BBLL.L vs. CU31.L
BBLL.L (JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc)) and CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both Government Bonds funds - BBLL.L tracks the ICE US Treasury 0-1 Year Index while CU31.L tracks the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past year, BBLL.L returned 4.30% vs 4.10% for CU31.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.
Performance
BBLL.L vs. CU31.L - Performance Comparison
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Different Trading Currencies
BBLL.L is traded in GBP, while CU31.L is traded in GBp. To make them comparable, the CU31.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, BBLL.L achieves a 1.30% return, which is significantly higher than CU31.L's 0.54% return.
BBLL.L
- 1D
- -0.19%
- 1M
- 1.42%
- YTD
- 1.30%
- 6M
- 0.79%
- 1Y
- 4.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CU31.L
- 1D
- 0.21%
- 1M
- 1.34%
- YTD
- 0.54%
- 6M
- 0.10%
- 1Y
- 4.10%
- 3Y*
- 1.60%
- 5Y*
- 2.90%
- 10Y*
- 2.51%
BBLL.L vs. CU31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BBLL.L JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) | 1.30% | 2.34% |
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.54% | 2.43% |
Correlation
The correlation between BBLL.L and CU31.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025 | 0.98 |
The correlation between BBLL.L and CU31.L has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
BBLL.L vs. CU31.L — Risk / Return Rank
BBLL.L
CU31.L
BBLL.L vs. CU31.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) (BBLL.L) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.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.
| BBLL.L | CU31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.12 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 0.90 | +0.09 |
| Martin ratioReturn relative to average drawdown | 2.55 | 2.30 | +0.25 |
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
| BBLL.L | CU31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.71 | 0.67 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.36 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.27 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.28 | +0.25 |
Drawdowns
BBLL.L vs. CU31.L - Drawdown Comparison
The maximum BBLL.L drawdown since its inception was -4.55%, smaller than the maximum CU31.L drawdown of -18.80%. Use the drawdown chart below to compare losses from any high point for BBLL.L and CU31.L.
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Drawdown Indicators
| BBLL.L | CU31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.55% | -18.80% | +14.25% |
Max Drawdown (1Y)Largest decline over 1 year | -4.55% | -4.51% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.91% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.80% | — |
Current DrawdownCurrent decline from peak | -1.43% | -7.72% | +6.29% |
Average DrawdownAverage peak-to-trough decline | -1.59% | -8.23% | +6.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 1.78% | 0.00% |
Volatility
BBLL.L vs. CU31.L - Volatility Comparison
JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) (BBLL.L) has a higher volatility of 1.94% compared to iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) at 1.65%. This indicates that BBLL.L's price experiences larger fluctuations and is considered to be riskier than CU31.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BBLL.L | CU31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.94% | 1.65% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 4.46% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 6.11% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 8.05% | -1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.43% | 9.19% | -2.76% |
BBLL.L vs. CU31.L - Expense Ratio Comparison
Both BBLL.L and CU31.L have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BBLL.L vs. CU31.L - Dividend Comparison
Neither BBLL.L nor CU31.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, BBLL.L and CU31.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
BBLL.L and CU31.L have the same expense ratio: 0.07% per year.
BBLL.L tracks ICE US Treasury 0-1 Year Index, while CU31.L tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: JPMorgan and iShares.
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