ERNU.L vs. LQDE.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and LQDE.L (iShares $ Corp Bond UCITS ETF USD Distributing) are both Corporate Bonds funds from iShares - ERNU.L tracks the Bloomberg US Corp 1-3 Yr TR USD while LQDE.L tracks the Morningstar US Corporate Bond TR USD. Both are passively managed. Over the past 10 years, ERNU.L returned 3.51%/yr vs 3.32%/yr for LQDE.L. A 0.54 correlation means they provide meaningful diversification when combined. ERNU.L charges 0.09%/yr vs 0.20%/yr for LQDE.L.
Performance
ERNU.L vs. LQDE.L - Performance Comparison
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Different Trading Currencies
ERNU.L is traded in GBP, while LQDE.L is traded in USD. To make them comparable, the LQDE.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 LQDE.L's 0.56% return. Over the past 10 years, ERNU.L has outperformed LQDE.L with an annualized return of 3.51%, while LQDE.L has yielded a comparatively lower 3.32% 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%
LQDE.L
- 1D
- 0.48%
- 1M
- 1.39%
- YTD
- 0.56%
- 6M
- -0.27%
- 1Y
- 6.58%
- 3Y*
- 2.38%
- 5Y*
- 1.08%
- 10Y*
- 3.32%
ERNU.L vs. LQDE.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% |
LQDE.L iShares $ Corp Bond UCITS ETF USD Distributing | 0.56% | 0.39% | 2.83% | 3.68% | -8.03% | -1.11% | 7.72% | 13.38% | 1.76% | -2.43% |
Correlation
The correlation between ERNU.L and LQDE.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2013 | 0.54 |
The correlation between ERNU.L and LQDE.L shifts across timeframes, from 0.35 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERNU.L vs. LQDE.L — Risk / Return Rank
ERNU.L
LQDE.L
ERNU.L vs. LQDE.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 $ Corp Bond UCITS ETF USD Distributing (LQDE.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 | LQDE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.16 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.21 | +0.01 |
| Martin ratioReturn relative to average drawdown | 3.09 | 2.97 | +0.12 |
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 | LQDE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.89 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.11 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.29 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.49 | -0.07 |
Drawdowns
ERNU.L vs. LQDE.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, smaller than the maximum LQDE.L drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for ERNU.L and LQDE.L.
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Drawdown Indicators
| ERNU.L | LQDE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -27.34% | +12.42% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -5.44% | +1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -9.22% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -15.49% | +0.57% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -19.06% | +4.14% |
Current DrawdownCurrent decline from peak | -4.01% | -7.97% | +3.96% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -6.86% | +1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 2.21% | -0.47% |
Volatility
ERNU.L vs. LQDE.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and iShares $ Corp Bond UCITS ETF USD Distributing (LQDE.L) have volatilities of 2.03% and 2.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERNU.L | LQDE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 2.12% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 5.95% | -1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 7.38% | -0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 9.96% | -1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 11.49% | -2.15% |
ERNU.L vs. LQDE.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than LQDE.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. LQDE.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than LQDE.L's 4.95% 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% |
LQDE.L iShares $ Corp Bond UCITS ETF USD Distributing | 4.95% | 4.89% | 5.02% | 4.58% | 3.74% | 2.68% | 2.77% | 3.42% | 3.69% | 3.25% | 3.40% | 3.36% |
Frequently Asked Questions
ERNU.L and LQDE.L have a correlation of 0.40, 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 0.20% for LQDE.L.
ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while LQDE.L tracks Morningstar US Corporate Bond TR USD. Their fees differ too: 0.09% for ERNU.L and 0.20% for LQDE.L.
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