ERNU.L vs. HYGB.L

Last updated Jul 18, 2026

ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both exchange-traded funds - ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while HYGB.L is a Emerging Markets Bonds fund tracking the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 5 years, ERNU.L returned 4.36%/yr vs 3.29%/yr for HYGB.L. A 0.77 correlation means they provide meaningful diversification when combined. ERNU.L charges 0.09%/yr vs 0.40%/yr for HYGB.L.

Performance

ERNU.L vs. HYGB.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 VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ERNU.L achieves a 2.22% return, which is significantly lower than HYGB.L's 3.73% return.

ERNU.L

• 1D: 0.27%
• 1M: -0.01%
• 6M: 1.44%
• YTD: 2.22%
• 1Y: 3.95%
• 3Y*: 4.12%
• 5Y*: 4.36%
• 10Y*: 2.54%

HYGB.L

• 1D: 0.36%
• 1M: -0.41%
• 6M: 2.50%
• YTD: 3.73%
• 1Y: 7.76%
• 3Y*: 8.68%
• 5Y*: 3.29%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ERNU.L iShares USD Ultrashort Bond UCITS ETF	2.22%	-2.44%	7.39%	-0.34%	13.44%	1.53%	-2.16%	-0.16%	11.86%
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)	3.73%	1.56%	13.72%	1.66%	-2.52%	0.59%	1.90%	10.99%	-23.28%

Correlation

The correlation between ERNU.L and HYGB.L is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	0.77

The correlation between ERNU.L and HYGB.L shifts across timeframes, from 0.77 (all time) to 0.87 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ERNU.L vs. HYGB.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: 22
ERNU.L Sharpe Ratio Rank: 22
ERNU.L Sortino Ratio Rank: 21
ERNU.L Omega Ratio Rank: 20
ERNU.L Calmar Ratio Rank: 24
ERNU.L Martin Ratio Rank: 24

HYGB.L

HYGB.L Risk / Return Rank: 48
HYGB.L Sharpe Ratio Rank: 44
HYGB.L Sortino Ratio Rank: 44
HYGB.L Omega Ratio Rank: 42
HYGB.L Calmar Ratio Rank: 63
HYGB.L Martin Ratio Rank: 47

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. HYGB.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 VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.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	HYGB.L	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.19	-0.57
Sortino ratio: Return per unit of downside risk	0.94	1.74	-0.80
Omega ratio: Gain probability vs. loss probability	1.11	1.21	-0.11
Calmar ratio: Return relative to maximum drawdown	0.89	2.33	-1.45
Martin ratio: Return relative to average drawdown	2.25	5.93	-3.68

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

The current ERNU.L Sharpe Ratio is 0.62, which is lower than the HYGB.L Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of ERNU.L and HYGB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ERNU.L vs. HYGB.L - Drawdown Comparison

The maximum ERNU.L drawdown since its inception was -41.55%, which is greater than HYGB.L's maximum drawdown of -26.72%. Use the drawdown chart below to compare losses from any high point for ERNU.L and HYGB.L.

Drawdown Indicators

	ERNU.L	HYGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.55%	-26.72%	-14.83%
Max Drawdown (1Y) Largest decline over 1 year	-4.43%	-3.31%	-1.12%
Max Drawdown (3Y) Largest decline over 3 years	-9.54%	-8.96%	-0.58%
Max Drawdown (5Y) Largest decline over 5 years	-14.92%	-23.02%	+8.10%
Max Drawdown (10Y) Largest decline over 10 years	-14.92%	—	—
Current Drawdown Current decline from peak	-3.68%	-1.93%	-1.75%
Average Drawdown Average peak-to-trough decline	-18.44%	-14.28%	-4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	1.30%	+0.45%

Volatility

ERNU.L vs. HYGB.L - Volatility Comparison

The current volatility for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) is 1.27%, while VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) has a volatility of 1.48%. This indicates that ERNU.L experiences smaller price fluctuations and is considered to be less risky than HYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERNU.L	HYGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.48%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	4.80%	4.96%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	6.40%	6.52%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.35%	18.18%	-9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.73%	17.40%	-8.67%

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

ERNU.L has a 0.09% expense ratio, which is lower than HYGB.L's 0.40% expense ratio.

Dividends

ERNU.L vs. HYGB.L - Dividend Comparison

ERNU.L's dividend yield for the trailing twelve months is around 4.33%, while HYGB.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERNU.L iShares USD Ultrashort Bond UCITS ETF	4.33%	4.68%	5.46%	4.99%	1.56%	0.48%	1.65%	2.77%	2.17%	1.43%	0.93%	0.70%
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ERNU.L and HYGB.L in my portfolio?

ERNU.L and HYGB.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ERNU.L or HYGB.L?

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.

Which ETF is cheaper, ERNU.L or HYGB.L?

ERNU.L is cheaper with a 0.09% expense ratio, compared with 0.40% for HYGB.L.

What is the main difference between ERNU.L and HYGB.L?

ERNU.L is categorized as Corporate Bonds, while HYGB.L is Emerging Markets Bonds. ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while HYGB.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.09% for ERNU.L and 0.40% for HYGB.L.