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ERNU.L vs. TBIL
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ERNU.L vs. TBIL

Last updated Apr 2, 2026

Compare and contrast key facts about iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and US Treasury 3 Month Bill ETF (TBIL).

ERNU.L and TBIL 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. TBIL is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA US Treasury Bill 3 Month Index. It was launched on Aug 8, 2022. Both ERNU.L and TBIL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ERNU.L vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

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ERNU.L vs. TBIL - Yearly Performance Comparison

2026 (YTD)2025202420232022
ERNU.L
iShares USD Ultrashort Bond UCITS ETF		1.91%-2.45%7.39%-0.34%1.80%
TBIL
US Treasury 3 Month Bill ETF		2.53%-3.24%6.98%-0.14%1.12%
Different Trading Currencies

ERNU.L is traded in GBP, while TBIL is traded in USD. To make them comparable, the TBIL 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 1.91% return, which is significantly lower than TBIL's 2.53% 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%

TBIL

1D
-0.23%
1M
1.43%
YTD
2.53%
6M
3.58%
1Y
1.43%
3Y*
2.22%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares USD Ultrashort Bond UCITS ETF

US Treasury 3 Month Bill ETF

Often compared with ERNU.L:
ERNU.L vs. XT01.DEERNU.L vs. BILERNU.L vs. NEARERNU.L vs. IBTU.LERNU.L vs. ICSHERNU.L vs. ERNS.LERNU.L vs. CSKR.L
Often compared with TBIL:
TBIL vs. SGOVTBIL vs. BILTBIL vs. BOXXTBIL vs. USFRTBIL vs. CBIL.TOTBIL vs. VGSHTBIL vs. MINT

ERNU.L vs. TBIL - Expense Ratio Comparison

ERNU.L has a 0.09% expense ratio, which is lower than TBIL's 0.15% 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%.

TBIL
US Treasury 3 Month Bill ETF
ERNU.L
iShares USD Ultrashort Bond UCITS ETF

Return for Risk

ERNU.L vs. TBIL — 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: 1515
Overall Rank
ERNU.L Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
ERNU.L Sortino Ratio Rank: 1414
Sortino Ratio Rank
ERNU.L Omega Ratio Rank: 1313
Omega Ratio Rank
ERNU.L Calmar Ratio Rank: 1616
Calmar Ratio Rank
ERNU.L Martin Ratio Rank: 1515
Martin Ratio Rank
TBIL
TBIL Risk / Return Rank: 100100
Overall Rank
TBIL Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
TBIL Sortino Ratio Rank: 100100
Sortino Ratio Rank
TBIL Omega Ratio Rank: 100100
Omega Ratio Rank
TBIL Calmar Ratio Rank: 100100
Calmar Ratio Rank
TBIL Martin Ratio Rank: 100100
Martin Ratio Rank
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. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) and US Treasury 3 Month Bill ETF (TBIL). 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.LTBILDifference

Sharpe ratio

Return per unit of total volatility

0.18

0.20

-0.02

Sortino ratio

Return per unit of downside risk

0.30

0.33

-0.03

Omega ratio

Gain probability vs. loss probability

1.03

1.04

0.00

Calmar ratio

Return relative to maximum drawdown

0.25

0.22

+0.03

Martin ratio

Return relative to average drawdown

0.47

0.40

+0.07

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. TBIL - Sharpe Ratio Comparison

The current ERNU.L Sharpe Ratio is 0.18, which is comparable to the TBIL Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of ERNU.L and TBIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ERNU.LTBILDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.18

0.20

-0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.22

+0.20

Correlation

The correlation between ERNU.L and TBIL is 0.80, 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. TBIL - Dividend Comparison

ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than TBIL's 3.93% yield.

TTM20252024202320222021202020192018201720162015
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%
TBIL
US Treasury 3 Month Bill ETF		3.93%4.07%5.02%5.00%1.10%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ERNU.L vs. TBIL - Drawdown Comparison

The maximum ERNU.L drawdown since its inception was -14.92%, smaller than the maximum TBIL drawdown of -15.73%. Use the drawdown chart below to compare losses from any high point for ERNU.L and TBIL.

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Drawdown Indicators

ERNU.LTBILDifference

Max Drawdown

Largest peak-to-trough decline

-14.92%

-0.10%

-14.82%

Max Drawdown (1Y)

Largest decline over 1 year

-6.01%

-0.02%

-5.99%

Max Drawdown (5Y)

Largest decline over 5 years

-14.92%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-14.92%

—

—

Current Drawdown

Current decline from peak

-3.97%

0.00%

-3.97%

Average Drawdown

Average peak-to-trough decline

-5.82%

0.00%

-5.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.18%

0.00%

+3.18%

Volatility

ERNU.L vs. TBIL - Volatility Comparison

The current volatility for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) is 2.08%, while US Treasury 3 Month Bill ETF (TBIL) has a volatility of 2.58%. This indicates that ERNU.L experiences smaller price fluctuations and is considered to be less risky than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ERNU.LTBILDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.08%

2.58%

-0.50%

Volatility (6M)

Calculated over the trailing 6-month period

4.35%

4.88%

-0.53%

Volatility (1Y)

Calculated over the trailing 1-year period

6.74%

7.32%

-0.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.34%

8.75%

-0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.36%

8.75%

+0.61%