VPAC.L vs. BBUD.L

Last updated Jul 18, 2026

VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)) and BBUD.L (JPM BetaBuilders US Equity UCITS ETF - USD (dist)) are both exchange-traded funds - VPAC.L is a Preferred Stock/Convertible Bonds fund tracking the ICE Diversified Variable Rate Preferred & Hybrid Securities Index, while BBUD.L is a Large Cap Blend Equities fund tracking the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 5 years, VPAC.L returned 3.51%/yr vs 12.46%/yr for BBUD.L. A 0.53 correlation means they provide meaningful diversification when combined. VPAC.L charges 0.50%/yr vs 0.05%/yr for BBUD.L.

Performance

VPAC.L vs. BBUD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) and JPM BetaBuilders US Equity UCITS ETF - USD (dist) (BBUD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPAC.L achieves a 2.04% return, which is significantly lower than BBUD.L's 9.91% return.

VPAC.L

• 1D: -0.12%
• 1M: 0.08%
• 6M: 1.60%
• YTD: 2.04%
• 1Y: 4.91%
• 3Y*: 8.42%
• 5Y*: 3.51%
• 10Y*: —

BBUD.L

• 1D: 0.06%
• 1M: 0.66%
• 6M: 8.97%
• YTD: 9.91%
• 1Y: 20.68%
• 3Y*: 19.99%
• 5Y*: 12.46%
• 10Y*: —

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

VPAC.L vs. BBUD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)	2.04%	6.34%	10.84%	9.27%	-9.70%	3.64%	4.81%	8.27%
BBUD.L JPM BetaBuilders US Equity UCITS ETF - USD (dist)	9.91%	17.41%	25.12%	27.64%	-19.95%	27.63%	20.16%	13.29%

Correlation

The correlation between VPAC.L and BBUD.L is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019	0.53

The correlation between VPAC.L and BBUD.L shifts across timeframes, from 0.42 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VPAC.L vs. BBUD.L — Risk / Return Rank

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

VPAC.L

VPAC.L Risk / Return Rank: 71
VPAC.L Sharpe Ratio Rank: 67
VPAC.L Sortino Ratio Rank: 70
VPAC.L Omega Ratio Rank: 73
VPAC.L Calmar Ratio Rank: 69
VPAC.L Martin Ratio Rank: 74

BBUD.L

BBUD.L Risk / Return Rank: 72
BBUD.L Sharpe Ratio Rank: 73
BBUD.L Sortino Ratio Rank: 76
BBUD.L Omega Ratio Rank: 71
BBUD.L Calmar Ratio Rank: 66
BBUD.L Martin Ratio Rank: 74

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.

VPAC.L vs. BBUD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) and JPM BetaBuilders US Equity UCITS ETF - USD (dist) (BBUD.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.

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.

	VPAC.L	BBUD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.74	-0.12
Sortino ratio: Return per unit of downside risk	2.40	2.59	-0.19
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.54	2.46	+0.09
Martin ratio: Return relative to average drawdown	9.98	10.00	-0.01

VPAC.L vs. BBUD.L - Sharpe Ratio Comparison

The current VPAC.L Sharpe Ratio is 1.63, which is comparable to the BBUD.L Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of VPAC.L and BBUD.L, 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

VPAC.L vs. BBUD.L - Drawdown Comparison

The maximum VPAC.L drawdown since its inception was -34.25%, roughly equal to the maximum BBUD.L drawdown of -34.19%. Use the drawdown chart below to compare losses from any high point for VPAC.L and BBUD.L.

Drawdown Indicators

	VPAC.L	BBUD.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	-34.19%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-8.61%	+6.59%
Max Drawdown (3Y) Largest decline over 3 years	-3.40%	-19.33%	+15.93%
Max Drawdown (5Y) Largest decline over 5 years	-13.89%	-25.33%	+11.44%
Current Drawdown Current decline from peak	-0.33%	-0.66%	+0.33%
Average Drawdown Average peak-to-trough decline	-3.14%	-5.30%	+2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	2.12%	-1.60%

Volatility

VPAC.L vs. BBUD.L - Volatility Comparison

The current volatility for Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) is 0.74%, while JPM BetaBuilders US Equity UCITS ETF - USD (dist) (BBUD.L) has a volatility of 3.03%. This indicates that VPAC.L experiences smaller price fluctuations and is considered to be less risky than BBUD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPAC.L	BBUD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	3.03%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	9.43%	-7.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.17%	12.14%	-8.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	16.21%	-10.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.00%	17.73%	-6.73%

VPAC.L vs. BBUD.L - Expense Ratio Comparison

VPAC.L has a 0.50% expense ratio, which is higher than BBUD.L's 0.05% expense ratio.

Dividends

VPAC.L vs. BBUD.L - Dividend Comparison

VPAC.L has not paid dividends to shareholders, while BBUD.L's dividend yield for the trailing twelve months is around 1.10%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BBUD.L JPM BetaBuilders US Equity UCITS ETF - USD (dist)	1.10%	1.10%	1.01%	1.29%	1.46%	0.95%	1.37%	0.74%
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VPAC.L and BBUD.L in my portfolio?

VPAC.L and BBUD.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VPAC.L or BBUD.L?

On fees, BBUD.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VPAC.L or BBUD.L?

BBUD.L is cheaper with a 0.05% expense ratio, compared with 0.50% for VPAC.L.

What is the main difference between VPAC.L and BBUD.L?

VPAC.L is categorized as Preferred Stock/Convertible Bonds, while BBUD.L is Large Cap Blend Equities. VPAC.L tracks ICE Diversified Variable Rate Preferred & Hybrid Securities Index, while BBUD.L tracks Morningstar US Target Market Exposure Index. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.50% for VPAC.L and 0.05% for BBUD.L.