ERNX.DE vs. IS3M.DE

Last updated Jun 5, 2026

ERNX.DE (iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating) and IS3M.DE (iShares € Ultrashort Bond UCITS ETF) are both Ultrashort Bond funds from iShares - ERNX.DE tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index while IS3M.DE tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Both are passively managed. Over the past 3 years, ERNX.DE returned 3.33%/yr vs 3.34%/yr for IS3M.DE. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.

Performance

ERNX.DE vs. IS3M.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE) and iShares € Ultrashort Bond UCITS ETF (IS3M.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ERNX.DE achieves a 0.87% return, which is significantly lower than IS3M.DE's 0.92% return.

ERNX.DE

• 1D: 0.04%
• 1M: 0.26%
• YTD: 0.87%
• 6M: 0.99%
• 1Y: 2.18%
• 3Y*: 3.33%
• 5Y*: —
• 10Y*: —

IS3M.DE

• 1D: 0.04%
• 1M: 0.34%
• YTD: 0.92%
• 6M: 1.01%
• 1Y: 2.26%
• 3Y*: 3.34%
• 5Y*: 2.10%
• 10Y*: 1.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ERNX.DE vs. IS3M.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ERNX.DE iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating	0.87%	2.69%	4.04%	3.34%	0.10%
IS3M.DE iShares € Ultrashort Bond UCITS ETF	0.92%	2.61%	4.12%	3.42%	-0.04%

Correlation

The correlation between ERNX.DE and IS3M.DE is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since May 2, 2022	0.20

The correlation between ERNX.DE and IS3M.DE shifts across timeframes, from -0.02 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ERNX.DE vs. IS3M.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ERNX.DE

ERNX.DE Risk / Return Rank: 94
ERNX.DE Sharpe Ratio Rank: 89
ERNX.DE Sortino Ratio Rank: 95
ERNX.DE Omega Ratio Rank: 94
ERNX.DE Calmar Ratio Rank: 97
ERNX.DE Martin Ratio Rank: 98

IS3M.DE

IS3M.DE Risk / Return Rank: 93
IS3M.DE Sharpe Ratio Rank: 89
IS3M.DE Sortino Ratio Rank: 93
IS3M.DE Omega Ratio Rank: 93
IS3M.DE Calmar Ratio Rank: 95
IS3M.DE Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ERNX.DE vs. IS3M.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE) and iShares € Ultrashort Bond UCITS ETF (IS3M.DE). 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.

	ERNX.DE	IS3M.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.95	-0.02
Sortino ratio: Return per unit of downside risk	4.98	4.67	+0.31
Omega ratio: Gain probability vs. loss probability	1.67	1.64	+0.03
Calmar ratio: Return relative to maximum drawdown	10.99	7.59	+3.40
Martin ratio: Return relative to average drawdown	54.93	49.96	+4.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERNX.DE vs. IS3M.DE - Sharpe Ratio Comparison

The current ERNX.DE Sharpe Ratio is 2.94, which is comparable to the IS3M.DE Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ERNX.DE and IS3M.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ERNX.DE	IS3M.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	2.95	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.90	0.86	+3.04

Drawdowns

ERNX.DE vs. IS3M.DE - Drawdown Comparison

The maximum ERNX.DE drawdown since its inception was -0.83%, smaller than the maximum IS3M.DE drawdown of -3.80%. Use the drawdown chart below to compare losses from any high point for ERNX.DE and IS3M.DE.

Drawdown Indicators

	ERNX.DE	IS3M.DE	Difference
Max Drawdown Largest peak-to-trough decline	-0.83%	-3.80%	+2.97%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	-0.30%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.20%	-0.47%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-3.80%	—
Current Drawdown Current decline from peak	-0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.29%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.05%	-0.01%

Volatility

ERNX.DE vs. IS3M.DE - Volatility Comparison

The current volatility for iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE) is 0.17%, while iShares € Ultrashort Bond UCITS ETF (IS3M.DE) has a volatility of 0.29%. This indicates that ERNX.DE experiences smaller price fluctuations and is considered to be less risky than IS3M.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERNX.DE	IS3M.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	0.29%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	0.59%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.74%	0.76%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.68%	0.76%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.68%	1.11%	-0.43%

ERNX.DE vs. IS3M.DE - Expense Ratio Comparison

Both ERNX.DE and IS3M.DE 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

ERNX.DE vs. IS3M.DE - Dividend Comparison

ERNX.DE has not paid dividends to shareholders, while IS3M.DE's dividend yield for the trailing twelve months is around 3.29%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERNX.DE iShares Euro Ultrashort Bond UCITS ETF EUR 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%
IS3M.DE iShares € Ultrashort Bond UCITS ETF	3.29%	2.74%	3.80%	2.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.13%

Frequently Asked Questions

Can I hold both ERNX.DE and IS3M.DE in my portfolio?

ERNX.DE and IS3M.DE have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ERNX.DE or IS3M.DE?

Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ERNX.DE or IS3M.DE?

ERNX.DE and IS3M.DE have the same expense ratio: 0.09% per year.

What is the main difference between ERNX.DE and IS3M.DE?

ERNX.DE tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while IS3M.DE tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR).