ERNS.L vs. XSTR.L
ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) and XSTR.L (Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D) are both exchange-traded funds - ERNS.L is a Ultrashort Bond fund tracking the Markit iBoxx GBP Liquid Investment Grade Ultrashort Index, while XSTR.L is a Money Market fund actively managed by Xtrackers. ERNS.L is passively managed, while XSTR.L is actively managed. Over the past 10 years, ERNS.L returned 2.22%/yr vs 1.80%/yr for XSTR.L. At a 0.08 correlation, their price movements are largely independent. ERNS.L charges 0.09%/yr vs 0.10%/yr for XSTR.L.
Performance
ERNS.L vs. XSTR.L - Performance Comparison
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Different Trading Currencies
ERNS.L is traded in GBP, while XSTR.L is traded in GBp. To make them comparable, the XSTR.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with ERNS.L having a 1.98% return and XSTR.L slightly lower at 1.97%. Over the past 10 years, ERNS.L has outperformed XSTR.L with an annualized return of 2.22%, while XSTR.L has yielded a comparatively lower 1.80% 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%
XSTR.L
- 1D
- 0.02%
- 1M
- 0.27%
- 6M
- 1.80%
- YTD
- 1.97%
- 1Y
- 3.81%
- 3Y*
- 4.57%
- 5Y*
- 3.41%
- 10Y*
- 1.80%
ERNS.L vs. XSTR.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% |
XSTR.L Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D | 1.97% | 4.20% | 5.14% | 4.57% | 1.25% | -0.08% | 0.03% | 0.56% | 0.41% | 0.10% |
Correlation
The correlation between ERNS.L and XSTR.L is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.08 |
The correlation between ERNS.L and XSTR.L shifts across timeframes, from -0.11 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERNS.L vs. XSTR.L — Risk / Return Rank
ERNS.L
XSTR.L
ERNS.L vs. XSTR.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 Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D (XSTR.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 | XSTR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.52 | ||
| Sortino ratioReturn per unit of downside risk | +7.23 | ||
| Omega ratioGain probability vs. loss probability | 2.40 | 1.80 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 19.43 | 3.93 | +15.50 |
| Martin ratioReturn relative to average drawdown | 108.42 | 31.46 | +76.96 |
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Drawdowns
ERNS.L vs. XSTR.L - Drawdown Comparison
The maximum ERNS.L drawdown since its inception was -1.51%, smaller than the maximum XSTR.L drawdown of -1.60%. Use the drawdown chart below to compare losses from any high point for ERNS.L and XSTR.L.
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Drawdown Indicators
| ERNS.L | XSTR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.51% | -1.60% | +0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -0.22% | -0.97% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -0.22% | -0.97% | +0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -0.97% | +0.61% |
Max Drawdown (10Y)Largest decline over 10 years | -1.51% | -1.60% | +0.09% |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -0.11% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.12% | -0.08% |
Volatility
ERNS.L vs. XSTR.L - Volatility Comparison
iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) has a higher volatility of 0.19% compared to Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D (XSTR.L) at 0.07%. This indicates that ERNS.L's price experiences larger fluctuations and is considered to be riskier than XSTR.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 | XSTR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.07% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 0.65% | 1.92% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.79% | 2.09% | -1.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 0.98% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.92% | 0.97% | -0.05% |
ERNS.L vs. XSTR.L - Expense Ratio Comparison
ERNS.L has a 0.09% expense ratio, which is lower than XSTR.L's 0.10% 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. XSTR.L - Dividend Comparison
ERNS.L's dividend yield for the trailing twelve months is around 4.28%, more than XSTR.L's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XSTR.L Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D | 4.13% | 4.61% | 5.06% | 4.05% | 0.33% | 0.02% | 0.56% | 0.97% | 0.61% | 0.19% | 1.19% | 0.00% |
Frequently Asked Questions
ERNS.L and XSTR.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 0.10% for XSTR.L.
ERNS.L is categorized as Ultrashort Bond, while XSTR.L is Money Market. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.09% for ERNS.L and 0.10% for XSTR.L.
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