SPHY vs. ERNU.L
SPHY (SPDR Portfolio High Yield Bond ETF) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while ERNU.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 10 years, SPHY returned 5.21%/yr vs 2.72%/yr for ERNU.L. At a 0.06 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.09%/yr for ERNU.L.
Performance
SPHY vs. ERNU.L - Performance Comparison
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Different Trading Currencies
SPHY is traded in USD, while ERNU.L is traded in GBP. To make them comparable, the ERNU.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPHY achieves a 1.85% return, which is significantly higher than ERNU.L's 1.54% return. Over the past 10 years, SPHY has outperformed ERNU.L with an annualized return of 5.21%, while ERNU.L has yielded a comparatively lower 2.72% annualized return.
SPHY
- 1D
- 0.04%
- 1M
- 0.67%
- YTD
- 1.85%
- 6M
- 2.41%
- 1Y
- 7.35%
- 3Y*
- 8.90%
- 5Y*
- 4.36%
- 10Y*
- 5.21%
ERNU.L
- 1D
- -0.76%
- 1M
- 0.11%
- YTD
- 1.54%
- 6M
- 1.64%
- 1Y
- 3.89%
- 3Y*
- 5.07%
- 5Y*
- 3.72%
- 10Y*
- 2.72%
SPHY vs. ERNU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.85% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 1.54% | 4.92% | 5.60% | 4.92% | 1.31% | 0.61% | 0.84% | 3.84% | 1.87% | 1.20% |
Correlation
The correlation between SPHY and ERNU.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | 0.06 |
The correlation between SPHY and ERNU.L shifts across timeframes, from 0.06 (all time) to 0.17 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPHY vs. ERNU.L — Risk / Return Rank
SPHY
ERNU.L
SPHY vs. ERNU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) 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.
| SPHY | ERNU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.16 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 4.08 | -1.13 |
| Martin ratioReturn relative to average drawdown | 13.29 | 13.30 | -0.02 |
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Drawdowns
SPHY vs. ERNU.L - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum ERNU.L drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for SPHY and ERNU.L.
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Drawdown Indicators
| SPHY | ERNU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -37.72% | +15.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -0.95% | -1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -1.00% | -3.85% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -2.54% | -12.75% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -8.12% | -13.85% |
Current DrawdownCurrent decline from peak | 0.00% | -17.02% | +17.02% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -31.23% | +28.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.29% | +0.24% |
Volatility
SPHY vs. ERNU.L - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.16%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 1.71%. This indicates that SPHY 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
| SPHY | ERNU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.71% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 3.74% | -0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 4.39% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 4.82% | +2.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.87% | 5.11% | +2.76% |
SPHY vs. ERNU.L - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than ERNU.L's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPHY vs. ERNU.L - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.24%, more than ERNU.L's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 3.29% | 4.68% | 5.46% | 4.99% | 1.56% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.24% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
SPHY and ERNU.L have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPHY is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.09% for ERNU.L.
SPHY is categorized as High Yield Bonds, while ERNU.L is Corporate Bonds. SPHY tracks ICE BofA US High Yield Index, while ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPHY and 0.09% for ERNU.L.
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