UC81.L vs. ERNU.L

Last updated Apr 2, 2026

Compare and contrast key facts about UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis (UC81.L) and iShares USD Ultrashort Bond UCITS ETF (ERNU.L).

UC81.L 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. UC81.L is a passively managed fund by UBS that tracks the performance of the Bloomberg US Corp 1-3 Yr TR USD. It was launched on Dec 1, 2014. 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 UC81.L 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

UC81.L vs. ERNU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis (UC81.L) and iShares USD Ultrashort Bond UCITS ETF (ERNU.L). The values are adjusted to include any dividend payments, if applicable.

UC81.L vs. ERNU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UC81.L UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis	0.94%	-0.20%	6.44%	0.38%	4.76%	0.32%	1.51%	4.23%	6.12%	-6.53%
ERNU.L iShares USD Ultrashort Bond UCITS ETF	1.91%	-2.45%	7.39%	-0.34%	13.45%	1.52%	-2.17%	-0.16%	7.99%	-7.61%

Different Trading Currencies

UC81.L is traded in GBp, while ERNU.L is traded in GBP. To make them comparable, the ERNU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, UC81.L achieves a 0.94% return, which is significantly lower than ERNU.L's 1.91% return. Both investments have delivered pretty close results over the past 10 years, with UC81.L having a 3.21% annualized return and ERNU.L not far ahead at 3.33%.

UC81.L

• 1D: -0.67%
• 1M: -0.22%
• YTD: 0.94%
• 6M: 2.33%
• 1Y: 1.76%
• 3Y*: 2.73%
• 5Y*: 2.94%
• 10Y*: 3.21%

ERNU.L

• 1D: -0.81%
• 1M: 0.56%
• YTD: 1.91%
• 6M: 3.07%
• 1Y: 1.21%
• 3Y*: 2.65%
• 5Y*: 4.39%
• 10Y*: 3.33%

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

UC81.L vs. ERNU.L - Expense Ratio Comparison

UC81.L has a 0.18% 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%.

UC81.L

UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis

ERNU.L

iShares USD Ultrashort Bond UCITS ETF

Return for Risk

UC81.L vs. ERNU.L — Risk / Return Rank

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

UC81.L

UC81.L Risk / Return Rank: 17
UC81.L Sharpe Ratio Rank: 18
UC81.L Sortino Ratio Rank: 17
UC81.L Omega Ratio Rank: 16
UC81.L Calmar Ratio Rank: 19
UC81.L Martin Ratio Rank: 16

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.

UC81.L vs. ERNU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis (UC81.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.

	UC81.L	ERNU.L	Difference
Sharpe ratio Return per unit of total volatility	0.27	0.18	+0.09
Sortino ratio Return per unit of downside risk	0.43	0.30	+0.12
Omega ratio Gain probability vs. loss probability	1.05	1.03	+0.02
Calmar ratio Return relative to maximum drawdown	0.42	0.25	+0.17
Martin ratio Return relative to average drawdown	0.82	0.47	+0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UC81.L vs. ERNU.L - Sharpe Ratio Comparison

The current UC81.L Sharpe Ratio is 0.27, which is higher than the ERNU.L Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of UC81.L 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

	UC81.L	ERNU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	0.18	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.53	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.36	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.43	+0.01

Correlation

The correlation between UC81.L and ERNU.L is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

UC81.L vs. ERNU.L - Dividend Comparison

UC81.L's dividend yield for the trailing twelve months is around 4.65%, less than ERNU.L's 5.69% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UC81.L UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis	4.65%	5.59%	4.77%	3.28%	1.36%	1.58%	2.75%	2.90%	2.20%	2.16%	1.86%	0.84%
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

UC81.L vs. ERNU.L - Drawdown Comparison

The maximum UC81.L drawdown since its inception was -14.94%, roughly equal to the maximum ERNU.L drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for UC81.L and ERNU.L.

Drawdown Indicators

	UC81.L	ERNU.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.94%	-14.92%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.07%	-6.01%	+0.94%
Max Drawdown (5Y) Largest decline over 5 years	-14.31%	-14.92%	+0.61%
Max Drawdown (10Y) Largest decline over 10 years	-14.94%	-14.92%	-0.02%
Current Drawdown Current decline from peak	-2.12%	-3.97%	+1.85%
Average Drawdown Average peak-to-trough decline	-5.60%	-5.82%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	3.18%	-0.56%

Volatility

UC81.L vs. ERNU.L - Volatility Comparison

The current volatility for UBS ETF (LU) Bloomberg US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis (UC81.L) is 1.93%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 2.08%. This indicates that UC81.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.

Volatility by Period

	UC81.L	ERNU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	2.08%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	4.20%	4.35%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	6.44%	6.74%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.81%	8.34%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	9.36%	-0.16%