ERNU.L vs. 0FLE.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and 0FLE.L (iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist)) are both exchange-traded funds - ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while 0FLE.L is a Ultrashort Bond fund tracking the Bloomberg US Floating Rate Note<5 Years Index. Both are passively managed. Over the past 5 years, ERNU.L returned 4.28%/yr vs 2.27%/yr for 0FLE.L. At a 0.40 correlation, their price movements are largely independent. ERNU.L charges 0.09%/yr vs 0.12%/yr for 0FLE.L.
Performance
ERNU.L vs. 0FLE.L - Performance Comparison
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Different Trading Currencies
ERNU.L is traded in GBP, while 0FLE.L is traded in EUR. To make them comparable, the 0FLE.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, ERNU.L achieves a 1.85% return, which is significantly higher than 0FLE.L's -1.10% return.
ERNU.L
- 1D
- -0.66%
- 1M
- -0.09%
- 6M
- 1.60%
- YTD
- 1.85%
- 1Y
- 3.51%
- 3Y*
- 4.10%
- 5Y*
- 4.28%
- 10Y*
- 2.57%
0FLE.L
- 1D
- 0.00%
- 1M
- -1.41%
- 6M
- -0.68%
- YTD
- -1.10%
- 1Y
- 0.62%
- 3Y*
- 3.31%
- 5Y*
- 2.27%
- 10Y*
- —
ERNU.L vs. 0FLE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 1.85% | -2.44% | 7.39% | -0.34% | 13.44% | 1.53% | -2.16% | -0.16% | 7.99% | -3.27% |
0FLE.L iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) | -1.10% | 8.18% | 0.12% | 2.12% | 4.65% | -6.41% | 3.78% | -3.04% | -0.68% | -2.13% |
Correlation
The correlation between ERNU.L and 0FLE.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2017 | 0.40 |
The correlation between ERNU.L and 0FLE.L shifts across timeframes, from 0.22 (3 years) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERNU.L vs. 0FLE.L — Risk / Return Rank
ERNU.L
0FLE.L
ERNU.L vs. 0FLE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) (0FLE.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.
| ERNU.L | 0FLE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.02 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.24 | +0.55 |
| Martin ratioReturn relative to average drawdown | 2.01 | 0.56 | +1.44 |
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Drawdowns
ERNU.L vs. 0FLE.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -41.55%, which is greater than 0FLE.L's maximum drawdown of -13.35%. Use the drawdown chart below to compare losses from any high point for ERNU.L and 0FLE.L.
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Drawdown Indicators
| ERNU.L | 0FLE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.55% | -13.35% | -28.20% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -2.19% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -5.02% | -4.52% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -5.66% | -9.26% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | — | — |
Current DrawdownCurrent decline from peak | -4.03% | -2.19% | -1.84% |
Average DrawdownAverage peak-to-trough decline | -18.45% | -5.98% | -12.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 0.93% | +0.81% |
Volatility
ERNU.L vs. 0FLE.L - Volatility Comparison
The current volatility for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) is 1.80%, while iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) (0FLE.L) has a volatility of 1.97%. This indicates that ERNU.L experiences smaller price fluctuations and is considered to be less risky than 0FLE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERNU.L | 0FLE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 1.97% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 4.81% | 3.31% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 4.57% | +1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.35% | 6.55% | +1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.73% | 7.07% | +1.66% |
ERNU.L vs. 0FLE.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than 0FLE.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
ERNU.L vs. 0FLE.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 4.35%, less than 0FLE.L's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
0FLE.L iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) | 4.69% | 5.04% | 6.01% | 5.52% | 1.49% | 0.58% | 1.60% | 2.96% | 2.07% | 0.36% | 0.00% | 0.00% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 4.35% | 4.68% | 5.46% | 4.99% | 1.56% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
Frequently Asked Questions
ERNU.L and 0FLE.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNU.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNU.L is cheaper with a 0.09% expense ratio, compared with 0.12% for 0FLE.L.
ERNU.L is categorized as Corporate Bonds, while 0FLE.L is Ultrashort Bond. ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while 0FLE.L tracks Bloomberg US Floating Rate Note<5 Years Index. Their fees differ too: 0.09% for ERNU.L and 0.12% for 0FLE.L.
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