ERNU.L vs. ERNS.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L).

ERNU.L and ERNS.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERNU.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Corp 1-3 Yr TR USD. It was launched on Oct 15, 2013. ERNS.L is an actively managed fund by iShares. It was launched on Oct 16, 2013.

Performance

ERNU.L vs. ERNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L). The values are adjusted to include any dividend payments, if applicable.

ERNU.L vs. ERNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERNU.L iShares USD Ultrashort Bond UCITS ETF	1.91%	-2.45%	7.39%	-0.34%	13.45%	1.52%	-2.17%	-0.16%	7.99%	-7.61%
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist)	0.77%	4.84%	5.54%	4.76%	1.54%	0.13%	0.77%	1.27%	0.58%	0.57%

Returns By Period

In the year-to-date period, ERNU.L achieves a 1.91% return, which is significantly higher than ERNS.L's 0.77% return. Over the past 10 years, ERNU.L has outperformed ERNS.L with an annualized return of 3.33%, while ERNS.L has yielded a comparatively lower 2.14% annualized return.

ERNU.L

• 1D: -0.81%
• 1M: 0.56%
• YTD: 1.91%
• 6M: 3.07%
• 1Y: 1.21%
• 3Y*: 2.65%
• 5Y*: 4.39%
• 10Y*: 3.33%

ERNS.L

• 1D: 0.06%
• 1M: 0.25%
• YTD: 0.77%
• 6M: 2.03%
• 1Y: 4.53%
• 3Y*: 5.07%
• 5Y*: 3.46%
• 10Y*: 2.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ERNU.L vs. ERNS.L - Expense Ratio Comparison

Both ERNU.L and ERNS.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%.

ERNU.L

iShares USD Ultrashort Bond UCITS ETF

ERNS.L

iShares £ Ultrashort Bond UCITS ETF GBP (Dist)

Return for Risk

ERNU.L vs. ERNS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ERNU.L

ERNU.L Risk / Return Rank: 15
ERNU.L Sharpe Ratio Rank: 16
ERNU.L Sortino Ratio Rank: 14
ERNU.L Omega Ratio Rank: 13
ERNU.L Calmar Ratio Rank: 16
ERNU.L Martin Ratio Rank: 15

ERNS.L

ERNS.L Risk / Return Rank: 99
ERNS.L Sharpe Ratio Rank: 99
ERNS.L Sortino Ratio Rank: 99
ERNS.L Omega Ratio Rank: 99
ERNS.L Calmar Ratio Rank: 99
ERNS.L Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ERNU.L vs. ERNS.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 GBP (Dist) (ERNS.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.

	ERNU.L	ERNS.L	Difference
Sharpe ratio Return per unit of total volatility	0.18	5.39	-5.22
Sortino ratio Return per unit of downside risk	0.30	9.29	-8.99
Omega ratio Gain probability vs. loss probability	1.03	2.44	-1.40
Calmar ratio Return relative to maximum drawdown	0.25	23.48	-23.24
Martin ratio Return relative to average drawdown	0.47	114.06	-113.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERNU.L vs. ERNS.L - Sharpe Ratio Comparison

The current ERNU.L Sharpe Ratio is 0.18, which is lower than the ERNS.L Sharpe Ratio of 5.39. The chart below compares the historical Sharpe Ratios of ERNU.L and ERNS.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ERNU.L	ERNS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.18	5.39	-5.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	4.19	-3.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	2.33	-1.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	2.19	-1.77

Correlation

The correlation between ERNU.L and ERNS.L is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ERNU.L vs. ERNS.L - Dividend Comparison

ERNU.L's dividend yield for the trailing twelve months is around 5.69%, which matches ERNS.L's 5.69% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERNU.L iShares USD Ultrashort Bond UCITS ETF	5.69%	4.68%	5.45%	5.00%	1.55%	0.48%	1.65%	2.77%	2.17%	1.43%	0.93%	0.70%
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist)	5.69%	4.65%	5.42%	4.54%	1.14%	0.28%	0.75%	1.04%	0.74%	0.52%	0.81%	0.72%

Drawdowns

ERNU.L vs. ERNS.L - Drawdown Comparison

The maximum ERNU.L drawdown since its inception was -14.92%, which is greater than ERNS.L's maximum drawdown of -1.51%. Use the drawdown chart below to compare losses from any high point for ERNU.L and ERNS.L.

Drawdown Indicators

	ERNU.L	ERNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-1.51%	-13.41%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-0.19%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-14.92%	-0.36%	-14.56%
Max Drawdown (10Y) Largest decline over 10 years	-14.92%	-1.51%	-13.41%
Current Drawdown Current decline from peak	-3.97%	0.00%	-3.97%
Average Drawdown Average peak-to-trough decline	-5.82%	-0.05%	-5.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	0.04%	+3.14%

Volatility

ERNU.L vs. ERNS.L - Volatility Comparison

iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 2.08% compared to iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) at 0.30%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than ERNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERNU.L	ERNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	0.30%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	4.35%	0.61%	+3.74%
Volatility (1Y) Calculated over the trailing 1-year period	6.74%	0.84%	+5.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.34%	0.83%	+7.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.36%	0.91%	+8.45%