ERNS.L vs. CSH2.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) and Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L).

ERNS.L and CSH2.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERNS.L is an actively managed fund by iShares. It was launched on Oct 16, 2013. CSH2.L is an actively managed fund by Amundi. It was launched on Mar 2, 2015.

Performance

ERNS.L vs. CSH2.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) and Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L). The values are adjusted to include any dividend payments, if applicable.

ERNS.L vs. CSH2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist)	0.77%	4.84%	5.54%	4.76%	1.54%	0.13%	0.77%	1.27%	0.58%	0.57%
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP	1.06%	4.67%	5.61%	4.72%	1.54%	0.13%	0.30%	0.82%	0.70%	0.42%

Different Trading Currencies

ERNS.L is traded in GBP, while CSH2.L is traded in GBp. To make them comparable, the CSH2.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, ERNS.L achieves a 0.77% return, which is significantly lower than CSH2.L's 1.06% return. Over the past 10 years, ERNS.L has outperformed CSH2.L with an annualized return of 2.14%, while CSH2.L has yielded a comparatively lower 2.02% annualized return.

ERNS.L

• 1D: 0.06%
• 1M: 0.25%
• YTD: 0.77%
• 6M: 2.03%
• 1Y: 4.53%
• 3Y*: 5.07%
• 5Y*: 3.46%
• 10Y*: 2.14%

CSH2.L

• 1D: 0.08%
• 1M: 0.41%
• YTD: 1.06%
• 6M: 2.25%
• 1Y: 4.56%
• 3Y*: 5.03%
• 5Y*: 3.52%
• 10Y*: 2.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ERNS.L vs. CSH2.L - Expense Ratio Comparison

ERNS.L has a 0.09% expense ratio, which is higher than CSH2.L's 0.07% 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%.

ERNS.L

iShares £ Ultrashort Bond UCITS ETF GBP (Dist)

CSH2.L

Lyxor Smart Overnight Return UCITS ETF C-GBP

Return for Risk

ERNS.L vs. CSH2.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ERNS.L

ERNS.L Risk / Return Rank: 99
ERNS.L Sharpe Ratio Rank: 99
ERNS.L Sortino Ratio Rank: 99
ERNS.L Omega Ratio Rank: 99
ERNS.L Calmar Ratio Rank: 99
ERNS.L Martin Ratio Rank: 99

CSH2.L

CSH2.L Risk / Return Rank: 99
CSH2.L Sharpe Ratio Rank: 99
CSH2.L Sortino Ratio Rank: 99
CSH2.L Omega Ratio Rank: 99
CSH2.L Calmar Ratio Rank: 99
CSH2.L Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ERNS.L vs. CSH2.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 Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.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.

	ERNS.L	CSH2.L	Difference
Sharpe ratio Return per unit of total volatility	5.39	7.39	-2.00
Sortino ratio Return per unit of downside risk	9.29	13.85	-4.56
Omega ratio Gain probability vs. loss probability	2.44	3.89	-1.46
Calmar ratio Return relative to maximum drawdown	23.48	28.85	-5.36
Martin ratio Return relative to average drawdown	114.06	144.45	-30.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERNS.L vs. CSH2.L - Sharpe Ratio Comparison

The current ERNS.L Sharpe Ratio is 5.39, which is comparable to the CSH2.L Sharpe Ratio of 7.39. The chart below compares the historical Sharpe Ratios of ERNS.L and CSH2.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ERNS.L	CSH2.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.39	7.39	-2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	4.19	6.25	-2.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.33	4.57	-2.24
Sharpe Ratio (All Time) Calculated using the full available price history	2.19	4.52	-2.33

Correlation

The correlation between ERNS.L and CSH2.L is 0.12, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ERNS.L vs. CSH2.L - Dividend Comparison

ERNS.L's dividend yield for the trailing twelve months is around 5.69%, while CSH2.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist)	5.69%	4.65%	5.42%	4.54%	1.14%	0.28%	0.75%	1.04%	0.74%	0.52%	0.81%	0.72%
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ERNS.L vs. CSH2.L - Drawdown Comparison

The maximum ERNS.L drawdown since its inception was -1.51%, which is greater than CSH2.L's maximum drawdown of -0.37%. Use the drawdown chart below to compare losses from any high point for ERNS.L and CSH2.L.

Drawdown Indicators

	ERNS.L	CSH2.L	Difference
Max Drawdown Largest peak-to-trough decline	-1.51%	-0.37%	-1.14%
Max Drawdown (1Y) Largest decline over 1 year	-0.19%	-0.16%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	-0.29%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	-1.51%	-0.37%	-1.14%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.05%	0.00%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.03%	+0.01%

Volatility

ERNS.L vs. CSH2.L - Volatility Comparison

iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) has a higher volatility of 0.30% compared to Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) at 0.10%. This indicates that ERNS.L's price experiences larger fluctuations and is considered to be riskier than CSH2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERNS.L	CSH2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.10%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	0.61%	0.37%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	0.84%	0.61%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	0.56%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	0.44%	+0.47%