BBLL.L vs. TSY3.L

Last updated Jun 25, 2026

BBLL.L (JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc)) and TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - BBLL.L tracks the ICE US Treasury 0-1 Year Index while TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, BBLL.L returned 4.53%/yr vs 2.96%/yr for TSY3.L. With a 0.98 correlation, they move nearly in lockstep. BBLL.L charges 0.07%/yr vs 0.05%/yr for TSY3.L.

Performance

BBLL.L vs. TSY3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) (BBLL.L) and SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBLL.L achieves a 3.85% return, which is significantly higher than TSY3.L's 2.85% return.

BBLL.L

• 1D: 0.23%
• 1M: 2.30%
• YTD: 3.85%
• 6M: 4.36%
• 1Y: 7.49%
• 3Y*: 3.41%
• 5Y*: 4.53%
• 10Y*: —

TSY3.L

• 1D: 0.36%
• 1M: 2.43%
• YTD: 2.85%
• 6M: 3.45%
• 1Y: 6.72%
• 3Y*: 3.06%
• 5Y*: 2.96%
• 10Y*: 2.12%

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

BBLL.L vs. TSY3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BBLL.L JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc)	3.85%	-2.85%	6.94%	-0.86%	13.16%	1.26%	-2.69%	-3.36%
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF	2.85%	-2.01%	5.77%	-1.64%	7.59%	0.49%	-0.43%	-4.02%

Correlation

The correlation between BBLL.L and TSY3.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 (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.98

The correlation between BBLL.L and TSY3.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

BBLL.L vs. TSY3.L — Risk / Return Rank

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

BBLL.L

BBLL.L Risk / Return Rank: 35
BBLL.L Sharpe Ratio Rank: 36
BBLL.L Sortino Ratio Rank: 36
BBLL.L Omega Ratio Rank: 33
BBLL.L Calmar Ratio Rank: 36
BBLL.L Martin Ratio Rank: 32

TSY3.L

TSY3.L Risk / Return Rank: 32
TSY3.L Sharpe Ratio Rank: 34
TSY3.L Sortino Ratio Rank: 34
TSY3.L Omega Ratio Rank: 30
TSY3.L Calmar Ratio Rank: 33
TSY3.L Martin Ratio Rank: 30

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.

BBLL.L vs. TSY3.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 SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.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.

	BBLL.L	TSY3.L	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.09	+0.07
Sortino ratio: Return per unit of downside risk	1.72	1.64	+0.08
Omega ratio: Gain probability vs. loss probability	1.20	1.19	+0.01
Calmar ratio: Return relative to maximum drawdown	1.64	1.49	+0.15
Martin ratio: Return relative to average drawdown	4.25	3.83	+0.42

BBLL.L vs. TSY3.L - Sharpe Ratio Comparison

The current BBLL.L Sharpe Ratio is 1.16, which is comparable to the TSY3.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of BBLL.L and TSY3.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.

Drawdowns

BBLL.L vs. TSY3.L - Drawdown Comparison

The maximum BBLL.L drawdown since its inception was -19.18%, smaller than the maximum TSY3.L drawdown of -41.41%. Use the drawdown chart below to compare losses from any high point for BBLL.L and TSY3.L.

Drawdown Indicators

	BBLL.L	TSY3.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.18%	-41.41%	+22.23%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	-4.48%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-9.73%	-8.93%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	-15.36%	-16.38%	+1.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.75%	—
Current Drawdown Current decline from peak	-3.68%	-6.90%	+3.22%
Average Drawdown Average peak-to-trough decline	-9.51%	-19.44%	+9.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	1.75%	+0.01%

Volatility

BBLL.L vs. TSY3.L - Volatility Comparison

JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) (BBLL.L) has a higher volatility of 1.69% compared to SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) at 1.51%. This indicates that BBLL.L's price experiences larger fluctuations and is considered to be riskier than TSY3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBLL.L	TSY3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	1.51%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	4.74%	4.54%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	6.51%	6.22%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.37%	8.06%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.83%	8.70%	+0.13%

BBLL.L vs. TSY3.L - Expense Ratio Comparison

BBLL.L has a 0.07% expense ratio, which is higher than TSY3.L's 0.05% 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

BBLL.L vs. TSY3.L - Dividend Comparison

BBLL.L has not paid dividends to shareholders, while TSY3.L's dividend yield for the trailing twelve months is around 3.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF	3.84%	4.25%	4.06%	3.02%	0.61%	0.56%	1.84%	2.14%	1.78%	1.34%	0.87%	0.80%

Frequently Asked Questions

Can I hold both BBLL.L and TSY3.L in my portfolio?

With a correlation of 0.98, BBLL.L and TSY3.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.

Which ETF is better, BBLL.L or TSY3.L?

On fees, TSY3.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BBLL.L or TSY3.L?

TSY3.L is cheaper with a 0.05% expense ratio, compared with 0.07% for BBLL.L.

What is the main difference between BBLL.L and TSY3.L?

BBLL.L tracks ICE US Treasury 0-1 Year Index, while TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.07% for BBLL.L and 0.05% for TSY3.L.