BBM3.L vs. TRIS.L
BBM3.L (JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)) and TRIS.L (Invesco US Treasury Bond 0-1 Year UCITS ETF Dist) are both Government Bonds funds - BBM3.L tracks the ICE 0-3 Month US Treasury Notes & Bills Index while TRIS.L tracks the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 5 years, BBM3.L returned 4.56%/yr vs 4.36%/yr for TRIS.L. With a 0.99 correlation, they move nearly in lockstep. BBM3.L charges 0.07%/yr vs 0.06%/yr for TRIS.L.
Performance
BBM3.L vs. TRIS.L - Performance Comparison
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Different Trading Currencies
BBM3.L is traded in GBP, while TRIS.L is traded in GBp. To make them comparable, the TRIS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with BBM3.L having a 1.63% return and TRIS.L slightly lower at 1.60%.
BBM3.L
- 1D
- 0.09%
- 1M
- 1.32%
- YTD
- 1.63%
- 6M
- 1.18%
- 1Y
- 4.93%
- 3Y*
- 1.97%
- 5Y*
- 4.56%
- 10Y*
- —
TRIS.L
- 1D
- 0.05%
- 1M
- 1.33%
- YTD
- 1.60%
- 6M
- 1.14%
- 1Y
- 4.90%
- 3Y*
- 2.01%
- 5Y*
- 4.36%
- 10Y*
- —
BBM3.L vs. TRIS.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% |
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist | 1.60% | -2.79% | 6.84% | -0.75% | 12.57% | 4.45% |
Correlation
The correlation between BBM3.L and TRIS.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 | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.99 |
The correlation between BBM3.L and TRIS.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
BBM3.L vs. TRIS.L — Risk / Return Rank
BBM3.L
TRIS.L
BBM3.L vs. TRIS.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 0-1 Year UCITS ETF Dist (TRIS.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 | TRIS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| 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 | 1.09 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.71 | 2.75 | -0.04 |
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 | TRIS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 0.76 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.52 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.26 | +0.24 |
Drawdowns
BBM3.L vs. TRIS.L - Drawdown Comparison
The maximum BBM3.L drawdown since its inception was -15.27%, smaller than the maximum TRIS.L drawdown of -18.99%. Use the drawdown chart below to compare losses from any high point for BBM3.L and TRIS.L.
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Drawdown Indicators
| BBM3.L | TRIS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.27% | -18.99% | +3.72% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -4.49% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -9.71% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -15.27% | -15.37% | +0.10% |
Current DrawdownCurrent decline from peak | -5.65% | -5.66% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -6.31% | -9.81% | +3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.78% | +0.03% |
Volatility
BBM3.L vs. TRIS.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 0-1 Year UCITS ETF Dist (TRIS.L) has a volatility of 2.02%. This indicates that BBM3.L experiences smaller price fluctuations and is considered to be less risky than TRIS.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 | TRIS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 2.02% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 4.71% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 6.45% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.43% | 8.34% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.38% | 8.80% | -0.42% |
BBM3.L vs. TRIS.L - Expense Ratio Comparison
BBM3.L has a 0.07% expense ratio, which is higher than TRIS.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. TRIS.L - Dividend Comparison
BBM3.L has not paid dividends to shareholders, while TRIS.L's dividend yield for the trailing twelve months is around 4.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
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% |
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist | 4.01% | 4.26% | 4.87% | 4.68% | 1.52% | 0.10% | 0.57% |
Frequently Asked Questions
With a correlation of 0.98, BBM3.L and TRIS.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.
On fees, TRIS.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRIS.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 TRIS.L tracks Bloomberg US Treasury Coupons Index. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.07% for BBM3.L and 0.06% for TRIS.L.
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