BBM3.L vs. TREX.L
BBM3.L (JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)) and TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) are both Government Bonds funds - BBM3.L tracks the ICE 0-3 Month US Treasury Notes & Bills Index while TREX.L tracks the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, BBM3.L returned 4.56%/yr vs 0.16%/yr for TREX.L. At a 0.47 correlation, their price movements are largely independent. BBM3.L charges 0.07%/yr vs 0.06%/yr for TREX.L.
Performance
BBM3.L vs. TREX.L - Performance Comparison
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Different Trading Currencies
BBM3.L is traded in GBP, while TREX.L is traded in USD. To make them comparable, the TREX.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, BBM3.L achieves a 1.63% return, which is significantly higher than TREX.L's -0.37% 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*
- —
TREX.L
- 1D
- 0.23%
- 1M
- 0.91%
- YTD
- -0.37%
- 6M
- -1.20%
- 1Y
- 4.94%
- 3Y*
- 0.18%
- 5Y*
- 0.16%
- 10Y*
- —
BBM3.L vs. TREX.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% |
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | -0.37% | 0.70% | 1.52% | -1.61% | -4.83% | 4.44% |
Correlation
The correlation between BBM3.L and TREX.L is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.47 |
The correlation between BBM3.L and TREX.L has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.
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Return for Risk
BBM3.L vs. TREX.L — Risk / Return Rank
BBM3.L
TREX.L
BBM3.L vs. TREX.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 Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.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 | TREX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.83 | +0.25 |
| Martin ratioReturn relative to average drawdown | 2.71 | 2.09 | +0.62 |
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 | TREX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 0.72 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.02 | +0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.05 | +0.45 |
Drawdowns
BBM3.L vs. TREX.L - Drawdown Comparison
The maximum BBM3.L drawdown since its inception was -15.27%, smaller than the maximum TREX.L drawdown of -26.15%. Use the drawdown chart below to compare losses from any high point for BBM3.L and TREX.L.
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Drawdown Indicators
| BBM3.L | TREX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.27% | -26.15% | +10.88% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -5.90% | +1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -8.05% | -1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -15.27% | -16.85% | +1.58% |
Current DrawdownCurrent decline from peak | -5.65% | -20.68% | +15.03% |
Average DrawdownAverage peak-to-trough decline | -6.31% | -16.55% | +10.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 2.35% | -0.54% |
Volatility
BBM3.L vs. TREX.L - Volatility Comparison
The current volatility for JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L) is 1.89%, while Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a volatility of 2.01%. This indicates that BBM3.L experiences smaller price fluctuations and is considered to be less risky than TREX.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 | TREX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 2.01% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 5.38% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 6.81% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.43% | 9.83% | -1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.38% | 10.06% | -1.68% |
BBM3.L vs. TREX.L - Expense Ratio Comparison
BBM3.L has a 0.07% expense ratio, which is higher than TREX.L's 0.06% 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
BBM3.L vs. TREX.L - Dividend Comparison
BBM3.L has not paid dividends to shareholders, while TREX.L's dividend yield for the trailing twelve months is around 4.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | 4.29% | 4.23% | 4.34% | 3.48% | 2.41% | 1.63% | 1.81% | 1.10% |
Frequently Asked Questions
BBM3.L and TREX.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TREX.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TREX.L is cheaper with a 0.06% expense ratio, compared with 0.07% for BBM3.L.
BBM3.L tracks ICE 0-3 Month US Treasury Notes & Bills Index, while TREX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.07% for BBM3.L and 0.06% for TREX.L.
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