ERN1.L vs. BBM3.L
ERN1.L (iShares € Ultrashort Bond UCITS ETF) and BBM3.L (JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)) are both exchange-traded funds - ERN1.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while BBM3.L is a Government Bonds fund tracking the ICE 0-3 Month US Treasury Notes & Bills Index. Both are passively managed. Over the past 5 years, ERN1.L returned 12.09%/yr vs 4.56%/yr for BBM3.L. At a 0.40 correlation, their price movements are largely independent. ERN1.L charges 0.09%/yr vs 0.07%/yr for BBM3.L.
Performance
ERN1.L vs. BBM3.L - Performance Comparison
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Returns By Period
In the year-to-date period, ERN1.L achieves a -0.66% return, which is significantly lower than BBM3.L's 1.63% return.
ERN1.L
- 1D
- 0.17%
- 1M
- 0.50%
- YTD
- -0.66%
- 6M
- -1.68%
- 1Y
- 1.60%
- 3Y*
- 20.59%
- 5Y*
- 12.09%
- 10Y*
- 7.14%
BBM3.L
- 1D
- 0.09%
- 1M
- 1.32%
- YTD
- 1.63%
- 6M
- 1.18%
- 1Y
- 4.93%
- 3Y*
- 1.97%
- 5Y*
- 4.56%
- 10Y*
- —
ERN1.L vs. BBM3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ERN1.L iShares € Ultrashort Bond UCITS ETF | -0.66% | 5.12% | -4.27% | 72.37% | 5.26% | -2.80% |
BBM3.L JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) | 1.63% | -2.96% | 7.04% | -0.79% | 13.68% | 4.38% |
Correlation
The correlation between ERN1.L and BBM3.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.40 |
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Return for Risk
ERN1.L vs. BBM3.L — Risk / Return Rank
ERN1.L
BBM3.L
ERN1.L vs. BBM3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Ultrashort Bond UCITS ETF (ERN1.L) and JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.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.
| ERN1.L | BBM3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.13 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 1.09 | -0.62 |
| Martin ratioReturn relative to average drawdown | 0.92 | 2.71 | -1.80 |
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
| ERN1.L | BBM3.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.37 | 0.76 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.54 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.50 | -0.10 |
Drawdowns
ERN1.L vs. BBM3.L - Drawdown Comparison
The maximum ERN1.L drawdown since its inception was -11.79%, smaller than the maximum BBM3.L drawdown of -15.27%. Use the drawdown chart below to compare losses from any high point for ERN1.L and BBM3.L.
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Drawdown Indicators
| ERN1.L | BBM3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.79% | -15.27% | +3.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.41% | -4.52% | +1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -6.78% | -9.77% | +2.99% |
Max Drawdown (5Y)Largest decline over 5 years | -6.78% | -15.27% | +8.49% |
Max Drawdown (10Y)Largest decline over 10 years | -11.79% | — | — |
Current DrawdownCurrent decline from peak | -2.62% | -5.65% | +3.03% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -6.31% | +1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.81% | -0.07% |
Volatility
ERN1.L vs. BBM3.L - Volatility Comparison
The current volatility for iShares € Ultrashort Bond UCITS ETF (ERN1.L) is 1.20%, while JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L) has a volatility of 1.89%. This indicates that ERN1.L experiences smaller price fluctuations and is considered to be less risky than BBM3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERN1.L | BBM3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.89% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 4.68% | -1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 6.47% | -2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.29% | 8.43% | +24.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.27% | 8.38% | +15.89% |
ERN1.L vs. BBM3.L - Expense Ratio Comparison
ERN1.L has a 0.09% expense ratio, which is higher than BBM3.L's 0.07% 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
ERN1.L vs. BBM3.L - Dividend Comparison
Neither ERN1.L nor BBM3.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBM3.L JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (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% |
ERN1.L iShares € Ultrashort Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 41.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.00% | 13.08% |
Frequently Asked Questions
ERN1.L and BBM3.L have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BBM3.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BBM3.L is cheaper with a 0.07% expense ratio, compared with 0.09% for ERN1.L.
ERN1.L is categorized as Ultrashort Bond, while BBM3.L is Government Bonds. ERN1.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while BBM3.L tracks ICE 0-3 Month US Treasury Notes & Bills Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.09% for ERN1.L and 0.07% for BBM3.L.
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