BBAX vs. BBEU

Last updated Jun 24, 2026

BBAX (JPMorgan BetaBuilders Developed Asia ex-Japan ETF) and BBEU (JPMorgan BetaBuilders Europe ETF) are both exchange-traded funds - BBAX is a Asia Pacific Equities fund tracking the Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index, while BBEU is a Europe Equities fund tracking the Morningstar Developed Europe Target Market Exposure Index. Both are passively managed. Over the past 5 years, BBAX returned 4.79%/yr vs 8.71%/yr for BBEU. Their correlation of 0.82 suggests significant overlap in exposure. BBAX charges 0.19%/yr vs 0.09%/yr for BBEU.

Performance

BBAX vs. BBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) and JPMorgan BetaBuilders Europe ETF (BBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBAX achieves a 7.03% return, which is significantly higher than BBEU's 4.42% return.

BBAX

• 1D: -2.11%
• 1M: -2.67%
• YTD: 7.03%
• 6M: 5.44%
• 1Y: 15.68%
• 3Y*: 12.30%
• 5Y*: 4.79%
• 10Y*: —

BBEU

• 1D: -2.92%
• 1M: -1.66%
• YTD: 4.42%
• 6M: 4.50%
• 1Y: 17.64%
• 3Y*: 16.24%
• 5Y*: 8.71%
• 10Y*: —

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

BBAX vs. BBEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF	7.03%	20.21%	2.50%	5.60%	-4.80%	5.53%	8.02%	18.66%	-9.65%
BBEU JPMorgan BetaBuilders Europe ETF	4.42%	36.37%	1.85%	20.31%	-14.72%	17.50%	5.00%	23.96%	-13.98%

Correlation

The correlation between BBAX and BBEU is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 8, 2018	0.82

The correlation between BBAX and BBEU has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

BBAX vs. BBEU - Sectors Allocation Comparison

Sectors	BBAX	BBEU
Financial Services	45.0%	24.0%
Basic Materials	17.5%	5.8%
Real Estate	8.4%	0.5%
Industrials	8.0%	19.2%
Consumer Cyclical	5.2%	6.4%
Healthcare	4.1%	13.1%
Utilities	3.2%	4.6%
Consumer Defensive	3.1%	8.8%
Energy	2.7%	5.3%
Communication Services	2.7%	3.0%
Technology	0.2%	9.4%

Return for Risk

BBAX vs. BBEU — Risk / Return Rank

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

BBAX

BBAX Risk / Return Rank: 32
BBAX Sharpe Ratio Rank: 30
BBAX Sortino Ratio Rank: 29
BBAX Omega Ratio Rank: 29
BBAX Calmar Ratio Rank: 37
BBAX Martin Ratio Rank: 37

BBEU

BBEU Risk / Return Rank: 32
BBEU Sharpe Ratio Rank: 32
BBEU Sortino Ratio Rank: 32
BBEU Omega Ratio Rank: 31
BBEU Calmar Ratio Rank: 31
BBEU Martin Ratio Rank: 37

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.

BBAX vs. BBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) and JPMorgan BetaBuilders Europe ETF (BBEU). 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.

	BBAX	BBEU	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.10	-0.05
Sortino ratio: Return per unit of downside risk	1.51	1.62	-0.11
Omega ratio: Gain probability vs. loss probability	1.19	1.20	-0.01
Calmar ratio: Return relative to maximum drawdown	1.75	1.45	+0.30
Martin ratio: Return relative to average drawdown	5.35	5.36	-0.01

BBAX vs. BBEU - Sharpe Ratio Comparison

The current BBAX Sharpe Ratio is 1.05, which is comparable to the BBEU Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of BBAX and BBEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BBAX vs. BBEU - Drawdown Comparison

The maximum BBAX drawdown since its inception was -39.64%, which is greater than BBEU's maximum drawdown of -36.27%. Use the drawdown chart below to compare losses from any high point for BBAX and BBEU.

Drawdown Indicators

	BBAX	BBEU	Difference
Max Drawdown Largest peak-to-trough decline	-39.64%	-36.27%	-3.37%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-12.23%	+3.22%
Max Drawdown (3Y) Largest decline over 3 years	-20.12%	-14.23%	-5.89%
Max Drawdown (5Y) Largest decline over 5 years	-23.21%	-31.08%	+7.87%
Current Drawdown Current decline from peak	-6.22%	-3.68%	-2.54%
Average Drawdown Average peak-to-trough decline	-7.20%	-6.11%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	3.30%	-0.36%

Volatility

BBAX vs. BBEU - Volatility Comparison

JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) and JPMorgan BetaBuilders Europe ETF (BBEU) have volatilities of 5.61% and 5.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBAX	BBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	5.54%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	12.74%	13.79%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.05%	16.10%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	17.60%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.70%	19.34%	+0.36%

BBAX vs. BBEU - Expense Ratio Comparison

BBAX has a 0.19% expense ratio, which is higher than BBEU'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

BBAX vs. BBEU - Dividend Comparison

BBAX's dividend yield for the trailing twelve months is around 3.70%, more than BBEU's 2.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF	3.70%	3.86%	4.13%	4.17%	5.06%	5.47%	2.57%	4.07%	1.36%
BBEU JPMorgan BetaBuilders Europe ETF	2.85%	2.83%	4.16%	2.94%	4.72%	2.63%	2.29%	3.24%	0.49%

Frequently Asked Questions

Can I hold both BBAX and BBEU in my portfolio?

BBAX and BBEU have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBAX or BBEU?

BBAX has higher volatility (5.61%) compared to BBEU (5.54%). In terms of maximum drawdown, BBAX dropped -39.64% vs BBEU's -36.27%.

Which ETF is better, BBAX or BBEU?

On 5-year performance, BBEU leads with 8.71% vs 4.79% for BBAX. On fees, BBEU is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBAX or BBEU?

Over the 5-year period, BBEU has performed better with a 8.71% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBAX or BBEU?

BBEU is cheaper with a 0.09% expense ratio, compared with 0.19% for BBAX.

Which ETF pays a higher dividend yield, BBAX or BBEU?

BBAX has the higher dividend yield at 3.70%, compared with 2.85% for BBEU.

What is the main difference between BBAX and BBEU?

BBAX is categorized as Asia Pacific Equities, while BBEU is Europe Equities. BBAX tracks Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index, while BBEU tracks Morningstar Developed Europe Target Market Exposure Index. Their fees differ too: 0.19% for BBAX and 0.09% for BBEU.

Which has better risk-adjusted returns?

BBEU currently has the higher Sharpe Ratio (1.10 vs 1.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.