TBIL vs. ERNU.L

Last updated Apr 2, 2026

Compare and contrast key facts about US Treasury 3 Month Bill ETF (TBIL) and iShares USD Ultrashort Bond UCITS ETF (ERNU.L).

TBIL and ERNU.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBIL is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA US Treasury Bill 3 Month Index. It was launched on Aug 8, 2022. ERNU.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Corp 1-3 Yr TR USD. It was launched on Oct 15, 2013. Both TBIL and ERNU.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TBIL vs. ERNU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Month Bill ETF (TBIL) and iShares USD Ultrashort Bond UCITS ETF (ERNU.L). The values are adjusted to include any dividend payments, if applicable.

TBIL vs. ERNU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBIL US Treasury 3 Month Bill ETF	0.87%	4.19%	5.15%	5.12%	1.30%
ERNU.L iShares USD Ultrashort Bond UCITS ETF	0.76%	4.91%	5.60%	4.92%	1.90%

Different Trading Currencies

TBIL 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, TBIL achieves a 0.87% return, which is significantly higher than ERNU.L's 0.76% return.

TBIL

• 1D: 0.00%
• 1M: 0.30%
• YTD: 0.87%
• 6M: 1.87%
• 1Y: 4.05%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

ERNU.L

• 1D: -0.16%
• 1M: -0.19%
• YTD: 0.76%
• 6M: 1.76%
• 1Y: 4.20%
• 3Y*: 5.29%
• 5Y*: 3.58%
• 10Y*: 2.64%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TBIL vs. ERNU.L - Expense Ratio Comparison

TBIL has a 0.15% 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%.

TBIL

US Treasury 3 Month Bill ETF

ERNU.L

iShares USD Ultrashort Bond UCITS ETF

Return for Risk

TBIL vs. ERNU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL Martin Ratio Rank: 100

ERNU.L

ERNU.L Risk / Return Rank: 15
ERNU.L Sharpe Ratio Rank: 16
ERNU.L Sortino Ratio Rank: 14
ERNU.L Omega Ratio Rank: 13
ERNU.L Calmar Ratio Rank: 16
ERNU.L Martin Ratio Rank: 15

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.

TBIL vs. ERNU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Month Bill ETF (TBIL) 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.

	TBIL	ERNU.L	Difference
Sharpe ratio Return per unit of total volatility	14.30	1.02	+13.27
Sortino ratio Return per unit of downside risk	62.98	1.57	+61.41
Omega ratio Gain probability vs. loss probability	19.13	1.18	+17.95
Calmar ratio Return relative to maximum drawdown	201.98	4.10	+197.88
Martin ratio Return relative to average drawdown	1,006.79	13.71	+993.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBIL vs. ERNU.L - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 14.30, which is higher than the ERNU.L Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of TBIL and ERNU.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.

Sharpe Ratios by Period

	TBIL	ERNU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	14.30	1.02	+13.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	14.15	0.45	+13.70

Correlation

The correlation between TBIL and ERNU.L is 0.04, 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

TBIL vs. ERNU.L - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.93%, less than ERNU.L's 5.69% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBIL US Treasury 3 Month Bill ETF	3.93%	4.07%	5.02%	5.00%	1.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Drawdowns

TBIL vs. ERNU.L - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum ERNU.L drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for TBIL and ERNU.L.

Drawdown Indicators

	TBIL	ERNU.L	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-14.92%	+14.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-6.01%	+5.99%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.92%	—
Current Drawdown Current decline from peak	0.00%	-3.97%	+3.97%
Average Drawdown Average peak-to-trough decline	0.00%	-5.82%	+5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	3.18%	-3.18%

Volatility

TBIL vs. ERNU.L - Volatility Comparison

The current volatility for US Treasury 3 Month Bill ETF (TBIL) is 0.09%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 1.66%. This indicates that TBIL 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.

Volatility by Period

	TBIL	ERNU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	1.66%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	3.02%	-2.83%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	4.09%	-3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	4.71%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	5.08%	-4.76%