ERNS.L vs. SWLD.L
ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) and SWLD.L (SPDR MSCI World UCITS ETF) are both exchange-traded funds - ERNS.L is a Ultrashort Bond fund actively managed by iShares, while SWLD.L is a Global Equities fund tracking the MSCI ACWI NR USD. ERNS.L is actively managed, while SWLD.L is passively managed. Over the past 5 years, ERNS.L returned 3.64%/yr vs 12.74%/yr for SWLD.L. At a 0.06 correlation, their price movements are largely independent. ERNS.L charges 0.09%/yr vs 0.12%/yr for SWLD.L.
Performance
ERNS.L vs. SWLD.L - Performance Comparison
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Returns By Period
In the year-to-date period, ERNS.L achieves a 1.67% return, which is significantly lower than SWLD.L's 8.85% 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%
SWLD.L
- 1D
- 1.57%
- 1M
- 0.34%
- YTD
- 8.85%
- 6M
- 9.40%
- 1Y
- 25.61%
- 3Y*
- 17.17%
- 5Y*
- 12.74%
- 10Y*
- —
ERNS.L vs. SWLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 1.67% | 4.84% | 5.55% | 4.76% | 1.53% | 0.14% | 0.77% | 0.89% |
SWLD.L SPDR MSCI World UCITS ETF | 8.85% | 12.84% | 21.21% | 17.69% | -8.06% | 23.66% | 12.00% | -13.14% |
Correlation
The correlation between ERNS.L and SWLD.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2019 | 0.06 |
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Return for Risk
ERNS.L vs. SWLD.L — Risk / Return Rank
ERNS.L
SWLD.L
ERNS.L vs. SWLD.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 SPDR MSCI World UCITS ETF (SWLD.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 | SWLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.97 | ||
| Sortino ratioReturn per unit of downside risk | +6.64 | ||
| Omega ratioGain probability vs. loss probability | 2.41 | 1.46 | +0.95 |
| Calmar ratioReturn relative to maximum drawdown | 19.80 | 3.80 | +16.00 |
| Martin ratioReturn relative to average drawdown | 111.29 | 14.98 | +96.31 |
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Drawdowns
ERNS.L vs. SWLD.L - Drawdown Comparison
The maximum ERNS.L drawdown since its inception was -1.51%, smaller than the maximum SWLD.L drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for ERNS.L and SWLD.L.
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Drawdown Indicators
| ERNS.L | SWLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.51% | -32.06% | +30.55% |
Max Drawdown (1Y)Largest decline over 1 year | -0.22% | -6.56% | +6.34% |
Max Drawdown (3Y)Largest decline over 3 years | -0.22% | -19.94% | +19.72% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -19.94% | +19.58% |
Max Drawdown (10Y)Largest decline over 10 years | -1.51% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.30% | +1.30% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -7.02% | +6.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 1.67% | -1.63% |
Volatility
ERNS.L vs. SWLD.L - Volatility Comparison
The current volatility for iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) is 0.26%, while SPDR MSCI World UCITS ETF (SWLD.L) has a volatility of 3.35%. This indicates that ERNS.L experiences smaller price fluctuations and is considered to be less risky than SWLD.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 | SWLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.26% | 3.35% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.67% | 7.59% | -6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.80% | 10.33% | -9.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 19.10% | -18.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.92% | 21.05% | -20.13% |
ERNS.L vs. SWLD.L - Expense Ratio Comparison
ERNS.L has a 0.09% expense ratio, which is lower than SWLD.L's 0.12% 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. SWLD.L - Dividend Comparison
ERNS.L's dividend yield for the trailing twelve months is around 3.24%, while SWLD.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) | 3.24% | 4.65% | 5.42% | 4.54% | 1.14% | 0.28% | 0.75% | 1.04% | 0.74% | 0.52% | 0.81% | 0.72% |
SWLD.L SPDR MSCI World UCITS ETF | 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 SWLD.L have a correlation of 0.11, 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 0.12% for SWLD.L.
ERNS.L is categorized as Ultrashort Bond, while SWLD.L is Global Equities. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for ERNS.L and 0.12% for SWLD.L.
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