ERNE.L vs. IHYE.L
ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) and IHYE.L (iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist)) are both exchange-traded funds - ERNE.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR), while IHYE.L is a Corporate Bonds fund tracking the iBoxx USD Liquid High Yield Capped (USD). Both are passively managed. Over the past 5 years, ERNE.L returned 2.15%/yr vs 1.67%/yr for IHYE.L. At a 0.12 correlation, their price movements are largely independent. ERNE.L charges 0.09%/yr vs 0.55%/yr for IHYE.L.
Performance
ERNE.L vs. IHYE.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 IHYE.L's 0.98% 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%
IHYE.L
- 1D
- 0.00%
- 1M
- 0.26%
- 6M
- 0.48%
- YTD
- 0.98%
- 1Y
- 3.87%
- 3Y*
- 5.78%
- 5Y*
- 1.67%
- 10Y*
- —
ERNE.L vs. IHYE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -0.53% |
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | 0.98% | 6.77% | 5.11% | 8.05% | -11.60% | 2.86% | 3.05% | 9.11% | -3.03% |
Correlation
The correlation between ERNE.L and IHYE.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2018 | 0.12 |
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Return for Risk
ERNE.L vs. IHYE.L — Risk / Return Rank
ERNE.L
IHYE.L
ERNE.L vs. IHYE.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 $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.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 | IHYE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.64 | ||
| Sortino ratioReturn per unit of downside risk | +4.65 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.20 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 11.97 | 1.39 | +10.58 |
| Martin ratioReturn relative to average drawdown | 66.31 | 5.64 | +60.67 |
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Drawdowns
ERNE.L vs. IHYE.L - Drawdown Comparison
The maximum ERNE.L drawdown since its inception was -3.05%, smaller than the maximum IHYE.L drawdown of -22.54%. Use the drawdown chart below to compare losses from any high point for ERNE.L and IHYE.L.
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Drawdown Indicators
| ERNE.L | IHYE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.05% | -22.54% | +19.49% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -2.78% | +2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -4.70% | +4.37% |
Max Drawdown (5Y)Largest decline over 5 years | -1.12% | -15.54% | +14.42% |
Max Drawdown (10Y)Largest decline over 10 years | -3.05% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -3.47% | +3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.68% | -0.65% |
Volatility
ERNE.L vs. IHYE.L - Volatility Comparison
The current volatility for iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) is 0.20%, while iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.L) has a volatility of 0.79%. This indicates that ERNE.L experiences smaller price fluctuations and is considered to be less risky than IHYE.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 | IHYE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 0.79% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | 2.77% | -2.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.58% | 3.77% | -3.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.60% | 6.81% | -6.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.76% | 8.12% | -7.36% |
ERNE.L vs. IHYE.L - Expense Ratio Comparison
ERNE.L has a 0.09% expense ratio, which is lower than IHYE.L's 0.55% expense ratio.
Dividends
ERNE.L vs. IHYE.L - Dividend Comparison
ERNE.L's dividend yield for the trailing twelve months is around 2.33%, less than IHYE.L's 6.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | 6.19% | 6.07% | 6.32% | 5.59% | 5.13% | 4.35% | 4.82% | 5.59% | 3.88% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERNE.L and IHYE.L have a correlation of 0.21, 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 0.55% for IHYE.L.
ERNE.L is categorized as Ultrashort Bond, while IHYE.L is Corporate Bonds. ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR), while IHYE.L tracks iBoxx USD Liquid High Yield Capped (USD). Their fees differ too: 0.09% for ERNE.L and 0.55% for IHYE.L.
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