ERNU.L vs. IWVG.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and IWVG.L (iShares Edge MSCI World Value Factor 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 IWVG.L is a Global Equities fund tracking the MSCI ACWI Value NR USD. Both are passively managed. Over the past 5 years, ERNU.L returned 4.93%/yr vs 17.41%/yr for IWVG.L. At a 0.04 correlation, their price movements are largely independent. ERNU.L charges 0.09%/yr vs 0.30%/yr for IWVG.L.
Performance
ERNU.L vs. IWVG.L - Performance Comparison
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Returns By Period
In the year-to-date period, ERNU.L achieves a 4.13% return, which is significantly lower than IWVG.L's 33.57% return.
ERNU.L
- 1D
- 0.23%
- 1M
- 2.45%
- YTD
- 4.13%
- 6M
- 4.58%
- 1Y
- 7.91%
- 3Y*
- 3.91%
- 5Y*
- 4.93%
- 10Y*
- 3.13%
IWVG.L
- 1D
- -0.27%
- 1M
- 4.23%
- YTD
- 33.57%
- 6M
- 34.79%
- 1Y
- 65.01%
- 3Y*
- 27.12%
- 5Y*
- 17.41%
- 10Y*
- —
ERNU.L vs. IWVG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 4.13% | -2.44% | 7.39% | -0.34% | 13.44% | 1.53% | -2.16% | -0.16% | 11.30% |
IWVG.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 33.57% | 31.27% | 6.58% | 13.08% | 1.04% | 21.24% | -6.86% | 14.68% | -8.59% |
Correlation
The correlation between ERNU.L and IWVG.L is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2018 | 0.04 |
The correlation between ERNU.L and IWVG.L shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERNU.L vs. IWVG.L — Risk / Return Rank
ERNU.L
IWVG.L
ERNU.L vs. IWVG.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 Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVG.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 | IWVG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.39 | ||
| Sortino ratioReturn per unit of downside risk | -4.30 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.87 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 9.25 | -7.47 |
| Martin ratioReturn relative to average drawdown | 4.60 | 33.90 | -29.31 |
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Drawdowns
ERNU.L vs. IWVG.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -41.55%, which is greater than IWVG.L's maximum drawdown of -28.07%. Use the drawdown chart below to compare losses from any high point for ERNU.L and IWVG.L.
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Drawdown Indicators
| ERNU.L | IWVG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.55% | -28.07% | -13.48% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -6.99% | +2.56% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -13.92% | +4.38% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -13.92% | -1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | — | — |
Current DrawdownCurrent decline from peak | -1.88% | -2.53% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -18.52% | -4.29% | -14.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 1.91% | -0.19% |
Volatility
ERNU.L vs. IWVG.L - Volatility Comparison
The current volatility for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) is 1.69%, while iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVG.L) has a volatility of 5.31%. This indicates that ERNU.L experiences smaller price fluctuations and is considered to be less risky than IWVG.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 | IWVG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 5.31% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 4.78% | 11.93% | -7.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.55% | 14.06% | -7.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.35% | 13.27% | -4.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 15.62% | -6.74% |
ERNU.L vs. IWVG.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than IWVG.L's 0.30% expense ratio.
Dividends
ERNU.L vs. IWVG.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 4.26%, more than IWVG.L's 1.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 4.26% | 4.68% | 5.46% | 4.99% | 1.56% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
IWVG.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 1.86% | 2.48% | 3.12% | 3.22% | 3.11% | 2.61% | 2.37% | 2.90% | 2.48% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERNU.L and IWVG.L have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.30% for IWVG.L.
ERNU.L is categorized as Corporate Bonds, while IWVG.L is Global Equities. ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while IWVG.L tracks MSCI ACWI Value NR USD. Their fees differ too: 0.09% for ERNU.L and 0.30% for IWVG.L.
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