BBM3.L vs. ERN1.L
BBM3.L (JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)) and ERN1.L (iShares € Ultrashort Bond UCITS ETF) are both exchange-traded funds - BBM3.L is a Government Bonds fund tracking the ICE 0-3 Month US Treasury Notes & Bills Index, while ERN1.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. Both are passively managed. Over the past 5 years, BBM3.L returned 4.64%/yr vs 2.20%/yr for ERN1.L. At a 0.40 correlation, their price movements are largely independent. BBM3.L charges 0.07%/yr vs 0.09%/yr for ERN1.L.
Performance
BBM3.L vs. ERN1.L - Performance Comparison
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Returns By Period
In the year-to-date period, BBM3.L achieves a 3.89% return, which is significantly higher than ERN1.L's -0.32% return.
BBM3.L
- 1D
- 0.26%
- 1M
- 2.40%
- YTD
- 3.89%
- 6M
- 4.42%
- 1Y
- 7.55%
- 3Y*
- 3.41%
- 5Y*
- 4.64%
- 10Y*
- —
ERN1.L
- 1D
- 0.07%
- 1M
- 0.08%
- YTD
- -0.32%
- 6M
- -0.23%
- 1Y
- 3.26%
- 3Y*
- 3.55%
- 5Y*
- 2.20%
- 10Y*
- 1.61%
BBM3.L vs. ERN1.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) | 3.89% | -2.95% | 7.03% | -0.78% | 13.48% | 4.56% |
ERN1.L iShares € Ultrashort Bond UCITS ETF | -0.32% | 8.04% | -0.60% | 1.37% | 5.27% | -2.89% |
Correlation
The correlation between BBM3.L and ERN1.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.40 |
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Return for Risk
BBM3.L vs. ERN1.L — Risk / Return Rank
BBM3.L
ERN1.L
BBM3.L vs. ERN1.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 iShares € Ultrashort Bond UCITS ETF (ERN1.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.
| BBM3.L | ERN1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.14 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.75 | -0.09 |
| Martin ratioReturn relative to average drawdown | 4.21 | 3.64 | +0.57 |
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Drawdowns
BBM3.L vs. ERN1.L - Drawdown Comparison
The maximum BBM3.L drawdown since its inception was -15.26%, smaller than the maximum ERN1.L drawdown of -29.99%. Use the drawdown chart below to compare losses from any high point for BBM3.L and ERN1.L.
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Drawdown Indicators
| BBM3.L | ERN1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.26% | -29.99% | +14.73% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -1.86% | -2.67% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -2.97% | -6.80% |
Max Drawdown (5Y)Largest decline over 5 years | -15.26% | -4.83% | -10.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.78% | — |
Current DrawdownCurrent decline from peak | -3.55% | -3.59% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -6.28% | -13.31% | +7.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 0.90% | +0.89% |
Volatility
BBM3.L vs. ERN1.L - Volatility Comparison
JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L) has a higher volatility of 1.71% compared to iShares € Ultrashort Bond UCITS ETF (ERN1.L) at 0.92%. This indicates that BBM3.L's price experiences larger fluctuations and is considered to be riskier than ERN1.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 | ERN1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 0.92% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 4.75% | 2.68% | +2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.56% | 4.06% | +2.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.43% | 5.38% | +3.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.36% | 6.72% | +1.64% |
BBM3.L vs. ERN1.L - Expense Ratio Comparison
BBM3.L has a 0.07% expense ratio, which is lower than ERN1.L's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BBM3.L vs. ERN1.L - Dividend Comparison
BBM3.L has not paid dividends to shareholders, while ERN1.L's dividend yield for the trailing twelve months is around 2.35%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBM3.L JPMorgan BetaBuilders US Treasury Bond 0-3 Months 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% |
ERN1.L iShares € Ultrashort Bond UCITS ETF | 2.35% | 2.70% | 3.82% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
Frequently Asked Questions
BBM3.L and ERN1.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BBM3.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BBM3.L is cheaper with a 0.07% expense ratio, compared with 0.09% for ERN1.L.
BBM3.L is categorized as Government Bonds, while ERN1.L is Ultrashort Bond. BBM3.L tracks ICE 0-3 Month US Treasury Notes & Bills Index, while ERN1.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.07% for BBM3.L and 0.09% for ERN1.L.
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