ERNU.L vs. FLO5.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and FLO5.L (iShares USD Floating Rate Bond UCITS ETF) are both Corporate Bonds funds from iShares - ERNU.L tracks the Bloomberg US Corp 1-3 Yr TR USD while FLO5.L tracks the Bloomberg US Corp Bond TR USD. Both are passively managed. Over the past 5 years, ERNU.L returned 4.86%/yr vs 1.22%/yr for FLO5.L. With a 0.96 correlation, they move nearly in lockstep. ERNU.L charges 0.09%/yr vs 0.10%/yr for FLO5.L.
Performance
ERNU.L vs. FLO5.L - Performance Comparison
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Different Trading Currencies
ERNU.L is traded in GBP, while FLO5.L is traded in GBp. To make them comparable, the FLO5.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 1.86% return, which is significantly higher than FLO5.L's -0.05% return.
ERNU.L
- 1D
- 0.09%
- 1M
- 1.33%
- YTD
- 1.86%
- 6M
- 1.30%
- 1Y
- 5.39%
- 3Y*
- 2.46%
- 5Y*
- 4.86%
- 10Y*
- 3.51%
FLO5.L
- 1D
- 0.03%
- 1M
- -0.74%
- YTD
- -0.05%
- 6M
- -0.55%
- 1Y
- 1.25%
- 3Y*
- -2.38%
- 5Y*
- 1.22%
- 10Y*
- —
ERNU.L vs. FLO5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 1.86% | -2.45% | 7.39% | -0.34% | 13.45% | 1.52% | -2.17% | -0.16% | 7.99% | 0.90% |
FLO5.L iShares USD Floating Rate Bond UCITS ETF | -0.05% | -6.83% | 1.88% | -4.56% | 11.92% | 1.15% | -4.18% | -2.07% | 4.95% | 0.57% |
Correlation
The correlation between ERNU.L and FLO5.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2017 | 0.96 |
The correlation between ERNU.L and FLO5.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
ERNU.L vs. FLO5.L — Risk / Return Rank
ERNU.L
FLO5.L
ERNU.L vs. FLO5.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 USD Floating Rate Bond UCITS ETF (FLO5.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 | FLO5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.04 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 0.19 | +1.03 |
| Martin ratioReturn relative to average drawdown | 3.09 | 0.38 | +2.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ERNU.L | FLO5.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.17 | +0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.13 | +0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.02 | +0.40 |
Drawdowns
ERNU.L vs. FLO5.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, smaller than the maximum FLO5.L drawdown of -20.77%. Use the drawdown chart below to compare losses from any high point for ERNU.L and FLO5.L.
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Drawdown Indicators
| ERNU.L | FLO5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -20.77% | +5.85% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -6.65% | +2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -13.32% | +3.78% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -20.77% | +5.85% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | — | — |
Current DrawdownCurrent decline from peak | -4.01% | -19.14% | +15.13% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -9.77% | +3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 3.30% | -1.56% |
Volatility
ERNU.L vs. FLO5.L - Volatility Comparison
The current volatility for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) is 2.03%, while iShares USD Floating Rate Bond UCITS ETF (FLO5.L) has a volatility of 2.80%. This indicates that ERNU.L experiences smaller price fluctuations and is considered to be less risky than FLO5.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 | FLO5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 2.80% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 5.01% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 7.27% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 9.03% | -0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 9.16% | +0.18% |
ERNU.L vs. FLO5.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than FLO5.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
ERNU.L vs. FLO5.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than FLO5.L's 0.05% yield.
| Position | 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% |
FLO5.L iShares USD Floating Rate Bond UCITS ETF | 0.05% | 0.05% | 0.06% | 0.06% | 0.01% | 0.01% | 0.02% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, ERNU.L and FLO5.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.10% for FLO5.L.
ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while FLO5.L tracks Bloomberg US Corp Bond TR USD. Their fees differ too: 0.09% for ERNU.L and 0.10% for FLO5.L.
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