BBTP.L vs. USTY.L
BBTP.L (JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc)) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both Government Bonds funds - BBTP.L tracks the J.P. Morgan Government Bond Index United States while USTY.L tracks the Bloomberg US Treasury Index. Both are passively managed. Over the past 5 years, BBTP.L returned -1.32%/yr vs -0.20%/yr for USTY.L. At a 0.40 correlation, their price movements are largely independent. BBTP.L charges 0.10%/yr vs 0.05%/yr for USTY.L.
Performance
BBTP.L vs. USTY.L - Performance Comparison
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Returns By Period
In the year-to-date period, BBTP.L achieves a -0.33% return, which is significantly lower than USTY.L's -0.10% return.
BBTP.L
- 1D
- 0.23%
- 1M
- -0.26%
- 6M
- -0.01%
- YTD
- -0.33%
- 1Y
- 3.33%
- 3Y*
- 2.49%
- 5Y*
- -1.32%
- 10Y*
- —
USTY.L
- 1D
- 0.47%
- 1M
- -0.69%
- 6M
- -0.39%
- YTD
- -0.10%
- 1Y
- 3.38%
- 3Y*
- 1.94%
- 5Y*
- -0.20%
- 10Y*
- 0.52%
BBTP.L vs. USTY.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) | -0.33% | 6.15% | 0.32% | 2.77% | -13.62% | -2.62% | 7.48% | 3.54% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | -0.10% | -0.90% | 2.50% | -1.93% | -1.98% | -1.22% | 3.99% | 1.69% |
Correlation
The correlation between BBTP.L and USTY.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since May 16, 2019 | 0.40 |
Over the past year, the correlation between BBTP.L and USTY.L has dropped to 0.18 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
BBTP.L vs. USTY.L — Risk / Return Rank
BBTP.L
USTY.L
BBTP.L vs. USTY.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 SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.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 | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.10 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 0.65 | +0.40 |
| Martin ratioReturn relative to average drawdown | 2.81 | 1.49 | +1.33 |
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Drawdowns
BBTP.L vs. USTY.L - Drawdown Comparison
The maximum BBTP.L drawdown since its inception was -21.54%, smaller than the maximum USTY.L drawdown of -36.73%. Use the drawdown chart below to compare losses from any high point for BBTP.L and USTY.L.
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Drawdown Indicators
| BBTP.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.54% | -36.73% | +15.19% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -5.20% | +2.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.71% | -8.14% | +2.43% |
Max Drawdown (5Y)Largest decline over 5 years | -18.82% | -16.24% | -2.58% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.92% | — |
Current DrawdownCurrent decline from peak | -10.39% | -18.99% | +8.60% |
Average DrawdownAverage peak-to-trough decline | -9.98% | -14.80% | +4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 2.27% | -1.09% |
Volatility
BBTP.L vs. USTY.L - Volatility Comparison
The current volatility for JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc) (BBTP.L) is 1.02%, while SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a volatility of 1.51%. This indicates that BBTP.L experiences smaller price fluctuations and is considered to be less risky than USTY.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 | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 1.51% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 4.76% | -1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 6.29% | -2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.88% | 8.69% | -2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.62% | 9.26% | -3.64% |
BBTP.L vs. USTY.L - Expense Ratio Comparison
BBTP.L has a 0.10% expense ratio, which is higher than USTY.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
BBTP.L vs. USTY.L - Dividend Comparison
BBTP.L has not paid dividends to shareholders, while USTY.L's dividend yield for the trailing twelve months is around 3.62%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% | 0.00% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 3.62% | 3.58% | 2.98% | 2.23% | 1.24% | 0.95% | 1.91% | 2.22% | 1.56% | 1.63% | 1.20% | 1.90% |
Frequently Asked Questions
BBTP.L and USTY.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, USTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USTY.L is cheaper with a 0.05% expense ratio, compared with 0.10% for BBTP.L.
BBTP.L tracks J.P. Morgan Government Bond Index United States, while USTY.L tracks Bloomberg US Treasury Index. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.10% for BBTP.L and 0.05% for USTY.L.
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