VDPA.L vs. ERNE.L
VDPA.L (Vanguard USD Corporate Bond UCITS ETF USD Accumulation) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - VDPA.L is a Corporate Bonds fund tracking the Bloomberg Global Aggregate Corporate - United States Dollar Index, while ERNE.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Both are passively managed. Over the past 5 years, VDPA.L returned 0.25%/yr vs 1.58%/yr for ERNE.L. At a 0.22 correlation, their price movements are largely independent. VDPA.L charges 0.07%/yr vs 0.09%/yr for ERNE.L.
Performance
VDPA.L vs. ERNE.L - Performance Comparison
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Different Trading Currencies
VDPA.L is traded in USD, while ERNE.L is traded in EUR. To make them comparable, the ERNE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VDPA.L achieves a -0.03% return, which is significantly higher than ERNE.L's -1.17% return.
VDPA.L
- 1D
- 0.21%
- 1M
- -0.36%
- 6M
- -0.21%
- YTD
- -0.03%
- 1Y
- 4.77%
- 3Y*
- 5.05%
- 5Y*
- 0.25%
- 10Y*
- —
ERNE.L
- 1D
- 0.00%
- 1M
- -0.78%
- 6M
- -0.39%
- YTD
- -1.17%
- 1Y
- 1.06%
- 3Y*
- 4.02%
- 5Y*
- 1.58%
- 10Y*
- 1.39%
VDPA.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VDPA.L Vanguard USD Corporate Bond UCITS ETF USD Accumulation | -0.03% | 7.78% | 2.82% | 8.06% | -14.88% | -1.21% | 9.15% | 11.61% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | -1.17% | 16.37% | -2.29% | 6.65% | -6.24% | -7.15% | 8.93% | -0.62% |
Correlation
The correlation between VDPA.L and ERNE.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019 | 0.22 |
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Return for Risk
VDPA.L vs. ERNE.L — Risk / Return Rank
VDPA.L
ERNE.L
VDPA.L vs. ERNE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate Bond UCITS ETF USD Accumulation (VDPA.L) and iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.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.
| VDPA.L | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.02 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 0.14 | +1.61 |
| Martin ratioReturn relative to average drawdown | 5.23 | 0.30 | +4.94 |
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Drawdowns
VDPA.L vs. ERNE.L - Drawdown Comparison
The maximum VDPA.L drawdown since its inception was -21.43%, smaller than the maximum ERNE.L drawdown of -31.67%. Use the drawdown chart below to compare losses from any high point for VDPA.L and ERNE.L.
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Drawdown Indicators
| VDPA.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.43% | -31.67% | +10.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -4.98% | +2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -5.61% | -7.47% | +1.86% |
Max Drawdown (5Y)Largest decline over 5 years | -21.43% | -20.15% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.43% | — |
Current DrawdownCurrent decline from peak | -1.24% | -8.08% | +6.84% |
Average DrawdownAverage peak-to-trough decline | -5.89% | -16.42% | +10.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 2.38% | -1.47% |
Volatility
VDPA.L vs. ERNE.L - Volatility Comparison
The current volatility for Vanguard USD Corporate Bond UCITS ETF USD Accumulation (VDPA.L) is 0.97%, while iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) has a volatility of 1.39%. This indicates that VDPA.L experiences smaller price fluctuations and is considered to be less risky than ERNE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VDPA.L | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.39% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 3.61% | 4.60% | -0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.55% | 6.27% | -1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.86% | 7.67% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.71% | 7.33% | +1.38% |
VDPA.L vs. ERNE.L - Expense Ratio Comparison
VDPA.L has a 0.07% expense ratio, which is lower than ERNE.L's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VDPA.L vs. ERNE.L - Dividend Comparison
VDPA.L has not paid dividends to shareholders, while ERNE.L's dividend yield for the trailing twelve months is around 2.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 2.33% | 2.74% | 3.80% | 2.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
VDPA.L Vanguard USD Corporate Bond UCITS ETF USD Accumulation | 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
VDPA.L and ERNE.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VDPA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDPA.L is cheaper with a 0.07% expense ratio, compared with 0.09% for ERNE.L.
VDPA.L is categorized as Corporate Bonds, while ERNE.L is Ultrashort Bond. VDPA.L tracks Bloomberg Global Aggregate Corporate - United States Dollar Index, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for VDPA.L and 0.09% for ERNE.L.
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