CE31.L vs. J13E.L
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and J13E.L (JPMorgan BetaBuilders EUR Government Bond 1-3 UCITS ETF EUR (Acc)) are both European Government Bonds funds tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, from iShares and JPMorgan respectively. Both are passively managed. Over the past 5 years, CE31.L returned 0.96%/yr vs 0.77%/yr for J13E.L. With a 0.99 correlation, they move nearly in lockstep. CE31.L charges 0.15%/yr vs 0.10%/yr for J13E.L.
Performance
CE31.L vs. J13E.L - Performance Comparison
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Different Trading Currencies
CE31.L is traded in GBp, while J13E.L is traded in GBP. To make them comparable, the J13E.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CE31.L achieves a -0.69% return, which is significantly higher than J13E.L's -0.90% return.
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
J13E.L
- 1D
- 0.20%
- 1M
- 0.55%
- YTD
- -0.90%
- 6M
- -0.76%
- 1Y
- 3.55%
- 3Y*
- 2.73%
- 5Y*
- 0.77%
- 10Y*
- —
CE31.L vs. J13E.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 1.03% |
J13E.L JPMorgan BetaBuilders EUR Government Bond 1-3 UCITS ETF EUR (Acc) | -0.90% | 7.65% | -1.69% | 1.45% | 0.25% | -7.21% | 5.47% | -4.60% | 1.22% |
Correlation
The correlation between CE31.L and J13E.L is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2018 | 0.99 |
The correlation between CE31.L and J13E.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
CE31.L vs. J13E.L — Risk / Return Rank
CE31.L
J13E.L
CE31.L vs. J13E.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) and JPMorgan BetaBuilders EUR Government Bond 1-3 UCITS ETF EUR (Acc) (J13E.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.
| CE31.L | J13E.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.15 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 1.28 | +0.12 |
| Martin ratioReturn relative to average drawdown | 3.13 | 2.88 | +0.25 |
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
| CE31.L | J13E.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 0.84 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.14 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.02 | +0.06 |
Drawdowns
CE31.L vs. J13E.L - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, which is greater than J13E.L's maximum drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for CE31.L and J13E.L.
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Drawdown Indicators
| CE31.L | J13E.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -13.59% | -4.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -2.76% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -3.14% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -6.48% | +0.50% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | — | — |
Current DrawdownCurrent decline from peak | -3.78% | -4.67% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -7.27% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.23% | -0.06% |
Volatility
CE31.L vs. J13E.L - Volatility Comparison
iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) and JPMorgan BetaBuilders EUR Government Bond 1-3 UCITS ETF EUR (Acc) (J13E.L) have volatilities of 1.27% and 1.24%, 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
| CE31.L | J13E.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.24% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 2.87% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 4.18% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 5.31% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 6.28% | +0.79% |
CE31.L vs. J13E.L - Expense Ratio Comparison
CE31.L has a 0.15% expense ratio, which is higher than J13E.L's 0.10% 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
CE31.L vs. J13E.L - Dividend Comparison
Neither CE31.L nor J13E.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
J13E.L JPMorgan BetaBuilders EUR Government Bond 1-3 UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.12% |
Frequently Asked Questions
With a correlation of 0.99, CE31.L and J13E.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, J13E.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
J13E.L is cheaper with a 0.10% expense ratio, compared with 0.15% for CE31.L.
Both ETFs track Bloomberg Euro Agg Govt 1-3 Yr TR EUR. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.15% for CE31.L and 0.10% for J13E.L.
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