XMWX.L vs. ERNS.L

Last updated Jun 5, 2026

XMWX.L (Xtrackers MSCI World ex USA UCITS ETF 1C) and ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) are both exchange-traded funds - XMWX.L is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Index, while ERNS.L is a Ultrashort Bond fund actively managed by iShares. XMWX.L is passively managed, while ERNS.L is actively managed. Over the past year, XMWX.L returned 23.79% vs 3.29% for ERNS.L. At a 0.08 correlation, their price movements are largely independent. XMWX.L charges 0.15%/yr vs 0.09%/yr for ERNS.L.

Performance

XMWX.L vs. ERNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI World ex USA UCITS ETF 1C (XMWX.L) and iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XMWX.L is traded in USD, while ERNS.L is traded in GBP. To make them comparable, the ERNS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XMWX.L achieves a 9.04% return, which is significantly higher than ERNS.L's 1.34% return.

XMWX.L

• 1D: 0.47%
• 1M: 1.57%
• YTD: 9.04%
• 6M: 10.78%
• 1Y: 23.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ERNS.L

• 1D: 0.11%
• 1M: -0.80%
• YTD: 1.34%
• 6M: 2.68%
• 1Y: 3.29%
• 3Y*: 7.82%
• 5Y*: 2.54%
• 10Y*: 1.46%

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

XMWX.L vs. ERNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XMWX.L Xtrackers MSCI World ex USA UCITS ETF 1C	9.04%	23.16%	-1.64%
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist)	1.34%	12.76%	-3.22%

Correlation

The correlation between XMWX.L and ERNS.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Aug 30, 2024	0.08

Return for Risk

XMWX.L vs. ERNS.L — Risk / Return Rank

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

XMWX.L

XMWX.L Risk / Return Rank: 59
XMWX.L Sharpe Ratio Rank: 62
XMWX.L Sortino Ratio Rank: 64
XMWX.L Omega Ratio Rank: 67
XMWX.L Calmar Ratio Rank: 50
XMWX.L Martin Ratio Rank: 52

ERNS.L

ERNS.L Risk / Return Rank: 98
ERNS.L Sharpe Ratio Rank: 98
ERNS.L Sortino Ratio Rank: 99
ERNS.L Omega Ratio Rank: 98
ERNS.L Calmar Ratio Rank: 99
ERNS.L Martin Ratio Rank: 99

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.

XMWX.L vs. ERNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI World ex USA UCITS ETF 1C (XMWX.L) and iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.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.

	XMWX.L	ERNS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.04	0.51	+1.53
Sortino ratio: Return per unit of downside risk	2.90	0.79	+2.12
Omega ratio: Gain probability vs. loss probability	1.39	1.09	+0.30
Calmar ratio: Return relative to maximum drawdown	2.42	0.83	+1.59
Martin ratio: Return relative to average drawdown	8.87	1.86	+7.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMWX.L vs. ERNS.L - Sharpe Ratio Comparison

The current XMWX.L Sharpe Ratio is 2.04, which is higher than the ERNS.L Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of XMWX.L and ERNS.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.

Sharpe Ratios by Period

	XMWX.L	ERNS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	0.51	+1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	0.06	+1.32

Drawdowns

XMWX.L vs. ERNS.L - Drawdown Comparison

The maximum XMWX.L drawdown since its inception was -12.53%, smaller than the maximum ERNS.L drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for XMWX.L and ERNS.L.

Drawdown Indicators

	XMWX.L	ERNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-12.53%	-34.17%	+21.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.75%	-4.13%	-5.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.90%	—
Current Drawdown Current decline from peak	-0.37%	-1.53%	+1.16%
Average Drawdown Average peak-to-trough decline	-1.71%	-16.12%	+14.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	1.85%	+0.82%

Volatility

XMWX.L vs. ERNS.L - Volatility Comparison

Xtrackers MSCI World ex USA UCITS ETF 1C (XMWX.L) has a higher volatility of 3.17% compared to iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) at 1.95%. This indicates that XMWX.L's price experiences larger fluctuations and is considered to be riskier than ERNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMWX.L	ERNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	1.95%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	5.01%	+4.71%
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	6.73%	+4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.43%	8.62%	+3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.43%	9.41%	+3.02%

XMWX.L vs. ERNS.L - Expense Ratio Comparison

XMWX.L has a 0.15% expense ratio, which is higher than ERNS.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%.

Dividends

XMWX.L vs. ERNS.L - Dividend Comparison

XMWX.L has not paid dividends to shareholders, while ERNS.L's dividend yield for the trailing twelve months is around 5.65%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist)	5.65%	4.65%	5.42%	4.54%	1.14%	0.28%	0.75%	1.04%	0.74%	0.52%	0.81%	0.72%
XMWX.L Xtrackers MSCI World ex USA 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%

Frequently Asked Questions

Can I hold both XMWX.L and ERNS.L in my portfolio?

XMWX.L and ERNS.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XMWX.L or ERNS.L?

On fees, ERNS.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XMWX.L or ERNS.L?

ERNS.L is cheaper with a 0.09% expense ratio, compared with 0.15% for XMWX.L.

What is the main difference between XMWX.L and ERNS.L?

XMWX.L is categorized as Foreign Large Cap Equities, while ERNS.L is Ultrashort Bond. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.15% for XMWX.L and 0.09% for ERNS.L.