VUCP.L vs. ERNE.L
VUCP.L (Vanguard USD Corporate Bond UCITS ETF Distributing) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - VUCP.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, 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 10 years, VUCP.L returned 2.27%/yr vs 1.18%/yr for ERNE.L. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.
Performance
VUCP.L vs. ERNE.L - Performance Comparison
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Different Trading Currencies
VUCP.L is traded in GBP, while ERNE.L is traded in EUR. To make them comparable, the ERNE.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VUCP.L achieves a -0.24% return, which is significantly higher than ERNE.L's -1.57% return. Over the past 10 years, VUCP.L has outperformed ERNE.L with an annualized return of 2.27%, while ERNE.L has yielded a comparatively lower 1.18% annualized return.
VUCP.L
- 1D
- -0.46%
- 1M
- -0.99%
- 6M
- -0.41%
- YTD
- -0.24%
- 1Y
- 4.07%
- 3Y*
- 4.07%
- 5Y*
- 0.69%
- 10Y*
- 2.27%
ERNE.L
- 1D
- 0.00%
- 1M
- -1.65%
- 6M
- -1.00%
- YTD
- -1.57%
- 1Y
- -0.01%
- 3Y*
- 2.84%
- 5Y*
- 1.93%
- 10Y*
- 1.18%
VUCP.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | -0.24% | 0.35% | 4.48% | 2.22% | -4.79% | 0.07% | 5.63% | 11.03% | 3.09% | -2.96% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | -1.57% | 8.08% | -0.59% | 1.32% | 4.91% | -6.27% | 5.73% | -5.37% | 0.38% | 4.18% |
Correlation
The correlation between VUCP.L and ERNE.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016 | 0.42 |
The correlation between VUCP.L and ERNE.L shifts across timeframes, from 0.29 (3 years) to 0.42 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VUCP.L vs. ERNE.L — Risk / Return Rank
VUCP.L
ERNE.L
VUCP.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 Distributing (VUCP.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.
| VUCP.L | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.00 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | -0.05 | +0.91 |
| Martin ratioReturn relative to average drawdown | 2.01 | -0.12 | +2.12 |
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Drawdowns
VUCP.L vs. ERNE.L - Drawdown Comparison
The maximum VUCP.L drawdown since its inception was -15.05%, smaller than the maximum ERNE.L drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for VUCP.L and ERNE.L.
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Drawdown Indicators
| VUCP.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.05% | -18.38% | +3.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.71% | -2.62% | -2.09% |
Max Drawdown (3Y)Largest decline over 3 years | -8.61% | -3.01% | -5.60% |
Max Drawdown (5Y)Largest decline over 5 years | -12.60% | -4.82% | -7.78% |
Max Drawdown (10Y)Largest decline over 10 years | -15.05% | -11.73% | -3.32% |
Current DrawdownCurrent decline from peak | -4.21% | -2.62% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -6.35% | -5.90% | -0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 1.04% | +0.98% |
Volatility
VUCP.L vs. ERNE.L - Volatility Comparison
Vanguard USD Corporate Bond UCITS ETF Distributing (VUCP.L) has a higher volatility of 2.12% compared to iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) at 0.97%. This indicates that VUCP.L's price experiences larger fluctuations and is considered to be riskier 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
| VUCP.L | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 0.97% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 4.58% | 2.53% | +2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.09% | 3.87% | +2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 5.37% | +3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.26% | 6.65% | +2.61% |
VUCP.L vs. ERNE.L - Expense Ratio Comparison
Both VUCP.L and ERNE.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
VUCP.L vs. ERNE.L - Dividend Comparison
VUCP.L's dividend yield for the trailing twelve months is around 5.22%, more than ERNE.L's 2.33% yield.
| 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% |
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | 5.22% | 5.29% | 4.89% | 4.45% | 3.42% | 2.54% | 3.02% | 3.37% | 3.43% | 3.32% | 2.30% | 0.00% |
Frequently Asked Questions
VUCP.L and ERNE.L have a correlation of 0.35, 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.
VUCP.L and ERNE.L have the same expense ratio: 0.09% per year.
VUCP.L is categorized as Corporate Bonds, while ERNE.L is Ultrashort Bond. VUCP.L tracks Bloomberg US Corp Bond TR USD, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). They also come from different issuers: Vanguard and iShares.
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