U03A.L vs. ERNE.L
U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both Ultrashort Bond funds from iShares - U03A.L tracks the ICE 0-3 Month US Treasury Bill Index while ERNE.L tracks the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Both are passively managed. Over the past year, U03A.L returned 3.90% vs 1.06% for ERNE.L. At a correlation of -0.04, they often move in opposite directions. U03A.L charges 0.07%/yr vs 0.09%/yr for ERNE.L.
Performance
U03A.L vs. ERNE.L - Performance Comparison
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Different Trading Currencies
U03A.L is traded in USD, while ERNE.L is traded in EUR. To make them comparable, the ERNE.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 1.90% return, which is significantly higher than ERNE.L's -1.17% return.
U03A.L
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.82%
- YTD
- 1.90%
- 1Y
- 3.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ERNE.L
- 1D
- 0.00%
- 1M
- -0.78%
- 6M
- -0.39%
- YTD
- -1.17%
- 1Y
- 1.06%
- 3Y*
- 4.02%
- 5Y*
- 1.58%
- 10Y*
- 1.39%
U03A.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 1.90% | 3.60% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | -1.17% | 15.53% |
Correlation
The correlation between U03A.L and ERNE.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 (All Time) Calculated using the full available price history since Mar 3, 2025 | -0.04 |
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Return for Risk
U03A.L vs. ERNE.L — Risk / Return Rank
U03A.L
ERNE.L
U03A.L vs. ERNE.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 EUR (Dist) (ERNE.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.
| U03A.L | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.24 | ||
| Sortino ratioReturn per unit of downside risk | +17.59 | ||
| Omega ratioGain probability vs. loss probability | 4.64 | 1.02 | +3.62 |
| Calmar ratioReturn relative to maximum drawdown | 33.93 | 0.14 | +33.79 |
| Martin ratioReturn relative to average drawdown | 240.05 | 0.30 | +239.75 |
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Drawdowns
U03A.L vs. ERNE.L - Drawdown Comparison
The maximum U03A.L drawdown since its inception was -0.11%, smaller than the maximum ERNE.L drawdown of -31.67%. Use the drawdown chart below to compare losses from any high point for U03A.L and ERNE.L.
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Drawdown Indicators
| U03A.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.11% | -31.67% | +31.56% |
Max Drawdown (1Y)Largest decline over 1 year | -0.11% | -4.98% | +4.87% |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.47% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.15% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.43% | — |
Current DrawdownCurrent decline from peak | 0.00% | -8.08% | +8.08% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -16.42% | +16.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 2.38% | -2.36% |
Volatility
U03A.L vs. ERNE.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) is 0.18%, while iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) has a volatility of 1.39%. This indicates that U03A.L experiences smaller price fluctuations and is considered to be less risky than ERNE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| U03A.L | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 1.39% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 0.28% | 4.60% | -4.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.46% | 6.27% | -5.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.51% | 7.67% | -7.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.51% | 7.33% | -6.82% |
U03A.L vs. ERNE.L - Expense Ratio Comparison
U03A.L has a 0.07% expense ratio, which is lower than ERNE.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%.
Dividends
U03A.L vs. ERNE.L - Dividend Comparison
U03A.L has not paid dividends to shareholders, while ERNE.L's dividend yield for the trailing twelve months is around 2.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 2.33% | 2.74% | 3.80% | 2.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
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% |
Frequently Asked Questions
U03A.L and ERNE.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, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
U03A.L is cheaper with a 0.07% expense ratio, compared with 0.09% for ERNE.L.
U03A.L tracks ICE 0-3 Month US Treasury Bill Index, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Their fees differ too: 0.07% for U03A.L and 0.09% for ERNE.L.
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