USDC.L vs. ERNA.L

Last updated Jul 16, 2026

USDC.L (L&G USD Corporate Bond Screened UCITS ETF USD Distributing) and ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) are both Corporate Bonds funds - USDC.L tracks the L&G USD Corporate Bond Screened UCITS ETF USD Distributing while ERNA.L tracks the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, USDC.L returned 0.12%/yr vs 3.85%/yr for ERNA.L. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.

Performance

USDC.L vs. ERNA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L) and iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USDC.L achieves a -2.14% return, which is significantly lower than ERNA.L's 2.07% return.

USDC.L

• 1D: 0.12%
• 1M: -0.69%
• 6M: -2.91%
• YTD: -2.14%
• 1Y: 2.26%
• 3Y*: 4.32%
• 5Y*: 0.12%
• 10Y*: —

ERNA.L

• 1D: 0.16%
• 1M: 0.31%
• 6M: 1.91%
• YTD: 2.07%
• 1Y: 4.40%
• 3Y*: 5.12%
• 5Y*: 3.85%
• 10Y*: —

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

USDC.L vs. ERNA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD Distributing	-2.14%	7.42%	3.13%	8.35%	-13.91%	-0.43%
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc)	2.07%	4.85%	5.65%	5.44%	1.46%	0.15%

Correlation

The correlation between USDC.L and ERNA.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.13

Return for Risk

USDC.L vs. ERNA.L — Risk / Return Rank

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

USDC.L

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

ERNA.L

ERNA.L Risk / Return Rank: 97
ERNA.L Sharpe Ratio Rank: 95
ERNA.L Sortino Ratio Rank: 97
ERNA.L Omega Ratio Rank: 98
ERNA.L Calmar Ratio Rank: 98
ERNA.L Martin Ratio Rank: 98

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.

USDC.L vs. ERNA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L) and iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.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.

	USDC.L	ERNA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.38	3.09	-2.71
Sortino ratio: Return per unit of downside risk	0.51	5.35	-4.84
Omega ratio: Gain probability vs. loss probability	1.08	2.14	-1.06
Calmar ratio: Return relative to maximum drawdown	0.46	13.86	-13.41
Martin ratio: Return relative to average drawdown	1.07	58.00	-56.94

USDC.L vs. ERNA.L - Sharpe Ratio Comparison

The current USDC.L Sharpe Ratio is 0.38, which is lower than the ERNA.L Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of USDC.L and ERNA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USDC.L vs. ERNA.L - Drawdown Comparison

The maximum USDC.L drawdown since its inception was -20.07%, which is greater than ERNA.L's maximum drawdown of -8.63%. Use the drawdown chart below to compare losses from any high point for USDC.L and ERNA.L.

Drawdown Indicators

	USDC.L	ERNA.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-8.63%	-11.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.92%	-0.32%	-4.60%
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	-0.33%	-4.59%
Max Drawdown (5Y) Largest decline over 5 years	-20.07%	-0.81%	-19.26%
Current Drawdown Current decline from peak	-2.91%	0.00%	-2.91%
Average Drawdown Average peak-to-trough decline	-6.76%	-0.09%	-6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	0.08%	+2.03%

Volatility

USDC.L vs. ERNA.L - Volatility Comparison

L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L) has a higher volatility of 1.13% compared to iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) at 0.39%. This indicates that USDC.L's price experiences larger fluctuations and is considered to be riskier than ERNA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USDC.L	ERNA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	0.39%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	1.24%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	1.43%	+4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	1.24%	+5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	2.25%	+3.88%

USDC.L vs. ERNA.L - Expense Ratio Comparison

Both USDC.L and ERNA.L have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

USDC.L vs. ERNA.L - Dividend Comparison

USDC.L's dividend yield for the trailing twelve months is around 2.32%, while ERNA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD Distributing	2.32%	4.47%	4.08%	3.24%	2.36%	0.78%

Frequently Asked Questions

Can I hold both USDC.L and ERNA.L in my portfolio?

USDC.L and ERNA.L have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USDC.L or ERNA.L?

Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USDC.L or ERNA.L?

USDC.L and ERNA.L have the same expense ratio: 0.09% per year.

What is the main difference between USDC.L and ERNA.L?

USDC.L tracks L&G USD Corporate Bond Screened UCITS ETF USD Distributing, while ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: L&G and iShares.