XEON.DE vs. ERNX.DE
XEON.DE (Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C) and ERNX.DE (iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating) are both exchange-traded funds - XEON.DE is a Bank Loan fund tracking the Solactive €STR +8.5 Daily Index, while ERNX.DE is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. Both are passively managed. Over the past 3 years, XEON.DE returned 2.99%/yr vs 3.33%/yr for ERNX.DE. At a 0.12 correlation, their price movements are largely independent. XEON.DE charges 0.10%/yr vs 0.09%/yr for ERNX.DE.
Performance
XEON.DE vs. ERNX.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XEON.DE achieves a 0.80% return, which is significantly lower than ERNX.DE's 0.87% return.
XEON.DE
- 1D
- -0.01%
- 1M
- 0.15%
- YTD
- 0.80%
- 6M
- 0.95%
- 1Y
- 1.95%
- 3Y*
- 2.99%
- 5Y*
- 1.94%
- 10Y*
- 0.70%
ERNX.DE
- 1D
- 0.04%
- 1M
- 0.28%
- YTD
- 0.87%
- 6M
- 0.97%
- 1Y
- 2.18%
- 3Y*
- 3.33%
- 5Y*
- —
- 10Y*
- —
XEON.DE vs. ERNX.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XEON.DE Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C | 0.80% | 2.25% | 3.78% | 3.30% | 0.14% |
ERNX.DE iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating | 0.87% | 2.69% | 4.04% | 3.34% | 0.10% |
Correlation
The correlation between XEON.DE and ERNX.DE is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 2, 2022 | 0.12 |
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Return for Risk
XEON.DE vs. ERNX.DE — Risk / Return Rank
XEON.DE
ERNX.DE
XEON.DE vs. ERNX.DE - 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 Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE). 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 | ERNX.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.00 | ||
| Sortino ratioReturn per unit of downside risk | +16.26 | ||
| Omega ratioGain probability vs. loss probability | 4.27 | 1.67 | +2.60 |
| Calmar ratioReturn relative to maximum drawdown | 69.36 | 10.99 | +58.37 |
| Martin ratioReturn relative to average drawdown | 316.53 | 54.93 | +261.60 |
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
| XEON.DE | ERNX.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 8.94 | 2.94 | +6.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 7.54 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.78 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 3.90 | -3.16 |
Drawdowns
XEON.DE vs. ERNX.DE - Drawdown Comparison
The maximum XEON.DE drawdown since its inception was -3.71%, which is greater than ERNX.DE's maximum drawdown of -0.83%. Use the drawdown chart below to compare losses from any high point for XEON.DE and ERNX.DE.
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Drawdown Indicators
| XEON.DE | ERNX.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.71% | -0.83% | -2.88% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -0.20% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -0.08% | -0.20% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -0.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -3.25% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | -0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -0.09% | -0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.04% | -0.03% |
Volatility
XEON.DE vs. ERNX.DE - Volatility Comparison
The current volatility for Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE) is 0.04%, while iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE) has a volatility of 0.17%. This indicates that XEON.DE experiences smaller price fluctuations and is considered to be less risky than ERNX.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XEON.DE | ERNX.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.04% | 0.17% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 0.16% | 0.56% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.22% | 0.74% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.25% | 0.68% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.39% | 0.68% | -0.29% |
XEON.DE vs. ERNX.DE - Expense Ratio Comparison
XEON.DE has a 0.10% expense ratio, which is higher than ERNX.DE'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%.
Dividends
XEON.DE vs. ERNX.DE - Dividend Comparison
Neither XEON.DE nor ERNX.DE has paid dividends to shareholders.
Frequently Asked Questions
XEON.DE and ERNX.DE have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNX.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNX.DE is cheaper with a 0.09% expense ratio, compared with 0.10% for XEON.DE.
XEON.DE is categorized as Bank Loan, while ERNX.DE is Ultrashort Bond. XEON.DE tracks Solactive €STR +8.5 Daily Index, while ERNX.DE tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.10% for XEON.DE and 0.09% for ERNX.DE.
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