ERNU.L vs. NEAR

Last updated Apr 2, 2026

Compare and contrast key facts about iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and iShares Short Duration Bond Active ETF (NEAR).

ERNU.L and NEAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERNU.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Corp 1-3 Yr TR USD. It was launched on Oct 15, 2013. NEAR is an actively managed fund by iShares. It was launched on Sep 25, 2013.

Performance

ERNU.L vs. NEAR - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and iShares Short Duration Bond Active ETF (NEAR). The values are adjusted to include any dividend payments, if applicable.

ERNU.L vs. NEAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERNU.L iShares USD Ultrashort Bond UCITS ETF	1.91%	-2.45%	7.39%	-0.34%	13.45%	1.52%	-2.17%	-0.16%	7.99%	-7.61%
NEAR iShares Short Duration Bond Active ETF	1.83%	-1.65%	6.92%	2.05%	12.35%	1.27%	-1.58%	-0.39%	7.74%	-7.36%

Different Trading Currencies

ERNU.L is traded in GBP, while NEAR is traded in USD. To make them comparable, the NEAR values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with ERNU.L having a 1.91% return and NEAR slightly lower at 1.83%. Over the past 10 years, ERNU.L has underperformed NEAR with an annualized return of 3.33%, while NEAR has yielded a comparatively higher 3.56% annualized return.

ERNU.L

• 1D: -0.81%
• 1M: 0.56%
• YTD: 1.91%
• 6M: 3.07%
• 1Y: 1.21%
• 3Y*: 2.65%
• 5Y*: 4.39%
• 10Y*: 3.33%

NEAR

• 1D: -0.22%
• 1M: 0.64%
• YTD: 1.83%
• 6M: 2.95%
• 1Y: 1.86%
• 3Y*: 3.25%
• 5Y*: 4.66%
• 10Y*: 3.56%

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

ERNU.L vs. NEAR - Expense Ratio Comparison

ERNU.L has a 0.09% expense ratio, which is lower than NEAR's 0.25% 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%.

NEAR

iShares Short Duration Bond Active ETF

ERNU.L

iShares USD Ultrashort Bond UCITS ETF

Return for Risk

ERNU.L vs. NEAR — 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: 15
ERNU.L Sharpe Ratio Rank: 16
ERNU.L Sortino Ratio Rank: 14
ERNU.L Omega Ratio Rank: 13
ERNU.L Calmar Ratio Rank: 16
ERNU.L Martin Ratio Rank: 15

NEAR

NEAR Risk / Return Rank: 95
NEAR Sharpe Ratio Rank: 94
NEAR Sortino Ratio Rank: 97
NEAR Omega Ratio Rank: 97
NEAR Calmar Ratio Rank: 94
NEAR Martin Ratio Rank: 94

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. NEAR - 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 Short Duration Bond Active ETF (NEAR). 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	NEAR	Difference
Sharpe ratio Return per unit of total volatility	0.18	0.27	-0.09
Sortino ratio Return per unit of downside risk	0.30	0.43	-0.12
Omega ratio Gain probability vs. loss probability	1.03	1.05	-0.02
Calmar ratio Return relative to maximum drawdown	0.25	0.32	-0.07
Martin ratio Return relative to average drawdown	0.47	0.61	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERNU.L vs. NEAR - Sharpe Ratio Comparison

The current ERNU.L Sharpe Ratio is 0.18, which is lower than the NEAR Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of ERNU.L and NEAR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ERNU.L	NEAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.18	0.27	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.56	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.38	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.44	-0.01

Correlation

The correlation between ERNU.L and NEAR is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ERNU.L vs. NEAR - Dividend Comparison

ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than NEAR's 4.50% yield.

	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%
NEAR iShares Short Duration Bond Active ETF	4.50%	4.54%	5.00%	4.59%	1.78%	0.76%	1.53%	2.69%	2.25%	1.52%	1.07%	0.85%

Drawdowns

ERNU.L vs. NEAR - Drawdown Comparison

The maximum ERNU.L drawdown since its inception was -14.92%, roughly equal to the maximum NEAR drawdown of -15.41%. Use the drawdown chart below to compare losses from any high point for ERNU.L and NEAR.

Drawdown Indicators

	ERNU.L	NEAR	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-9.61%	-5.31%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-1.16%	-4.85%
Max Drawdown (5Y) Largest decline over 5 years	-14.92%	-1.32%	-13.60%
Max Drawdown (10Y) Largest decline over 10 years	-14.92%	-9.61%	-5.31%
Current Drawdown Current decline from peak	-3.97%	-0.64%	-3.33%
Average Drawdown Average peak-to-trough decline	-5.82%	-0.16%	-5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	0.30%	+2.88%

Volatility

ERNU.L vs. NEAR - Volatility Comparison

The current volatility for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) is 2.08%, while iShares Short Duration Bond Active ETF (NEAR) has a volatility of 2.40%. This indicates that ERNU.L experiences smaller price fluctuations and is considered to be less risky than NEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERNU.L	NEAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	2.40%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	4.35%	4.71%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	6.74%	6.91%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.34%	8.33%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.36%	9.45%	-0.09%