VAGS.L vs. ERNA.L
VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) and ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) are both exchange-traded funds - VAGS.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP, while ERNA.L is a Corporate Bonds fund tracking the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, VAGS.L returned 1.62%/yr vs 4.84%/yr for ERNA.L. At a correlation of -0.12, they often move in opposite directions. VAGS.L charges 0.10%/yr vs 0.09%/yr for ERNA.L.
Performance
VAGS.L vs. ERNA.L - Performance Comparison
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Different Trading Currencies
VAGS.L is traded in GBP, while ERNA.L is traded in USD. To make them comparable, the ERNA.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VAGS.L achieves a 0.97% return, which is significantly lower than ERNA.L's 3.88% return.
VAGS.L
- 1D
- 0.08%
- 1M
- 1.12%
- YTD
- 0.97%
- 6M
- 1.16%
- 1Y
- 3.57%
- 3Y*
- 5.99%
- 5Y*
- 1.62%
- 10Y*
- —
ERNA.L
- 1D
- -0.22%
- 1M
- 2.21%
- YTD
- 3.88%
- 6M
- 4.30%
- 1Y
- 7.91%
- 3Y*
- 3.83%
- 5Y*
- 4.84%
- 10Y*
- —
VAGS.L vs. ERNA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating | 0.97% | 6.58% | 5.57% | 8.56% | -12.52% | -1.30% | 6.71% | 1.98% |
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 3.88% | -2.62% | 7.50% | 0.17% | 13.52% | 1.06% | -1.70% | -4.14% |
Correlation
The correlation between VAGS.L and ERNA.L is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | -0.12 |
The correlation between VAGS.L and ERNA.L shifts across timeframes, from -0.24 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VAGS.L vs. ERNA.L — Risk / Return Rank
VAGS.L
ERNA.L
VAGS.L vs. ERNA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.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.
| VAGS.L | ERNA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.21 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.60 | -0.27 |
| Martin ratioReturn relative to average drawdown | 3.71 | 4.38 | -0.67 |
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Drawdowns
VAGS.L vs. ERNA.L - Drawdown Comparison
The maximum VAGS.L drawdown since its inception was -16.34%, which is greater than ERNA.L's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for VAGS.L and ERNA.L.
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Drawdown Indicators
| VAGS.L | ERNA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.34% | -15.54% | -0.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -4.92% | +2.25% |
Max Drawdown (3Y)Largest decline over 3 years | -3.39% | -9.71% | +6.32% |
Max Drawdown (5Y)Largest decline over 5 years | -16.34% | -15.54% | -0.80% |
Current DrawdownCurrent decline from peak | -0.53% | -2.71% | +2.18% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -6.88% | +2.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.80% | -0.84% |
Volatility
VAGS.L vs. ERNA.L - Volatility Comparison
The current volatility for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) is 1.08%, while iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) has a volatility of 1.58%. This indicates that VAGS.L experiences smaller price fluctuations and is considered to be less risky than ERNA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VAGS.L | ERNA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 1.58% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 4.94% | -2.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.55% | 6.55% | -3.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 8.47% | -3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.59% | 8.75% | -4.16% |
VAGS.L vs. ERNA.L - Expense Ratio Comparison
VAGS.L has a 0.10% expense ratio, which is higher than ERNA.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%.
Dividends
VAGS.L vs. ERNA.L - Dividend Comparison
Neither VAGS.L nor ERNA.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating | 0.00% | 1.43% | 3.03% | 2.33% | 1.45% | 0.87% | 1.08% | 0.10% |
Frequently Asked Questions
VAGS.L and ERNA.L have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNA.L is cheaper with a 0.09% expense ratio, compared with 0.10% for VAGS.L.
VAGS.L is categorized as Global Bonds, while ERNA.L is Corporate Bonds. VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP, while ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.10% for VAGS.L and 0.09% for ERNA.L.
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