J13E.L vs. CE31.L
J13E.L (JPMorgan BetaBuilders EUR Government Bond 1-3 UCITS ETF EUR (Acc)) and CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) are both European Government Bonds funds tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, from JPMorgan and iShares respectively. Both are passively managed. Over the past 5 years, J13E.L returned 0.77%/yr vs 0.96%/yr for CE31.L. With a 0.99 correlation, they move nearly in lockstep. J13E.L charges 0.10%/yr vs 0.15%/yr for CE31.L.
Performance
J13E.L vs. CE31.L - Performance Comparison
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Different Trading Currencies
J13E.L is traded in GBP, while CE31.L is traded in GBp. To make them comparable, the CE31.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, J13E.L achieves a -0.90% return, which is significantly lower than CE31.L's -0.69% return.
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
- 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 vs. CE31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between J13E.L and CE31.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 J13E.L and CE31.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
J13E.L vs. CE31.L — Risk / Return Rank
J13E.L
CE31.L
J13E.L vs. CE31.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders EUR Government Bond 1-3 UCITS ETF EUR (Acc) (J13E.L) and iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.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.
| J13E.L | CE31.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 | 1.28 | 1.40 | -0.12 |
| Martin ratioReturn relative to average drawdown | 2.88 | 3.13 | -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
| J13E.L | CE31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 0.88 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.18 | -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 | 0.02 | 0.08 | -0.06 |
Drawdowns
J13E.L vs. CE31.L - Drawdown Comparison
The maximum J13E.L drawdown since its inception was -13.59%, smaller than the maximum CE31.L drawdown of -18.33%. Use the drawdown chart below to compare losses from any high point for J13E.L and CE31.L.
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Drawdown Indicators
| J13E.L | CE31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.59% | -18.33% | +4.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.62% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -3.14% | -3.05% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -6.48% | -5.98% | -0.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.14% | — |
Current DrawdownCurrent decline from peak | -4.67% | -3.78% | -0.89% |
Average DrawdownAverage peak-to-trough decline | -7.27% | -7.24% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 1.17% | +0.06% |
Volatility
J13E.L vs. CE31.L - Volatility Comparison
JPMorgan BetaBuilders EUR Government Bond 1-3 UCITS ETF EUR (Acc) (J13E.L) and iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) have volatilities of 1.24% and 1.27%, 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
| J13E.L | CE31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.27% | -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 | 5.31% | 5.29% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.28% | 7.07% | -0.79% |
J13E.L vs. CE31.L - Expense Ratio Comparison
J13E.L has a 0.10% expense ratio, which is lower than CE31.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
J13E.L vs. CE31.L - Dividend Comparison
Neither J13E.L nor CE31.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, J13E.L and CE31.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: JPMorgan and iShares. Their fees differ too: 0.10% for J13E.L and 0.15% for CE31.L.
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