JR15.L vs. ERNU.L
JR15.L (JPMorgan ETFs Ireland ICAV - JPM EUR 1-5 yr IG Corporate Bond Active UCITS ETF - EUR (acc)) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both Corporate Bonds funds. JR15.L is actively managed, while ERNU.L is passively managed. Over the past 5 years, JR15.L returned 1.12%/yr vs 4.54%/yr for ERNU.L. At a correlation of -0.10, they often move in opposite directions. JR15.L charges 0.19%/yr vs 0.09%/yr for ERNU.L.
Performance
JR15.L vs. ERNU.L - Performance Comparison
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Different Trading Currencies
JR15.L is traded in EUR, while ERNU.L is traded in GBP. To make them comparable, the ERNU.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, JR15.L achieves a 0.51% return, which is significantly lower than ERNU.L's 4.89% return.
JR15.L
- 1D
- -0.05%
- 1M
- -0.25%
- 6M
- 0.26%
- YTD
- 0.51%
- 1Y
- 1.64%
- 3Y*
- 4.28%
- 5Y*
- 1.12%
- 10Y*
- —
ERNU.L
- 1D
- 0.01%
- 1M
- 1.85%
- 6M
- 3.86%
- YTD
- 4.89%
- 1Y
- 5.87%
- 3Y*
- 4.50%
- 5Y*
- 4.54%
- 10Y*
- 2.45%
JR15.L vs. ERNU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JR15.L JPMorgan ETFs Ireland ICAV - JPM EUR 1-5 yr IG Corporate Bond Active UCITS ETF - EUR (acc) | 0.51% | 3.45% | 4.35% | 6.21% | -7.76% | -0.38% | 0.84% | 2.40% | 0.22% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 4.89% | -7.53% | 12.57% | 1.77% | 7.59% | 8.13% | -7.47% | 6.19% | -0.99% |
Correlation
The correlation between JR15.L and ERNU.L is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 5, 2018 | -0.10 |
Over the past year, the inverse relationship between JR15.L and ERNU.L has strengthened: their correlation has moved from -0.10 to -0.35, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
JR15.L vs. ERNU.L — Risk / Return Rank
JR15.L
ERNU.L
JR15.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 1-5 yr IG Corporate Bond Active UCITS ETF - EUR (acc) (JR15.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.
| JR15.L | ERNU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 1.86 | -1.05 |
| Martin ratioReturn relative to average drawdown | 2.92 | 4.25 | -1.33 |
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Drawdowns
JR15.L vs. ERNU.L - Drawdown Comparison
The maximum JR15.L drawdown since its inception was -10.19%, smaller than the maximum ERNU.L drawdown of -39.15%. Use the drawdown chart below to compare losses from any high point for JR15.L and ERNU.L.
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Drawdown Indicators
| JR15.L | ERNU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.19% | -39.15% | +28.96% |
Max Drawdown (1Y)Largest decline over 1 year | -1.97% | -3.15% | +1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -1.97% | -11.37% | +9.40% |
Max Drawdown (5Y)Largest decline over 5 years | -10.19% | -11.44% | +1.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.83% | — |
Current DrawdownCurrent decline from peak | -0.51% | -4.76% | +4.25% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -18.35% | +16.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 1.38% | -0.83% |
Volatility
JR15.L vs. ERNU.L - Volatility Comparison
The current volatility for JPMorgan ETFs Ireland ICAV - JPM EUR 1-5 yr IG Corporate Bond Active UCITS ETF - EUR (acc) (JR15.L) is 0.51%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 1.39%. This indicates that JR15.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
| JR15.L | ERNU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 1.39% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 1.80% | 4.53% | -2.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.94% | 6.26% | -4.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.56% | 7.84% | -5.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.11% | 7.75% | -4.64% |
JR15.L vs. ERNU.L - Expense Ratio Comparison
JR15.L has a 0.19% expense ratio, which is higher than ERNU.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
JR15.L vs. ERNU.L - Dividend Comparison
JR15.L has not paid dividends to shareholders, while ERNU.L's dividend yield for the trailing twelve months is around 4.35%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
JR15.L JPMorgan ETFs Ireland ICAV - JPM EUR 1-5 yr IG Corporate Bond Active UCITS ETF - EUR (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
JR15.L and ERNU.L have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNU.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNU.L is cheaper with a 0.09% expense ratio, compared with 0.19% for JR15.L.
They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.19% for JR15.L and 0.09% for ERNU.L.
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