ERNU.L vs. VCPA.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and VCPA.L (Vanguard USD Corporate Bond UCITS ETF Accumulating) are both Corporate Bonds funds - ERNU.L tracks the Bloomberg US Corp 1-3 Yr TR USD while VCPA.L tracks the Bloomberg US Corp Bond TR USD. Both are passively managed. Over the past 5 years, ERNU.L returned 4.86%/yr vs -59.47%/yr for VCPA.L. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.09% expense ratio.
Performance
ERNU.L vs. VCPA.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 VCPA.L's 0.51% 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%
VCPA.L
- 1D
- 0.29%
- 1M
- 1.41%
- YTD
- 0.51%
- 6M
- 0.27%
- 1Y
- -98.93%
- 3Y*
- -77.87%
- 5Y*
- -59.47%
- 10Y*
- —
ERNU.L vs. VCPA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 1.86% | -2.45% | 7.39% | -0.34% | 13.45% | 1.52% | -2.17% | 1.83% |
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.51% | -99.00% | 4.58% | 2.13% | -4.89% | -0.13% | 5.86% | 10.80% |
Correlation
The correlation between ERNU.L and VCPA.L is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019 | 0.63 |
The correlation between ERNU.L and VCPA.L shifts across timeframes, from 0.63 (all time) to 0.74 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERNU.L vs. VCPA.L — Risk / Return Rank
ERNU.L
VCPA.L
ERNU.L vs. VCPA.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 Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.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 | VCPA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.84 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.31 | +0.84 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | -1.00 | +2.21 |
| Martin ratioReturn relative to average drawdown | 3.09 | -1.21 | +4.30 |
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 | VCPA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | -1.00 | +1.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | -1.32 | +1.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -1.24 | +1.66 |
Drawdowns
ERNU.L vs. VCPA.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, smaller than the maximum VCPA.L drawdown of -99.06%. Use the drawdown chart below to compare losses from any high point for ERNU.L and VCPA.L.
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Drawdown Indicators
| ERNU.L | VCPA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -99.06% | +84.14% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -99.02% | +94.59% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -99.04% | +89.50% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -99.04% | +84.12% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | — | — |
Current DrawdownCurrent decline from peak | -4.01% | -99.03% | +95.02% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -17.55% | +11.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 81.78% | -80.04% |
Volatility
ERNU.L vs. VCPA.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 2.03% compared to Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.L) at 1.53%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than VCPA.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 | VCPA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.53% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 4.41% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 98.63% | -92.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 45.54% | -37.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 40.64% | -31.30% |
ERNU.L vs. VCPA.L - Expense Ratio Comparison
Both ERNU.L and VCPA.L have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ERNU.L vs. VCPA.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, while VCPA.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% |
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 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 VCPA.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ERNU.L and VCPA.L have the same expense ratio: 0.09% per year.
ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while VCPA.L tracks Bloomberg US Corp Bond TR USD. They also come from different issuers: iShares and Vanguard.
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