ERNU.L vs. UC81.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and UC81.L (UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis) are both Corporate Bonds funds tracking the Bloomberg US Corp 1-3 Yr TR USD, from iShares and UBS respectively. Both are passively managed. Over the past 10 years, ERNU.L returned 3.51%/yr vs 3.31%/yr for UC81.L. Their correlation of 0.94 suggests significant overlap in exposure. ERNU.L charges 0.09%/yr vs 0.18%/yr for UC81.L.
Performance
ERNU.L vs. UC81.L - Performance Comparison
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Different Trading Currencies
ERNU.L is traded in GBP, while UC81.L is traded in GBp. To make them comparable, the UC81.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 higher than UC81.L's 0.48% return. Over the past 10 years, ERNU.L has outperformed UC81.L with an annualized return of 3.51%, while UC81.L has yielded a comparatively lower 3.31% 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%
UC81.L
- 1D
- 0.17%
- 1M
- 1.13%
- YTD
- 0.48%
- 6M
- 0.19%
- 1Y
- 5.34%
- 3Y*
- 2.64%
- 5Y*
- 3.20%
- 10Y*
- 3.31%
ERNU.L vs. UC81.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% |
UC81.L UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis | 0.48% | -0.20% | 6.44% | 0.38% | 4.76% | 0.32% | 1.51% | 4.23% | 6.12% | -6.53% |
Correlation
The correlation between ERNU.L and UC81.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2014 | 0.94 |
The correlation between ERNU.L and UC81.L has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
ERNU.L vs. UC81.L — Risk / Return Rank
ERNU.L
UC81.L
ERNU.L vs. UC81.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 UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis (UC81.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 | UC81.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.16 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.24 | -0.03 |
| Martin ratioReturn relative to average drawdown | 3.09 | 3.19 | -0.10 |
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 | UC81.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.91 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.41 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.36 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.43 | -0.01 |
Drawdowns
ERNU.L vs. UC81.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, roughly equal to the maximum UC81.L drawdown of -14.94%. Use the drawdown chart below to compare losses from any high point for ERNU.L and UC81.L.
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Drawdown Indicators
| ERNU.L | UC81.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -14.94% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -4.29% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -8.01% | -1.53% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -14.31% | -0.61% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -14.94% | +0.02% |
Current DrawdownCurrent decline from peak | -4.01% | -2.57% | -1.44% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -5.56% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.67% | +0.07% |
Volatility
ERNU.L vs. UC81.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 2.03% compared to UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis (UC81.L) at 1.51%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than UC81.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 | UC81.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.51% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 4.27% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 5.82% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 7.78% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 9.16% | +0.18% |
ERNU.L vs. UC81.L - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is lower than UC81.L's 0.18% 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. UC81.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than UC81.L's 4.67% 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% |
UC81.L UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis | 4.67% | 5.59% | 4.77% | 3.28% | 1.36% | 1.58% | 2.75% | 2.90% | 2.20% | 2.16% | 1.86% | 0.84% |
Frequently Asked Questions
With a correlation of 0.94, ERNU.L and UC81.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 0.18% for UC81.L.
Both ETFs track Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.09% for ERNU.L and 0.18% for UC81.L.
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