SPX5.L vs. ERNS.L
SPX5.L (SPDR S&P 500 UCITS ETF) and ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) are both exchange-traded funds - SPX5.L is a S&P 500 fund tracking the S&P 500 Index, while ERNS.L is a Ultrashort Bond fund actively managed by iShares. SPX5.L is passively managed, while ERNS.L is actively managed. Over the past 10 years, SPX5.L returned 15.65%/yr vs 2.21%/yr for ERNS.L. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.
Performance
SPX5.L vs. ERNS.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPX5.L achieves a 10.58% return, which is significantly higher than ERNS.L's 1.80% return. Over the past 10 years, SPX5.L has outperformed ERNS.L with an annualized return of 15.65%, while ERNS.L has yielded a comparatively lower 2.21% annualized return.
SPX5.L
- 1D
- 0.77%
- 1M
- 1.16%
- YTD
- 10.58%
- 6M
- 10.76%
- 1Y
- 27.47%
- 3Y*
- 19.42%
- 5Y*
- 14.20%
- 10Y*
- 15.65%
ERNS.L
- 1D
- 0.03%
- 1M
- 0.32%
- YTD
- 1.80%
- 6M
- 1.87%
- 1Y
- 4.33%
- 3Y*
- 5.09%
- 5Y*
- 3.67%
- 10Y*
- 2.21%
SPX5.L vs. ERNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPX5.L SPDR S&P 500 UCITS ETF | 10.58% | 9.34% | 27.46% | 19.76% | -9.00% | 30.96% | 13.52% | 26.33% | -0.04% | 10.71% |
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 1.80% | 4.84% | 5.55% | 4.76% | 1.53% | 0.14% | 0.77% | 1.28% | 0.58% | 0.57% |
Correlation
The correlation between SPX5.L and ERNS.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.05 |
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Return for Risk
SPX5.L vs. ERNS.L — Risk / Return Rank
SPX5.L
ERNS.L
SPX5.L vs. ERNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 500 UCITS ETF (SPX5.L) and iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.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.
| SPX5.L | ERNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -6.57 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 2.40 | -0.93 |
| Calmar ratioReturn relative to maximum drawdown | 3.87 | 19.85 | -15.98 |
| Martin ratioReturn relative to average drawdown | 13.95 | 111.25 | -97.30 |
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Drawdowns
SPX5.L vs. ERNS.L - Drawdown Comparison
The maximum SPX5.L drawdown since its inception was -41.23%, which is greater than ERNS.L's maximum drawdown of -1.51%. Use the drawdown chart below to compare losses from any high point for SPX5.L and ERNS.L.
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Drawdown Indicators
| SPX5.L | ERNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.23% | -1.51% | -39.72% |
Max Drawdown (1Y)Largest decline over 1 year | -7.07% | -0.22% | -6.85% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -0.22% | -20.68% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -0.36% | -20.54% |
Max Drawdown (10Y)Largest decline over 10 years | -25.45% | -1.51% | -23.94% |
Current DrawdownCurrent decline from peak | -0.54% | 0.00% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -7.46% | -0.05% | -7.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 0.04% | +1.92% |
Volatility
SPX5.L vs. ERNS.L - Volatility Comparison
SPDR S&P 500 UCITS ETF (SPX5.L) has a higher volatility of 3.39% compared to iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) at 0.17%. This indicates that SPX5.L's price experiences larger fluctuations and is considered to be riskier than ERNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPX5.L | ERNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.39% | 0.17% | +3.22% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 0.67% | +6.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.88% | 0.81% | +10.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.28% | 0.82% | +13.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.43% | 0.92% | +14.51% |
SPX5.L vs. ERNS.L - Expense Ratio Comparison
Both SPX5.L and ERNS.L 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
SPX5.L vs. ERNS.L - Dividend Comparison
SPX5.L's dividend yield for the trailing twelve months is around 0.91%, less than ERNS.L's 4.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 4.29% | 4.65% | 5.42% | 4.54% | 1.14% | 0.28% | 0.75% | 1.04% | 0.74% | 0.52% | 0.81% | 0.72% |
SPX5.L SPDR S&P 500 UCITS ETF | 0.91% | 0.98% | 1.03% | 1.21% | 1.39% | 0.98% | 1.40% | 1.48% | 1.71% | 1.57% | 1.49% | 1.68% |
Frequently Asked Questions
SPX5.L and ERNS.L have a correlation of 0.11, 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.
SPX5.L and ERNS.L have the same expense ratio: 0.09% per year.
SPX5.L is categorized as S&P 500, while ERNS.L is Ultrashort Bond. They also come from different issuers: State Street and iShares.
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