ERNU.L vs. SWDA.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 10 years, ERNU.L returned 3.51%/yr vs 13.91%/yr for SWDA.L. At a 0.24 correlation, their price movements are largely independent. ERNU.L charges 0.09%/yr vs 0.20%/yr for SWDA.L.
Performance
ERNU.L vs. SWDA.L - Performance Comparison
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Different Trading Currencies
ERNU.L is traded in GBP, while SWDA.L is traded in GBp. To make them comparable, the SWDA.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 lower than SWDA.L's 10.08% return. Over the past 10 years, ERNU.L has underperformed SWDA.L with an annualized return of 3.51%, while SWDA.L has yielded a comparatively higher 13.91% 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%
SWDA.L
- 1D
- 0.15%
- 1M
- 5.12%
- YTD
- 10.08%
- 6M
- 10.35%
- 1Y
- 27.25%
- 3Y*
- 17.68%
- 5Y*
- 13.06%
- 10Y*
- 13.91%
ERNU.L vs. SWDA.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% |
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 10.08% | 12.64% | 21.11% | 17.59% | -8.33% | 23.64% | 12.25% | 23.03% | -3.78% | 11.78% |
Correlation
The correlation between ERNU.L and SWDA.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2013 | 0.24 |
Over the past year, the correlation between ERNU.L and SWDA.L has dropped to 0.04 - well below their long-term average of 0.24, suggesting their price drivers have been diverging.
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Return for Risk
ERNU.L vs. SWDA.L — Risk / Return Rank
ERNU.L
SWDA.L
ERNU.L vs. SWDA.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 MSCI World UCITS ETF USD (Acc) (SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.51 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 4.14 | -2.93 |
| Martin ratioReturn relative to average drawdown | 3.09 | 16.55 | -13.47 |
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 | SWDA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 2.66 | -1.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.98 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.96 | -0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.88 | -0.46 |
Drawdowns
ERNU.L vs. SWDA.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, smaller than the maximum SWDA.L drawdown of -25.58%. Use the drawdown chart below to compare losses from any high point for ERNU.L and SWDA.L.
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Drawdown Indicators
| ERNU.L | SWDA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -25.58% | +10.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -6.55% | +2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -18.50% | +8.96% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -18.50% | +3.58% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -25.58% | +10.66% |
Current DrawdownCurrent decline from peak | -4.01% | -0.10% | -3.91% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -3.49% | -2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.64% | +0.10% |
Volatility
ERNU.L vs. SWDA.L - Volatility Comparison
The current volatility for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) is 2.03%, while iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) has a volatility of 2.52%. This indicates that ERNU.L experiences smaller price fluctuations and is considered to be less risky than SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 2.52% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 7.29% | -2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 10.19% | -3.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 13.30% | -4.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 14.50% | -5.16% |
ERNU.L vs. SWDA.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than SWDA.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. SWDA.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, while SWDA.L has not paid dividends to shareholders.
| 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% |
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERNU.L and SWDA.L have a correlation of 0.04, 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 SWDA.L.
ERNU.L is categorized as Corporate Bonds, while SWDA.L is Global Equities. ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while SWDA.L tracks MSCI World Index. Their fees differ too: 0.09% for ERNU.L and 0.20% for SWDA.L.
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