FLOS.L vs. ERNU.L
FLOS.L (iShares $ Floating Rate Bond UCITS ETF GBP Hedged (Dist)) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both exchange-traded funds - FLOS.L is a Ultra Short-Term Bonds fund tracking the Bloomberg US Floating Rate Note <5 Years Index, while ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, FLOS.L returned 4.00%/yr vs 4.36%/yr for ERNU.L. At a correlation of -0.07, they often move in opposite directions. FLOS.L charges 0.12%/yr vs 0.09%/yr for ERNU.L.
Performance
FLOS.L vs. ERNU.L - Performance Comparison
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Different Trading Currencies
FLOS.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, FLOS.L achieves a 2.34% return, which is significantly higher than ERNU.L's 2.22% return.
FLOS.L
- 1D
- -0.06%
- 1M
- 0.33%
- 6M
- 2.02%
- YTD
- 2.34%
- 1Y
- 4.51%
- 3Y*
- 5.40%
- 5Y*
- 4.00%
- 10Y*
- —
ERNU.L
- 1D
- 0.27%
- 1M
- -0.01%
- 6M
- 1.44%
- YTD
- 2.22%
- 1Y
- 3.95%
- 3Y*
- 4.12%
- 5Y*
- 4.36%
- 10Y*
- 2.54%
FLOS.L vs. ERNU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLOS.L iShares $ Floating Rate Bond UCITS ETF GBP Hedged (Dist) | 2.34% | 4.78% | 6.24% | 6.00% | 0.83% | 0.10% | 0.18% | 2.42% | -0.45% | 0.28% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 2.22% | -2.44% | 7.39% | -0.34% | 13.44% | 1.53% | -2.16% | -0.16% | 7.99% | -4.06% |
Correlation
The correlation between FLOS.L and ERNU.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 | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2017 | -0.07 |
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Return for Risk
FLOS.L vs. ERNU.L — Risk / Return Rank
FLOS.L
ERNU.L
FLOS.L vs. ERNU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Floating Rate Bond UCITS ETF GBP Hedged (Dist) (FLOS.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.
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.
| FLOS.L | ERNU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.56 | ||
| Sortino ratioReturn per unit of downside risk | +6.51 | ||
| Omega ratioGain probability vs. loss probability | 1.98 | 1.11 | +0.87 |
| Calmar ratioReturn relative to maximum drawdown | 15.59 | 0.89 | +14.70 |
| Martin ratioReturn relative to average drawdown | 78.69 | 2.25 | +76.43 |
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Drawdowns
FLOS.L vs. ERNU.L - Drawdown Comparison
The maximum FLOS.L drawdown since its inception was -14.78%, smaller than the maximum ERNU.L drawdown of -41.55%. Use the drawdown chart below to compare losses from any high point for FLOS.L and ERNU.L.
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Drawdown Indicators
| FLOS.L | ERNU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.78% | -41.55% | +26.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.29% | -4.43% | +4.14% |
Max Drawdown (3Y)Largest decline over 3 years | -1.46% | -9.54% | +8.08% |
Max Drawdown (5Y)Largest decline over 5 years | -2.13% | -14.92% | +12.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.92% | — |
Current DrawdownCurrent decline from peak | -0.11% | -3.68% | +3.57% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -18.44% | +18.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.06% | 1.75% | -1.69% |
Volatility
FLOS.L vs. ERNU.L - Volatility Comparison
The current volatility for iShares $ Floating Rate Bond UCITS ETF GBP Hedged (Dist) (FLOS.L) is 0.23%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 1.27%. This indicates that FLOS.L experiences smaller price fluctuations and is considered to be less risky 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
| FLOS.L | ERNU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.23% | 1.27% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.81% | 4.80% | -3.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 6.40% | -5.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.68% | 8.35% | -6.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.36% | 8.73% | -5.37% |
FLOS.L vs. ERNU.L - Expense Ratio Comparison
FLOS.L has a 0.12% 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
FLOS.L vs. ERNU.L - Dividend Comparison
FLOS.L's dividend yield for the trailing twelve months is around 4.68%, more than ERNU.L's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 4.33% | 4.68% | 5.46% | 4.99% | 1.56% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
FLOS.L iShares $ Floating Rate Bond UCITS ETF GBP Hedged (Dist) | 4.68% | 5.02% | 5.93% | 5.46% | 1.50% | 0.57% | 1.62% | 2.95% | 2.27% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLOS.L and ERNU.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, 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 0.12% for FLOS.L.
FLOS.L is categorized as Ultra Short-Term Bonds, while ERNU.L is Corporate Bonds. FLOS.L tracks Bloomberg US Floating Rate Note <5 Years Index, while ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD. Their fees differ too: 0.12% for FLOS.L and 0.09% for ERNU.L.
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