ERNS.L vs. ERNE.L
ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both Ultrashort Bond funds from iShares - ERNS.L tracks the Markit iBoxx GBP Liquid Investment Grade Ultrashort Index while ERNE.L tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Both are passively managed. Over the past 10 years, ERNS.L returned 2.22%/yr vs 1.18%/yr for ERNE.L. At a 0.01 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.
Performance
ERNS.L vs. ERNE.L - Performance Comparison
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Different Trading Currencies
ERNS.L is traded in GBP, while ERNE.L is traded in EUR. To make them comparable, the ERNE.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 1.98% return, which is significantly higher than ERNE.L's -1.57% return. Over the past 10 years, ERNS.L has outperformed ERNE.L with an annualized return of 2.22%, while ERNE.L has yielded a comparatively lower 1.18% annualized return.
ERNS.L
- 1D
- 0.04%
- 1M
- 0.27%
- 6M
- 1.99%
- YTD
- 1.98%
- 1Y
- 4.24%
- 3Y*
- 5.01%
- 5Y*
- 3.71%
- 10Y*
- 2.22%
ERNE.L
- 1D
- 0.00%
- 1M
- -1.65%
- 6M
- -1.00%
- YTD
- -1.57%
- 1Y
- -0.01%
- 3Y*
- 2.84%
- 5Y*
- 1.93%
- 10Y*
- 1.18%
ERNS.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 1.98% | 4.84% | 5.55% | 4.76% | 1.53% | 0.14% | 0.77% | 1.28% | 0.58% | 0.57% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | -1.57% | 8.08% | -0.59% | 1.32% | 4.91% | -6.27% | 5.73% | -5.37% | 0.38% | 4.18% |
Correlation
The correlation between ERNS.L and ERNE.L is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.01 |
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Return for Risk
ERNS.L vs. ERNE.L — Risk / Return Rank
ERNS.L
ERNE.L
ERNS.L vs. ERNE.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 € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.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 | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.37 | ||
| Sortino ratioReturn per unit of downside risk | +9.90 | ||
| Omega ratioGain probability vs. loss probability | 2.40 | 1.00 | +1.40 |
| Calmar ratioReturn relative to maximum drawdown | 19.43 | -0.05 | +19.47 |
| Martin ratioReturn relative to average drawdown | 108.42 | -0.12 | +108.53 |
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Drawdowns
ERNS.L vs. ERNE.L - Drawdown Comparison
The maximum ERNS.L drawdown since its inception was -1.51%, smaller than the maximum ERNE.L drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for ERNS.L and ERNE.L.
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Drawdown Indicators
| ERNS.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.51% | -18.38% | +16.87% |
Max Drawdown (1Y)Largest decline over 1 year | -0.22% | -2.62% | +2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -0.22% | -3.01% | +2.79% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -4.82% | +4.46% |
Max Drawdown (10Y)Largest decline over 10 years | -1.51% | -11.73% | +10.22% |
Current DrawdownCurrent decline from peak | -0.03% | -2.62% | +2.59% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -5.90% | +5.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 1.04% | -1.00% |
Volatility
ERNS.L vs. ERNE.L - Volatility Comparison
The current volatility for iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) is 0.19%, while iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) has a volatility of 0.97%. This indicates that ERNS.L experiences smaller price fluctuations and is considered to be less risky than ERNE.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 | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.97% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 0.65% | 2.53% | -1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.79% | 3.87% | -3.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 5.37% | -4.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.92% | 6.65% | -5.73% |
ERNS.L vs. ERNE.L - Expense Ratio Comparison
Both ERNS.L and ERNE.L have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ERNS.L vs. ERNE.L - Dividend Comparison
ERNS.L's dividend yield for the trailing twelve months is around 4.28%, more than ERNE.L's 2.33% 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% |
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 4.28% | 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 ERNE.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ERNS.L and ERNE.L have the same expense ratio: 0.09% per year.
ERNS.L tracks Markit iBoxx GBP Liquid Investment Grade Ultrashort Index, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR).
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