VCPA.L vs. ERNA.L
VCPA.L (Vanguard USD Corporate Bond UCITS ETF Accumulating) and ERNA.L (iShares USD Ultrashort Bond UCITS ETF USD (Acc)) are both Corporate Bonds funds - VCPA.L tracks the Bloomberg US Corp Bond TR USD while ERNA.L tracks the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, VCPA.L returned -59.47%/yr vs 4.89%/yr for ERNA.L. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.09% expense ratio.
Performance
VCPA.L vs. ERNA.L - Performance Comparison
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Different Trading Currencies
VCPA.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, VCPA.L achieves a 0.51% return, which is significantly lower than ERNA.L's 2.05% return.
VCPA.L
- 1D
- 0.29%
- 1M
- 1.41%
- YTD
- 0.51%
- 6M
- 0.27%
- 1Y
- -98.93%
- 3Y*
- -77.87%
- 5Y*
- -59.47%
- 10Y*
- —
ERNA.L
- 1D
- 0.11%
- 1M
- 1.27%
- YTD
- 2.05%
- 6M
- 1.25%
- 1Y
- 5.37%
- 3Y*
- 2.56%
- 5Y*
- 4.89%
- 10Y*
- —
VCPA.L vs. ERNA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.51% | -99.00% | 4.58% | 2.13% | -4.89% | -0.13% | 5.86% | 10.80% |
ERNA.L iShares USD Ultrashort Bond UCITS ETF USD (Acc) | 2.05% | -2.72% | 7.51% | 0.22% | 13.52% | 1.06% | -1.70% | 1.65% |
Correlation
The correlation between VCPA.L and ERNA.L is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019 | 0.53 |
The correlation between VCPA.L and ERNA.L has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.
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Return for Risk
VCPA.L vs. ERNA.L — Risk / Return Rank
VCPA.L
ERNA.L
VCPA.L vs. ERNA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.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.
| VCPA.L | ERNA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 0.31 | 1.14 | -0.84 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.05 | -2.05 |
| Martin ratioReturn relative to average drawdown | -1.21 | 2.88 | -4.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VCPA.L | ERNA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 0.82 | -1.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -1.32 | 0.58 | -1.90 |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.24 | 0.33 | -1.57 |
Drawdowns
VCPA.L vs. ERNA.L - Drawdown Comparison
The maximum VCPA.L drawdown since its inception was -99.06%, 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 VCPA.L and ERNA.L.
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Drawdown Indicators
| VCPA.L | ERNA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.06% | -15.54% | -83.52% |
Max Drawdown (1Y)Largest decline over 1 year | -99.02% | -5.06% | -93.96% |
Max Drawdown (3Y)Largest decline over 3 years | -99.04% | -9.68% | -89.36% |
Max Drawdown (5Y)Largest decline over 5 years | -99.04% | -15.54% | -83.50% |
Current DrawdownCurrent decline from peak | -99.03% | -4.46% | -94.57% |
Average DrawdownAverage peak-to-trough decline | -17.55% | -6.91% | -10.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 81.78% | 1.86% | +79.92% |
Volatility
VCPA.L vs. ERNA.L - Volatility Comparison
The current volatility for Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.L) is 1.53%, while iShares USD Ultrashort Bond UCITS ETF USD (Acc) (ERNA.L) has a volatility of 1.82%. This indicates that VCPA.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
| VCPA.L | ERNA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 1.82% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 4.89% | -0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 98.63% | 6.50% | +92.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.54% | 8.42% | +37.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.64% | 8.73% | +31.91% |
VCPA.L vs. ERNA.L - Expense Ratio Comparison
Both VCPA.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
VCPA.L vs. ERNA.L - Dividend Comparison
Neither VCPA.L nor ERNA.L has paid dividends to shareholders.
Frequently Asked Questions
VCPA.L and ERNA.L have a correlation of 0.59, 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.
VCPA.L and ERNA.L have the same expense ratio: 0.09% per year.
VCPA.L tracks Bloomberg US Corp Bond TR USD, while ERNA.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: Vanguard and iShares.
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