IHYE.L vs. ERND.L
IHYE.L (iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist)) and ERND.L (iShares $ Ultrashort Bond UCITS ETF USD (Dist)) are both exchange-traded funds - IHYE.L is a Corporate Bonds fund tracking the iBoxx USD Liquid High Yield Capped (USD), 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 5 years, IHYE.L returned 1.67%/yr vs 4.50%/yr for ERND.L. At a correlation of -0.18, they often move in opposite directions. IHYE.L charges 0.55%/yr vs 0.09%/yr for ERND.L.
Performance
IHYE.L vs. ERND.L - Performance Comparison
Loading charts...
Different Trading Currencies
IHYE.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, IHYE.L achieves a 0.98% return, which is significantly lower than ERND.L's 4.79% return.
IHYE.L
- 1D
- 0.00%
- 1M
- 0.26%
- 6M
- 0.48%
- YTD
- 0.98%
- 1Y
- 3.87%
- 3Y*
- 5.78%
- 5Y*
- 1.67%
- 10Y*
- —
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%
IHYE.L vs. ERND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | 0.98% | 6.77% | 5.11% | 8.05% | -11.60% | 2.86% | 3.05% | 9.11% | -3.03% |
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% | 9.72% |
Correlation
The correlation between IHYE.L and ERND.L is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2018 | -0.18 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IHYE.L vs. ERND.L — Risk / Return Rank
IHYE.L
ERND.L
IHYE.L vs. ERND.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.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.
| IHYE.L | ERND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.17 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.48 | -0.10 |
| Martin ratioReturn relative to average drawdown | 5.64 | 3.95 | +1.69 |
Loading charts...
Drawdowns
IHYE.L vs. ERND.L - Drawdown Comparison
The maximum IHYE.L drawdown since its inception was -22.54%, which is greater than ERND.L's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for IHYE.L and ERND.L.
Loading charts...
Drawdown Indicators
| IHYE.L | ERND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.54% | -15.58% | -6.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.78% | -3.80% | +1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.70% | -11.40% | +6.70% |
Max Drawdown (5Y)Largest decline over 5 years | -15.54% | -11.40% | -4.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.58% | — |
Current DrawdownCurrent decline from peak | -0.00% | -4.53% | +4.53% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -5.23% | +1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 1.43% | -0.75% |
Volatility
IHYE.L vs. ERND.L - Volatility Comparison
The current volatility for iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.L) is 0.79%, while iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.L) has a volatility of 1.14%. This indicates that IHYE.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.
Loading charts...
Volatility by Period
| IHYE.L | ERND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.14% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 4.53% | -1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 6.17% | -2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.81% | 7.57% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.12% | 7.42% | +0.70% |
IHYE.L vs. ERND.L - Expense Ratio Comparison
IHYE.L has a 0.55% expense ratio, which is higher than ERND.L's 0.09% expense ratio.
Dividends
IHYE.L vs. ERND.L - Dividend Comparison
IHYE.L's dividend yield for the trailing twelve months is around 6.19%, more 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% |
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) | 6.19% | 6.07% | 6.32% | 5.59% | 5.13% | 4.35% | 4.82% | 5.59% | 3.88% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IHYE.L and ERND.L have a correlation of -0.21, 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 0.55% for IHYE.L.
IHYE.L is categorized as Corporate Bonds, while ERND.L is Ultrashort Bond. IHYE.L tracks iBoxx USD Liquid High Yield Capped (USD), while ERND.L tracks Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD). Their fees differ too: 0.55% for IHYE.L and 0.09% for ERND.L.
Find the right allocation for IHYE.L and ERND.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer