ICLU.L vs. ERNA.L
ICLU.L (Invesco USD AAA CLO UCITS ETF Acc) and ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) are both exchange-traded funds - ICLU.L is a CLO fund actively managed by Invesco, while ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD. ICLU.L is actively managed, while ERNA.L is passively managed. Over the past year, ICLU.L returned 5.34% vs 4.31% for ERNA.L. At a correlation of -0.05, they often move in opposite directions. ICLU.L charges 0.25%/yr vs 0.09%/yr for ERNA.L.
Performance
ICLU.L vs. ERNA.L - Performance Comparison
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Returns By Period
In the year-to-date period, ICLU.L achieves a 2.17% return, which is significantly higher than ERNA.L's 1.52% return.
ICLU.L
- 1D
- 0.00%
- 1M
- 0.47%
- YTD
- 2.17%
- 6M
- 2.52%
- 1Y
- 5.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ERNA.L
- 1D
- -0.02%
- 1M
- 0.25%
- YTD
- 1.52%
- 6M
- 1.86%
- 1Y
- 4.31%
- 3Y*
- 5.17%
- 5Y*
- 3.74%
- 10Y*
- —
ICLU.L vs. ERNA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICLU.L Invesco USD AAA CLO UCITS ETF Acc | 2.17% | 4.23% |
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 1.52% | 4.08% |
Correlation
The correlation between ICLU.L and ERNA.L is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025 | -0.05 |
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Return for Risk
ICLU.L vs. ERNA.L — Risk / Return Rank
ICLU.L
ERNA.L
ICLU.L vs. ERNA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AAA CLO UCITS ETF Acc (ICLU.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.
| ICLU.L | ERNA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 2.27 | 2.30 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 8.47 | 20.88 | -12.40 |
| Martin ratioReturn relative to average drawdown | 39.67 | 81.83 | -42.16 |
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
| ICLU.L | ERNA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.22 | 4.61 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 4.01 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.37 | 1.42 | +1.94 |
Drawdowns
ICLU.L vs. ERNA.L - Drawdown Comparison
The maximum ICLU.L drawdown since its inception was -0.91%, smaller than the maximum ERNA.L drawdown of -8.63%. Use the drawdown chart below to compare losses from any high point for ICLU.L and ERNA.L.
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Drawdown Indicators
| ICLU.L | ERNA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.91% | -8.63% | +7.72% |
Max Drawdown (1Y)Largest decline over 1 year | -0.63% | -0.20% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.38% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.81% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.06% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.10% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.05% | +0.08% |
Volatility
ICLU.L vs. ERNA.L - Volatility Comparison
The current volatility for Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) is 0.19%, while iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) has a volatility of 0.29%. This indicates that ICLU.L experiences smaller price fluctuations and is considered to be less risky 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
| ICLU.L | ERNA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.29% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.82% | 0.85% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 0.93% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.46% | 0.93% | +0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.46% | 2.17% | -0.71% |
ICLU.L vs. ERNA.L - Expense Ratio Comparison
ICLU.L has a 0.25% expense ratio, which is higher than ERNA.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
ICLU.L vs. ERNA.L - Dividend Comparison
Neither ICLU.L nor ERNA.L has paid dividends to shareholders.
Frequently Asked Questions
ICLU.L and ERNA.L have a correlation of -0.14, 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 0.25% for ICLU.L.
ICLU.L is categorized as CLO, while ERNA.L is Corporate Bonds. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for ICLU.L and 0.09% for ERNA.L.
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