VCPA.L vs. ERND.L
VCPA.L (Vanguard USD Corporate Bond UCITS ETF Accumulating) and ERND.L (iShares $ Ultrashort Bond UCITS ETF USD (Dist)) are both exchange-traded funds - VCPA.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while ERND.L is a Ultrashort Bond fund tracking the Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD). Both are passively managed. Over the past 5 years, VCPA.L returned 0.76%/yr vs 4.32%/yr for ERND.L. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.09% expense ratio.
Performance
VCPA.L vs. ERND.L - Performance Comparison
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Different Trading Currencies
VCPA.L is traded in GBP, while ERND.L is traded in USD. To make them comparable, the ERND.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 0.02% return, which is significantly lower than ERND.L's 2.19% return.
VCPA.L
- 1D
- 0.33%
- 1M
- -1.02%
- 6M
- -0.37%
- YTD
- 0.02%
- 1Y
- 4.16%
- 3Y*
- 3.99%
- 5Y*
- 0.76%
- 10Y*
- —
ERND.L
- 1D
- 0.22%
- 1M
- -0.96%
- 6M
- 1.28%
- YTD
- 2.19%
- 1Y
- 3.95%
- 3Y*
- 4.00%
- 5Y*
- 4.32%
- 10Y*
- 2.50%
VCPA.L vs. ERND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.02% | 0.42% | 4.58% | 2.12% | -4.89% | 0.33% | 5.37% | -15.43% |
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 2.19% | -2.63% | 7.39% | -0.16% | 14.16% | 0.95% | -1.76% | -0.17% |
Correlation
The correlation between VCPA.L and ERND.L is 0.60, 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 | 0.60 |
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 Feb 19, 2019 | 0.57 |
The correlation between VCPA.L and ERND.L has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
VCPA.L vs. ERND.L — Risk / Return Rank
VCPA.L
ERND.L
VCPA.L vs. ERND.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 $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.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.
| VCPA.L | ERND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.11 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 0.77 | +0.12 |
| Martin ratioReturn relative to average drawdown | 2.09 | 2.14 | -0.05 |
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Drawdowns
VCPA.L vs. ERND.L - Drawdown Comparison
The maximum VCPA.L drawdown since its inception was -24.70%, which is greater than ERND.L's maximum drawdown of -15.45%. Use the drawdown chart below to compare losses from any high point for VCPA.L and ERND.L.
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Drawdown Indicators
| VCPA.L | ERND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.70% | -15.45% | -9.25% |
Max Drawdown (1Y)Largest decline over 1 year | -4.67% | -5.14% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -20.09% | -9.61% | -10.48% |
Max Drawdown (5Y)Largest decline over 5 years | -20.09% | -15.45% | -4.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.45% | — |
Current DrawdownCurrent decline from peak | -12.56% | -4.19% | -8.37% |
Average DrawdownAverage peak-to-trough decline | -13.95% | -5.98% | -7.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.84% | +0.14% |
Volatility
VCPA.L vs. ERND.L - Volatility Comparison
The current volatility for Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.L) is 1.56%, while iShares $ Ultrashort Bond UCITS ETF USD (Dist) (ERND.L) has a volatility of 1.65%. This indicates that VCPA.L experiences smaller price fluctuations and is considered to be less risky than ERND.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 | ERND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 1.65% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.51% | 5.13% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 6.63% | -0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.50% | 8.44% | +8.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.17% | 8.74% | +8.43% |
VCPA.L vs. ERND.L - Expense Ratio Comparison
Both VCPA.L and ERND.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. ERND.L - Dividend Comparison
VCPA.L has not paid dividends to shareholders, while ERND.L's dividend yield for the trailing twelve months is around 4.31%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERND.L iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 4.31% | 4.70% | 5.54% | 5.00% | 1.57% | 0.49% | 1.55% | 2.71% | 2.19% | 1.39% | 0.99% | 0.72% |
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VCPA.L and ERND.L have a correlation of 0.60, 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 ERND.L have the same expense ratio: 0.09% per year.
VCPA.L is categorized as Corporate Bonds, while ERND.L is Ultrashort Bond. VCPA.L tracks Bloomberg US Corp Bond TR USD, while ERND.L tracks Markit iBoxx USD Liquid Investment Grade Ultrashort Index (USD). They also come from different issuers: Vanguard and iShares.
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