XEON.DE vs. ERN1.L

Last updated Apr 2, 2026

Compare and contrast key facts about Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE) and iShares € Ultrashort Bond UCITS ETF (ERN1.L).

XEON.DE and ERN1.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XEON.DE is a passively managed fund by Xtrackers that tracks the performance of the Solactive €STR +8.5 Daily Index. It was launched on May 27, 2007. ERN1.L is a passively managed fund by iShares that tracks the performance of the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. It was launched on Oct 16, 2013. Both XEON.DE and ERN1.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XEON.DE vs. ERN1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE) and iShares € Ultrashort Bond UCITS ETF (ERN1.L). The values are adjusted to include any dividend payments, if applicable.

XEON.DE vs. ERN1.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XEON.DE Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C	0.47%	2.25%	3.78%	3.30%	-0.04%	-0.58%	-0.57%	-0.49%	-0.47%	-0.52%
ERN1.L iShares € Ultrashort Bond UCITS ETF	0.03%	873.42%	32.25%	-344.35%	-0.16%	-0.76%	-0.09%	1.30%	-0.79%	-0.70%

Different Trading Currencies

XEON.DE is traded in EUR, while ERN1.L is traded in GBP. To make them comparable, the ERN1.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, XEON.DE achieves a 0.47% return, which is significantly higher than ERN1.L's 0.03% return.

XEON.DE

• 1D: 0.00%
• 1M: 0.17%
• YTD: 0.47%
• 6M: 0.98%
• 1Y: 2.05%
• 3Y*: 3.07%
• 5Y*: 1.86%
• 10Y*: 0.66%

ERN1.L

• 1D: 0.46%
• 1M: -0.46%
• YTD: 0.03%
• 6M: -599.71%
• 1Y: 868.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XEON.DE vs. ERN1.L - Expense Ratio Comparison

XEON.DE has a 0.10% expense ratio, which is higher than ERN1.L's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

XEON.DE

Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C

ERN1.L

iShares € Ultrashort Bond UCITS ETF

Return for Risk

XEON.DE vs. ERN1.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XEON.DE

XEON.DE Risk / Return Rank: 99
XEON.DE Sharpe Ratio Rank: 99
XEON.DE Sortino Ratio Rank: 99
XEON.DE Omega Ratio Rank: 99
XEON.DE Calmar Ratio Rank: 99
XEON.DE Martin Ratio Rank: 99

ERN1.L

ERN1.L Risk / Return Rank: 32
ERN1.L Sharpe Ratio Rank: 73
ERN1.L Sortino Ratio Rank: 1
ERN1.L Omega Ratio Rank: 0
ERN1.L Calmar Ratio Rank: 55
ERN1.L Martin Ratio Rank: 31

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.

XEON.DE vs. ERN1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE) 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.

	XEON.DE	ERN1.L	Difference
Sharpe ratio Return per unit of total volatility	7.17	1.30	+5.87
Sortino ratio Return per unit of downside risk	14.48	-1.33	+15.81
Omega ratio Gain probability vs. loss probability	3.44	0.02	+3.43
Calmar ratio Return relative to maximum drawdown	23.90	1.44	+22.46
Martin ratio Return relative to average drawdown	217.70	2.62	+215.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEON.DE vs. ERN1.L - Sharpe Ratio Comparison

The current XEON.DE Sharpe Ratio is 7.17, which is higher than the ERN1.L Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of XEON.DE and ERN1.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XEON.DE	ERN1.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.17	1.30	+5.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.19	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	—	—

Correlation

The correlation between XEON.DE and ERN1.L is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XEON.DE vs. ERN1.L - Dividend Comparison

XEON.DE has not paid dividends to shareholders, while ERN1.L's dividend yield for the trailing twelve months is around 271.43%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEON.DE Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ERN1.L iShares € Ultrashort Bond UCITS ETF	271.43%	270.43%	382.39%	214.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.00%	13.08%

Drawdowns

XEON.DE vs. ERN1.L - Drawdown Comparison

The maximum XEON.DE drawdown since its inception was -3.71%, smaller than the maximum ERN1.L drawdown of -599.69%. Use the drawdown chart below to compare losses from any high point for XEON.DE and ERN1.L.

Drawdown Indicators

	XEON.DE	ERN1.L	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-596.86%	+593.15%
Max Drawdown (1Y) Largest decline over 1 year	-0.08%	-297.73%	+297.65%
Max Drawdown (5Y) Largest decline over 5 years	-0.82%	-596.86%	+596.04%
Max Drawdown (10Y) Largest decline over 10 years	-3.33%	-596.86%	+593.53%
Current Drawdown Current decline from peak	0.00%	-590.68%	+590.68%
Average Drawdown Average peak-to-trough decline	-0.93%	-36.27%	+35.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	326.57%	-326.56%

Volatility

XEON.DE vs. ERN1.L - Volatility Comparison

The current volatility for Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE) is 0.06%, while iShares € Ultrashort Bond UCITS ETF (ERN1.L) has a volatility of 0.75%. This indicates that XEON.DE experiences smaller price fluctuations and is considered to be less risky than ERN1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEON.DE	ERN1.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.75%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	1.48%	-1.32%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	659.83%	-659.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	343.74%	-343.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.39%	242.97%	-242.58%