ERNU.L vs. VSCA.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and VSCA.L (Vanguard USD Corporate 1-3 Year Bond UCITS ETF Accumulating) are both Corporate Bonds funds tracking the Bloomberg US Corp 1-3 Yr TR USD, from iShares and Vanguard respectively. Both are passively managed. Over the past 5 years, ERNU.L returned 4.86%/yr vs 3.66%/yr for VSCA.L. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.09% expense ratio.
Performance
ERNU.L vs. VSCA.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 VSCA.L's 0.94% 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%
VSCA.L
- 1D
- 0.21%
- 1M
- 1.13%
- YTD
- 0.94%
- 6M
- 0.58%
- 1Y
- 5.25%
- 3Y*
- 2.72%
- 5Y*
- 3.66%
- 10Y*
- —
ERNU.L vs. VSCA.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% | 1.32% |
VSCA.L Vanguard USD Corporate 1-3 Year Bond UCITS ETF Accumulating | 0.94% | -1.28% | 7.12% | -0.30% | 7.72% | 0.72% | 0.35% | 3.18% |
Correlation
The correlation between ERNU.L and VSCA.L is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019 | 0.96 |
The correlation between ERNU.L and VSCA.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
ERNU.L vs. VSCA.L — Risk / Return Rank
ERNU.L
VSCA.L
ERNU.L vs. VSCA.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 1-3 Year Bond UCITS ETF Accumulating (VSCA.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 | VSCA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.17 | +0.04 |
| Martin ratioReturn relative to average drawdown | 3.09 | 3.07 | +0.02 |
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 | VSCA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.82 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.47 | +0.12 |
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 | 0.28 | +0.14 |
Drawdowns
ERNU.L vs. VSCA.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, roughly equal to the maximum VSCA.L drawdown of -15.11%. Use the drawdown chart below to compare losses from any high point for ERNU.L and VSCA.L.
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Drawdown Indicators
| ERNU.L | VSCA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -15.11% | +0.19% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -4.25% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -8.78% | -0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -15.11% | +0.19% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | — | — |
Current DrawdownCurrent decline from peak | -4.01% | -3.61% | -0.40% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -6.75% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.62% | +0.12% |
Volatility
ERNU.L vs. VSCA.L - Volatility Comparison
iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a higher volatility of 2.03% compared to Vanguard USD Corporate 1-3 Year Bond UCITS ETF Accumulating (VSCA.L) at 1.77%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than VSCA.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 | VSCA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.77% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 4.39% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 6.05% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 7.88% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 8.99% | +0.35% |
ERNU.L vs. VSCA.L - Expense Ratio Comparison
Both ERNU.L and VSCA.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. VSCA.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, while VSCA.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% |
VSCA.L Vanguard USD Corporate 1-3 Year 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
With a correlation of 0.98, ERNU.L and VSCA.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.
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 VSCA.L have the same expense ratio: 0.09% per year.
Both ETFs track Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: iShares and Vanguard.
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