ERNE.L vs. CBE3.L
ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) and CBE3.L (iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc)) are both exchange-traded funds - ERNE.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR), 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, ERNE.L returned 1.03%/yr vs 0.37%/yr for CBE3.L. At a 0.11 correlation, their price movements are largely independent. ERNE.L charges 0.09%/yr vs 0.20%/yr for CBE3.L.
Performance
ERNE.L vs. CBE3.L - Performance Comparison
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Returns By Period
In the year-to-date period, ERNE.L achieves a 1.15% return, which is significantly higher than CBE3.L's 0.25% return. Over the past 10 years, ERNE.L has outperformed CBE3.L with an annualized return of 1.03%, while CBE3.L has yielded a comparatively lower 0.37% annualized return.
ERNE.L
- 1D
- -0.03%
- 1M
- 0.20%
- 6M
- 1.04%
- YTD
- 1.15%
- 1Y
- 2.14%
- 3Y*
- 3.26%
- 5Y*
- 2.15%
- 10Y*
- 1.03%
CBE3.L
- 1D
- -0.03%
- 1M
- -0.10%
- 6M
- 0.12%
- YTD
- 0.25%
- 1Y
- 0.85%
- 3Y*
- 2.72%
- 5Y*
- 0.84%
- 10Y*
- 0.37%
ERNE.L vs. CBE3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 1.15% | 2.59% | 4.15% | 3.38% | -0.24% | -0.36% | 0.07% | 0.32% | -0.60% | -0.09% |
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) | 0.25% | 2.28% | 3.10% | 3.46% | -4.26% | -0.83% | -0.15% | 0.18% | -0.46% | 0.20% |
Correlation
The correlation between ERNE.L and CBE3.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.11 |
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Return for Risk
ERNE.L vs. CBE3.L — Risk / Return Rank
ERNE.L
CBE3.L
ERNE.L vs. CBE3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.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.
| ERNE.L | CBE3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.97 | ||
| Sortino ratioReturn per unit of downside risk | +5.19 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.14 | +0.71 |
| Calmar ratioReturn relative to maximum drawdown | 11.97 | 0.77 | +11.20 |
| Martin ratioReturn relative to average drawdown | 66.31 | 2.44 | +63.88 |
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Drawdowns
ERNE.L vs. CBE3.L - Drawdown Comparison
The maximum ERNE.L drawdown since its inception was -3.05%, smaller than the maximum CBE3.L drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for ERNE.L and CBE3.L.
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Drawdown Indicators
| ERNE.L | CBE3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.05% | -6.13% | +3.08% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -1.11% | +0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -1.11% | +0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -1.12% | -5.19% | +4.07% |
Max Drawdown (10Y)Largest decline over 10 years | -3.05% | -6.13% | +3.08% |
Current DrawdownCurrent decline from peak | -0.03% | -0.35% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -1.01% | +0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.35% | -0.32% |
Volatility
ERNE.L vs. CBE3.L - Volatility Comparison
The current volatility for iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) is 0.20%, while iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) has a volatility of 0.33%. This indicates that ERNE.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
| ERNE.L | CBE3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 0.33% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | 1.07% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.58% | 1.21% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.60% | 1.52% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.76% | 1.28% | -0.52% |
ERNE.L vs. CBE3.L - Expense Ratio Comparison
ERNE.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
ERNE.L vs. CBE3.L - Dividend Comparison
ERNE.L's dividend yield for the trailing twelve months is around 2.33%, 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% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 2.33% | 2.74% | 3.80% | 2.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
Frequently Asked Questions
ERNE.L and CBE3.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNE.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNE.L is cheaper with a 0.09% expense ratio, compared with 0.20% for CBE3.L.
ERNE.L is categorized as Ultrashort Bond, while CBE3.L is Short-Term Bond. ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR), while CBE3.L tracks Bloomberg Euro Government Bond 1-3 Year Index. Their fees differ too: 0.09% for ERNE.L and 0.20% for CBE3.L.
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