GFGB.L vs. ERNA.L
GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) and ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) are both exchange-traded funds - GFGB.L is a High Yield Bonds fund tracking the ICE BofA Gbl HY Constnd TR USD, while ERNA.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, GFGB.L returned 4.31%/yr vs 4.89%/yr for ERNA.L. A 0.53 correlation means they provide meaningful diversification when combined. GFGB.L charges 0.40%/yr vs 0.09%/yr for ERNA.L.
Performance
GFGB.L vs. ERNA.L - Performance Comparison
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Different Trading Currencies
GFGB.L is traded in GBP, while ERNA.L is traded in USD. To make them comparable, the ERNA.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GFGB.L achieves a 3.80% return, which is significantly higher than ERNA.L's 2.05% return.
GFGB.L
- 1D
- 0.23%
- 1M
- 1.74%
- YTD
- 3.80%
- 6M
- 3.63%
- 1Y
- 9.92%
- 3Y*
- 6.58%
- 5Y*
- 4.31%
- 10Y*
- —
ERNA.L
- 1D
- 0.11%
- 1M
- 1.27%
- YTD
- 2.05%
- 6M
- 1.25%
- 1Y
- 5.37%
- 3Y*
- 2.56%
- 5Y*
- 4.89%
- 10Y*
- —
GFGB.L vs. ERNA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 3.80% | 2.41% | 7.87% | 4.27% | -2.32% | 3.31% | 13.08% | 9.77% | 1.32% |
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 2.02% | -2.72% | 7.51% | 0.22% | 13.52% | 1.06% | -1.70% | -0.73% | 4.54% |
Correlation
The correlation between GFGB.L and ERNA.L is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.53 |
The correlation between GFGB.L and ERNA.L has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.
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Return for Risk
GFGB.L vs. ERNA.L — Risk / Return Rank
GFGB.L
ERNA.L
GFGB.L vs. ERNA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) and iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.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.
| GFGB.L | ERNA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.14 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 1.05 | +2.20 |
| Martin ratioReturn relative to average drawdown | 8.50 | 2.88 | +5.62 |
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
| GFGB.L | ERNA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.43 | 0.82 | +0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 0.58 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.33 | +0.34 |
Drawdowns
GFGB.L vs. ERNA.L - Drawdown Comparison
The maximum GFGB.L drawdown since its inception was -15.95%, roughly equal to the maximum ERNA.L drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for GFGB.L and ERNA.L.
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Drawdown Indicators
| GFGB.L | ERNA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.95% | -15.54% | -0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -5.06% | +2.02% |
Max Drawdown (3Y)Largest decline over 3 years | -7.54% | -9.68% | +2.14% |
Max Drawdown (5Y)Largest decline over 5 years | -10.36% | -15.54% | +5.18% |
Current DrawdownCurrent decline from peak | -1.13% | -4.46% | +3.33% |
Average DrawdownAverage peak-to-trough decline | -2.52% | -6.91% | +4.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.86% | -0.70% |
Volatility
GFGB.L vs. ERNA.L - Volatility Comparison
VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a higher volatility of 3.51% compared to iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) at 1.82%. This indicates that GFGB.L's price experiences larger fluctuations and is considered to be riskier than ERNA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GFGB.L | ERNA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.51% | 1.82% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 5.86% | 4.89% | +0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 6.50% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.81% | 8.42% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.80% | 8.73% | +0.07% |
GFGB.L vs. ERNA.L - Expense Ratio Comparison
GFGB.L has a 0.40% expense ratio, which is higher than ERNA.L's 0.09% expense ratio.
Dividends
GFGB.L vs. ERNA.L - Dividend Comparison
Neither GFGB.L nor ERNA.L has paid dividends to shareholders.
Frequently Asked Questions
GFGB.L and ERNA.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNA.L is cheaper with a 0.09% expense ratio, compared with 0.40% for GFGB.L.
GFGB.L is categorized as High Yield Bonds, while ERNA.L is Corporate Bonds. GFGB.L tracks ICE BofA Gbl HY Constnd TR USD, while ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.40% for GFGB.L and 0.09% for ERNA.L.
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