ERNU.L vs. VUCP.L
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and VUCP.L (Vanguard USD Corporate Bond UCITS ETF Distributing) are both Corporate Bonds funds - ERNU.L tracks the Bloomberg US Corp 1-3 Yr TR USD while VUCP.L tracks the Bloomberg US Corp Bond TR USD. Both are passively managed. Over the past 10 years, ERNU.L returned 3.51%/yr vs 2.70%/yr for VUCP.L. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.09% expense ratio.
Performance
ERNU.L vs. VUCP.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 VUCP.L's 0.04% return. Over the past 10 years, ERNU.L has outperformed VUCP.L with an annualized return of 3.51%, while VUCP.L has yielded a comparatively lower 2.70% 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%
VUCP.L
- 1D
- 0.29%
- 1M
- 1.42%
- YTD
- 0.04%
- 6M
- -0.47%
- 1Y
- 5.40%
- 3Y*
- 1.87%
- 5Y*
- 1.01%
- 10Y*
- 2.70%
ERNU.L vs. VUCP.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% |
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | 0.04% | -0.91% | 4.32% | 1.29% | -5.38% | -0.63% | 4.96% | 10.22% | 2.22% | -3.67% |
Correlation
The correlation between ERNU.L and VUCP.L is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2016 | 0.77 |
The correlation between ERNU.L and VUCP.L shifts across timeframes, from 0.64 (3 years) to 0.77 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERNU.L vs. VUCP.L — Risk / Return Rank
ERNU.L
VUCP.L
ERNU.L vs. VUCP.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 Distributing (VUCP.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 | VUCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.15 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.08 | +0.14 |
| Martin ratioReturn relative to average drawdown | 3.09 | 2.44 | +0.65 |
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 | VUCP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.90 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.12 | +0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.27 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.27 | +0.15 |
Drawdowns
ERNU.L vs. VUCP.L - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -14.92%, smaller than the maximum VUCP.L drawdown of -16.84%. Use the drawdown chart below to compare losses from any high point for ERNU.L and VUCP.L.
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Drawdown Indicators
| ERNU.L | VUCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.92% | -16.84% | +1.92% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -5.00% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -9.00% | -0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -13.14% | -1.78% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -16.84% | +1.92% |
Current DrawdownCurrent decline from peak | -4.01% | -7.67% | +3.66% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -7.67% | +1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 2.21% | -0.47% |
Volatility
ERNU.L vs. VUCP.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 Distributing (VUCP.L) at 1.62%. This indicates that ERNU.L's price experiences larger fluctuations and is considered to be riskier than VUCP.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 | VUCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.62% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 4.46% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 5.99% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 8.51% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 9.92% | -0.58% |
ERNU.L vs. VUCP.L - Expense Ratio Comparison
Both ERNU.L and VUCP.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. VUCP.L - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 5.69%, more than VUCP.L's 3.85% 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% |
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | 3.85% | 4.02% | 4.73% | 3.57% | 2.79% | 1.85% | 2.36% | 2.64% | 2.58% | 2.57% | 1.73% | 0.00% |
Frequently Asked Questions
ERNU.L and VUCP.L have a correlation of 0.71, 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 VUCP.L have the same expense ratio: 0.09% per year.
ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while VUCP.L tracks Bloomberg US Corp Bond TR USD. They also come from different issuers: iShares and Vanguard.
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