IE15.L vs. ERND.L
IE15.L (iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist)) and ERND.L (iShares $ Ultrashort Bond UCITS ETF USD (Dist)) are both exchange-traded funds - IE15.L is a Short-Term Bond fund tracking the BBG Euro Corp 1-5 Yrs (EUR), while ERND.L is a Ultrashort Bond fund tracking the Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD). Both are passively managed. Over the past 10 years, IE15.L returned 0.76%/yr vs 2.39%/yr for ERND.L. At a 0.02 correlation, their price movements are largely independent. IE15.L charges 0.20%/yr vs 0.09%/yr for ERND.L.
Performance
IE15.L vs. ERND.L - Performance Comparison
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Different Trading Currencies
IE15.L is traded in EUR, while ERND.L is traded in USD. To make them comparable, the ERND.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IE15.L achieves a -1.15% return, which is significantly lower than ERND.L's 4.79% return. Over the past 10 years, IE15.L has underperformed ERND.L with an annualized return of 0.76%, while ERND.L has yielded a comparatively higher 2.39% annualized return.
IE15.L
- 1D
- -0.04%
- 1M
- -0.18%
- 6M
- 0.17%
- YTD
- -1.15%
- 1Y
- -0.29%
- 3Y*
- 3.52%
- 5Y*
- 0.68%
- 10Y*
- 0.76%
ERND.L
- 1D
- 0.08%
- 1M
- 0.83%
- 6M
- 3.30%
- YTD
- 4.79%
- 1Y
- 5.66%
- 3Y*
- 4.45%
- 5Y*
- 4.50%
- 10Y*
- 2.39%
IE15.L vs. ERND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IE15.L iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) | -1.15% | 3.42% | 4.34% | 5.77% | -7.79% | -0.34% | 1.06% | 2.63% | -0.65% | 0.86% |
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 4.79% | -7.60% | 12.52% | 1.94% | 8.35% | 7.48% | -7.13% | 5.36% | 6.91% | -10.99% |
Correlation
The correlation between IE15.L and ERND.L is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | 0.02 |
The correlation between IE15.L and ERND.L shifts across timeframes, from -0.30 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IE15.L vs. ERND.L — Risk / Return Rank
IE15.L
ERND.L
IE15.L vs. ERND.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) (IE15.L) and iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.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.
| IE15.L | ERND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.17 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 1.48 | -1.58 |
| Martin ratioReturn relative to average drawdown | -0.25 | 3.95 | -4.20 |
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Drawdowns
IE15.L vs. ERND.L - Drawdown Comparison
The maximum IE15.L drawdown since its inception was -10.14%, smaller than the maximum ERND.L drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for IE15.L and ERND.L.
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Drawdown Indicators
| IE15.L | ERND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.14% | -15.58% | +5.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -3.80% | +0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -2.86% | -11.40% | +8.54% |
Max Drawdown (5Y)Largest decline over 5 years | -10.14% | -11.40% | +1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -10.14% | -15.58% | +5.44% |
Current DrawdownCurrent decline from peak | -1.40% | -4.53% | +3.13% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -5.23% | +3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.43% | -0.27% |
Volatility
IE15.L vs. ERND.L - Volatility Comparison
The current volatility for iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) (IE15.L) is 0.58%, while iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.L) has a volatility of 1.14%. This indicates that IE15.L experiences smaller price fluctuations and is considered to be less risky than ERND.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IE15.L | ERND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 1.14% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 4.53% | -2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 6.17% | -3.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.75% | 7.57% | -4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.32% | 7.42% | -4.10% |
IE15.L vs. ERND.L - Expense Ratio Comparison
IE15.L has a 0.20% expense ratio, which is higher than ERND.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
IE15.L vs. ERND.L - Dividend Comparison
IE15.L's dividend yield for the trailing twelve months is around 1.51%, less than ERND.L's 4.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 4.31% | 4.70% | 5.54% | 5.00% | 1.57% | 0.49% | 1.55% | 2.71% | 2.19% | 1.39% | 0.99% | 0.72% |
IE15.L iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) | 1.51% | 2.92% | 2.50% | 1.41% | 0.51% | 0.57% | 0.59% | 0.62% | 0.62% | 0.68% | 0.90% | 0.56% |
Frequently Asked Questions
IE15.L and ERND.L have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERND.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERND.L is cheaper with a 0.09% expense ratio, compared with 0.20% for IE15.L.
IE15.L is categorized as Short-Term Bond, while ERND.L is Ultrashort Bond. IE15.L tracks BBG Euro Corp 1-5 Yrs (EUR), while ERND.L tracks Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD). Their fees differ too: 0.20% for IE15.L and 0.09% for ERND.L.
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