VETY.L vs. ERN1.L
VETY.L (Vanguard EUR Eurozone Government Bond UCITS ETF Distributing) and ERN1.L (iShares € Ultrashort Bond UCITS ETF) are both exchange-traded funds - VETY.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while ERN1.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. Both are passively managed. Over the past 10 years, VETY.L returned 0.12%/yr vs 7.14%/yr for ERN1.L. A 0.72 correlation means they provide meaningful diversification when combined. VETY.L charges 0.07%/yr vs 0.09%/yr for ERN1.L.
Performance
VETY.L vs. ERN1.L - Performance Comparison
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Returns By Period
In the year-to-date period, VETY.L achieves a -2.03% return, which is significantly lower than ERN1.L's -0.66% return. Over the past 10 years, VETY.L has underperformed ERN1.L with an annualized return of 0.12%, while ERN1.L has yielded a comparatively higher 7.14% annualized return.
VETY.L
- 1D
- 0.19%
- 1M
- -0.19%
- YTD
- -2.03%
- 6M
- -2.18%
- 1Y
- 0.09%
- 3Y*
- 0.38%
- 5Y*
- -3.27%
- 10Y*
- 0.12%
ERN1.L
- 1D
- 0.17%
- 1M
- 0.37%
- YTD
- -0.66%
- 6M
- -1.69%
- 1Y
- 1.56%
- 3Y*
- 20.59%
- 5Y*
- 12.09%
- 10Y*
- 7.14%
VETY.L vs. ERN1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VETY.L Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | -2.03% | 2.82% | -5.14% | 5.08% | -13.54% | -9.76% | 10.66% | 1.61% | 1.86% | 3.57% |
ERN1.L iShares € Ultrashort Bond UCITS ETF | -0.66% | 5.12% | -4.27% | 72.37% | 5.26% | -6.83% | 5.64% | -4.76% | 0.45% | 3.37% |
Correlation
The correlation between VETY.L and ERN1.L is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016 | 0.72 |
The correlation between VETY.L and ERN1.L shifts across timeframes, from 0.52 (5 years) to 0.72 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VETY.L vs. ERN1.L — Risk / Return Rank
VETY.L
ERN1.L
VETY.L vs. ERN1.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VETY.L) and iShares € Ultrashort Bond UCITS ETF (ERN1.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.
| VETY.L | ERN1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.07 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.47 | -0.52 |
| Martin ratioReturn relative to average drawdown | -0.10 | 0.92 | -1.02 |
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
| VETY.L | ERN1.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.04 | 0.37 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 0.36 | -0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.01 | 0.29 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | 0.40 | -0.36 |
Drawdowns
VETY.L vs. ERN1.L - Drawdown Comparison
The maximum VETY.L drawdown since its inception was -26.39%, which is greater than ERN1.L's maximum drawdown of -11.79%. Use the drawdown chart below to compare losses from any high point for VETY.L and ERN1.L.
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Drawdown Indicators
| VETY.L | ERN1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.39% | -11.79% | -14.60% |
Max Drawdown (1Y)Largest decline over 1 year | -5.11% | -3.41% | -1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -7.67% | -6.78% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -20.49% | -6.78% | -13.71% |
Max Drawdown (10Y)Largest decline over 10 years | -26.39% | -11.79% | -14.60% |
Current DrawdownCurrent decline from peak | -23.46% | -2.62% | -20.84% |
Average DrawdownAverage peak-to-trough decline | -12.50% | -4.51% | -7.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 1.74% | +0.70% |
Volatility
VETY.L vs. ERN1.L - Volatility Comparison
Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VETY.L) has a higher volatility of 1.84% compared to iShares € Ultrashort Bond UCITS ETF (ERN1.L) at 1.20%. This indicates that VETY.L's price experiences larger fluctuations and is considered to be riskier than ERN1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VETY.L | ERN1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 1.20% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 4.28% | 2.93% | +1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.64% | 4.35% | +1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.56% | 33.29% | -25.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.54% | 24.27% | -15.73% |
VETY.L vs. ERN1.L - Expense Ratio Comparison
VETY.L has a 0.07% expense ratio, which is lower than ERN1.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
VETY.L vs. ERN1.L - Dividend Comparison
Neither VETY.L nor ERN1.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERN1.L iShares € Ultrashort Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 41.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.00% | 13.08% |
VETY.L Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | 0.00% | 0.00% | 0.28% | 2.11% | 0.54% | 0.09% | 0.17% | 0.60% | 0.63% | 0.54% | 0.37% | 0.00% |
Frequently Asked Questions
VETY.L and ERN1.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VETY.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VETY.L is cheaper with a 0.07% expense ratio, compared with 0.09% for ERN1.L.
VETY.L is categorized as European Government Bonds, while ERN1.L is Ultrashort Bond. VETY.L tracks Bloomberg Euro Agg Govt TR EUR, while ERN1.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for VETY.L and 0.09% for ERN1.L.
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