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SUBD.AX vs. ERNS.L
Performance
Return for Risk
Dividends
Drawdowns
Volatility

SUBD.AX vs. ERNS.L

Last updated Apr 2, 2026

Compare and contrast key facts about Vaneck Australian Subordinated Debt ETF (SUBD.AX) and iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L).

SUBD.AX and ERNS.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SUBD.AX is a passively managed fund by VanEck that tracks the performance of the iBoxx AUD Investment Grade Subordinated Debt Mid Price Index. It was launched on Oct 28, 2019. ERNS.L is an actively managed fund by iShares. It was launched on Oct 16, 2013.

Performance

SUBD.AX vs. ERNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vaneck Australian Subordinated Debt ETF (SUBD.AX) and iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L). The values are adjusted to include any dividend payments, if applicable.

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SUBD.AX vs. ERNS.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
SUBD.AX
Vaneck Australian Subordinated Debt ETF		0.59%5.55%7.13%7.11%0.27%2.12%2.39%0.59%
ERNS.L
iShares £ Ultrashort Bond UCITS ETF GBP (Dist)		-3.41%4.57%14.22%10.37%-3.32%5.04%-5.26%0.66%
Different Trading Currencies

SUBD.AX is traded in AUD, while ERNS.L is traded in GBP. To make them comparable, the ERNS.L values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SUBD.AX achieves a 0.59% return, which is significantly higher than ERNS.L's -3.41% return.

SUBD.AX

1D
-0.44%
1M
-0.44%
YTD
0.59%
6M
1.71%
1Y
5.15%
3Y*
6.17%
5Y*
4.33%
10Y*
—

ERNS.L

1D
0.95%
1M
2.54%
YTD
-3.41%
6M
-3.22%
1Y
-1.90%
3Y*
6.72%
5Y*
4.75%
10Y*
2.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vaneck Australian Subordinated Debt ETF

iShares £ Ultrashort Bond UCITS ETF GBP (Dist)

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SUBD.AX vs. ERNS.L - Expense Ratio Comparison

SUBD.AX has a 0.29% expense ratio, which is higher than ERNS.L's 0.09% expense ratio.

SUBD.AX
Vaneck Australian Subordinated Debt ETF
ERNS.L
iShares £ Ultrashort Bond UCITS ETF GBP (Dist)

Return for Risk

SUBD.AX vs. ERNS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SUBD.AX
SUBD.AX Risk / Return Rank: 9898
Overall Rank
SUBD.AX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SUBD.AX Sortino Ratio Rank: 9898
Sortino Ratio Rank
SUBD.AX Omega Ratio Rank: 9999
Omega Ratio Rank
SUBD.AX Calmar Ratio Rank: 9696
Calmar Ratio Rank
SUBD.AX Martin Ratio Rank: 9898
Martin Ratio Rank
ERNS.L
ERNS.L Risk / Return Rank: 9999
Overall Rank
ERNS.L Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
ERNS.L Sortino Ratio Rank: 9999
Sortino Ratio Rank
ERNS.L Omega Ratio Rank: 9999
Omega Ratio Rank
ERNS.L Calmar Ratio Rank: 9999
Calmar Ratio Rank
ERNS.L Martin Ratio Rank: 9999
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SUBD.AX vs. ERNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vaneck Australian Subordinated Debt ETF (SUBD.AX) 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.

SUBD.AXERNS.LDifference

Sharpe ratio

Return per unit of total volatility

3.57

-0.24

+3.82

Sortino ratio

Return per unit of downside risk

4.77

-0.31

+5.07

Omega ratio

Gain probability vs. loss probability

2.04

0.96

+1.08

Calmar ratio

Return relative to maximum drawdown

4.74

-0.31

+5.05

Martin ratio

Return relative to average drawdown

29.62

-0.70

+30.32

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUBD.AX vs. ERNS.L - Sharpe Ratio Comparison

The current SUBD.AX Sharpe Ratio is 3.57, which is higher than the ERNS.L Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of SUBD.AX and ERNS.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

SUBD.AXERNS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.57

-0.24

+3.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

3.13

0.62

+2.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.29

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

0.34

+0.48

Correlation

The correlation between SUBD.AX and ERNS.L is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SUBD.AX vs. ERNS.L - Dividend Comparison

SUBD.AX's dividend yield for the trailing twelve months is around 4.92%, less than ERNS.L's 5.69% yield.

TTM20252024202320222021202020192018201720162015
SUBD.AX
Vaneck Australian Subordinated Debt ETF		4.92%5.54%5.85%5.13%2.60%1.90%2.01%0.18%0.00%0.00%0.00%0.00%
ERNS.L
iShares £ Ultrashort Bond UCITS ETF GBP (Dist)		5.69%4.65%5.42%4.54%1.14%0.28%0.75%1.04%0.74%0.52%0.81%0.72%

Drawdowns

SUBD.AX vs. ERNS.L - Drawdown Comparison

The maximum SUBD.AX drawdown since its inception was -10.85%, smaller than the maximum ERNS.L drawdown of -27.22%. Use the drawdown chart below to compare losses from any high point for SUBD.AX and ERNS.L.

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Drawdown Indicators

SUBD.AXERNS.LDifference

Max Drawdown

Largest peak-to-trough decline

-10.85%

-1.51%

-9.34%

Max Drawdown (1Y)

Largest decline over 1 year

-1.12%

-0.19%

-0.93%

Max Drawdown (5Y)

Largest decline over 5 years

-2.87%

-0.36%

-2.51%

Max Drawdown (10Y)

Largest decline over 10 years

—

-1.51%

—

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-0.44%

-0.05%

-0.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.17%

0.04%

+0.13%

Volatility

SUBD.AX vs. ERNS.L - Volatility Comparison

The current volatility for Vaneck Australian Subordinated Debt ETF (SUBD.AX) is 0.50%, while iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) has a volatility of 2.36%. This indicates that SUBD.AX experiences smaller price fluctuations and is considered to be less risky 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

SUBD.AXERNS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.50%

2.36%

-1.86%

Volatility (6M)

Calculated over the trailing 6-month period

0.79%

4.79%

-4.00%

Volatility (1Y)

Calculated over the trailing 1-year period

1.44%

7.77%

-6.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.38%

7.62%

-6.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.86%

8.79%

-3.93%