BBM3.L vs. USFR.L
BBM3.L (JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both Government Bonds funds - BBM3.L tracks the ICE 0-3 Month US Treasury Notes & Bills Index while USFR.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, BBM3.L returned 4.56%/yr vs 4.71%/yr for USFR.L. Their correlation of 0.80 suggests significant overlap in exposure. BBM3.L charges 0.07%/yr vs 0.15%/yr for USFR.L.
Performance
BBM3.L vs. USFR.L - Performance Comparison
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Different Trading Currencies
BBM3.L is traded in GBP, while USFR.L is traded in USD. To make them comparable, the USFR.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 lower than USFR.L's 2.01% 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*
- —
USFR.L
- 1D
- 0.01%
- 1M
- 1.25%
- YTD
- 2.01%
- 6M
- 1.19%
- 1Y
- 4.97%
- 3Y*
- 2.06%
- 5Y*
- 4.71%
- 10Y*
- —
BBM3.L vs. USFR.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% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 2.01% | -3.29% | 7.25% | -0.31% | 14.18% | 4.40% |
Correlation
The correlation between BBM3.L and USFR.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.80 |
The correlation between BBM3.L and USFR.L has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.
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Return for Risk
BBM3.L vs. USFR.L — Risk / Return Rank
BBM3.L
USFR.L
BBM3.L vs. USFR.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 WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.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 | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.97 | +0.11 |
| Martin ratioReturn relative to average drawdown | 2.71 | 2.60 | +0.11 |
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 | USFR.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 0.75 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.55 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.29 | +0.22 |
Drawdowns
BBM3.L vs. USFR.L - Drawdown Comparison
The maximum BBM3.L drawdown since its inception was -15.27%, smaller than the maximum USFR.L drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for BBM3.L and USFR.L.
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Drawdown Indicators
| BBM3.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.27% | -18.16% | +2.89% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -5.09% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -9.77% | -9.80% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -15.27% | -15.70% | +0.43% |
Current DrawdownCurrent decline from peak | -5.65% | -5.90% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -6.31% | -8.93% | +2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.91% | -0.10% |
Volatility
BBM3.L vs. USFR.L - Volatility Comparison
JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L) and WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) have volatilities of 1.89% and 1.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BBM3.L | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 1.89% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 5.05% | -0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 6.63% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.43% | 8.60% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.38% | 8.90% | -0.52% |
BBM3.L vs. USFR.L - Expense Ratio Comparison
BBM3.L has a 0.07% expense ratio, which is lower than USFR.L's 0.15% 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. USFR.L - Dividend Comparison
BBM3.L has not paid dividends to shareholders, while USFR.L's dividend yield for the trailing twelve months is around 3.99%.
| 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% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 3.99% | 4.32% | 5.24% | 4.58% | 0.78% | 0.00% | 0.57% | 1.09% |
Frequently Asked Questions
BBM3.L and USFR.L have a correlation of 0.79, 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 0.15% for USFR.L.
BBM3.L tracks ICE 0-3 Month US Treasury Notes & Bills Index, while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: JPMorgan and WisdomTree. Their fees differ too: 0.07% for BBM3.L and 0.15% for USFR.L.
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