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VUSC.L vs. ERNU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VUSC.L vs. ERNU.L

Last updated Jul 16, 2026
Documentation

VUSC.L (Vanguard USD Corporate 1-3 year Bond UCITS ETF) and ERNU.L (iShares USD Ultrashort Bond UCITS ETF) are both Corporate Bonds funds - VUSC.L tracks the Vanguard USD Corporate 1-3 year Bond UCITS ETF while ERNU.L tracks the Bloomberg US Corp 1-3 Yr TR USD. Both are passively managed. Over the past 5 years, VUSC.L returned 3.13%/yr vs 4.28%/yr for ERNU.L. With a 0.97 correlation, they move nearly in lockstep.

Performance

VUSC.L vs. ERNU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard USD Corporate 1-3 year Bond UCITS ETF (VUSC.L) and iShares USD Ultrashort Bond UCITS ETF (ERNU.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VUSC.L achieves a 1.01% return, which is significantly lower than ERNU.L's 1.85% return.

VUSC.L

1D
0.03%
1M
-0.23%
6M
0.76%
YTD
1.01%
1Y
3.35%
3Y*
4.27%
5Y*
3.13%
10Y*
—

ERNU.L

1D
-0.66%
1M
-0.09%
6M
1.60%
YTD
1.85%
1Y
3.51%
3Y*
4.10%
5Y*
4.28%
10Y*
2.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VUSC.L vs. ERNU.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VUSC.L
Vanguard USD Corporate 1-3 year Bond UCITS ETF		1.01%-1.33%7.18%-0.33%7.69%1.08%0.03%2.11%6.04%
ERNU.L
iShares USD Ultrashort Bond UCITS ETF		1.85%-2.44%7.39%-0.34%13.44%1.53%-2.16%-0.16%6.45%

Correlation

The correlation between VUSC.L and ERNU.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.96

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (All Time)
Calculated using the full available price history since May 22, 2018

0.97

The correlation between VUSC.L and ERNU.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard USD Corporate 1-3 year Bond UCITS ETF

iShares USD Ultrashort Bond UCITS ETF

Often compared with ERNU.L:
ERNU.L vs. XT01.DEERNU.L vs. BILERNU.L vs. TBILERNU.L vs. IBTU.LERNU.L vs. NEARERNU.L vs. ICSHERNU.L vs. ERNS.L

Return for Risk

VUSC.L vs. ERNU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VUSC.L
VUSC.L Risk / Return Rank: 2121
Overall Rank
VUSC.L Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
VUSC.L Sortino Ratio Rank: 2121
Sortino Ratio Rank
VUSC.L Omega Ratio Rank: 1919
Omega Ratio Rank
VUSC.L Calmar Ratio Rank: 2323
Calmar Ratio Rank
VUSC.L Martin Ratio Rank: 2323
Martin Ratio Rank
ERNU.L
ERNU.L Risk / Return Rank: 1919
Overall Rank
ERNU.L Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
ERNU.L Sortino Ratio Rank: 1818
Sortino Ratio Rank
ERNU.L Omega Ratio Rank: 1717
Omega Ratio Rank
ERNU.L Calmar Ratio Rank: 2121
Calmar Ratio Rank
ERNU.L Martin Ratio Rank: 2121
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VUSC.L vs. ERNU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate 1-3 year Bond UCITS ETF (VUSC.L) and iShares USD Ultrashort Bond UCITS ETF (ERNU.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.

VUSC.LERNU.LDifference
Sharpe ratioReturn per unit of total volatility
0.63
0.55

+0.08

Sortino ratioReturn per unit of downside risk
0.95
0.84

+0.12

Omega ratioGain probability vs. loss probability

1.11

1.10

+0.02

Calmar ratioReturn relative to maximum drawdown

0.86

0.79

+0.08

Martin ratioReturn relative to average drawdown

2.28

2.01

+0.27

VUSC.L vs. ERNU.L - Sharpe Ratio Comparison

The current VUSC.L Sharpe Ratio is 0.63, which is comparable to the ERNU.L Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of VUSC.L and ERNU.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VUSC.L vs. ERNU.L - Drawdown Comparison

The maximum VUSC.L drawdown since its inception was -15.15%, smaller than the maximum ERNU.L drawdown of -41.55%. Use the drawdown chart below to compare losses from any high point for VUSC.L and ERNU.L.

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Drawdown Indicators

VUSC.LERNU.LDifference

Max Drawdown

Largest peak-to-trough decline

-15.15%

-41.55%

+26.40%

Max Drawdown (1Y)

Largest decline over 1 year

-4.38%

-4.43%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-8.76%

-9.54%

+0.78%

Max Drawdown (5Y)

Largest decline over 5 years

-15.15%

-14.92%

-0.23%

Max Drawdown (10Y)

Largest decline over 10 years

—

-14.92%

—

Current Drawdown

Current decline from peak

-3.61%

-4.03%

+0.42%

Average Drawdown

Average peak-to-trough decline

-6.19%

-18.45%

+12.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

1.74%

-0.08%

Volatility

VUSC.L vs. ERNU.L - Volatility Comparison

The current volatility for Vanguard USD Corporate 1-3 year Bond UCITS ETF (VUSC.L) is 1.68%, while iShares USD Ultrashort Bond UCITS ETF (ERNU.L) has a volatility of 1.80%. This indicates that VUSC.L experiences smaller price fluctuations and is considered to be less risky than ERNU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VUSC.LERNU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.68%

1.80%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

4.43%

4.81%

-0.38%

Volatility (1Y)

Calculated over the trailing 1-year period

6.04%

6.42%

-0.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.89%

8.35%

-0.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.49%

8.73%

-0.24%

Dividends

VUSC.L vs. ERNU.L - Dividend Comparison

VUSC.L's dividend yield for the trailing twelve months is around 4.93%, more than ERNU.L's 4.35% yield.

PositionTTM20252024202320222021202020192018201720162015
ERNU.L
iShares USD Ultrashort Bond UCITS ETF		4.35%4.68%5.46%4.99%1.56%0.48%1.65%2.77%2.17%1.43%0.93%0.70%
VUSC.L
Vanguard USD Corporate 1-3 year Bond UCITS ETF		4.93%4.94%4.85%4.15%1.92%1.03%2.12%2.92%1.75%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.96, VUSC.L and ERNU.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

VUSC.L tracks Vanguard USD Corporate 1-3 year Bond UCITS ETF, while ERNU.L tracks Bloomberg US Corp 1-3 Yr TR USD. They also come from different issuers: Vanguard and iShares.

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