FLO5.L vs. ERNU.L
FLO5.L (iShares USD Floating Rate Bond UCITS ETF) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both Corporate Bonds funds from iShares - FLO5.L tracks the Bloomberg US Corp Bond TR USD while ERNU.L tracks the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, FLO5.L returned 1.22%/yr vs 4.86%/yr for ERNU.L. With a 0.96 correlation, they move nearly in lockstep. FLO5.L charges 0.10%/yr vs 0.09%/yr for ERNU.L.
Performance
FLO5.L vs. ERNU.L - Performance Comparison
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Different Trading Currencies
FLO5.L is traded in GBp, while ERNU.L is traded in GBP. To make them comparable, the ERNU.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, FLO5.L achieves a -0.05% return, which is significantly lower than ERNU.L's 1.86% return.
FLO5.L
- 1D
- 0.03%
- 1M
- -0.74%
- YTD
- -0.05%
- 6M
- -0.55%
- 1Y
- 1.25%
- 3Y*
- -2.38%
- 5Y*
- 1.22%
- 10Y*
- —
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%
FLO5.L vs. ERNU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLO5.L iShares USD Floating Rate Bond UCITS ETF | -0.05% | -6.83% | 1.88% | -4.56% | 11.92% | 1.15% | -4.18% | -2.07% | 4.95% | 0.57% |
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% | 0.90% |
Correlation
The correlation between FLO5.L and ERNU.L is 0.97 - 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 | 0.97 |
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 Sep 18, 2017 | 0.96 |
The correlation between FLO5.L and ERNU.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
FLO5.L vs. ERNU.L — Risk / Return Rank
FLO5.L
ERNU.L
FLO5.L vs. ERNU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Floating Rate Bond UCITS ETF (FLO5.L) and iShares USD Ultrashort Bond UCITS ETF (ERNU.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.
| FLO5.L | ERNU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.15 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 1.21 | -1.03 |
| Martin ratioReturn relative to average drawdown | 0.38 | 3.09 | -2.71 |
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
| FLO5.L | ERNU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.17 | 0.83 | -0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.58 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.42 | -0.40 |
Drawdowns
FLO5.L vs. ERNU.L - Drawdown Comparison
The maximum FLO5.L drawdown since its inception was -20.77%, which is greater than ERNU.L's maximum drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for FLO5.L and ERNU.L.
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Drawdown Indicators
| FLO5.L | ERNU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.77% | -14.92% | -5.85% |
Max Drawdown (1Y)Largest decline over 1 year | -6.65% | -4.43% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -13.32% | -9.54% | -3.78% |
Max Drawdown (5Y)Largest decline over 5 years | -20.77% | -14.92% | -5.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.92% | — |
Current DrawdownCurrent decline from peak | -19.14% | -4.01% | -15.13% |
Average DrawdownAverage peak-to-trough decline | -9.77% | -5.80% | -3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.30% | 1.74% | +1.56% |
Volatility
FLO5.L vs. ERNU.L - Volatility Comparison
iShares USD Floating Rate Bond UCITS ETF (FLO5.L) has a higher volatility of 2.80% compared to iShares USD Ultrashort Bond UCITS ETF (ERNU.L) at 2.03%. This indicates that FLO5.L's price experiences larger fluctuations and is considered to be riskier than ERNU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLO5.L | ERNU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 2.03% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 5.01% | 4.72% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.27% | 6.46% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.03% | 8.36% | +0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.16% | 9.34% | -0.18% |
FLO5.L vs. ERNU.L - Expense Ratio Comparison
FLO5.L has a 0.10% expense ratio, which is higher than ERNU.L's 0.09% 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
FLO5.L vs. ERNU.L - Dividend Comparison
FLO5.L's dividend yield for the trailing twelve months is around 0.05%, less than ERNU.L's 5.69% 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% |
FLO5.L iShares USD Floating Rate Bond UCITS ETF | 0.05% | 0.05% | 0.06% | 0.06% | 0.01% | 0.01% | 0.02% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, FLO5.L and ERNU.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.
On fees, ERNU.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNU.L is cheaper with a 0.09% expense ratio, compared with 0.10% for FLO5.L.
FLO5.L tracks Bloomberg US Corp Bond TR USD, while ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD. Their fees differ too: 0.10% for FLO5.L and 0.09% for ERNU.L.
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