risk | +9.28 | ||
| Omega ratioGain probability vs. loss probability | 2.37 | 0.99 | +1.38 |
| Calmar ratioReturn relative to maximum drawdown | 21.13 | -0.10 | +21.23 |
| Martin ratioReturn relative to average drawdown | 103.65 | -0.19 | +103.85 |
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Drawdowns
ERND.L vs. CBE3.L - Drawdown Comparison
The maximum ERND.L drawdown since its inception was -7.48%, smaller than the maximum CBE3.L drawdown of -33.59%. Use the drawdown chart below to compare losses from any high point for ERND.L and CBE3.L.
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Drawdown Indicators
| ERND.L | CBE3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.48% | -33.59% | +26.11% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -5.54% | +5.34% |
Max Drawdown (3Y)Largest decline over 3 years | -0.64% | -8.05% | +7.41% |
Max Drawdown (5Y)Largest decline over 5 years | -1.06% | -23.17% | +22.11% |
Max Drawdown (10Y)Largest decline over 10 years | -7.48% | -27.46% | +19.98% |
Current DrawdownCurrent decline from peak | 0.00% | -13.34% | +13.34% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -14.91% | +14.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 2.75% | -2.71% |
Volatility
ERND.L vs. CBE3.L - Volatility Comparison
The current volatility for iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.L) is 0.21%, while iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) has a volatility of 1.24%. This indicates that ERND.L experiences smaller price fluctuations and is considered to be less risky than CBE3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERND.L | CBE3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 1.24% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 0.66% | 4.91% | -4.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.79% | 6.57% | -5.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.26% | 7.82% | -6.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.08% | 7.39% | -5.31% |
ERND.L vs. CBE3.L - Expense Ratio Comparison
ERND.L has a 0.09% expense ratio, which is lower than CBE3.L's 0.20% 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
ERND.L vs. CBE3.L - Dividend Comparison
ERND.L's dividend yield for the trailing twelve months is around 4.31%, while CBE3.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (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% |
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 4.31% | 4.70% | 5.54% | 5.00% | 1.57% | 0.49% | 1.55% | 2.71% | 2.19% | 1.39% | 0.99% | 0.72% |
Frequently Asked Questions
ERND.L and CBE3.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERND.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERND.L is cheaper with a 0.09% expense ratio, compared with 0.20% for CBE3.L.
ERND.L is categorized as Ultrashort Bond, while CBE3.L is Short-Term Bond. ERND.L tracks Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD), while CBE3.L tracks Bloomberg Euro Government Bond 1-3 Year Index. Their fees differ too: 0.09% for ERND.L and 0.20% for CBE3.L.
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