ERNU.L vs. SLXX.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and SLXX.L (iShares Core £ Corp Bond UCITS ETF) are both Corporate Bonds funds from iShares - ERNU.L tracks the Bloomberg US Corp 1-3 Yr TR USD while SLXX.L tracks the Markit iBoxx GBP Liquid Corporates Large Cap Index. Both are passively managed. Over the past 10 years, ERNU.L returned 3.51%/yr vs 1.80%/yr for SLXX.L. At a 0.00 correlation, their price movements are largely independent. ERNU.L charges 0.09%/yr vs 0.20%/yr for SLXX.L.
Performance
ERNU.L vs. SLXX.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 SLXX.L's -0.09% return. Over the past 10 years, ERNU.L has outperformed SLXX.L with an annualized return of 3.51%, while SLXX.L has yielded a comparatively lower 1.80% 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%
SLXX.L
- 1D
- 0.21%
- 1M
- 2.07%
- YTD
- -0.09%
- 6M
- 0.15%
- 1Y
- 4.74%
- 3Y*
- 5.83%
- 5Y*
- -0.77%
- 10Y*
- 1.80%
ERNU.L vs. SLXX.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% |
SLXX.L iShares Core £ Corp Bond UCITS ETF | -0.09% | 6.50% | 1.60% | 8.54% | -18.36% | -4.01% | 9.03% | 11.30% | -2.77% | 4.24% |
Correlation
The correlation between ERNU.L and SLXX.L is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2013 | 0.00 |
The correlation between ERNU.L and SLXX.L shifts across timeframes, from -0.34 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERNU.L vs. SLXX.L — Risk / Return Rank
ERNU.L
SLXX.L
ERNU.L vs. SLXX.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 Core £ Corp Bond UCITS ETF (SLXX.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 | SLXX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.16 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.11 | +0.10 |
| Martin ratioReturn relative to average drawdown | 3.09 | 3.47 | -0.38 |
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 | SLXX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.85 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | -0.10 | +0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.22 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.44 | -0.02 |
Drawdowns
ERNU.L vs. SLXX.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, smaller than the maximum SLXX.L drawdown of -30.27%. Use the drawdown chart below to compare losses from any high point for ERNU.L and SLXX.L.
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Drawdown Indicators
| ERNU.L | SLXX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -30.27% | +15.35% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -4.25% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -4.25% | -5.29% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -29.34% | +14.42% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -30.27% | +15.35% |
Current DrawdownCurrent decline from peak | -4.01% | -8.12% | +4.11% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -5.61% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.37% | +0.37% |
Volatility
ERNU.L vs. SLXX.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and iShares Core £ Corp Bond UCITS ETF (SLXX.L) have volatilities of 2.03% and 2.11%, 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 | SLXX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 2.11% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 4.81% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 5.59% | +0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 8.06% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 8.08% | +1.26% |
ERNU.L vs. SLXX.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than SLXX.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. SLXX.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than SLXX.L's 4.93% 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% |
SLXX.L iShares Core £ Corp Bond UCITS ETF | 4.93% | 4.82% | 4.68% | 4.06% | 2.75% | 2.06% | 2.12% | 2.44% | 2.71% | 2.73% | 2.99% | 3.39% |
Frequently Asked Questions
ERNU.L and SLXX.L have a correlation of -0.34, 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 SLXX.L.
ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while SLXX.L tracks Markit iBoxx GBP Liquid Corporates Large Cap Index. Their fees differ too: 0.09% for ERNU.L and 0.20% for SLXX.L.
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