FLOA.L vs. ERNE.L
FLOA.L (iShares USD Floating Rate Bond UCITS ETF USD (Acc)) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - FLOA.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while ERNE.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Both are passively managed. Over the past 5 years, FLOA.L returned 4.34%/yr vs 1.58%/yr for ERNE.L. At a 0.03 correlation, their price movements are largely independent. FLOA.L charges 0.10%/yr vs 0.09%/yr for ERNE.L.
Performance
FLOA.L vs. ERNE.L - Performance Comparison
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Different Trading Currencies
FLOA.L is traded in USD, while ERNE.L is traded in EUR. To make them comparable, the ERNE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, FLOA.L achieves a 2.49% return, which is significantly higher than ERNE.L's -1.17% 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*
- —
ERNE.L
- 1D
- 0.00%
- 1M
- -0.78%
- 6M
- -0.39%
- YTD
- -1.17%
- 1Y
- 1.06%
- 3Y*
- 4.02%
- 5Y*
- 1.58%
- 10Y*
- 1.39%
FLOA.L vs. ERNE.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% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | -1.17% | 16.37% | -2.29% | 6.65% | -6.24% | -7.15% | 8.93% | -1.63% | -6.95% |
Correlation
The correlation between FLOA.L and ERNE.L is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
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 | 0.03 |
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Return for Risk
FLOA.L vs. ERNE.L — Risk / Return Rank
FLOA.L
ERNE.L
FLOA.L vs. ERNE.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 EUR (Dist) (ERNE.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 | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.79 | ||
| Sortino ratioReturn per unit of downside risk | +4.52 | ||
| Omega ratioGain probability vs. loss probability | 1.92 | 1.02 | +0.89 |
| Calmar ratioReturn relative to maximum drawdown | 10.31 | 0.14 | +10.17 |
| Martin ratioReturn relative to average drawdown | 42.95 | 0.30 | +42.65 |
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Drawdowns
FLOA.L vs. ERNE.L - Drawdown Comparison
The maximum FLOA.L drawdown since its inception was -14.96%, smaller than the maximum ERNE.L drawdown of -31.67%. Use the drawdown chart below to compare losses from any high point for FLOA.L and ERNE.L.
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Drawdown Indicators
| FLOA.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.96% | -31.67% | +16.71% |
Max Drawdown (1Y)Largest decline over 1 year | -0.46% | -4.98% | +4.52% |
Max Drawdown (3Y)Largest decline over 3 years | -1.77% | -7.47% | +5.70% |
Max Drawdown (5Y)Largest decline over 5 years | -2.53% | -20.15% | +17.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.43% | — |
Current DrawdownCurrent decline from peak | -0.15% | -8.08% | +7.93% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -16.42% | +16.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 2.38% | -2.27% |
Volatility
FLOA.L vs. ERNE.L - Volatility Comparison
The current volatility for iShares USD Floating Rate Bond UCITS ETF USD (Acc) (FLOA.L) is 0.44%, while iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) has a volatility of 1.39%. This indicates that FLOA.L experiences smaller price fluctuations and is considered to be less risky than ERNE.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 | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 1.39% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 1.33% | 4.60% | -3.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 6.27% | -4.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.11% | 7.67% | -5.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 7.33% | -3.06% |
FLOA.L vs. ERNE.L - Expense Ratio Comparison
FLOA.L has a 0.10% expense ratio, which is higher than ERNE.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. ERNE.L - Dividend Comparison
FLOA.L has not paid dividends to shareholders, while ERNE.L's dividend yield for the trailing twelve months is around 2.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 2.33% | 2.74% | 3.80% | 2.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
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 ERNE.L have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNE.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNE.L is cheaper with a 0.09% expense ratio, compared with 0.10% for FLOA.L.
FLOA.L is categorized as Corporate Bonds, while ERNE.L is Ultrashort Bond. FLOA.L tracks Bloomberg US Corp Bond TR USD, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Their fees differ too: 0.10% for FLOA.L and 0.09% for ERNE.L.
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