FLUC.L vs. ERNE.L
FLUC.L (Franklin USD Investment Grade Corporate Bond UCITS ETF) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - FLUC.L is a Corporate Bonds fund tracking the Franklin USD Investment Grade Corporate Bond UCITS ETF, 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, FLUC.L returned -0.47%/yr vs 1.58%/yr for ERNE.L. At a 0.17 correlation, their price movements are largely independent. FLUC.L charges 0.35%/yr vs 0.09%/yr for ERNE.L.
Performance
FLUC.L vs. ERNE.L - Performance Comparison
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Different Trading Currencies
FLUC.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, FLUC.L achieves a -1.26% return, which is significantly lower than ERNE.L's -1.17% return.
FLUC.L
- 1D
- -1.05%
- 1M
- -1.47%
- 6M
- -1.26%
- YTD
- -1.26%
- 1Y
- 3.65%
- 3Y*
- 4.32%
- 5Y*
- -0.47%
- 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%
FLUC.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF | -1.26% | 7.46% | 2.08% | 7.77% | -15.53% | -2.24% | 9.76% | 14.52% | 0.68% |
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% | -2.17% |
Correlation
The correlation between FLUC.L and ERNE.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2018 | 0.17 |
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Return for Risk
FLUC.L vs. ERNE.L — Risk / Return Rank
FLUC.L
ERNE.L
FLUC.L vs. ERNE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin USD Investment Grade Corporate Bond UCITS ETF (FLUC.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.
| FLUC.L | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.02 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.14 | +1.23 |
| Martin ratioReturn relative to average drawdown | 3.77 | 0.30 | +3.48 |
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Drawdowns
FLUC.L vs. ERNE.L - Drawdown Comparison
The maximum FLUC.L drawdown since its inception was -22.30%, smaller than the maximum ERNE.L drawdown of -31.67%. Use the drawdown chart below to compare losses from any high point for FLUC.L and ERNE.L.
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Drawdown Indicators
| FLUC.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.30% | -31.67% | +9.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -4.98% | +2.37% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -7.47% | +1.40% |
Max Drawdown (5Y)Largest decline over 5 years | -22.12% | -20.15% | -1.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.43% | — |
Current DrawdownCurrent decline from peak | -3.60% | -8.08% | +4.48% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -16.42% | +9.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 2.38% | -1.43% |
Volatility
FLUC.L vs. ERNE.L - Volatility Comparison
Franklin USD Investment Grade Corporate Bond UCITS ETF (FLUC.L) has a higher volatility of 1.70% compared to iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) at 1.39%. This indicates that FLUC.L's price experiences larger fluctuations and is considered to be riskier 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
| FLUC.L | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.39% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.90% | 4.60% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.04% | 6.27% | -1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.78% | 7.67% | -0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.09% | 7.33% | -0.24% |
FLUC.L vs. ERNE.L - Expense Ratio Comparison
FLUC.L has a 0.35% expense ratio, which is higher than ERNE.L's 0.09% expense ratio.
Dividends
FLUC.L vs. ERNE.L - Dividend Comparison
FLUC.L's dividend yield for the trailing twelve months is around 4.26%, more than ERNE.L's 2.33% yield.
| 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% |
FLUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF | 4.26% | 4.01% | 4.26% | 3.38% | 2.76% | 2.17% | 2.29% | 3.37% | 1.61% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLUC.L and ERNE.L have a correlation of 0.27, 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 0.35% for FLUC.L.
FLUC.L is categorized as Corporate Bonds, while ERNE.L is Ultrashort Bond. FLUC.L tracks Franklin USD Investment Grade Corporate Bond UCITS ETF, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). They also come from different issuers: Franklin and iShares. Their fees differ too: 0.35% for FLUC.L and 0.09% for ERNE.L.
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