ERNS.L vs. IBTU.L
ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) and IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) are both exchange-traded funds - ERNS.L is a Ultrashort Bond fund actively managed by iShares, while IBTU.L is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index. ERNS.L is actively managed, while IBTU.L is passively managed. Over the past 5 years, ERNS.L returned 3.62%/yr vs 4.49%/yr for IBTU.L. At a correlation of -0.03, they often move in opposite directions. ERNS.L charges 0.09%/yr vs 0.07%/yr for IBTU.L.
Performance
ERNS.L vs. IBTU.L - Performance Comparison
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Different Trading Currencies
ERNS.L is traded in GBP, while IBTU.L is traded in USD. To make them comparable, the IBTU.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 1.58% return, which is significantly lower than IBTU.L's 1.77% return.
ERNS.L
- 1D
- 0.06%
- 1M
- 0.45%
- YTD
- 1.58%
- 6M
- 1.96%
- 1Y
- 4.41%
- 3Y*
- 5.11%
- 5Y*
- 3.62%
- 10Y*
- 2.20%
IBTU.L
- 1D
- -0.02%
- 1M
- 1.55%
- YTD
- 1.77%
- 6M
- 1.07%
- 1Y
- 5.11%
- 3Y*
- 2.10%
- 5Y*
- 4.49%
- 10Y*
- —
ERNS.L vs. IBTU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 1.58% | 4.84% | 5.54% | 4.76% | 1.54% | 0.13% | 0.77% | 0.91% |
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 1.77% | -3.07% | 7.07% | -0.29% | 13.11% | 0.93% | -2.00% | 0.34% |
Correlation
The correlation between ERNS.L and IBTU.L is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2019 | -0.03 |
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Return for Risk
ERNS.L vs. IBTU.L — Risk / Return Rank
ERNS.L
IBTU.L
ERNS.L vs. IBTU.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 0-1yr UCITS ETF USD (Dist) (IBTU.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 | IBTU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.55 | ||
| Sortino ratioReturn per unit of downside risk | +8.37 | ||
| Omega ratioGain probability vs. loss probability | 2.39 | 1.13 | +1.26 |
| Calmar ratioReturn relative to maximum drawdown | 20.38 | 0.96 | +19.41 |
| Martin ratioReturn relative to average drawdown | 108.76 | 2.62 | +106.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ERNS.L | IBTU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.30 | 0.75 | +4.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.34 | 0.53 | +3.81 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.23 | 0.27 | +1.96 |
Drawdowns
ERNS.L vs. IBTU.L - Drawdown Comparison
The maximum ERNS.L drawdown since its inception was -1.51%, smaller than the maximum IBTU.L drawdown of -19.01%. Use the drawdown chart below to compare losses from any high point for ERNS.L and IBTU.L.
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Drawdown Indicators
| ERNS.L | IBTU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.51% | -19.01% | +17.50% |
Max Drawdown (1Y)Largest decline over 1 year | -0.22% | -5.12% | +4.90% |
Max Drawdown (3Y)Largest decline over 3 years | -0.22% | -9.80% | +9.58% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -15.91% | +15.55% |
Max Drawdown (10Y)Largest decline over 10 years | -1.51% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -6.07% | +6.07% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -9.25% | +9.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 1.89% | -1.85% |
Volatility
ERNS.L vs. IBTU.L - Volatility Comparison
The current volatility for iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) is 0.36%, while iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) has a volatility of 1.75%. This indicates that ERNS.L experiences smaller price fluctuations and is considered to be less risky than IBTU.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 | IBTU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.36% | 1.75% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 0.68% | 4.96% | -4.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.84% | 6.55% | -5.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.83% | 8.45% | -7.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.92% | 8.76% | -7.84% |
ERNS.L vs. IBTU.L - Expense Ratio Comparison
ERNS.L has a 0.09% expense ratio, which is higher than IBTU.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. IBTU.L - Dividend Comparison
ERNS.L's dividend yield for the trailing twelve months is around 5.65%, more than IBTU.L's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 5.65% | 4.65% | 5.42% | 4.54% | 1.14% | 0.28% | 0.75% | 1.04% | 0.74% | 0.52% | 0.81% | 0.72% |
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.07% | 4.43% | 6.82% | 3.99% | 0.44% | 0.10% | 1.28% | 1.21% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERNS.L and IBTU.L have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTU.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTU.L is cheaper with a 0.07% expense ratio, compared with 0.09% for ERNS.L.
ERNS.L is categorized as Ultrashort Bond, while IBTU.L is Government Bonds. Their fees differ too: 0.09% for ERNS.L and 0.07% for IBTU.L.
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