FLOA.L vs. ERND.L
FLOA.L (iShares USD Floating Rate Bond UCITS ETF USD (Acc)) and ERND.L (iShares $ Ultrashort Bond UCITS ETF USD (Dist)) are both exchange-traded funds - FLOA.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while ERND.L is a Ultrashort Bond fund tracking the Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD). Both are passively managed. Over the past 5 years, FLOA.L returned 4.34%/yr vs 3.83%/yr for ERND.L. At a 0.04 correlation, their price movements are largely independent. FLOA.L charges 0.10%/yr vs 0.09%/yr for ERND.L.
Performance
FLOA.L vs. ERND.L - Performance Comparison
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Returns By Period
In the year-to-date period, FLOA.L achieves a 2.49% return, which is significantly higher than ERND.L's 2.00% return.
FLOA.L
- 1D
- 0.00%
- 1M
- 0.30%
- 6M
- 2.17%
- YTD
- 2.49%
- 1Y
- 4.77%
- 3Y*
- 5.58%
- 5Y*
- 4.34%
- 10Y*
- —
ERND.L
- 1D
- -0.02%
- 1M
- 0.30%
- 6M
- 1.83%
- YTD
- 2.00%
- 1Y
- 4.19%
- 3Y*
- 5.09%
- 5Y*
- 3.83%
- 10Y*
- 2.76%
FLOA.L vs. ERND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLOA.L iShares USD Floating Rate Bond UCITS ETF USD (Acc) | 2.49% | 4.89% | 6.42% | 6.65% | 1.35% | 0.42% | 0.86% | 4.17% | 1.01% |
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 2.00% | 4.84% | 5.55% | 5.09% | 2.03% | 0.00% | 1.21% | 3.03% | 1.90% |
Correlation
The correlation between FLOA.L and ERND.L is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2018 | 0.04 |
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Return for Risk
FLOA.L vs. ERND.L — Risk / Return Rank
FLOA.L
ERND.L
FLOA.L vs. ERND.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Floating Rate Bond UCITS ETF USD (Acc) (FLOA.L) and iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.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.
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.
| FLOA.L | ERND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -4.21 | ||
| Omega ratioGain probability vs. loss probability | 1.92 | 2.31 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 10.31 | 20.61 | -10.30 |
| Martin ratioReturn relative to average drawdown | 42.95 | 101.10 | -58.15 |
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Drawdowns
FLOA.L vs. ERND.L - Drawdown Comparison
The maximum FLOA.L drawdown since its inception was -14.96%, which is greater than ERND.L's maximum drawdown of -7.48%. Use the drawdown chart below to compare losses from any high point for FLOA.L and ERND.L.
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Drawdown Indicators
| FLOA.L | ERND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.96% | -7.48% | -7.48% |
Max Drawdown (1Y)Largest decline over 1 year | -0.46% | -0.20% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -1.77% | -0.64% | -1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -2.53% | -1.06% | -1.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -7.48% | — |
Current DrawdownCurrent decline from peak | -0.15% | -0.02% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -0.08% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 0.04% | +0.07% |
Volatility
FLOA.L vs. ERND.L - Volatility Comparison
iShares USD Floating Rate Bond UCITS ETF USD (Acc) (FLOA.L) has a higher volatility of 0.44% compared to iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.L) at 0.21%. This indicates that FLOA.L's price experiences larger fluctuations and is considered to be riskier than ERND.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLOA.L | ERND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.21% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.33% | 0.66% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 0.79% | +0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.11% | 1.26% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 2.08% | +2.19% |
FLOA.L vs. ERND.L - Expense Ratio Comparison
FLOA.L has a 0.10% expense ratio, which is higher than ERND.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
FLOA.L vs. ERND.L - Dividend Comparison
FLOA.L has not paid dividends to shareholders, while ERND.L's dividend yield for the trailing twelve months is around 4.31%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 4.31% | 4.70% | 5.54% | 5.00% | 1.57% | 0.49% | 1.55% | 2.71% | 2.19% | 1.39% | 0.99% | 0.72% |
FLOA.L iShares USD Floating Rate Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLOA.L and ERND.L have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERND.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERND.L is cheaper with a 0.09% expense ratio, compared with 0.10% for FLOA.L.
FLOA.L is categorized as Corporate Bonds, while ERND.L is Ultrashort Bond. FLOA.L tracks Bloomberg US Corp Bond TR USD, while ERND.L tracks Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD). Their fees differ too: 0.10% for FLOA.L and 0.09% for ERND.L.
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