USDC.L vs. ERNU.L
USDC.L (L&G USD Corporate Bond Screened UCITS ETF USD Distributing) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both Corporate Bonds funds - USDC.L tracks the L&G USD Corporate Bond Screened UCITS ETF USD Distributing while ERNU.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 3.94%/yr for ERNU.L. At a correlation of -0.04, they often move in opposite directions. Both charge a 0.09% expense ratio.
Performance
USDC.L vs. ERNU.L - Performance Comparison
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Different Trading Currencies
USDC.L 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, USDC.L achieves a -2.14% return, which is significantly lower than ERNU.L's 2.44% 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*
- —
ERNU.L
- 1D
- 0.48%
- 1M
- 0.81%
- 6M
- 2.31%
- YTD
- 2.44%
- 1Y
- 4.70%
- 3Y*
- 5.25%
- 5Y*
- 3.94%
- 10Y*
- 2.85%
USDC.L vs. ERNU.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% |
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 2.44% | 4.92% | 5.60% | 4.92% | 1.31% | 0.63% |
Correlation
The correlation between USDC.L and ERNU.L is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | -0.04 |
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Return for Risk
USDC.L vs. ERNU.L — Risk / Return Rank
USDC.L
ERNU.L
USDC.L vs. ERNU.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 (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.
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 | ERNU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.19 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 3.52 | -3.06 |
| Martin ratioReturn relative to average drawdown | 1.07 | 14.63 | -13.57 |
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Drawdowns
USDC.L vs. ERNU.L - Drawdown Comparison
The maximum USDC.L drawdown since its inception was -20.07%, smaller than the maximum ERNU.L drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for USDC.L and ERNU.L.
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Drawdown Indicators
| USDC.L | ERNU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.07% | -37.72% | +17.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.92% | -1.33% | -3.59% |
Max Drawdown (3Y)Largest decline over 3 years | -4.92% | -1.33% | -3.59% |
Max Drawdown (5Y)Largest decline over 5 years | -20.07% | -2.54% | -17.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -8.12% | — |
Current DrawdownCurrent decline from peak | -2.91% | -16.29% | +13.38% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -31.12% | +24.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 0.32% | +1.79% |
Volatility
USDC.L vs. ERNU.L - Volatility Comparison
The current volatility for L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L) is 1.13%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 1.38%. This indicates that USDC.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.
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Volatility by Period
| USDC.L | ERNU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.38% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 3.81% | +1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.88% | 4.37% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.28% | 4.80% | +1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.13% | 5.09% | +1.04% |
USDC.L vs. ERNU.L - Expense Ratio Comparison
Both USDC.L and ERNU.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. ERNU.L - Dividend Comparison
USDC.L's dividend yield for the trailing twelve months is around 2.32%, less than ERNU.L's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNU.L iShares USD Ultrashort Bond UCITS ETF | 4.35% | 4.68% | 5.46% | 4.99% | 1.56% | 0.48% | 1.65% | 2.77% | 2.17% | 1.43% | 0.93% | 0.70% |
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD Distributing | 2.32% | 4.47% | 4.08% | 3.24% | 2.36% | 0.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USDC.L and ERNU.L have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
USDC.L and ERNU.L have the same expense ratio: 0.09% per year.
USDC.L tracks L&G USD Corporate Bond Screened UCITS ETF USD Distributing, while ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: L&G and iShares.
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