ERNE.L vs. TREI.L
ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (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 TREI.L is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 5 years, ERNE.L returned 2.15%/yr vs 4.00%/yr for TREI.L. At a correlation of -0.01, they often move in opposite directions. ERNE.L charges 0.09%/yr vs 0.06%/yr for TREI.L.
Performance
ERNE.L vs. TREI.L - Performance Comparison
Loading charts...
Different Trading Currencies
ERNE.L is traded in EUR, while TREI.L is traded in USD. To make them comparable, the TREI.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, ERNE.L achieves a 1.15% return, which is significantly lower than TREI.L's 4.59% 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%
TREI.L
- 1D
- 0.03%
- 1M
- 0.83%
- 6M
- 3.12%
- YTD
- 4.59%
- 1Y
- 5.33%
- 3Y*
- 4.00%
- 5Y*
- 4.00%
- 10Y*
- —
ERNE.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 1.15% | 2.59% | 4.15% | 3.38% | -0.24% | -0.36% | 0.14% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 4.59% | -8.07% | 12.11% | 1.83% | 6.76% | 7.46% | -8.29% |
Correlation
The correlation between ERNE.L and TREI.L is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | -0.01 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ERNE.L vs. TREI.L — Risk / Return Rank
ERNE.L
TREI.L
ERNE.L vs. TREI.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 Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.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 | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.81 | ||
| Sortino ratioReturn per unit of downside risk | +4.99 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.16 | +0.70 |
| Calmar ratioReturn relative to maximum drawdown | 11.97 | 1.41 | +10.56 |
| Martin ratioReturn relative to average drawdown | 66.31 | 3.59 | +62.72 |
Loading charts...
Drawdowns
ERNE.L vs. TREI.L - Drawdown Comparison
The maximum ERNE.L drawdown since its inception was -3.05%, smaller than the maximum TREI.L drawdown of -13.29%. Use the drawdown chart below to compare losses from any high point for ERNE.L and TREI.L.
Loading charts...
Drawdown Indicators
| ERNE.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.05% | -13.29% | +10.24% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -3.77% | +3.59% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -11.51% | +11.18% |
Max Drawdown (5Y)Largest decline over 5 years | -1.12% | -11.81% | +10.69% |
Max Drawdown (10Y)Largest decline over 10 years | -3.05% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -4.95% | +4.92% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -6.51% | +6.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 1.47% | -1.44% |
Volatility
ERNE.L vs. TREI.L - Volatility Comparison
The current volatility for iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) is 0.20%, while Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) has a volatility of 1.15%. This indicates that ERNE.L experiences smaller price fluctuations and is considered to be less risky than TREI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ERNE.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 1.15% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | 4.48% | -4.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.58% | 6.18% | -5.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.60% | 7.54% | -6.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.76% | 7.47% | -6.71% |
ERNE.L vs. TREI.L - Expense Ratio Comparison
ERNE.L has a 0.09% expense ratio, which is higher than TREI.L's 0.06% 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
ERNE.L vs. TREI.L - Dividend Comparison
ERNE.L's dividend yield for the trailing twelve months is around 2.33%, less than TREI.L's 3.92% 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% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 3.92% | 4.23% | 4.98% | 4.59% | 1.51% | 0.10% | 0.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERNE.L and TREI.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TREI.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TREI.L is cheaper with a 0.06% expense ratio, compared with 0.09% for ERNE.L.
ERNE.L is categorized as Ultrashort Bond, while TREI.L is Government Bonds. ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR), while TREI.L tracks Bloomberg US Treasury Coupons Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.09% for ERNE.L and 0.06% for TREI.L.
Find the right allocation for ERNE.L and TREI.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer