SUSD.L vs. ERNU.L
SUSD.L (SPDR Bloomberg 0-3 Year US Corporate Bond UCITS ETF) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both Corporate Bonds funds tracking the Bloomberg US Corp 1-3 Yr TR USD, from State Street and iShares respectively. Both are passively managed. Over the past 10 years, SUSD.L returned 3.36%/yr vs 3.51%/yr for ERNU.L. With a 0.97 correlation, they move nearly in lockstep. SUSD.L charges 0.12%/yr vs 0.09%/yr for ERNU.L.
Performance
SUSD.L vs. ERNU.L - Performance Comparison
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Returns By Period
In the year-to-date period, SUSD.L achieves a 1.34% return, which is significantly lower than ERNU.L's 1.86% return. Both investments have delivered pretty close results over the past 10 years, with SUSD.L having a 3.36% annualized return and ERNU.L not far ahead at 3.51%.
SUSD.L
- 1D
- 0.05%
- 1M
- 1.52%
- YTD
- 1.34%
- 6M
- 0.80%
- 1Y
- 5.70%
- 3Y*
- 2.52%
- 5Y*
- 4.04%
- 10Y*
- 3.36%
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%
SUSD.L vs. ERNU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SUSD.L SPDR Bloomberg 0-3 Year US Corporate Bond UCITS ETF | 1.34% | -1.69% | 7.18% | -0.46% | 9.68% | 1.10% | -0.39% | 1.34% | 7.32% | -7.71% |
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 SUSD.L and ERNU.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2013 | 0.97 |
The correlation between SUSD.L and ERNU.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
SUSD.L vs. ERNU.L — Risk / Return Rank
SUSD.L
ERNU.L
SUSD.L vs. ERNU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 0-3 Year US Corporate Bond UCITS ETF (SUSD.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.
| SUSD.L | ERNU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.15 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.21 | +0.05 |
| Martin ratioReturn relative to average drawdown | 3.31 | 3.09 | +0.22 |
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
| SUSD.L | ERNU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 0.83 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.58 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.38 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.42 | -0.02 |
Drawdowns
SUSD.L vs. ERNU.L - Drawdown Comparison
The maximum SUSD.L drawdown since its inception was -15.18%, roughly equal to the maximum ERNU.L drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for SUSD.L and ERNU.L.
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Drawdown Indicators
| SUSD.L | ERNU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.18% | -14.92% | -0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.27% | -4.43% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -9.03% | -9.54% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -15.18% | -14.92% | -0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -15.18% | -14.92% | -0.26% |
Current DrawdownCurrent decline from peak | -3.84% | -4.01% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -5.84% | -5.80% | -0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 1.74% | -0.11% |
Volatility
SUSD.L vs. ERNU.L - Volatility Comparison
The current volatility for SPDR Bloomberg 0-3 Year US Corporate Bond UCITS ETF (SUSD.L) is 1.75%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 2.03%. This indicates that SUSD.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
| SUSD.L | ERNU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 2.03% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 4.72% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.19% | 6.46% | -0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.17% | 8.36% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 9.34% | -0.11% |
SUSD.L vs. ERNU.L - Expense Ratio Comparison
SUSD.L has a 0.12% expense ratio, which is higher than ERNU.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
SUSD.L vs. ERNU.L - Dividend Comparison
SUSD.L's dividend yield for the trailing twelve months is around 4.60%, less than ERNU.L's 5.69% yield.
| 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% |
SUSD.L SPDR Bloomberg 0-3 Year US Corporate Bond UCITS ETF | 4.60% | 4.91% | 4.20% | 3.11% | 1.14% | 1.80% | 2.77% | 2.57% | 1.66% | 1.74% | 1.28% | 1.00% |
Frequently Asked Questions
With a correlation of 0.97, SUSD.L and ERNU.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.12% for SUSD.L.
Both ETFs track Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for SUSD.L and 0.09% for ERNU.L.
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