ERNU.L vs. ERND.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and ERND.L (iShares $ Ultrashort Bond UCITS ETF USD (Dist)) are both exchange-traded funds - ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while ERND.L is a Ultrashort Bond fund tracking the Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD). Both are passively managed. Over the past 10 years, ERNU.L returned 2.57%/yr vs 2.55%/yr for ERND.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.
Performance
ERNU.L vs. ERND.L - Performance Comparison
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Different Trading Currencies
ERNU.L is traded in GBP, while ERND.L is traded in USD. To make them comparable, the ERND.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 ERND.L's 1.60% return. Both investments have delivered pretty close results over the past 10 years, with ERNU.L having a 2.57% annualized return and ERND.L not far behind at 2.55%.
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%
ERND.L
- 1D
- 0.00%
- 1M
- -0.56%
- 6M
- 1.24%
- YTD
- 1.60%
- 1Y
- 3.11%
- 3Y*
- 3.90%
- 5Y*
- 4.19%
- 10Y*
- 2.55%
ERNU.L vs. ERND.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% | -7.60% |
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 1.60% | -2.63% | 7.39% | -0.16% | 14.16% | 0.95% | -1.76% | -0.89% | 8.17% | -7.30% |
Correlation
The correlation between ERNU.L and ERND.L is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | 0.81 |
The correlation between ERNU.L and ERND.L has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
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Return for Risk
ERNU.L vs. ERND.L — Risk / Return Rank
ERNU.L
ERND.L
ERNU.L vs. ERND.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 $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.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 | ERND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.09 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.64 | +0.15 |
| Martin ratioReturn relative to average drawdown | 2.01 | 1.79 | +0.22 |
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Drawdowns
ERNU.L vs. ERND.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -41.55%, which is greater than ERND.L's maximum drawdown of -15.45%. Use the drawdown chart below to compare losses from any high point for ERNU.L and ERND.L.
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Drawdown Indicators
| ERNU.L | ERND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.55% | -15.45% | -26.10% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -5.14% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -9.61% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -15.45% | +0.53% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -15.45% | +0.53% |
Current DrawdownCurrent decline from peak | -4.03% | -4.75% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -18.45% | -5.98% | -12.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.84% | -0.10% |
Volatility
ERNU.L vs. ERND.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 1.80% compared to iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.L) at 1.65%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than ERND.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 | ERND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 1.65% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 4.81% | 5.10% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.42% | 6.61% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.35% | 8.44% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.73% | 8.74% | -0.01% |
ERNU.L vs. ERND.L - Expense Ratio Comparison
Both ERNU.L and ERND.L have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ERNU.L vs. ERND.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 4.35%, which matches ERND.L's 4.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 4.31% | 4.70% | 5.54% | 5.00% | 1.57% | 0.49% | 1.55% | 2.71% | 2.19% | 1.39% | 0.99% | 0.72% |
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 ERND.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ERNU.L and ERND.L have the same expense ratio: 0.09% per year.
ERNU.L is categorized as Corporate Bonds, while ERND.L is Ultrashort Bond. ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while ERND.L tracks Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD).
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