ERNX.DE vs. SGOV
ERNX.DE (iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both Ultrashort Bond funds from iShares - ERNX.DE tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index while SGOV tracks the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 3 years, ERNX.DE returned 3.33%/yr vs 1.95%/yr for SGOV. At a correlation of -0.04, they often move in opposite directions. Both charge a 0.09% expense ratio.
Performance
ERNX.DE vs. SGOV - Performance Comparison
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Different Trading Currencies
ERNX.DE is traded in EUR, while SGOV is traded in USD. To make them comparable, the SGOV values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, ERNX.DE achieves a 0.87% return, which is significantly lower than SGOV's 2.72% return.
ERNX.DE
- 1D
- 0.04%
- 1M
- 0.26%
- YTD
- 0.87%
- 6M
- 0.99%
- 1Y
- 2.18%
- 3Y*
- 3.33%
- 5Y*
- —
- 10Y*
- —
SGOV
- 1D
- 0.00%
- 1M
- 1.01%
- YTD
- 2.72%
- 6M
- 2.11%
- 1Y
- 2.25%
- 3Y*
- 1.95%
- 5Y*
- 4.51%
- 10Y*
- —
ERNX.DE vs. SGOV - 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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.67% | -8.13% | 12.22% | 1.97% | 0.02% |
Correlation
The correlation between ERNX.DE and SGOV is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 2, 2022 | -0.04 |
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Return for Risk
ERNX.DE vs. SGOV — Risk / Return Rank
ERNX.DE
SGOV
ERNX.DE vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.58 | ||
| Sortino ratioReturn per unit of downside risk | +4.44 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.07 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 10.99 | 0.59 | +10.40 |
| Martin ratioReturn relative to average drawdown | 54.93 | 1.34 | +53.59 |
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
| ERNX.DE | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.94 | 0.36 | +2.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.59 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.90 | 0.29 | +3.61 |
Drawdowns
ERNX.DE vs. SGOV - Drawdown Comparison
The maximum ERNX.DE drawdown since its inception was -0.83%, smaller than the maximum SGOV drawdown of -11.59%. Use the drawdown chart below to compare losses from any high point for ERNX.DE and SGOV.
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Drawdown Indicators
| ERNX.DE | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.83% | -11.59% | +10.76% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -3.84% | +3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -0.20% | -11.53% | +11.33% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.59% | — |
Current DrawdownCurrent decline from peak | -0.00% | -6.77% | +6.77% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -5.75% | +5.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 1.68% | -1.64% |
Volatility
ERNX.DE vs. SGOV - Volatility Comparison
The current volatility for iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE) is 0.17%, while iShares 0-3 Month Treasury Bond ETF (SGOV) has a volatility of 1.26%. This indicates that ERNX.DE experiences smaller price fluctuations and is considered to be less risky than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERNX.DE | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 1.26% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.56% | 4.33% | -3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.74% | 6.29% | -5.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.68% | 7.70% | -7.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.68% | 7.47% | -6.79% |
ERNX.DE vs. SGOV - Expense Ratio Comparison
Both ERNX.DE and SGOV 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. SGOV - Dividend Comparison
ERNX.DE has not paid dividends to shareholders, while SGOV's dividend yield for the trailing twelve months is around 3.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
ERNX.DE iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.86% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
ERNX.DE and SGOV have a correlation of -0.04, 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.
ERNX.DE and SGOV have the same expense ratio: 0.09% per year.
ERNX.DE tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index.
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