SSXF.L vs. ERNA.L
SSXF.L (iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist)) and ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) are both Corporate Bonds funds from iShares - SSXF.L tracks the iBoxx Sterling Corporate Bond ex Financials Index while ERNA.L tracks the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, SSXF.L returned -2.18%/yr vs 4.51%/yr for ERNA.L. At a 0.07 correlation, their price movements are largely independent. SSXF.L charges 0.20%/yr vs 0.09%/yr for ERNA.L.
Performance
SSXF.L vs. ERNA.L - Performance Comparison
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Different Trading Currencies
SSXF.L is traded in EUR, while ERNA.L is traded in USD. To make them comparable, the ERNA.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, SSXF.L achieves a -0.24% return, which is significantly lower than ERNA.L's 4.82% return.
SSXF.L
- 1D
- -0.15%
- 1M
- 0.70%
- 6M
- 0.36%
- YTD
- -0.24%
- 1Y
- 3.15%
- 3Y*
- 5.05%
- 5Y*
- -2.18%
- 10Y*
- 0.31%
ERNA.L
- 1D
- 0.03%
- 1M
- 0.87%
- 6M
- 3.34%
- YTD
- 4.82%
- 1Y
- 5.66%
- 3Y*
- 4.47%
- 5Y*
- 4.51%
- 10Y*
- —
SSXF.L vs. ERNA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SSXF.L iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist) | -0.24% | 1.57% | 4.52% | 10.82% | -24.14% | 2.57% | 2.91% | 17.08% | -1.58% |
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 4.82% | -7.59% | 12.63% | 2.28% | 7.74% | 7.60% | -7.07% | 5.52% | 3.10% |
Correlation
The correlation between SSXF.L and ERNA.L is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.07 |
The correlation between SSXF.L and ERNA.L shifts across timeframes, from -0.04 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SSXF.L vs. ERNA.L — Risk / Return Rank
SSXF.L
ERNA.L
SSXF.L vs. ERNA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist) (SSXF.L) and iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.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.
| SSXF.L | ERNA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.17 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 1.55 | -0.99 |
| Martin ratioReturn relative to average drawdown | 1.25 | 3.87 | -2.62 |
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Drawdowns
SSXF.L vs. ERNA.L - Drawdown Comparison
The maximum SSXF.L drawdown since its inception was -33.80%, which is greater than ERNA.L's maximum drawdown of -11.70%. Use the drawdown chart below to compare losses from any high point for SSXF.L and ERNA.L.
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Drawdown Indicators
| SSXF.L | ERNA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.80% | -11.70% | -22.10% |
Max Drawdown (1Y)Largest decline over 1 year | -6.58% | -3.63% | -2.95% |
Max Drawdown (3Y)Largest decline over 3 years | -8.00% | -11.35% | +3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -33.80% | -11.35% | -22.45% |
Max Drawdown (10Y)Largest decline over 10 years | -33.80% | — | — |
Current DrawdownCurrent decline from peak | -12.47% | -4.33% | -8.14% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -4.83% | -3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 1.45% | +1.49% |
Volatility
SSXF.L vs. ERNA.L - Volatility Comparison
iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist) (SSXF.L) has a higher volatility of 1.92% compared to iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) at 1.13%. This indicates that SSXF.L's price experiences larger fluctuations and is considered to be riskier than ERNA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSXF.L | ERNA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.92% | 1.13% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 4.44% | +1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.57% | 6.19% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.87% | 7.63% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.83% | 7.35% | +2.48% |
SSXF.L vs. ERNA.L - Expense Ratio Comparison
SSXF.L has a 0.20% expense ratio, which is higher than ERNA.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
SSXF.L vs. ERNA.L - Dividend Comparison
SSXF.L's dividend yield for the trailing twelve months is around 2.33%, while ERNA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (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% |
SSXF.L iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist) | 2.33% | 4.34% | 3.88% | 3.14% | 3.09% | 2.23% | 2.35% | 2.55% | 2.89% | 2.90% | 3.78% | 2.01% |
Frequently Asked Questions
SSXF.L and ERNA.L have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNA.L is cheaper with a 0.09% expense ratio, compared with 0.20% for SSXF.L.
SSXF.L tracks iBoxx Sterling Corporate Bond ex Financials Index, while ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD. Their fees differ too: 0.20% for SSXF.L and 0.09% for ERNA.L.
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