U03A.L vs. ERN1.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) and iShares € Ultrashort Bond UCITS ETF (ERN1.L).

U03A.L and ERN1.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. U03A.L is a passively managed fund by iShares that tracks the performance of the ICE 0-3 Month US Treasury Bill Index. It was launched on Oct 7, 2024. ERN1.L is a passively managed fund by iShares that tracks the performance of the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. It was launched on Oct 16, 2013. Both U03A.L and ERN1.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

U03A.L vs. ERN1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) and iShares € Ultrashort Bond UCITS ETF (ERN1.L). The values are adjusted to include any dividend payments, if applicable.

U03A.L vs. ERN1.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)	0.84%	4.22%	1.33%
ERN1.L iShares € Ultrashort Bond UCITS ETF	-1.49%	1,004.49%	-212.17%

Different Trading Currencies

U03A.L is traded in USD, while ERN1.L is traded in GBP. To make them comparable, the ERN1.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, U03A.L achieves a 0.84% return, which is significantly higher than ERN1.L's -1.49% return.

U03A.L

• 1D: -0.01%
• 1M: 0.31%
• YTD: 0.84%
• 6M: 1.87%
• 1Y: 4.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ERN1.L

• 1D: 0.57%
• 1M: -1.50%
• YTD: -1.49%
• 6M: -592.72%
• 1Y: 937.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

U03A.L vs. ERN1.L - Expense Ratio Comparison

U03A.L has a 0.07% expense ratio, which is lower than ERN1.L's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ERN1.L

iShares € Ultrashort Bond UCITS ETF

U03A.L

iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)

Return for Risk

U03A.L vs. ERN1.L — Risk / Return Rank

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

U03A.L

U03A.L Risk / Return Rank: 99
U03A.L Sharpe Ratio Rank: 99
U03A.L Sortino Ratio Rank: 99
U03A.L Omega Ratio Rank: 99
U03A.L Calmar Ratio Rank: 100
U03A.L Martin Ratio Rank: 99

ERN1.L

ERN1.L Risk / Return Rank: 32
ERN1.L Sharpe Ratio Rank: 73
ERN1.L Sortino Ratio Rank: 1
ERN1.L Omega Ratio Rank: 0
ERN1.L Calmar Ratio Rank: 55
ERN1.L Martin Ratio Rank: 31

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.

U03A.L vs. ERN1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) and iShares € Ultrashort Bond UCITS ETF (ERN1.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.

	U03A.L	ERN1.L	Difference
Sharpe ratio Return per unit of total volatility	8.03	1.40	+6.63
Sortino ratio Return per unit of downside risk	17.03	-1.32	+18.36
Omega ratio Gain probability vs. loss probability	4.14	0.05	+4.09
Calmar ratio Return relative to maximum drawdown	42.66	1.53	+41.13
Martin ratio Return relative to average drawdown	224.07	2.83	+221.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

U03A.L vs. ERN1.L - Sharpe Ratio Comparison

The current U03A.L Sharpe Ratio is 8.03, which is higher than the ERN1.L Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of U03A.L and ERN1.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

	U03A.L	ERN1.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.03	1.40	+6.63
Sharpe Ratio (All Time) Calculated using the full available price history	4.81	—	—

Correlation

The correlation between U03A.L and ERN1.L is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

U03A.L vs. ERN1.L - Dividend Comparison

U03A.L has not paid dividends to shareholders, while ERN1.L's dividend yield for the trailing twelve months is around 271.43%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
U03A.L iShares USD Treasury Bond 0-3 Month 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%
ERN1.L iShares € Ultrashort Bond UCITS ETF	271.43%	270.43%	382.39%	214.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.00%	13.08%

Drawdowns

U03A.L vs. ERN1.L - Drawdown Comparison

The maximum U03A.L drawdown since its inception was -0.83%, smaller than the maximum ERN1.L drawdown of -608.16%. Use the drawdown chart below to compare losses from any high point for U03A.L and ERN1.L.

Drawdown Indicators

	U03A.L	ERN1.L	Difference
Max Drawdown Largest peak-to-trough decline	-0.83%	-596.86%	+596.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-297.73%	+297.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-596.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-596.86%	—
Current Drawdown Current decline from peak	-0.01%	-590.68%	+590.67%
Average Drawdown Average peak-to-trough decline	-0.02%	-36.27%	+36.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	326.57%	-326.55%

Volatility

U03A.L vs. ERN1.L - Volatility Comparison

The current volatility for iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) is 0.10%, while iShares € Ultrashort Bond UCITS ETF (ERN1.L) has a volatility of 2.09%. This indicates that U03A.L experiences smaller price fluctuations and is considered to be less risky than ERN1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	U03A.L	ERN1.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	2.09%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	0.33%	4.39%	-4.06%
Volatility (1Y) Calculated over the trailing 1-year period	0.51%	662.25%	-661.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.92%	344.88%	-343.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.92%	243.82%	-242.90%