CU31.L vs. BBLL.L
CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and BBLL.L (JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc)) are both Government Bonds funds - CU31.L tracks the ICE US Treasury 1-3 Year Index while BBLL.L tracks the ICE US Treasury 0-1 Year Index. Both are passively managed. Over the past year, CU31.L returned 4.42% vs 4.96% for BBLL.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.
Performance
CU31.L vs. BBLL.L - Performance Comparison
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Different Trading Currencies
CU31.L is traded in GBp, while BBLL.L is traded in GBP. To make them comparable, the BBLL.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CU31.L achieves a 0.66% return, which is significantly lower than BBLL.L's 1.64% return.
CU31.L
- 1D
- 0.11%
- 1M
- 1.13%
- YTD
- 0.66%
- 6M
- 0.30%
- 1Y
- 4.42%
- 3Y*
- 1.49%
- 5Y*
- 2.92%
- 10Y*
- 2.48%
BBLL.L
- 1D
- 0.05%
- 1M
- 1.28%
- YTD
- 1.64%
- 6M
- 1.15%
- 1Y
- 4.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CU31.L vs. BBLL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.66% | 2.43% |
BBLL.L JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) | 1.64% | 2.34% |
Correlation
The correlation between CU31.L and BBLL.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 (All Time) Calculated using the full available price history since Apr 29, 2025 | 0.98 |
The correlation between CU31.L and BBLL.L has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
CU31.L vs. BBLL.L — Risk / Return Rank
CU31.L
BBLL.L
CU31.L vs. BBLL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) and JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) (BBLL.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.
| CU31.L | BBLL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.13 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.09 | -0.11 |
| Martin ratioReturn relative to average drawdown | 2.47 | 2.77 | -0.30 |
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
| CU31.L | BBLL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.77 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.57 | -0.29 |
Drawdowns
CU31.L vs. BBLL.L - Drawdown Comparison
The maximum CU31.L drawdown since its inception was -18.80%, which is greater than BBLL.L's maximum drawdown of -4.55%. Use the drawdown chart below to compare losses from any high point for CU31.L and BBLL.L.
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Drawdown Indicators
| CU31.L | BBLL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.80% | -4.55% | -14.25% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -4.55% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -8.91% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.80% | — | — |
Current DrawdownCurrent decline from peak | -7.61% | -1.11% | -6.50% |
Average DrawdownAverage peak-to-trough decline | -8.23% | -1.59% | -6.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 1.79% | -0.01% |
Volatility
CU31.L vs. BBLL.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) is 1.63%, while JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) (BBLL.L) has a volatility of 1.86%. This indicates that CU31.L experiences smaller price fluctuations and is considered to be less risky than BBLL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CU31.L | BBLL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 1.86% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 4.69% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.11% | 6.43% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 6.41% | +1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.19% | 6.41% | +2.78% |
CU31.L vs. BBLL.L - Expense Ratio Comparison
Both CU31.L and BBLL.L have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
CU31.L vs. BBLL.L - Dividend Comparison
Neither CU31.L nor BBLL.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, CU31.L and BBLL.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.
Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CU31.L and BBLL.L have the same expense ratio: 0.07% per year.
CU31.L tracks ICE US Treasury 1-3 Year Index, while BBLL.L tracks ICE US Treasury 0-1 Year Index. They also come from different issuers: iShares and JPMorgan.
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