ERNU.L vs. SUSD.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and SUSD.L (SPDR Bloomberg 0-3 Year US Corporate Bond UCITS ETF) are both Corporate Bonds funds tracking the Bloomberg US Corp 1-3 Yr TR USD, from iShares and State Street respectively. Both are passively managed. Over the past 10 years, ERNU.L returned 3.51%/yr vs 3.36%/yr for SUSD.L. With a 0.97 correlation, they move nearly in lockstep. ERNU.L charges 0.09%/yr vs 0.12%/yr for SUSD.L.
Performance
ERNU.L vs. SUSD.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 SUSD.L's 1.34% return. Both investments have delivered pretty close results over the past 10 years, with ERNU.L having a 3.51% annualized return and SUSD.L not far behind at 3.36%.
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%
SUSD.L
- 1D
- 0.05%
- 1M
- 1.28%
- YTD
- 1.34%
- 6M
- 0.97%
- 1Y
- 5.41%
- 3Y*
- 2.52%
- 5Y*
- 4.04%
- 10Y*
- 3.36%
ERNU.L vs. SUSD.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% |
SUSD.L SPDR Bloomberg 0-3 Year US Corporate Bond UCITS ETF | 1.34% | -1.69% | 7.18% | -0.46% | 9.68% | 1.10% | -0.39% | 1.34% | 7.32% | -7.71% |
Correlation
The correlation between ERNU.L and SUSD.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2013 | 0.97 |
The correlation between ERNU.L and SUSD.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
ERNU.L vs. SUSD.L — Risk / Return Rank
ERNU.L
SUSD.L
ERNU.L vs. SUSD.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 0-3 Year US Corporate Bond UCITS ETF (SUSD.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 | SUSD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.15 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.26 | -0.05 |
| Martin ratioReturn relative to average drawdown | 3.09 | 3.31 | -0.22 |
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 | SUSD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.87 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.49 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.37 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.40 | +0.02 |
Drawdowns
ERNU.L vs. SUSD.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, roughly equal to the maximum SUSD.L drawdown of -15.18%. Use the drawdown chart below to compare losses from any high point for ERNU.L and SUSD.L.
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Drawdown Indicators
| ERNU.L | SUSD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -15.18% | +0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -4.27% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -9.03% | -0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -15.18% | +0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -15.18% | +0.26% |
Current DrawdownCurrent decline from peak | -4.01% | -3.84% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -5.84% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.63% | +0.11% |
Volatility
ERNU.L vs. SUSD.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 2.03% compared to SPDR Bloomberg 0-3 Year US Corporate Bond UCITS ETF (SUSD.L) at 1.75%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than SUSD.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 | SUSD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.75% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 4.50% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 6.19% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 8.17% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 9.23% | +0.11% |
ERNU.L vs. SUSD.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than SUSD.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. SUSD.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than SUSD.L's 4.60% 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% |
SUSD.L SPDR Bloomberg 0-3 Year US Corporate Bond UCITS ETF | 4.60% | 4.91% | 4.20% | 3.11% | 1.14% | 1.80% | 2.77% | 2.57% | 1.66% | 1.74% | 1.28% | 1.00% |
Frequently Asked Questions
With a correlation of 0.97, ERNU.L and SUSD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 SUSD.L.
Both ETFs track Bloomberg US Corp 1-3 Yr 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 SUSD.L.
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