ERNU.L vs. LCRP.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and LCRP.L (SPDR Bloomberg 10+ Year US Corporate Bond UCITS ETF) are both Corporate Bonds funds - ERNU.L tracks the Bloomberg US Corp 1-3 Yr TR USD while LCRP.L tracks the Bloomberg US Corp Bond TR USD. Both are passively managed. Over the past 10 years, ERNU.L returned 3.51%/yr vs 1.61%/yr for LCRP.L. A 0.53 correlation means they provide meaningful diversification when combined. ERNU.L charges 0.09%/yr vs 0.12%/yr for LCRP.L.
Performance
ERNU.L vs. LCRP.L - Performance Comparison
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Returns By Period
Over the past 10 years, ERNU.L has outperformed LCRP.L with an annualized return of 3.51%, while LCRP.L has yielded a comparatively lower 1.61% annualized return.
ERNU.L
- 1D
- 0.09%
- 1M
- 1.67%
- YTD
- 1.86%
- 6M
- 1.08%
- 1Y
- 5.55%
- 3Y*
- 2.46%
- 5Y*
- 4.86%
- 10Y*
- 3.51%
LCRP.L
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- -1.69%
- 1Y
- 6.64%
- 3Y*
- 1.41%
- 5Y*
- -0.92%
- 10Y*
- 1.61%
ERNU.L vs. LCRP.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% |
LCRP.L SPDR Bloomberg 10+ Year US Corporate Bond UCITS ETF | 0.00% | -1.12% | 0.56% | 4.59% | -16.57% | -0.11% | 10.05% | 16.19% | -5.81% | -2.15% |
Correlation
The correlation between ERNU.L and LCRP.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2015 | 0.53 |
Over the past year, the correlation between ERNU.L and LCRP.L has dropped to 0.26 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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Return for Risk
ERNU.L vs. LCRP.L — Risk / Return Rank
ERNU.L
LCRP.L
ERNU.L vs. LCRP.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 SPDR Bloomberg 10+ Year US Corporate Bond UCITS ETF (LCRP.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 | LCRP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.26 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.44 | -0.23 |
| Martin ratioReturn relative to average drawdown | 3.09 | 2.05 | +1.04 |
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 | LCRP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 1.14 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | -0.08 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.12 | +0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.21 | +0.21 |
Drawdowns
ERNU.L vs. LCRP.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, smaller than the maximum LCRP.L drawdown of -28.37%. Use the drawdown chart below to compare losses from any high point for ERNU.L and LCRP.L.
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Drawdown Indicators
| ERNU.L | LCRP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -28.37% | +13.45% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -4.77% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -11.82% | +2.28% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -26.17% | +11.25% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -28.37% | +13.45% |
Current DrawdownCurrent decline from peak | -4.01% | -18.73% | +14.72% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -12.80% | +7.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 3.37% | -1.63% |
Volatility
ERNU.L vs. LCRP.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 2.03% compared to SPDR Bloomberg 10+ Year US Corporate Bond UCITS ETF (LCRP.L) at 0.00%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than LCRP.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 | LCRP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 0.00% | +2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 2.04% | +2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 6.08% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 12.04% | -3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 12.86% | -3.52% |
ERNU.L vs. LCRP.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than LCRP.L's 0.12% 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. LCRP.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than LCRP.L's 2.75% 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% |
LCRP.L SPDR Bloomberg 10+ Year US Corporate Bond UCITS ETF | 2.75% | 5.64% | 5.14% | 4.64% | 4.37% | 3.29% | 3.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERNU.L and LCRP.L have a correlation of 0.26, 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 0.12% for LCRP.L.
ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while LCRP.L tracks Bloomberg US Corp Bond TR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for ERNU.L and 0.12% for LCRP.L.
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