IBTE.L vs. ERNE.L
IBTE.L (iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (Acc)) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - IBTE.L is a Short-Term Bond fund tracking the ICE U.S. Treasury 1-3 Year Bond Index, 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, IBTE.L returned 0.05%/yr vs 2.15%/yr for ERNE.L. At a 0.06 correlation, their price movements are largely independent. IBTE.L charges 0.10%/yr vs 0.09%/yr for ERNE.L.
Performance
IBTE.L vs. ERNE.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTE.L achieves a -0.20% return, which is significantly lower than ERNE.L's 1.15% return.
IBTE.L
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- -0.20%
- 1Y
- 1.20%
- 3Y*
- 2.34%
- 5Y*
- 0.05%
- 10Y*
- —
ERNE.L
- 1D
- -0.03%
- 1M
- 0.20%
- 6M
- 1.04%
- YTD
- 1.15%
- 1Y
- 2.14%
- 3Y*
- 3.26%
- 5Y*
- 2.15%
- 10Y*
- 1.03%
IBTE.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IBTE.L iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (Acc) | -0.20% | 3.04% | 2.49% | 1.87% | -5.75% | -1.46% | 1.84% | 0.50% | -0.40% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 1.15% | 2.59% | 4.15% | 3.38% | -0.24% | -0.36% | 0.07% | 0.32% | -0.45% |
Correlation
The correlation between IBTE.L and ERNE.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | 0.06 |
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Return for Risk
IBTE.L vs. ERNE.L — Risk / Return Rank
IBTE.L
ERNE.L
IBTE.L vs. ERNE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (Acc) (IBTE.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.
| IBTE.L | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -5.20 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.86 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 11.97 | -10.75 |
| Martin ratioReturn relative to average drawdown | 3.01 | 66.31 | -63.30 |
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Drawdowns
IBTE.L vs. ERNE.L - Drawdown Comparison
The maximum IBTE.L drawdown since its inception was -8.51%, which is greater than ERNE.L's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for IBTE.L and ERNE.L.
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Drawdown Indicators
| IBTE.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.51% | -3.05% | -5.46% |
Max Drawdown (1Y)Largest decline over 1 year | -0.98% | -0.18% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -1.03% | -0.33% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -7.66% | -1.12% | -6.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.05% | — |
Current DrawdownCurrent decline from peak | -0.84% | -0.03% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -0.28% | -2.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.03% | +0.37% |
Volatility
IBTE.L vs. ERNE.L - Volatility Comparison
iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (Acc) (IBTE.L) has a higher volatility of 0.45% compared to iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) at 0.20%. This indicates that IBTE.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
| IBTE.L | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.45% | 0.20% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.37% | 0.48% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.74% | 0.58% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 0.60% | +1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.97% | 0.76% | +1.21% |
IBTE.L vs. ERNE.L - Expense Ratio Comparison
IBTE.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
IBTE.L vs. ERNE.L - Dividend Comparison
IBTE.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% |
IBTE.L iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (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
IBTE.L and ERNE.L have a correlation of 0.16, 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 IBTE.L.
IBTE.L is categorized as Short-Term Bond, while ERNE.L is Ultrashort Bond. IBTE.L tracks ICE U.S. Treasury 1-3 Year Bond Index, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Their fees differ too: 0.10% for IBTE.L and 0.09% for ERNE.L.
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