ERNS.L vs. JGSA.L
ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) and JGSA.L (JPM GBP Ultra-Short Income Active ETF GBP Acc) are both Ultrashort Bond funds. Both are actively managed. Over the past 5 years, ERNS.L returned 3.67%/yr vs 3.46%/yr for JGSA.L. At a 0.15 correlation, their price movements are largely independent. ERNS.L charges 0.09%/yr vs 0.18%/yr for JGSA.L.
Performance
ERNS.L vs. JGSA.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ERNS.L having a 1.81% return and JGSA.L slightly lower at 1.76%.
ERNS.L
- 1D
- 0.01%
- 1M
- 0.36%
- YTD
- 1.81%
- 6M
- 1.88%
- 1Y
- 4.34%
- 3Y*
- 5.10%
- 5Y*
- 3.67%
- 10Y*
- 2.21%
JGSA.L
- 1D
- 0.08%
- 1M
- 0.51%
- YTD
- 1.76%
- 6M
- 1.94%
- 1Y
- 4.28%
- 3Y*
- 5.09%
- 5Y*
- 3.46%
- 10Y*
- —
ERNS.L vs. JGSA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 1.81% | 4.84% | 5.55% | 4.76% | 1.53% | 0.14% | 0.77% | 0.76% |
JGSA.L JPM GBP Ultra-Short Income Active ETF GBP Acc | 1.76% | 5.05% | 5.09% | 5.01% | 0.57% | -0.01% | 1.11% | 0.85% |
Correlation
The correlation between ERNS.L and JGSA.L is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019 | 0.15 |
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Return for Risk
ERNS.L vs. JGSA.L — Risk / Return Rank
ERNS.L
JGSA.L
ERNS.L vs. JGSA.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 JPM GBP Ultra-Short Income Active ETF GBP Acc (JGSA.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 | JGSA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 2.40 | 3.27 | -0.87 |
| Calmar ratioReturn relative to maximum drawdown | 19.90 | 10.18 | +9.71 |
| Martin ratioReturn relative to average drawdown | 111.51 | 52.79 | +58.73 |
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Drawdowns
ERNS.L vs. JGSA.L - Drawdown Comparison
The maximum ERNS.L drawdown since its inception was -1.51%, which is greater than JGSA.L's maximum drawdown of -1.42%. Use the drawdown chart below to compare losses from any high point for ERNS.L and JGSA.L.
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Drawdown Indicators
| ERNS.L | JGSA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.51% | -1.42% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -0.22% | -0.42% | +0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -0.22% | -0.42% | +0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -0.73% | +0.37% |
Max Drawdown (10Y)Largest decline over 10 years | -1.51% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -0.10% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.08% | -0.04% |
Volatility
ERNS.L vs. JGSA.L - Volatility Comparison
The current volatility for iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) is 0.17%, while JPM GBP Ultra-Short Income Active ETF GBP Acc (JGSA.L) has a volatility of 0.23%. This indicates that ERNS.L experiences smaller price fluctuations and is considered to be less risky than JGSA.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 | JGSA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.23% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.67% | 0.55% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.81% | 0.61% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 0.56% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.92% | 0.62% | +0.30% |
ERNS.L vs. JGSA.L - Expense Ratio Comparison
ERNS.L has a 0.09% expense ratio, which is lower than JGSA.L's 0.18% 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. JGSA.L - Dividend Comparison
ERNS.L's dividend yield for the trailing twelve months is around 4.29%, while JGSA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 4.29% | 4.65% | 5.42% | 4.54% | 1.14% | 0.28% | 0.75% | 1.04% | 0.74% | 0.52% | 0.81% | 0.72% |
JGSA.L JPM GBP Ultra-Short Income Active ETF GBP Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERNS.L and JGSA.L have a correlation of 0.09, 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 0.18% for JGSA.L.
They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.09% for ERNS.L and 0.18% for JGSA.L.
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