TOPC vs. BBUS

Last updated Jun 30, 2026

TOPC (iShares S&P 500 3% Capped ETF) and BBUS (JPMorgan BetaBuilders U.S. Equity ETF) are both Large Cap Blend Equities funds - TOPC tracks the S&P 500 3% Capped Index while BBUS tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past year, TOPC returned 22.63% vs 21.26% for BBUS. With a 0.96 correlation, they move nearly in lockstep. TOPC charges 0.09%/yr vs 0.02%/yr for BBUS.

Performance

TOPC vs. BBUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 3% Capped ETF (TOPC) and JPMorgan BetaBuilders U.S. Equity ETF (BBUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOPC achieves a 11.31% return, which is significantly higher than BBUS's 8.84% return.

TOPC

• 1D: 1.05%
• 1M: 0.07%
• YTD: 11.31%
• 6M: 10.23%
• 1Y: 22.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BBUS

• 1D: 1.40%
• 1M: -1.86%
• YTD: 8.84%
• 6M: 7.92%
• 1Y: 21.26%
• 3Y*: 20.26%
• 5Y*: 12.60%
• 10Y*: —

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

TOPC vs. BBUS - Yearly Performance Comparison

	2026 (YTD)	2025
TOPC iShares S&P 500 3% Capped ETF	11.31%	25.80%
BBUS JPMorgan BetaBuilders U.S. Equity ETF	8.84%	28.14%

Correlation

The correlation between TOPC and BBUS is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.96

The correlation between TOPC and BBUS has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

TOPC vs. BBUS — Risk / Return Rank

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

TOPC

TOPC Risk / Return Rank: 70
TOPC Sharpe Ratio Rank: 69
TOPC Sortino Ratio Rank: 67
TOPC Omega Ratio Rank: 68
TOPC Calmar Ratio Rank: 67
TOPC Martin Ratio Rank: 78

BBUS

BBUS Risk / Return Rank: 59
BBUS Sharpe Ratio Rank: 59
BBUS Sortino Ratio Rank: 57
BBUS Omega Ratio Rank: 58
BBUS Calmar Ratio Rank: 55
BBUS Martin Ratio Rank: 65

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.

TOPC vs. BBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped ETF (TOPC) and JPMorgan BetaBuilders U.S. Equity ETF (BBUS). 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.

	TOPC	BBUS	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.70	+0.20
Sortino ratio: Return per unit of downside risk	2.61	2.35	+0.26
Omega ratio: Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio: Return relative to maximum drawdown	2.83	2.32	+0.51
Martin ratio: Return relative to average drawdown	12.77	10.06	+2.72

TOPC vs. BBUS - Sharpe Ratio Comparison

The current TOPC Sharpe Ratio is 1.91, which is comparable to the BBUS Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of TOPC and BBUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TOPC vs. BBUS - Drawdown Comparison

The maximum TOPC drawdown since its inception was -8.04%, smaller than the maximum BBUS drawdown of -35.35%. Use the drawdown chart below to compare losses from any high point for TOPC and BBUS.

Drawdown Indicators

	TOPC	BBUS	Difference
Max Drawdown Largest peak-to-trough decline	-8.04%	-35.35%	+27.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-9.21%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.46%	—
Current Drawdown Current decline from peak	-0.63%	-2.33%	+1.70%
Average Drawdown Average peak-to-trough decline	-0.96%	-5.43%	+4.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	2.12%	-0.34%

Volatility

TOPC vs. BBUS - Volatility Comparison

iShares S&P 500 3% Capped ETF (TOPC) and JPMorgan BetaBuilders U.S. Equity ETF (BBUS) have volatilities of 4.78% and 5.03%, 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.

Volatility by Period

	TOPC	BBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	5.03%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	9.94%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	12.56%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	17.14%	-4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.54%	19.58%	-7.04%

TOPC vs. BBUS - Expense Ratio Comparison

TOPC has a 0.09% expense ratio, which is higher than BBUS's 0.02% 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

TOPC vs. BBUS - Dividend Comparison

TOPC's dividend yield for the trailing twelve months is around 1.04%, more than BBUS's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BBUS JPMorgan BetaBuilders U.S. Equity ETF	1.02%	1.07%	1.21%	1.38%	1.57%	1.11%	1.43%	1.37%
TOPC iShares S&P 500 3% Capped ETF	1.04%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOPC and BBUS in my portfolio?

With a correlation of 0.96, TOPC and BBUS 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.

Which is riskier, TOPC or BBUS?

BBUS has higher volatility (5.03%) compared to TOPC (4.78%). In terms of maximum drawdown, TOPC dropped -8.04% vs BBUS's -35.35%.

Which ETF is better, TOPC or BBUS?

On 1-year performance, TOPC leads with 22.63% vs 21.26% for BBUS. On fees, BBUS is cheaper at 0.02% per year. On volatility, TOPC has been the lower-risk option at 4.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPC or BBUS?

Over the 1-year period, TOPC has performed better with a 22.63% return vs 21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPC or BBUS?

BBUS is cheaper with a 0.02% expense ratio, compared with 0.09% for TOPC.

Which ETF pays a higher dividend yield, TOPC or BBUS?

TOPC has the higher dividend yield at 1.04%, compared with 1.02% for BBUS.

What is the main difference between TOPC and BBUS?

TOPC tracks S&P 500 3% Capped Index, while BBUS tracks Morningstar US Target Market Exposure Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.09% for TOPC and 0.02% for BBUS.

Which has better risk-adjusted returns?

TOPC currently has the higher Sharpe Ratio (1.91 vs 1.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.