ERNE.L vs. TRIS.L
ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) and TRIS.L (Invesco US Treasury Bond 0-1 Year UCITS ETF 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 TRIS.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 2.16%/yr vs 3.84%/yr for TRIS.L. At a correlation of -0.03, they often move in opposite directions. ERNE.L charges 0.09%/yr vs 0.06%/yr for TRIS.L.
Performance
ERNE.L vs. TRIS.L - Performance Comparison
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Different Trading Currencies
ERNE.L is traded in EUR, while TRIS.L is traded in GBp. To make them comparable, the TRIS.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 1.18% return, which is significantly lower than TRIS.L's 4.59% return.
ERNE.L
- 1D
- 0.00%
- 1M
- 0.22%
- 6M
- 1.10%
- YTD
- 1.18%
- 1Y
- 2.20%
- 3Y*
- 3.28%
- 5Y*
- 2.16%
- 10Y*
- 1.04%
TRIS.L
- 1D
- 0.03%
- 1M
- 1.82%
- 6M
- 3.64%
- YTD
- 4.59%
- 1Y
- 4.57%
- 3Y*
- 3.73%
- 5Y*
- 3.84%
- 10Y*
- —
ERNE.L vs. TRIS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 1.18% | 2.59% | 4.15% | 3.38% | -0.24% | -0.36% | 0.14% |
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist | 4.59% | -8.75% | 12.00% | 1.35% | 6.76% | 7.84% | -29.84% |
Correlation
The correlation between ERNE.L and TRIS.L is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
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 | -0.03 |
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Return for Risk
ERNE.L vs. TRIS.L — Risk / Return Rank
ERNE.L
TRIS.L
ERNE.L vs. TRIS.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 Dist (TRIS.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 | TRIS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.07 | ||
| Sortino ratioReturn per unit of downside risk | +5.40 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.13 | +0.76 |
| Calmar ratioReturn relative to maximum drawdown | 12.25 | 1.08 | +11.17 |
| Martin ratioReturn relative to average drawdown | 68.00 | 2.68 | +65.32 |
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Drawdowns
ERNE.L vs. TRIS.L - Drawdown Comparison
The maximum ERNE.L drawdown since its inception was -3.05%, smaller than the maximum TRIS.L drawdown of -30.89%. Use the drawdown chart below to compare losses from any high point for ERNE.L and TRIS.L.
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Drawdown Indicators
| ERNE.L | TRIS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.05% | -30.89% | +27.84% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -4.20% | +4.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -11.80% | +11.47% |
Max Drawdown (5Y)Largest decline over 5 years | -1.12% | -11.85% | +10.73% |
Max Drawdown (10Y)Largest decline over 10 years | -3.05% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -13.20% | +13.20% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -19.82% | +19.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 1.70% | -1.67% |
Volatility
ERNE.L vs. TRIS.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 Dist (TRIS.L) has a volatility of 1.42%. This indicates that ERNE.L experiences smaller price fluctuations and is considered to be less risky than TRIS.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 | TRIS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 1.42% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | 4.52% | -4.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.58% | 6.53% | -5.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.60% | 7.91% | -7.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.75% | 12.19% | -11.44% |
ERNE.L vs. TRIS.L - Expense Ratio Comparison
ERNE.L has a 0.09% expense ratio, which is higher than TRIS.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. TRIS.L - Dividend Comparison
ERNE.L's dividend yield for the trailing twelve months is around 2.33%, less than TRIS.L's 2.95% 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% |
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist | 2.95% | 3.27% | 4.87% | 4.68% | 1.52% | 0.10% | 0.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERNE.L and TRIS.L have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRIS.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRIS.L is cheaper with a 0.06% expense ratio, compared with 0.09% for ERNE.L.
ERNE.L is categorized as Ultrashort Bond, while TRIS.L is Government Bonds. ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR), while TRIS.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 TRIS.L.
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