SMBS.L vs. BBLL.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares US Mortgage Backed Securities UCITS ETF (SMBS.L) and JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) (BBLL.L).

SMBS.L and BBLL.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMBS.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Government TR USD. It was launched on May 23, 2016. BBLL.L is a passively managed fund by JPMorgan that tracks the performance of the Bloomberg US Government TR USD. It was launched on Jul 9, 2019. Both SMBS.L and BBLL.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SMBS.L vs. BBLL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares US Mortgage Backed Securities UCITS ETF (SMBS.L) and JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc) (BBLL.L). The values are adjusted to include any dividend payments, if applicable.

SMBS.L vs. BBLL.L - Yearly Performance Comparison

	2026 (YTD)	2025
SMBS.L iShares US Mortgage Backed Securities UCITS ETF	1.10%	4.98%
BBLL.L JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc)	1.87%	2.34%

Different Trading Currencies

SMBS.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, SMBS.L achieves a 1.10% return, which is significantly lower than BBLL.L's 1.87% return.

SMBS.L

• 1D: -0.74%
• 1M: -0.72%
• YTD: 1.10%
• 6M: 2.95%
• 1Y: 2.04%
• 3Y*: 1.40%
• 5Y*: 0.91%
• 10Y*: —

BBLL.L

• 1D: -0.82%
• 1M: 0.67%
• YTD: 1.87%
• 6M: 3.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMBS.L vs. BBLL.L - Expense Ratio Comparison

SMBS.L has a 0.28% expense ratio, which is higher than BBLL.L's 0.07% expense ratio.

SMBS.L

iShares US Mortgage Backed Securities UCITS ETF

BBLL.L

JPMorgan BetaBuilders US Treasury Bond 0-1 yr UCITS ETF USD (Acc)

Return for Risk

SMBS.L vs. BBLL.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMBS.L

SMBS.L Risk / Return Rank: 16
SMBS.L Sharpe Ratio Rank: 18
SMBS.L Sortino Ratio Rank: 16
SMBS.L Omega Ratio Rank: 16
SMBS.L Calmar Ratio Rank: 17
SMBS.L Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMBS.L vs. BBLL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares US Mortgage Backed Securities UCITS ETF (SMBS.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.

	SMBS.L	BBLL.L	Difference
Sharpe ratio Return per unit of total volatility	0.27	—	—
Sortino ratio Return per unit of downside risk	0.42	—	—
Omega ratio Gain probability vs. loss probability	1.05	—	—
Calmar ratio Return relative to maximum drawdown	0.32	—	—
Martin ratio Return relative to average drawdown	0.62	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SMBS.L	BBLL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.72	-0.51

Correlation

The correlation between SMBS.L and BBLL.L is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SMBS.L vs. BBLL.L - Dividend Comparison

SMBS.L's dividend yield for the trailing twelve months is around 3.54%, while BBLL.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SMBS.L iShares US Mortgage Backed Securities UCITS ETF	3.54%	3.57%	3.50%	3.23%	2.39%	2.22%	2.71%	3.06%	2.99%	3.00%	1.51%
BBLL.L JPMorgan BetaBuilders US Treasury Bond 0-1 yr 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%

Drawdowns

SMBS.L vs. BBLL.L - Drawdown Comparison

The maximum SMBS.L drawdown since its inception was -20.65%, 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 SMBS.L and BBLL.L.

Drawdown Indicators

	SMBS.L	BBLL.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.65%	-4.55%	-16.10%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.38%	—	—
Current Drawdown Current decline from peak	-11.86%	-0.89%	-10.97%
Average Drawdown Average peak-to-trough decline	-11.01%	-1.56%	-9.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	—	—

Volatility

Volatility by Period

	SMBS.L	BBLL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.56%	6.30%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.60%	6.30%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.09%	6.30%	+3.79%