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JEBP.L vs. ERNU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JEBP.L vs. ERNU.L

Last updated Jul 16, 2026
Documentation

JEBP.L (JPMorgan ETFs Ireland ICAV - JPM EUR IG Corporate Bond Active UCITS ETF - GBP Hedged (acc)) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both Corporate Bonds funds. JEBP.L is actively managed, while ERNU.L is passively managed. Over the past 3 years, JEBP.L returned 6.25%/yr vs 4.10%/yr for ERNU.L. At a correlation of -0.24, they often move in opposite directions.

Performance

JEBP.L vs. ERNU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPMorgan ETFs Ireland ICAV - JPM EUR IG Corporate Bond Active UCITS ETF - GBP Hedged (acc) (JEBP.L) and iShares USD Ultrashort Bond UCITS ETF (ERNU.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JEBP.L achieves a 1.37% return, which is significantly lower than ERNU.L's 1.85% return.

JEBP.L

1D
-0.16%
1M
-0.38%
6M
0.92%
YTD
1.37%
1Y
3.55%
3Y*
6.25%
5Y*
—
10Y*
—

ERNU.L

1D
-0.66%
1M
-0.09%
6M
1.60%
YTD
1.85%
1Y
3.51%
3Y*
4.10%
5Y*
4.28%
10Y*
2.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JEBP.L vs. ERNU.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
JEBP.L
JPMorgan ETFs Ireland ICAV - JPM EUR IG Corporate Bond Active UCITS ETF - GBP Hedged (acc)		1.37%5.22%5.89%9.18%-12.18%-0.52%
ERNU.L
iShares USD Ultrashort Bond UCITS ETF		1.85%-2.44%7.39%-0.34%13.44%0.50%

Correlation

The correlation between JEBP.L and ERNU.L is -0.32, 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

-0.32

Correlation (3Y)
Calculated over the trailing 3-year period

-0.21

Correlation (All Time)
Calculated using the full available price history since Nov 9, 2021

-0.24

The correlation between JEBP.L and ERNU.L shifts across timeframes, from -0.32 (1 year) to -0.21 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

JPMorgan ETFs Ireland ICAV - JPM EUR IG Corporate Bond Active UCITS ETF - GBP Hedged (acc)

iShares USD Ultrashort Bond UCITS ETF

Often compared with ERNU.L:
ERNU.L vs. XT01.DEERNU.L vs. BILERNU.L vs. TBILERNU.L vs. IBTU.LERNU.L vs. NEARERNU.L vs. ICSHERNU.L vs. ERNS.L

Return for Risk

JEBP.L vs. ERNU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JEBP.L
JEBP.L Risk / Return Rank: 3737
Overall Rank
JEBP.L Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
JEBP.L Sortino Ratio Rank: 3939
Sortino Ratio Rank
JEBP.L Omega Ratio Rank: 4141
Omega Ratio Rank
JEBP.L Calmar Ratio Rank: 3131
Calmar Ratio Rank
JEBP.L Martin Ratio Rank: 3939
Martin Ratio Rank
ERNU.L
ERNU.L Risk / Return Rank: 1919
Overall Rank
ERNU.L Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
ERNU.L Sortino Ratio Rank: 1818
Sortino Ratio Rank
ERNU.L Omega Ratio Rank: 1717
Omega Ratio Rank
ERNU.L Calmar Ratio Rank: 2121
Calmar Ratio Rank
ERNU.L Martin Ratio Rank: 2121
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JEBP.L vs. ERNU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan ETFs Ireland ICAV - JPM EUR IG Corporate Bond Active UCITS ETF - GBP Hedged (acc) (JEBP.L) and iShares USD Ultrashort Bond UCITS ETF (ERNU.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.

JEBP.LERNU.LDifference
Sharpe ratioReturn per unit of total volatility
1.10
0.55

+0.55

Sortino ratioReturn per unit of downside risk
1.69
0.84

+0.85

Omega ratioGain probability vs. loss probability

1.23

1.10

+0.13

Calmar ratioReturn relative to maximum drawdown

1.28

0.79

+0.49

Martin ratioReturn relative to average drawdown

4.96

2.01

+2.95

JEBP.L vs. ERNU.L - Sharpe Ratio Comparison

The current JEBP.L Sharpe Ratio is 1.10, which is higher than the ERNU.L Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of JEBP.L and ERNU.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

JEBP.L vs. ERNU.L - Drawdown Comparison

The maximum JEBP.L drawdown since its inception was -15.49%, smaller than the maximum ERNU.L drawdown of -41.55%. Use the drawdown chart below to compare losses from any high point for JEBP.L and ERNU.L.

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Drawdown Indicators

JEBP.LERNU.LDifference

Max Drawdown

Largest peak-to-trough decline

-15.49%

-41.55%

+26.06%

Max Drawdown (1Y)

Largest decline over 1 year

-2.68%

-4.43%

+1.75%

Max Drawdown (3Y)

Largest decline over 3 years

-2.68%

-9.54%

+6.86%

Max Drawdown (5Y)

Largest decline over 5 years

—

-14.92%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-14.92%

—

Current Drawdown

Current decline from peak

-0.81%

-4.03%

+3.22%

Average Drawdown

Average peak-to-trough decline

-4.90%

-18.45%

+13.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.69%

1.74%

-1.05%

Volatility

JEBP.L vs. ERNU.L - Volatility Comparison

The current volatility for JPMorgan ETFs Ireland ICAV - JPM EUR IG Corporate Bond Active UCITS ETF - GBP Hedged (acc) (JEBP.L) is 0.76%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 1.80%. This indicates that JEBP.L experiences smaller price fluctuations and is considered to be less risky than ERNU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JEBP.LERNU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.76%

1.80%

-1.04%

Volatility (6M)

Calculated over the trailing 6-month period

2.82%

4.81%

-1.99%

Volatility (1Y)

Calculated over the trailing 1-year period

3.12%

6.42%

-3.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.54%

8.35%

-3.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.54%

8.73%

-4.19%

Dividends

JEBP.L vs. ERNU.L - Dividend Comparison

JEBP.L has not paid dividends to shareholders, while ERNU.L's dividend yield for the trailing twelve months is around 4.35%.

PositionTTM20252024202320222021202020192018201720162015
ERNU.L
iShares USD Ultrashort Bond UCITS ETF		4.35%4.68%5.46%4.99%1.56%0.48%1.65%2.77%2.17%1.43%0.93%0.70%
JEBP.L
JPMorgan ETFs Ireland ICAV - JPM EUR IG Corporate Bond Active UCITS ETF - GBP 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

JEBP.L and ERNU.L have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: JPMorgan and iShares.

Portfolio Optimizer

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