XSTR.L vs. ERNS.L
XSTR.L (Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D) and ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) are both exchange-traded funds - XSTR.L is a Money Market fund actively managed by Xtrackers, while ERNS.L is a Ultrashort Bond fund tracking the Markit iBoxx GBP Liquid Investment Grade Ultrashort Index. XSTR.L is actively managed, while ERNS.L is passively managed. Over the past 10 years, XSTR.L returned 1.80%/yr vs 2.22%/yr for ERNS.L. At a 0.08 correlation, their price movements are largely independent. XSTR.L charges 0.10%/yr vs 0.09%/yr for ERNS.L.
Performance
XSTR.L vs. ERNS.L - Performance Comparison
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Different Trading Currencies
XSTR.L is traded in GBp, while ERNS.L is traded in GBP. To make them comparable, the ERNS.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with XSTR.L having a 1.97% return and ERNS.L slightly higher at 1.98%. Over the past 10 years, XSTR.L has underperformed ERNS.L with an annualized return of 1.80%, while ERNS.L has yielded a comparatively higher 2.22% annualized return.
XSTR.L
- 1D
- 0.02%
- 1M
- 0.27%
- 6M
- 1.80%
- YTD
- 1.97%
- 1Y
- 3.81%
- 3Y*
- 4.57%
- 5Y*
- 3.41%
- 10Y*
- 1.80%
ERNS.L
- 1D
- 0.04%
- 1M
- 0.27%
- 6M
- 1.99%
- YTD
- 1.98%
- 1Y
- 4.24%
- 3Y*
- 5.01%
- 5Y*
- 3.71%
- 10Y*
- 2.22%
XSTR.L vs. ERNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSTR.L Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D | 1.97% | 4.20% | 5.14% | 4.57% | 1.25% | -0.08% | 0.03% | 0.56% | 0.41% | 0.10% |
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 1.98% | 4.84% | 5.55% | 4.76% | 1.53% | 0.14% | 0.77% | 1.28% | 0.58% | 0.57% |
Correlation
The correlation between XSTR.L and ERNS.L is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.08 |
The correlation between XSTR.L and ERNS.L shifts across timeframes, from -0.11 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XSTR.L vs. ERNS.L — Risk / Return Rank
XSTR.L
ERNS.L
XSTR.L vs. ERNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D (XSTR.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.
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.
| XSTR.L | ERNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.52 | ||
| Sortino ratioReturn per unit of downside risk | -7.23 | ||
| Omega ratioGain probability vs. loss probability | 1.80 | 2.40 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | 3.93 | 19.43 | -15.50 |
| Martin ratioReturn relative to average drawdown | 31.46 | 108.42 | -76.96 |
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Drawdowns
XSTR.L vs. ERNS.L - Drawdown Comparison
The maximum XSTR.L drawdown since its inception was -1.60%, which is greater than ERNS.L's maximum drawdown of -1.51%. Use the drawdown chart below to compare losses from any high point for XSTR.L and ERNS.L.
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Drawdown Indicators
| XSTR.L | ERNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.60% | -1.51% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -0.97% | -0.22% | -0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -0.22% | -0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -0.97% | -0.36% | -0.61% |
Max Drawdown (10Y)Largest decline over 10 years | -1.60% | -1.51% | -0.09% |
Current DrawdownCurrent decline from peak | 0.00% | -0.03% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -0.11% | -0.05% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.12% | 0.04% | +0.08% |
Volatility
XSTR.L vs. ERNS.L - Volatility Comparison
The current volatility for Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D (XSTR.L) is 0.07%, while iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) has a volatility of 0.19%. This indicates that XSTR.L experiences smaller price fluctuations and is considered to be less risky than ERNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSTR.L | ERNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.19% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.92% | 0.65% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.09% | 0.79% | +1.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.98% | 0.82% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.97% | 0.92% | +0.05% |
XSTR.L vs. ERNS.L - Expense Ratio Comparison
XSTR.L has a 0.10% 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
XSTR.L vs. ERNS.L - Dividend Comparison
XSTR.L's dividend yield for the trailing twelve months is around 4.13%, less than ERNS.L's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 4.28% | 4.65% | 5.42% | 4.54% | 1.14% | 0.28% | 0.75% | 1.04% | 0.74% | 0.52% | 0.81% | 0.72% |
XSTR.L Xtrackers II GBP Overnight Rate Swap UCITS ETF 1D | 4.13% | 4.61% | 5.06% | 4.05% | 0.33% | 0.02% | 0.56% | 0.97% | 0.61% | 0.19% | 1.19% | 0.00% |
Frequently Asked Questions
XSTR.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.
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.
ERNS.L is cheaper with a 0.09% expense ratio, compared with 0.10% for XSTR.L.
XSTR.L is categorized as Money Market, while ERNS.L is Ultrashort Bond. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.10% for XSTR.L and 0.09% for ERNS.L.
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