ERNS.L vs. AGBP.L
ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) and AGBP.L (iShares Core Global Aggregate Bond UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - ERNS.L is a Ultrashort Bond fund actively managed by iShares, while AGBP.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP. ERNS.L is actively managed, while AGBP.L is passively managed. Over the past 5 years, ERNS.L returned 3.64%/yr vs 0.12%/yr for AGBP.L. At a 0.09 correlation, their price movements are largely independent. ERNS.L charges 0.09%/yr vs 0.10%/yr for AGBP.L.
Performance
ERNS.L vs. AGBP.L - Performance Comparison
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Returns By Period
In the year-to-date period, ERNS.L achieves a 1.67% return, which is significantly higher than AGBP.L's 0.76% return.
ERNS.L
- 1D
- 0.03%
- 1M
- 0.34%
- YTD
- 1.67%
- 6M
- 1.95%
- 1Y
- 4.33%
- 3Y*
- 5.10%
- 5Y*
- 3.64%
- 10Y*
- 2.21%
AGBP.L
- 1D
- 0.43%
- 1M
- 0.65%
- YTD
- 0.76%
- 6M
- 1.41%
- 1Y
- 3.39%
- 3Y*
- 4.13%
- 5Y*
- 0.12%
- 10Y*
- —
ERNS.L vs. AGBP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 1.67% | 4.84% | 5.55% | 4.76% | 1.53% | 0.14% | 0.77% | 1.28% | 0.58% | 0.06% |
AGBP.L iShares Core Global Aggregate Bond UCITS ETF GBP Hedged (Dist) | 0.76% | 4.46% | 3.11% | 5.71% | -12.34% | -1.79% | 4.12% | 6.44% | -0.03% | -0.00% |
Correlation
The correlation between ERNS.L and AGBP.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 (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2017 | 0.09 |
The correlation between ERNS.L and AGBP.L shifts across timeframes, from -0.03 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ERNS.L vs. AGBP.L — Risk / Return Rank
ERNS.L
AGBP.L
ERNS.L vs. AGBP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) and iShares Core Global Aggregate Bond UCITS ETF GBP Hedged (Dist) (AGBP.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.
| ERNS.L | AGBP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.54 | ||
| Sortino ratioReturn per unit of downside risk | +8.71 | ||
| Omega ratioGain probability vs. loss probability | 2.41 | 1.16 | +1.25 |
| Calmar ratioReturn relative to maximum drawdown | 19.80 | 1.23 | +18.56 |
| Martin ratioReturn relative to average drawdown | 111.29 | 3.65 | +107.64 |
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Drawdowns
ERNS.L vs. AGBP.L - Drawdown Comparison
The maximum ERNS.L drawdown since its inception was -1.51%, smaller than the maximum AGBP.L drawdown of -16.39%. Use the drawdown chart below to compare losses from any high point for ERNS.L and AGBP.L.
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Drawdown Indicators
| ERNS.L | AGBP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.51% | -16.39% | +14.88% |
Max Drawdown (1Y)Largest decline over 1 year | -0.22% | -2.56% | +2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -0.22% | -3.61% | +3.39% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -16.01% | +15.65% |
Max Drawdown (10Y)Largest decline over 10 years | -1.51% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.42% | +1.42% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -4.77% | +4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.87% | -0.83% |
Volatility
ERNS.L vs. AGBP.L - Volatility Comparison
The current volatility for iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) is 0.26%, while iShares Core Global Aggregate Bond UCITS ETF GBP Hedged (Dist) (AGBP.L) has a volatility of 1.43%. This indicates that ERNS.L experiences smaller price fluctuations and is considered to be less risky than AGBP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERNS.L | AGBP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.26% | 1.43% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 0.67% | 2.91% | -2.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.80% | 3.76% | -2.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 4.85% | -4.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.92% | 4.33% | -3.41% |
ERNS.L vs. AGBP.L - Expense Ratio Comparison
ERNS.L has a 0.09% expense ratio, which is lower than AGBP.L's 0.10% 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
ERNS.L vs. AGBP.L - Dividend Comparison
ERNS.L's dividend yield for the trailing twelve months is around 3.24%, more than AGBP.L's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGBP.L iShares Core Global Aggregate Bond UCITS ETF GBP Hedged (Dist) | 3.11% | 3.00% | 2.59% | 1.96% | 1.56% | 1.27% | 1.53% | 1.65% | 0.98% | 0.00% | 0.00% | 0.00% |
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 3.24% | 4.65% | 5.42% | 4.54% | 1.14% | 0.28% | 0.75% | 1.04% | 0.74% | 0.52% | 0.81% | 0.72% |
Frequently Asked Questions
ERNS.L and AGBP.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, ERNS.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNS.L is cheaper with a 0.09% expense ratio, compared with 0.10% for AGBP.L.
ERNS.L is categorized as Ultrashort Bond, while AGBP.L is Global Bonds. Their fees differ too: 0.09% for ERNS.L and 0.10% for AGBP.L.
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