BBM3.L vs. TSY3.L
BBM3.L (JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)) and TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - BBM3.L tracks the ICE 0-3 Month US Treasury Notes & Bills Index while TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, BBM3.L returned 4.56%/yr vs 2.87%/yr for TSY3.L. With a 0.97 correlation, they move nearly in lockstep. BBM3.L charges 0.07%/yr vs 0.05%/yr for TSY3.L.
Performance
BBM3.L vs. TSY3.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BBM3.L achieves a 1.63% return, which is significantly higher than TSY3.L's 0.72% 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*
- —
TSY3.L
- 1D
- 0.10%
- 1M
- 1.10%
- YTD
- 0.72%
- 6M
- 0.32%
- 1Y
- 4.44%
- 3Y*
- 1.49%
- 5Y*
- 2.87%
- 10Y*
- 2.44%
BBM3.L vs. TSY3.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% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 0.72% | -2.00% | 5.79% | -1.65% | 7.59% | 3.73% |
Correlation
The correlation between BBM3.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 | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.97 |
The correlation between BBM3.L and TSY3.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BBM3.L vs. TSY3.L — Risk / Return Rank
BBM3.L
TSY3.L
BBM3.L vs. TSY3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.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.
| BBM3.L | TSY3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.98 | +0.10 |
| Martin ratioReturn relative to average drawdown | 2.71 | 2.50 | +0.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BBM3.L | TSY3.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 | 0.35 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.31 | +0.19 |
Drawdowns
BBM3.L vs. TSY3.L - Drawdown Comparison
The maximum BBM3.L drawdown since its inception was -15.27%, smaller than the maximum TSY3.L drawdown of -18.75%. Use the drawdown chart below to compare losses from any high point for BBM3.L and TSY3.L.
Loading charts...
Drawdown Indicators
| BBM3.L | TSY3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.27% | -18.75% | +3.48% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -4.50% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -8.92% | -0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -15.27% | -16.38% | +1.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.75% | — |
Current DrawdownCurrent decline from peak | -5.65% | -7.69% | +2.04% |
Average DrawdownAverage peak-to-trough decline | -6.31% | -7.81% | +1.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.77% | +0.04% |
Volatility
BBM3.L vs. TSY3.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 SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) at 1.67%. This indicates that BBM3.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.
Loading charts...
Volatility by Period
| BBM3.L | TSY3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 1.67% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 4.50% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 6.14% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.43% | 8.21% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.38% | 9.29% | -0.91% |
BBM3.L vs. TSY3.L - Expense Ratio Comparison
BBM3.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
BBM3.L vs. TSY3.L - Dividend Comparison
BBM3.L has not paid dividends to shareholders, while TSY3.L's dividend yield for the trailing twelve months is around 3.92%.
| 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% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 3.92% | 4.25% | 4.07% | 3.02% | 0.60% | 0.56% | 1.84% | 2.14% | 1.31% | 1.04% | 0.63% | 0.52% |
Frequently Asked Questions
With a correlation of 0.98, BBM3.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.
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.
TSY3.L is cheaper with a 0.05% expense ratio, compared with 0.07% for BBM3.L.
BBM3.L tracks ICE 0-3 Month US Treasury Notes & Bills 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 BBM3.L and 0.05% for TSY3.L.
Find the right allocation for BBM3.L and TSY3.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer