IS3M.DE vs. ERNX.DE
IS3M.DE (iShares € Ultrashort Bond UCITS ETF) and ERNX.DE (iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating) are both Ultrashort Bond funds from iShares - IS3M.DE tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR) while ERNX.DE tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. Both are passively managed. Over the past 3 years, IS3M.DE returned 3.34%/yr vs 3.33%/yr for ERNX.DE. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.
Performance
IS3M.DE vs. ERNX.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IS3M.DE achieves a 0.92% return, which is significantly higher than ERNX.DE's 0.87% return.
IS3M.DE
- 1D
- 0.04%
- 1M
- 0.34%
- YTD
- 0.92%
- 6M
- 1.01%
- 1Y
- 2.26%
- 3Y*
- 3.34%
- 5Y*
- 2.10%
- 10Y*
- 1.01%
ERNX.DE
- 1D
- 0.04%
- 1M
- 0.26%
- YTD
- 0.87%
- 6M
- 0.99%
- 1Y
- 2.18%
- 3Y*
- 3.33%
- 5Y*
- —
- 10Y*
- —
IS3M.DE vs. ERNX.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IS3M.DE iShares € Ultrashort Bond UCITS ETF | 0.92% | 2.61% | 4.12% | 3.42% | -0.04% |
ERNX.DE iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating | 0.87% | 2.69% | 4.04% | 3.34% | 0.10% |
Correlation
The correlation between IS3M.DE and ERNX.DE is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 2, 2022 | 0.20 |
The correlation between IS3M.DE and ERNX.DE shifts across timeframes, from -0.02 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IS3M.DE vs. ERNX.DE — Risk / Return Rank
IS3M.DE
ERNX.DE
IS3M.DE vs. ERNX.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Ultrashort Bond UCITS ETF (IS3M.DE) and iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE). 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.
| IS3M.DE | ERNX.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.67 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 7.59 | 10.99 | -3.40 |
| Martin ratioReturn relative to average drawdown | 49.96 | 54.93 | -4.97 |
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
| IS3M.DE | ERNX.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | 2.94 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.74 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 3.90 | -3.04 |
Drawdowns
IS3M.DE vs. ERNX.DE - Drawdown Comparison
The maximum IS3M.DE drawdown since its inception was -3.80%, which is greater than ERNX.DE's maximum drawdown of -0.83%. Use the drawdown chart below to compare losses from any high point for IS3M.DE and ERNX.DE.
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Drawdown Indicators
| IS3M.DE | ERNX.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.80% | -0.83% | -2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -0.30% | -0.20% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -0.47% | -0.20% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -1.21% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -3.80% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | -0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.29% | -0.09% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.04% | +0.01% |
Volatility
IS3M.DE vs. ERNX.DE - Volatility Comparison
iShares € Ultrashort Bond UCITS ETF (IS3M.DE) has a higher volatility of 0.29% compared to iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE) at 0.17%. This indicates that IS3M.DE's price experiences larger fluctuations and is considered to be riskier than ERNX.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IS3M.DE | ERNX.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 0.17% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 0.59% | 0.56% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.76% | 0.74% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.76% | 0.68% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.11% | 0.68% | +0.43% |
IS3M.DE vs. ERNX.DE - Expense Ratio Comparison
Both IS3M.DE and ERNX.DE have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IS3M.DE vs. ERNX.DE - Dividend Comparison
IS3M.DE's dividend yield for the trailing twelve months is around 3.29%, while ERNX.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNX.DE iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IS3M.DE iShares € Ultrashort Bond UCITS ETF | 3.29% | 2.74% | 3.80% | 2.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
Frequently Asked Questions
IS3M.DE and ERNX.DE have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IS3M.DE and ERNX.DE have the same expense ratio: 0.09% per year.
IS3M.DE tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR), while ERNX.DE tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index.
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