ERNU.L vs. IGSD.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and IGSD.L (iShares USD Short Duration Corporate Bond UCITS ETF (Dist)) are both Corporate Bonds funds tracking the Bloomberg US Corp 1-3 Yr TR USD, from iShares and BlackRock respectively. Both are passively managed. Over the past 10 years, ERNU.L returned 3.51%/yr vs 3.88%/yr for IGSD.L. With a 0.96 correlation, they move nearly in lockstep. ERNU.L charges 0.09%/yr vs 0.20%/yr for IGSD.L.
Performance
ERNU.L vs. IGSD.L - Performance Comparison
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Returns By Period
In the year-to-date period, ERNU.L achieves a 1.86% return, which is significantly higher than IGSD.L's 1.02% return. Over the past 10 years, ERNU.L has underperformed IGSD.L with an annualized return of 3.51%, while IGSD.L has yielded a comparatively higher 3.88% annualized 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%
IGSD.L
- 1D
- 0.21%
- 1M
- 1.09%
- YTD
- 1.02%
- 6M
- 0.77%
- 1Y
- 5.80%
- 3Y*
- 3.32%
- 5Y*
- 4.01%
- 10Y*
- 3.88%
ERNU.L vs. IGSD.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% | -7.61% |
IGSD.L iShares USD Short Duration Corporate Bond UCITS ETF (Dist) | 1.02% | -0.44% | 7.51% | 0.40% | 7.27% | 0.80% | 1.22% | 3.52% | 7.44% | -6.51% |
Correlation
The correlation between ERNU.L and IGSD.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2013 | 0.96 |
The correlation between ERNU.L and IGSD.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
ERNU.L vs. IGSD.L — Risk / Return Rank
ERNU.L
IGSD.L
ERNU.L vs. IGSD.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 Short Duration Corporate Bond UCITS ETF (Dist) (IGSD.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 | IGSD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.35 | -0.14 |
| Martin ratioReturn relative to average drawdown | 3.09 | 3.70 | -0.61 |
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 | IGSD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.95 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.51 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.42 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.50 | -0.08 |
Drawdowns
ERNU.L vs. IGSD.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, roughly equal to the maximum IGSD.L drawdown of -14.83%. Use the drawdown chart below to compare losses from any high point for ERNU.L and IGSD.L.
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Drawdown Indicators
| ERNU.L | IGSD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -14.83% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -4.15% | -0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -8.18% | -1.36% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -14.83% | -0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -14.83% | -0.09% |
Current DrawdownCurrent decline from peak | -4.01% | -2.28% | -1.73% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -5.17% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.52% | +0.22% |
Volatility
ERNU.L vs. IGSD.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 2.03% compared to iShares USD Short Duration Corporate Bond UCITS ETF (Dist) (IGSD.L) at 1.60%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than IGSD.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 | IGSD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.60% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 4.32% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 5.91% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 7.82% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 9.13% | +0.21% |
ERNU.L vs. IGSD.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than IGSD.L's 0.20% 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. IGSD.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than IGSD.L's 5.06% 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% |
IGSD.L iShares USD Short Duration Corporate Bond UCITS ETF (Dist) | 5.06% | 5.08% | 4.67% | 3.69% | 2.12% | 1.71% | 2.51% | 3.32% | 2.94% | 2.50% | 2.16% | 2.11% |
Frequently Asked Questions
With a correlation of 0.96, ERNU.L and IGSD.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 0.20% for IGSD.L.
Both ETFs track Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: iShares and BlackRock. Their fees differ too: 0.09% for ERNU.L and 0.20% for IGSD.L.
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