SHYU.L vs. ERNU.L
SHYU.L (iShares $ High Yield Corp Bond UCITS ETF) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both Corporate Bonds funds from iShares - SHYU.L tracks the Markit iBoxx USD Liquid High Yield Capped Index while ERNU.L tracks the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 10 years, SHYU.L returned 4.84%/yr vs 3.51%/yr for ERNU.L. A 0.74 correlation means they provide meaningful diversification when combined. SHYU.L charges 0.50%/yr vs 0.09%/yr for ERNU.L.
Performance
SHYU.L vs. ERNU.L - Performance Comparison
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Returns By Period
In the year-to-date period, SHYU.L achieves a -1.70% return, which is significantly lower than ERNU.L's 1.86% return. Over the past 10 years, SHYU.L has outperformed ERNU.L with an annualized return of 4.84%, while ERNU.L has yielded a comparatively lower 3.51% annualized return.
SHYU.L
- 1D
- 0.16%
- 1M
- -0.15%
- YTD
- -1.70%
- 6M
- -2.17%
- 1Y
- 1.89%
- 3Y*
- 2.26%
- 5Y*
- 3.17%
- 10Y*
- 4.84%
ERNU.L
- 1D
- 0.09%
- 1M
- 1.67%
- YTD
- 1.86%
- 6M
- 1.08%
- 1Y
- 5.55%
- 3Y*
- 2.46%
- 5Y*
- 4.86%
- 10Y*
- 3.51%
SHYU.L vs. ERNU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYU.L iShares $ High Yield Corp Bond UCITS ETF | -1.70% | -4.17% | 8.56% | 4.72% | 2.04% | 4.96% | 1.60% | 9.12% | 4.39% | -3.89% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 1.86% | -2.45% | 7.39% | -0.34% | 13.45% | 1.52% | -2.17% | -0.16% | 7.99% | -7.61% |
Correlation
The correlation between SHYU.L and ERNU.L is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2013 | 0.74 |
The correlation between SHYU.L and ERNU.L shifts across timeframes, from 0.68 (5 years) to 0.83 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHYU.L vs. ERNU.L — Risk / Return Rank
SHYU.L
ERNU.L
SHYU.L vs. ERNU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ High Yield Corp Bond UCITS ETF (SHYU.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.
| SHYU.L | ERNU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.15 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | 1.21 | -0.97 |
| Martin ratioReturn relative to average drawdown | 0.43 | 3.09 | -2.66 |
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
| SHYU.L | ERNU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | 0.83 | -0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | 0.58 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.38 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.42 | +0.17 |
Drawdowns
SHYU.L vs. ERNU.L - Drawdown Comparison
The maximum SHYU.L drawdown since its inception was -15.01%, roughly equal to the maximum ERNU.L drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for SHYU.L and ERNU.L.
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Drawdown Indicators
| SHYU.L | ERNU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.01% | -14.92% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -6.61% | -4.43% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -11.08% | -9.54% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -11.08% | -14.92% | +3.84% |
Max Drawdown (10Y)Largest decline over 10 years | -15.01% | -14.92% | -0.09% |
Current DrawdownCurrent decline from peak | -9.14% | -4.01% | -5.13% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -5.80% | +1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 1.74% | +2.09% |
Volatility
SHYU.L vs. ERNU.L - Volatility Comparison
The current volatility for iShares $ High Yield Corp Bond UCITS ETF (SHYU.L) is 1.72%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 2.03%. This indicates that SHYU.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
| SHYU.L | ERNU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 2.03% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 4.72% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 6.46% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.13% | 8.36% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.74% | 9.34% | +0.40% |
SHYU.L vs. ERNU.L - Expense Ratio Comparison
SHYU.L has a 0.50% expense ratio, which is higher than ERNU.L's 0.09% expense ratio.
Dividends
SHYU.L vs. ERNU.L - Dividend Comparison
SHYU.L has not paid dividends to shareholders, while ERNU.L's dividend yield for the trailing twelve months is around 5.69%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 5.69% | 4.68% | 5.45% | 5.00% | 1.55% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
SHYU.L iShares $ High Yield Corp Bond UCITS ETF | 0.00% | 0.00% | 6.32% | 5.76% | 4.82% | 4.27% | 5.16% | 5.58% | 5.52% | 5.74% | 5.16% | 5.87% |
Frequently Asked Questions
SHYU.L and ERNU.L have a correlation of 0.83, 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 0.50% for SHYU.L.
SHYU.L tracks Markit iBoxx USD Liquid High Yield Capped Index, while ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD. Their fees differ too: 0.50% for SHYU.L and 0.09% for ERNU.L.
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