BBM3.L vs. BBRT.L
BBM3.L (JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)) and BBRT.L (JPMorgan BetaBuilders US Treasury Bond UCITS ETF USD (Acc)) are both Government Bonds funds from JPMorgan - BBM3.L tracks the ICE 0-3 Month US Treasury Notes & Bills Index while BBRT.L tracks the J.P. Morgan Government Bond US Index. Both are passively managed. Over the past 5 years, BBM3.L returned 4.56%/yr vs 0.50%/yr for BBRT.L. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.
Performance
BBM3.L vs. BBRT.L - Performance Comparison
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Returns By Period
In the year-to-date period, BBM3.L achieves a 1.63% return, which is significantly higher than BBRT.L's -0.18% return.
BBM3.L
- 1D
- 0.09%
- 1M
- 1.32%
- YTD
- 1.63%
- 6M
- 1.18%
- 1Y
- 4.93%
- 3Y*
- 1.97%
- 5Y*
- 4.56%
- 10Y*
- —
BBRT.L
- 1D
- 0.22%
- 1M
- 1.14%
- YTD
- -0.18%
- 6M
- -0.65%
- 1Y
- 4.56%
- 3Y*
- 0.09%
- 5Y*
- 0.50%
- 10Y*
- —
BBM3.L vs. BBRT.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BBM3.L JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) | 1.63% | -2.96% | 7.04% | -0.79% | 13.68% | 4.38% |
BBRT.L JPMorgan BetaBuilders US Treasury Bond UCITS ETF USD (Acc) | -0.18% | -0.87% | 2.21% | -1.99% | -2.50% | 5.09% |
Correlation
The correlation between BBM3.L and BBRT.L is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.75 |
The correlation between BBM3.L and BBRT.L has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.
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Return for Risk
BBM3.L vs. BBRT.L — Risk / Return Rank
BBM3.L
BBRT.L
BBM3.L vs. BBRT.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L) and JPMorgan BetaBuilders US Treasury Bond UCITS ETF USD (Acc) (BBRT.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.
| BBM3.L | BBRT.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.87 | +0.22 |
| Martin ratioReturn relative to average drawdown | 2.71 | 2.05 | +0.66 |
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
| BBM3.L | BBRT.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 0.74 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.06 | +0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.05 | +0.45 |
Drawdowns
BBM3.L vs. BBRT.L - Drawdown Comparison
The maximum BBM3.L drawdown since its inception was -15.27%, smaller than the maximum BBRT.L drawdown of -24.57%. Use the drawdown chart below to compare losses from any high point for BBM3.L and BBRT.L.
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Drawdown Indicators
| BBM3.L | BBRT.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.27% | -24.57% | +9.30% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -5.22% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -8.23% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -15.27% | -16.20% | +0.93% |
Current DrawdownCurrent decline from peak | -5.65% | -19.97% | +14.32% |
Average DrawdownAverage peak-to-trough decline | -6.31% | -16.82% | +10.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 2.21% | -0.40% |
Volatility
BBM3.L vs. BBRT.L - Volatility Comparison
JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L) has a higher volatility of 1.89% compared to JPMorgan BetaBuilders US Treasury Bond UCITS ETF USD (Acc) (BBRT.L) at 1.49%. This indicates that BBM3.L's price experiences larger fluctuations and is considered to be riskier than BBRT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BBM3.L | BBRT.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 1.49% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 4.49% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 6.10% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.43% | 8.83% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.38% | 9.57% | -1.19% |
BBM3.L vs. BBRT.L - Expense Ratio Comparison
Both BBM3.L and BBRT.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
BBM3.L vs. BBRT.L - Dividend Comparison
Neither BBM3.L nor BBRT.L has paid dividends to shareholders.
Frequently Asked Questions
BBM3.L and BBRT.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
BBM3.L and BBRT.L have the same expense ratio: 0.07% per year.
BBM3.L tracks ICE 0-3 Month US Treasury Notes & Bills Index, while BBRT.L tracks J.P. Morgan Government Bond US Index.
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