TRSG.L vs. BBM3.L

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco US Treasury Bond UCITS ETF A (TRSG.L) and JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L).

TRSG.L and BBM3.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TRSG.L is a passively managed fund by Invesco that tracks the performance of the Bloomberg US Government TR USD. It was launched on Jan 11, 2019. BBM3.L is a passively managed fund by JPMorgan that tracks the performance of the Bloomberg US Government TR USD. It was launched on Feb 17, 2021. Both TRSG.L and BBM3.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

TRSG.L vs. BBM3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Treasury Bond UCITS ETF A (TRSG.L) and JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L). The values are adjusted to include any dividend payments, if applicable.

TRSG.L vs. BBM3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TRSG.L Invesco US Treasury Bond UCITS ETF A	0.91%	-0.91%	2.57%	-1.87%	-1.86%	4.95%
BBM3.L JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)	1.91%	-2.96%	7.04%	-0.79%	13.68%	4.38%

Different Trading Currencies

TRSG.L is traded in GBp, while BBM3.L is traded in GBP. To make them comparable, the BBM3.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, TRSG.L achieves a 0.91% return, which is significantly lower than BBM3.L's 1.91% return.

TRSG.L

• 1D: -0.68%
• 1M: -0.78%
• YTD: 0.91%
• 6M: 2.05%
• 1Y: 0.01%
• 3Y*: 0.22%
• 5Y*: 0.58%
• 10Y*: —

BBM3.L

• 1D: -0.68%
• 1M: 0.74%
• YTD: 1.91%
• 6M: 3.16%
• 1Y: 0.99%
• 3Y*: 2.20%
• 5Y*: 4.11%
• 10Y*: —

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

TRSG.L vs. BBM3.L - Expense Ratio Comparison

TRSG.L has a 0.06% expense ratio, which is lower than BBM3.L's 0.07% 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%.

BBM3.L

JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc)

TRSG.L

Invesco US Treasury Bond UCITS ETF A

Return for Risk

TRSG.L vs. BBM3.L — Risk / Return Rank

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

TRSG.L

TRSG.L Risk / Return Rank: 11
TRSG.L Sharpe Ratio Rank: 12
TRSG.L Sortino Ratio Rank: 10
TRSG.L Omega Ratio Rank: 10
TRSG.L Calmar Ratio Rank: 12
TRSG.L Martin Ratio Rank: 12

BBM3.L

BBM3.L Risk / Return Rank: 14
BBM3.L Sharpe Ratio Rank: 15
BBM3.L Sortino Ratio Rank: 13
BBM3.L Omega Ratio Rank: 12
BBM3.L Calmar Ratio Rank: 16
BBM3.L Martin Ratio Rank: 14

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.

TRSG.L vs. BBM3.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond UCITS ETF A (TRSG.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.

	TRSG.L	BBM3.L	Difference
Sharpe ratio Return per unit of total volatility	0.00	0.14	-0.14
Sortino ratio Return per unit of downside risk	0.05	0.25	-0.20
Omega ratio Gain probability vs. loss probability	1.01	1.03	-0.02
Calmar ratio Return relative to maximum drawdown	0.06	0.21	-0.14
Martin ratio Return relative to average drawdown	0.11	0.39	-0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRSG.L vs. BBM3.L - Sharpe Ratio Comparison

The current TRSG.L Sharpe Ratio is 0.00, which is lower than the BBM3.L Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of TRSG.L and BBM3.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TRSG.L	BBM3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.00	0.14	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.49	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.52	-0.43

Correlation

The correlation between TRSG.L and BBM3.L is 0.77, 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

TRSG.L vs. BBM3.L - Dividend Comparison

TRSG.L's dividend yield for the trailing twelve months is around 4.20%, while BBM3.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019
TRSG.L Invesco US Treasury Bond UCITS ETF A	4.20%	4.22%	4.16%	3.85%	1.94%	1.12%	1.69%	2.01%
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%

Drawdowns

TRSG.L vs. BBM3.L - Drawdown Comparison

The maximum TRSG.L drawdown since its inception was -23.68%, 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 TRSG.L and BBM3.L.

Drawdown Indicators

	TRSG.L	BBM3.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.68%	-15.27%	-8.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.38%	-6.28%	-1.10%
Max Drawdown (5Y) Largest decline over 5 years	-16.12%	-15.27%	-0.85%
Current Drawdown Current decline from peak	-17.85%	-5.40%	-12.45%
Average Drawdown Average peak-to-trough decline	-15.39%	-6.31%	-9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	3.36%	+0.90%

Volatility

TRSG.L vs. BBM3.L - Volatility Comparison

Invesco US Treasury Bond UCITS ETF A (TRSG.L) and JPMorgan BetaBuilders US Treasury Bond 0-3 Months UCITS ETF USD (Acc) (BBM3.L) have volatilities of 2.06% and 2.14%, 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

	TRSG.L	BBM3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	2.14%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	4.49%	4.37%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	7.17%	6.94%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.76%	8.42%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.49%	8.42%	+1.07%