ERNU.L vs. VXUS
ERNU.L (iShares USD Ultrashort Bond UCITS ETF) and VXUS (Vanguard Total International Stock ETF) are both exchange-traded funds - ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD, while VXUS is a Global Equities fund tracking the FTSE Global All Cap ex US Index. Both are passively managed. Over the past 10 years, ERNU.L returned 3.25%/yr vs 10.79%/yr for VXUS. At a 0.13 correlation, their price movements are largely independent. ERNU.L charges 0.09%/yr vs 0.05%/yr for VXUS.
Performance
ERNU.L vs. VXUS - Performance Comparison
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Different Trading Currencies
ERNU.L is traded in GBP, while VXUS is traded in USD. To make them comparable, the VXUS 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 2.00% return, which is significantly lower than VXUS's 14.27% return. Over the past 10 years, ERNU.L has underperformed VXUS with an annualized return of 3.25%, while VXUS has yielded a comparatively higher 10.79% annualized return.
ERNU.L
- 1D
- -0.60%
- 1M
- 0.77%
- YTD
- 2.00%
- 6M
- 1.42%
- 1Y
- 5.62%
- 3Y*
- 2.98%
- 5Y*
- 4.81%
- 10Y*
- 3.25%
VXUS
- 1D
- 0.49%
- 1M
- 0.75%
- YTD
- 14.27%
- 6M
- 15.23%
- 1Y
- 31.75%
- 3Y*
- 15.98%
- 5Y*
- 9.44%
- 10Y*
- 10.79%
ERNU.L vs. VXUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 2.00% | -2.44% | 7.39% | -0.34% | 13.44% | 1.53% | -2.16% | -0.16% | 7.99% | -7.60% |
VXUS Vanguard Total International Stock ETF | 14.27% | 22.92% | 6.91% | 10.07% | -6.10% | 10.02% | 7.41% | 17.11% | -9.35% | 16.43% |
Correlation
The correlation between ERNU.L and VXUS is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | 0.13 |
The correlation between ERNU.L and VXUS shifts across timeframes, from -0.16 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERNU.L vs. VXUS — Risk / Return Rank
ERNU.L
VXUS
ERNU.L vs. VXUS - 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 Total International Stock ETF (VXUS). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ERNU.L | VXUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.44 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 3.06 | -1.80 |
| Martin ratioReturn relative to average drawdown | 3.19 | 12.27 | -9.08 |
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Drawdowns
ERNU.L vs. VXUS - Drawdown Comparison
The maximum ERNU.L drawdown since its inception was -41.55%, which is greater than VXUS's maximum drawdown of -28.73%. Use the drawdown chart below to compare losses from any high point for ERNU.L and VXUS.
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Drawdown Indicators
| ERNU.L | VXUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.55% | -28.73% | -12.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -9.99% | +5.56% |
Max Drawdown (3Y)Largest decline over 3 years | -9.54% | -13.06% | +3.52% |
Max Drawdown (5Y)Largest decline over 5 years | -14.92% | -14.57% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -14.92% | -28.73% | +13.81% |
Current DrawdownCurrent decline from peak | -3.88% | -1.02% | -2.86% |
Average DrawdownAverage peak-to-trough decline | -18.56% | -5.11% | -13.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 2.49% | -0.74% |
Volatility
ERNU.L vs. VXUS - Volatility Comparison
The current volatility for iShares USD Ultrashort Bond UCITS ETF (ERNU.L) is 1.97%, while Vanguard Total International Stock ETF (VXUS) has a volatility of 5.84%. This indicates that ERNU.L experiences smaller price fluctuations and is considered to be less risky than VXUS 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 | VXUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 5.84% | -3.87% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 11.80% | -7.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.48% | 13.49% | -7.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 13.09% | -4.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.32% | 15.50% | -6.18% |
ERNU.L vs. VXUS - Expense Ratio Comparison
ERNU.L has a 0.09% expense ratio, which is higher than VXUS's 0.05% expense ratio. However, 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. VXUS - Dividend Comparison
ERNU.L's dividend yield for the trailing twelve months is around 3.29%, more than VXUS's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 3.29% | 4.68% | 5.46% | 4.99% | 1.56% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
VXUS Vanguard Total International Stock ETF | 2.67% | 3.18% | 3.37% | 3.24% | 3.09% | 3.10% | 2.14% | 3.06% | 3.18% | 2.73% | 2.93% | 2.83% |
Frequently Asked Questions
ERNU.L and VXUS have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VXUS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VXUS is cheaper with a 0.05% expense ratio, compared with 0.09% for ERNU.L.
ERNU.L is categorized as Corporate Bonds, while VXUS is Global Equities. ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD, while VXUS tracks FTSE Global All Cap ex US Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.09% for ERNU.L and 0.05% for VXUS.
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