ERNU.L vs. SPHY
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, ERNU.L returned 3.25%/yr vs 5.75%/yr for SPHY. A 0.57 correlation means they provide meaningful diversification when combined. ERNU.L charges 0.09%/yr vs 0.05%/yr for SPHY.
Performance
ERNU.L vs. SPHY - Performance Comparison
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Different Trading Currencies
ERNU.L is traded in GBP, while SPHY is traded in USD. To make them comparable, the SPHY 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 2.00% return, which is significantly lower than SPHY's 2.37% return. Over the past 10 years, ERNU.L has underperformed SPHY with an annualized return of 3.25%, while SPHY has yielded a comparatively higher 5.75% annualized return.
ERNU.L
- 1D
- -0.60%
- 1M
- 0.77%
- YTD
- 2.00%
- 6M
- 1.42%
- 1Y
- 5.62%
- 3Y*
- 2.98%
- 5Y*
- 4.81%
- 10Y*
- 3.25%
SPHY
- 1D
- 0.13%
- 1M
- 0.65%
- YTD
- 2.37%
- 6M
- 2.16%
- 1Y
- 8.68%
- 3Y*
- 6.70%
- 5Y*
- 5.44%
- 10Y*
- 5.75%
ERNU.L vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 2.00% | -2.44% | 7.39% | -0.34% | 13.44% | 1.53% | -2.16% | -0.16% | 7.99% | -7.60% |
SPHY SPDR Portfolio High Yield Bond ETF | 2.37% | 0.85% | 10.43% | 7.17% | 0.06% | 6.61% | 3.51% | 8.85% | 2.39% | -1.93% |
Correlation
The correlation between ERNU.L and SPHY is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | 0.57 |
The correlation between ERNU.L and SPHY has been stable across timeframes, ranging from 0.55 to 0.62 - a consistent structural relationship.
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Return for Risk
ERNU.L vs. SPHY — Risk / Return Rank
ERNU.L
SPHY
ERNU.L vs. SPHY - 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 Portfolio High Yield Bond ETF (SPHY). 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 | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.27 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 2.36 | -1.11 |
| Martin ratioReturn relative to average drawdown | 3.19 | 7.38 | -4.19 |
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Drawdowns
ERNU.L vs. SPHY - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -41.55%, which is greater than SPHY's maximum drawdown of -14.38%. Use the drawdown chart below to compare losses from any high point for ERNU.L and SPHY.
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Drawdown Indicators
| ERNU.L | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.55% | -14.38% | -27.17% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -3.73% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -10.70% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -10.70% | -4.22% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -14.38% | -0.54% |
Current DrawdownCurrent decline from peak | -3.88% | -0.66% | -3.22% |
Average DrawdownAverage peak-to-trough decline | -18.56% | -3.73% | -14.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.19% | +0.56% |
Volatility
ERNU.L vs. SPHY - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 1.97% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.34%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than SPHY 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 | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 1.34% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 4.36% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.48% | 5.99% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 8.50% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.32% | 10.58% | -1.26% |
ERNU.L vs. SPHY - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is higher than SPHY's 0.05% expense ratio. However, 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. SPHY - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 3.29%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 3.29% | 4.68% | 5.46% | 4.99% | 1.56% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.24% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
ERNU.L and SPHY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPHY is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.09% for ERNU.L.
ERNU.L is categorized as Corporate Bonds, while SPHY is High Yield Bonds. ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for ERNU.L and 0.05% for SPHY.
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