BBTP.L vs. CNYB.L
BBTP.L (JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc)) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both exchange-traded funds - BBTP.L is a Government Bonds fund tracking the J.P. Morgan Government Bond Index United States, while CNYB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, BBTP.L returned -1.35%/yr vs 3.58%/yr for CNYB.L. At a correlation of -0.08, they often move in opposite directions. BBTP.L charges 0.10%/yr vs 0.35%/yr for CNYB.L.
Performance
BBTP.L vs. CNYB.L - Performance Comparison
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Returns By Period
In the year-to-date period, BBTP.L achieves a -0.46% return, which is significantly lower than CNYB.L's 5.08% return.
BBTP.L
- 1D
- 0.03%
- 1M
- -0.23%
- 6M
- -0.43%
- YTD
- -0.46%
- 1Y
- 3.47%
- 3Y*
- 2.50%
- 5Y*
- -1.35%
- 10Y*
- —
CNYB.L
- 1D
- 0.23%
- 1M
- -0.13%
- 6M
- 4.82%
- YTD
- 5.08%
- 1Y
- 7.11%
- 3Y*
- 4.85%
- 5Y*
- 3.58%
- 10Y*
- —
BBTP.L vs. CNYB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BBTP.L JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc) | -0.46% | 6.15% | 0.32% | 2.77% | -13.62% | -2.62% | 7.48% | 1.41% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.08% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | -19.80% | 0.53% |
Correlation
The correlation between BBTP.L and CNYB.L is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | -0.08 |
The correlation between BBTP.L and CNYB.L shifts across timeframes, from -0.18 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BBTP.L vs. CNYB.L — Risk / Return Rank
BBTP.L
CNYB.L
BBTP.L vs. CNYB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc) (BBTP.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.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.
| BBTP.L | CNYB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.21 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 2.57 | -1.48 |
| Martin ratioReturn relative to average drawdown | 2.96 | 6.13 | -3.17 |
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Drawdowns
BBTP.L vs. CNYB.L - Drawdown Comparison
The maximum BBTP.L drawdown since its inception was -21.54%, smaller than the maximum CNYB.L drawdown of -25.82%. Use the drawdown chart below to compare losses from any high point for BBTP.L and CNYB.L.
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Drawdown Indicators
| BBTP.L | CNYB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.54% | -25.82% | +4.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -2.75% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -5.74% | -9.03% | +3.29% |
Max Drawdown (5Y)Largest decline over 5 years | -18.82% | -15.44% | -3.38% |
Current DrawdownCurrent decline from peak | -10.51% | -7.25% | -3.26% |
Average DrawdownAverage peak-to-trough decline | -9.98% | -12.53% | +2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.16% | +0.01% |
Volatility
BBTP.L vs. CNYB.L - Volatility Comparison
The current volatility for JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc) (BBTP.L) is 1.00%, while iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) has a volatility of 1.68%. This indicates that BBTP.L experiences smaller price fluctuations and is considered to be less risky than CNYB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BBTP.L | CNYB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 1.68% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 4.69% | -1.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 6.29% | -2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.88% | 7.66% | -1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.63% | 11.48% | -5.85% |
BBTP.L vs. CNYB.L - Expense Ratio Comparison
BBTP.L has a 0.10% expense ratio, which is lower than CNYB.L's 0.35% expense ratio.
Dividends
BBTP.L vs. CNYB.L - Dividend Comparison
BBTP.L has not paid dividends to shareholders, while CNYB.L's dividend yield for the trailing twelve months is around 1.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BBTP.L JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% |
Frequently Asked Questions
BBTP.L and CNYB.L have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BBTP.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BBTP.L is cheaper with a 0.10% expense ratio, compared with 0.35% for CNYB.L.
BBTP.L is categorized as Government Bonds, while CNYB.L is Emerging Markets Bonds. BBTP.L tracks J.P. Morgan Government Bond Index United States, while CNYB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.10% for BBTP.L and 0.35% for CNYB.L.
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