CYGB.L vs. BBTP.L
CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) and BBTP.L (JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc)) are both exchange-traded funds - CYGB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index, while BBTP.L is a Government Bonds fund tracking the J.P. Morgan Government Bond Index United States. Both are passively managed. Over the past 5 years, CYGB.L returned 5.30%/yr vs -1.49%/yr for BBTP.L. Their 0.08 correlation means their historical movements had little consistent relationship. CYGB.L charges 0.40%/yr vs 0.10%/yr for BBTP.L.
Performance
CYGB.L vs. BBTP.L - Performance Comparison
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Returns By Period
In the year-to-date period, CYGB.L achieves a 3.27% return, which is significantly higher than BBTP.L's -0.93% return.
CYGB.L
- 1D
- -0.17%
- 1M
- 0.17%
- 6M
- 2.73%
- YTD
- 3.27%
- 1Y
- 3.85%
- 3Y*
- 6.57%
- 5Y*
- 5.30%
- 10Y*
- —
- ALL TIME*
- 5.30%
BBTP.L
- 1D
- 0.30%
- 1M
- -1.31%
- 6M
- -0.52%
- YTD
- -0.93%
- 1Y
- 2.43%
- 3Y*
- 2.50%
- 5Y*
- -1.49%
- 10Y*
- —
- ALL TIME*
- 0.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| £49.50K | £56.29K | £60.62K | |
| £126.15K | £474.77K | £188.14K |
CYGB.L vs. BBTP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.27% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
BBTP.L JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc) | -0.93% | 6.15% | 0.32% | 2.77% | -13.62% | 0.21% |
Correlation
The correlation between CYGB.L and BBTP.L is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.08 |
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Return for Risk
CYGB.L vs. BBTP.L — Risk / Return Rank
CYGB.L
BBTP.L
CYGB.L vs. BBTP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) and JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc) (BBTP.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.
| CYGB.L | BBTP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.11 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 5.55 | 0.73 | +4.82 |
| Martin ratioReturn relative to average drawdown | 13.03 | 1.88 | +11.15 |
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Drawdowns
CYGB.L vs. BBTP.L - Drawdown Comparison
The maximum CYGB.L drawdown since its inception was -1.56%, smaller than the maximum BBTP.L drawdown of -21.54%. Use the drawdown chart below to compare losses from any high point for CYGB.L and BBTP.L.
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Drawdown Indicators
| CYGB.L | BBTP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.56% | -21.54% | +19.98% |
Max Drawdown (1Y)Largest decline over 1 year | -0.69% | -3.17% | +2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -1.56% | -5.29% | +3.73% |
Max Drawdown (5Y)Largest decline over 5 years | -1.56% | -18.82% | +17.26% |
Current DrawdownCurrent decline from peak | -0.34% | -10.93% | +10.59% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -9.98% | +9.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 1.23% | -0.93% |
Volatility
CYGB.L vs. BBTP.L - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) is 0.63%, while JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc) (BBTP.L) has a volatility of 0.98%. This indicates that CYGB.L experiences smaller price fluctuations and is considered to be less risky than BBTP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CYGB.L | BBTP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.98% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 2.82% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 3.74% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.38% | 5.87% | -3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.33% | 5.62% | -3.29% |
CYGB.L vs. BBTP.L - Expense Ratio Comparison
CYGB.L has a 0.40% expense ratio, which is higher than BBTP.L's 0.10% expense ratio.
Dividends
CYGB.L vs. BBTP.L - Dividend Comparison
CYGB.L's dividend yield for the trailing twelve months is around 1.70%, while BBTP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BBTP.L JPM BetaBuilders US Treasury Bond UCITS ETF - GBP Hedged (acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% |
Frequently Asked Questions
CYGB.L and BBTP.L have a correlation of 0.04, 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 0.40% for CYGB.L.
CYGB.L is categorized as Emerging Markets Bonds, while BBTP.L is Government Bonds. CYGB.L tracks Bloomberg China Treasury + Policy Bank Index, while BBTP.L tracks J.P. Morgan Government Bond Index United States. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.40% for CYGB.L and 0.10% for BBTP.L.
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