BBLL.L vs. SMBS.L
BBLL.L (JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc)) and SMBS.L (iShares US Mortgage Backed Securities UCITS ETF) are both exchange-traded funds - BBLL.L is a Government Bonds fund tracking the ICE US Treasury 0-1 Year Index, while SMBS.L is a Mortgage Backed Securities fund tracking the Bloomberg US Mortgage Backed Securities Index. Both are passively managed. Over the past year, BBLL.L returned 4.30% vs 6.96% for SMBS.L. A 0.77 correlation means they provide meaningful diversification when combined. BBLL.L charges 0.07%/yr vs 0.28%/yr for SMBS.L.
Performance
BBLL.L vs. SMBS.L - Performance Comparison
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Different Trading Currencies
BBLL.L is traded in GBP, while SMBS.L is traded in GBp. To make them comparable, the SMBS.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 SMBS.L's 0.19% return.
BBLL.L
- 1D
- -0.19%
- 1M
- 1.42%
- YTD
- 1.30%
- 6M
- 0.79%
- 1Y
- 4.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMBS.L
- 1D
- 0.13%
- 1M
- 1.05%
- YTD
- 0.19%
- 6M
- 0.17%
- 1Y
- 6.96%
- 3Y*
- 1.47%
- 5Y*
- 1.18%
- 10Y*
- 1.86%
BBLL.L vs. SMBS.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% |
SMBS.L iShares US Mortgage Backed Securities UCITS ETF | 0.19% | 4.98% |
Correlation
The correlation between BBLL.L and SMBS.L 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 (All Time) Calculated using the full available price history since Apr 29, 2025 | 0.77 |
The correlation between BBLL.L and SMBS.L has been stable across timeframes, ranging from 0.77 to 0.77 - a consistent structural relationship.
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Return for Risk
BBLL.L vs. SMBS.L — Risk / Return Rank
BBLL.L
SMBS.L
BBLL.L vs. SMBS.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 US Mortgage Backed Securities UCITS ETF (SMBS.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 | SMBS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.20 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 1.65 | -0.65 |
| Martin ratioReturn relative to average drawdown | 2.55 | 4.24 | -1.69 |
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 | SMBS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.71 | 1.17 | -0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.14 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.20 | +0.32 |
Drawdowns
BBLL.L vs. SMBS.L - Drawdown Comparison
The maximum BBLL.L drawdown since its inception was -4.55%, smaller than the maximum SMBS.L drawdown of -20.65%. Use the drawdown chart below to compare losses from any high point for BBLL.L and SMBS.L.
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Drawdown Indicators
| BBLL.L | SMBS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.55% | -20.65% | +16.10% |
Max Drawdown (1Y)Largest decline over 1 year | -4.55% | -4.30% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.38% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.65% | — |
Current DrawdownCurrent decline from peak | -1.43% | -12.65% | +11.22% |
Average DrawdownAverage peak-to-trough decline | -1.59% | -11.05% | +9.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 1.67% | +0.11% |
Volatility
BBLL.L vs. SMBS.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 US Mortgage Backed Securities UCITS ETF (SMBS.L) at 1.65%. This indicates that BBLL.L's price experiences larger fluctuations and is considered to be riskier than SMBS.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 | SMBS.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% | 4.49% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 6.07% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 8.57% | -2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.43% | 10.03% | -3.60% |
BBLL.L vs. SMBS.L - Expense Ratio Comparison
BBLL.L has a 0.07% expense ratio, which is lower than SMBS.L's 0.28% expense ratio.
Dividends
BBLL.L vs. SMBS.L - Dividend Comparison
BBLL.L has not paid dividends to shareholders, while SMBS.L's dividend yield for the trailing twelve months is around 3.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BBLL.L JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMBS.L iShares US Mortgage Backed Securities UCITS ETF | 3.57% | 3.57% | 3.50% | 3.23% | 2.39% | 2.22% | 2.71% | 3.06% | 2.99% | 3.00% | 1.51% |
Frequently Asked Questions
BBLL.L and SMBS.L 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.
On fees, BBLL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BBLL.L is cheaper with a 0.07% expense ratio, compared with 0.28% for SMBS.L.
BBLL.L is categorized as Government Bonds, while SMBS.L is Mortgage Backed Securities. BBLL.L tracks ICE US Treasury 0-1 Year Index, while SMBS.L tracks Bloomberg US Mortgage Backed Securities Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.07% for BBLL.L and 0.28% for SMBS.L.
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