ERNS.L vs. IBTL.L
ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both exchange-traded funds - ERNS.L is a Ultrashort Bond fund actively managed by iShares, while IBTL.L is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. ERNS.L is actively managed, while IBTL.L is passively managed. Over the past 10 years, ERNS.L returned 2.21%/yr vs -1.26%/yr for IBTL.L. At a 0.05 correlation, their price movements are largely independent. ERNS.L charges 0.09%/yr vs 0.07%/yr for IBTL.L.
Performance
ERNS.L vs. IBTL.L - Performance Comparison
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Different Trading Currencies
ERNS.L is traded in GBP, while IBTL.L is traded in GBp. To make them comparable, the IBTL.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 1.67% return, which is significantly higher than IBTL.L's -0.34% return. Over the past 10 years, ERNS.L has outperformed IBTL.L with an annualized return of 2.21%, while IBTL.L has yielded a comparatively lower -1.26% annualized 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%
IBTL.L
- 1D
- -0.17%
- 1M
- 1.43%
- YTD
- -0.34%
- 6M
- 0.20%
- 1Y
- 5.42%
- 3Y*
- -3.32%
- 5Y*
- -5.44%
- 10Y*
- -1.26%
ERNS.L vs. IBTL.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% | 0.57% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -0.34% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 13.06% | 12.05% | 3.88% | -0.83% |
Correlation
The correlation between ERNS.L and IBTL.L is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2015 | 0.05 |
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Return for Risk
ERNS.L vs. IBTL.L — Risk / Return Rank
ERNS.L
IBTL.L
ERNS.L vs. IBTL.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 USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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 | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.88 | ||
| Sortino ratioReturn per unit of downside risk | +9.17 | ||
| Omega ratioGain probability vs. loss probability | 2.41 | 1.09 | +1.32 |
| Calmar ratioReturn relative to maximum drawdown | 19.80 | 0.58 | +19.22 |
| Martin ratioReturn relative to average drawdown | 111.29 | 1.23 | +110.07 |
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Drawdowns
ERNS.L vs. IBTL.L - Drawdown Comparison
The maximum ERNS.L drawdown since its inception was -1.51%, smaller than the maximum IBTL.L drawdown of -48.85%. Use the drawdown chart below to compare losses from any high point for ERNS.L and IBTL.L.
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Drawdown Indicators
| ERNS.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.51% | -48.85% | +47.34% |
Max Drawdown (1Y)Largest decline over 1 year | -0.22% | -8.26% | +8.04% |
Max Drawdown (3Y)Largest decline over 3 years | -0.22% | -17.10% | +16.88% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -39.34% | +38.98% |
Max Drawdown (10Y)Largest decline over 10 years | -1.51% | -48.85% | +47.34% |
Current DrawdownCurrent decline from peak | 0.00% | -45.09% | +45.09% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -22.69% | +22.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 3.91% | -3.87% |
Volatility
ERNS.L vs. IBTL.L - Volatility Comparison
The current volatility for iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) is 0.26%, while iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a volatility of 2.35%. This indicates that ERNS.L experiences smaller price fluctuations and is considered to be less risky than IBTL.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 | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.26% | 2.35% | -2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.67% | 6.40% | -5.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.80% | 9.51% | -8.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 15.47% | -14.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.92% | 16.31% | -15.39% |
ERNS.L vs. IBTL.L - Expense Ratio Comparison
ERNS.L has a 0.09% expense ratio, which is higher than IBTL.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%.
Dividends
ERNS.L vs. IBTL.L - Dividend Comparison
ERNS.L's dividend yield for the trailing twelve months is around 3.24%, more than IBTL.L's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 2.27% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
Frequently Asked Questions
ERNS.L and IBTL.L have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.09% for ERNS.L.
ERNS.L is categorized as Ultrashort Bond, while IBTL.L is Government Bonds. Their fees differ too: 0.09% for ERNS.L and 0.07% for IBTL.L.
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