IBTS.L vs. BBM3.L
IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) and BBM3.L (JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)) are both Government Bonds funds - IBTS.L tracks the ICE U.S. Treasury 1-3 Year Bond Index while BBM3.L tracks the ICE 0-3 Month US Treasury Notes & Bills Index. Both are passively managed. Over the past 5 years, IBTS.L returned 2.92%/yr vs 4.54%/yr for BBM3.L. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.
Performance
IBTS.L vs. BBM3.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTS.L achieves a 0.51% return, which is significantly lower than BBM3.L's 1.54% return.
IBTS.L
- 1D
- 0.19%
- 1M
- 1.36%
- YTD
- 0.51%
- 6M
- 0.07%
- 1Y
- 4.08%
- 3Y*
- 1.62%
- 5Y*
- 2.92%
- 10Y*
- 2.54%
BBM3.L
- 1D
- 0.26%
- 1M
- 1.67%
- YTD
- 1.54%
- 6M
- 1.04%
- 1Y
- 4.51%
- 3Y*
- 2.09%
- 5Y*
- 4.54%
- 10Y*
- —
IBTS.L vs. BBM3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 0.51% | -1.91% | 5.79% | -1.41% | 7.61% | 3.84% |
BBM3.L JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) | 1.54% | -2.96% | 7.04% | -0.79% | 13.68% | 4.38% |
Correlation
The correlation between IBTS.L and BBM3.L is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.96 |
The correlation between IBTS.L and BBM3.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
IBTS.L vs. BBM3.L — Risk / Return Rank
IBTS.L
BBM3.L
IBTS.L vs. BBM3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.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.
| IBTS.L | BBM3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 0.99 | -0.09 |
| Martin ratioReturn relative to average drawdown | 2.29 | 2.48 | -0.19 |
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
| IBTS.L | BBM3.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.69 | -0.03 |
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 | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.50 | -0.15 |
Drawdowns
IBTS.L vs. BBM3.L - Drawdown Comparison
The maximum IBTS.L drawdown since its inception was -19.02%, which is greater than BBM3.L's maximum drawdown of -15.27%. Use the drawdown chart below to compare losses from any high point for IBTS.L and BBM3.L.
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Drawdown Indicators
| IBTS.L | BBM3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.02% | -15.27% | -3.75% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -4.52% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -8.89% | -9.77% | +0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -16.28% | -15.27% | -1.01% |
Max Drawdown (10Y)Largest decline over 10 years | -19.02% | — | — |
Current DrawdownCurrent decline from peak | -7.64% | -5.73% | -1.91% |
Average DrawdownAverage peak-to-trough decline | -7.93% | -6.31% | -1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.81% | -0.04% |
Volatility
IBTS.L vs. BBM3.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) is 1.69%, while JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L) has a volatility of 1.93%. This indicates that IBTS.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
| IBTS.L | BBM3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 1.93% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.49% | 4.68% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.10% | 6.47% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.09% | 8.43% | -0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.24% | 8.38% | +0.86% |
IBTS.L vs. BBM3.L - Expense Ratio Comparison
Both IBTS.L and BBM3.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
IBTS.L vs. BBM3.L - Dividend Comparison
IBTS.L's dividend yield for the trailing twelve months is around 4.00%, while BBM3.L has not 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% |
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 4.00% | 4.22% | 4.12% | 3.08% | 0.75% | 0.61% | 1.84% | 2.39% | 1.49% | 1.01% | 0.67% | 0.49% |
Frequently Asked Questions
With a correlation of 0.97, IBTS.L and BBM3.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.
IBTS.L and BBM3.L have the same expense ratio: 0.07% per year.
IBTS.L tracks ICE U.S. Treasury 1-3 Year Bond Index, while BBM3.L tracks ICE 0-3 Month US Treasury Notes & Bills Index. They also come from different issuers: iShares and JPMorgan.
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