ERND.L vs. U03A.L
ERND.L (iShares $ Ultrashort Bond UCITS ETF USD (Dist)) and U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) are both Ultrashort Bond funds from iShares - ERND.L tracks the Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD) while U03A.L tracks the ICE 0-3 Month US Treasury Bill Index. Both are passively managed. Over the past year, ERND.L returned 4.19% vs 3.90% for U03A.L. At a correlation of -0.05, they often move in opposite directions. ERND.L charges 0.09%/yr vs 0.07%/yr for U03A.L.
Performance
ERND.L vs. U03A.L - Performance Comparison
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Returns By Period
In the year-to-date period, ERND.L achieves a 2.00% return, which is significantly higher than U03A.L's 1.90% return.
ERND.L
- 1D
- -0.02%
- 1M
- 0.30%
- 6M
- 1.83%
- YTD
- 2.00%
- 1Y
- 4.19%
- 3Y*
- 5.09%
- 5Y*
- 3.83%
- 10Y*
- 2.76%
U03A.L
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.82%
- YTD
- 1.90%
- 1Y
- 3.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ERND.L vs. U03A.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 2.00% | 3.82% |
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 1.90% | 3.60% |
Correlation
The correlation between ERND.L and U03A.L is 0.03, 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 | 0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025 | -0.05 |
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Return for Risk
ERND.L vs. U03A.L — Risk / Return Rank
ERND.L
U03A.L
ERND.L vs. U03A.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 USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.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 | U03A.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.16 | ||
| Sortino ratioReturn per unit of downside risk | -8.86 | ||
| Omega ratioGain probability vs. loss probability | 2.31 | 4.64 | -2.33 |
| Calmar ratioReturn relative to maximum drawdown | 20.61 | 33.93 | -13.32 |
| Martin ratioReturn relative to average drawdown | 101.10 | 240.05 | -138.95 |
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Drawdowns
ERND.L vs. U03A.L - Drawdown Comparison
The maximum ERND.L drawdown since its inception was -7.48%, which is greater than U03A.L's maximum drawdown of -0.11%. Use the drawdown chart below to compare losses from any high point for ERND.L and U03A.L.
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Drawdown Indicators
| ERND.L | U03A.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.48% | -0.11% | -7.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -0.11% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -0.64% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -1.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -7.48% | — | — |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.01% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.02% | +0.02% |
Volatility
ERND.L vs. U03A.L - Volatility Comparison
iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.L) has a higher volatility of 0.21% compared to iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) at 0.18%. This indicates that ERND.L's price experiences larger fluctuations and is considered to be riskier than U03A.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 | U03A.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 0.18% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 0.66% | 0.28% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.79% | 0.46% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.26% | 0.51% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.08% | 0.51% | +1.57% |
ERND.L vs. U03A.L - Expense Ratio Comparison
ERND.L has a 0.09% expense ratio, which is higher than U03A.L's 0.07% expense ratio. However, 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. U03A.L - Dividend Comparison
ERND.L's dividend yield for the trailing twelve months is around 4.31%, while U03A.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
U03A.L iShares USD Treasury Bond 0-3 Month 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% |
Frequently Asked Questions
ERND.L and U03A.L have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
U03A.L is cheaper with a 0.07% expense ratio, compared with 0.09% for ERND.L.
ERND.L tracks Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD), while U03A.L tracks ICE 0-3 Month US Treasury Bill Index. Their fees differ too: 0.09% for ERND.L and 0.07% for U03A.L.
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