ITPA.L vs. INXG.L

Last updated Jun 5, 2026

ITPA.L (iShares $ TIPS UCITS ETF GBP (Acc)) and INXG.L (iShares £ Index-Linked Gilts UCITS ETF) are both exchange-traded funds - ITPA.L is a Inflation-Protected Bonds fund tracking the BBG US Government Inflation-Linked Bond Index (USD), while INXG.L is a Government Bonds fund tracking the Bloomberg UK Government Inflation-Linked Bond Index. Both are passively managed. Over the past year, ITPA.L returned 4.66% vs 3.31% for INXG.L. A 0.61 correlation means they provide meaningful diversification when combined. ITPA.L charges 0.12%/yr vs 0.10%/yr for INXG.L.

Performance

ITPA.L vs. INXG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares $ TIPS UCITS ETF GBP (Acc) (ITPA.L) and iShares £ Index-Linked Gilts UCITS ETF (INXG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITPA.L achieves a 1.26% return, which is significantly higher than INXG.L's 0.04% return.

ITPA.L

• 1D: -0.05%
• 1M: -0.03%
• YTD: 1.26%
• 6M: 1.13%
• 1Y: 4.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

INXG.L

• 1D: 0.44%
• 1M: 1.08%
• YTD: 0.04%
• 6M: -0.73%
• 1Y: 3.31%
• 3Y*: -0.63%
• 5Y*: -8.26%
• 10Y*: -1.18%

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

ITPA.L vs. INXG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ITPA.L iShares $ TIPS UCITS ETF GBP (Acc)	1.26%	6.54%	1.72%
INXG.L iShares £ Index-Linked Gilts UCITS ETF	0.04%	1.10%	-6.56%

Correlation

The correlation between ITPA.L and INXG.L is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.61

The correlation between ITPA.L and INXG.L has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

Return for Risk

ITPA.L vs. INXG.L — Risk / Return Rank

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

ITPA.L

ITPA.L Risk / Return Rank: 41
ITPA.L Sharpe Ratio Rank: 36
ITPA.L Sortino Ratio Rank: 39
ITPA.L Omega Ratio Rank: 35
ITPA.L Calmar Ratio Rank: 51
ITPA.L Martin Ratio Rank: 45

INXG.L

INXG.L Risk / Return Rank: 14
INXG.L Sharpe Ratio Rank: 14
INXG.L Sortino Ratio Rank: 13
INXG.L Omega Ratio Rank: 13
INXG.L Calmar Ratio Rank: 15
INXG.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.

ITPA.L vs. INXG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares $ TIPS UCITS ETF GBP (Acc) (ITPA.L) and iShares £ Index-Linked Gilts UCITS ETF (INXG.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.

	ITPA.L	INXG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.30	0.33	+0.96
Sortino ratio: Return per unit of downside risk	1.99	0.52	+1.47
Omega ratio: Gain probability vs. loss probability	1.23	1.06	+0.17
Calmar ratio: Return relative to maximum drawdown	2.49	0.50	+1.99
Martin ratio: Return relative to average drawdown	7.30	1.08	+6.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITPA.L vs. INXG.L - Sharpe Ratio Comparison

The current ITPA.L Sharpe Ratio is 1.30, which is higher than the INXG.L Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of ITPA.L and INXG.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.

Sharpe Ratios by Period

	ITPA.L	INXG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	0.33	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.41	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	-0.71	+1.59

Drawdowns

ITPA.L vs. INXG.L - Drawdown Comparison

The maximum ITPA.L drawdown since its inception was -4.08%, smaller than the maximum INXG.L drawdown of -99.05%. Use the drawdown chart below to compare losses from any high point for ITPA.L and INXG.L.

Drawdown Indicators

	ITPA.L	INXG.L	Difference
Max Drawdown Largest peak-to-trough decline	-4.08%	-99.05%	+94.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.86%	-6.62%	+4.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-50.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.87%	—
Current Drawdown Current decline from peak	-0.41%	-98.31%	+97.90%
Average Drawdown Average peak-to-trough decline	-1.00%	-97.27%	+96.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	3.06%	-2.43%

Volatility

ITPA.L vs. INXG.L - Volatility Comparison

The current volatility for iShares $ TIPS UCITS ETF GBP (Acc) (ITPA.L) is 1.30%, while iShares £ Index-Linked Gilts UCITS ETF (INXG.L) has a volatility of 3.49%. This indicates that ITPA.L experiences smaller price fluctuations and is considered to be less risky than INXG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITPA.L	INXG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	3.49%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	7.26%	-4.74%
Volatility (1Y) Calculated over the trailing 1-year period	3.58%	9.89%	-6.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.94%	20.07%	-15.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.94%	17.47%	-12.53%

ITPA.L vs. INXG.L - Expense Ratio Comparison

ITPA.L has a 0.12% expense ratio, which is higher than INXG.L's 0.10% 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

ITPA.L vs. INXG.L - Dividend Comparison

ITPA.L has not paid dividends to shareholders, while INXG.L's dividend yield for the trailing twelve months is around 7.56%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INXG.L iShares £ Index-Linked Gilts UCITS ETF	7.56%	7.23%	5.77%	0.43%	0.00%	0.00%	0.61%	1.36%	1.95%	1.28%	0.65%	1.94%
ITPA.L iShares $ TIPS UCITS ETF GBP (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ITPA.L and INXG.L in my portfolio?

ITPA.L and INXG.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ITPA.L or INXG.L?

On fees, INXG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ITPA.L or INXG.L?

INXG.L is cheaper with a 0.10% expense ratio, compared with 0.12% for ITPA.L.

What is the main difference between ITPA.L and INXG.L?

ITPA.L is categorized as Inflation-Protected Bonds, while INXG.L is Government Bonds. ITPA.L tracks BBG US Government Inflation-Linked Bond Index (USD), while INXG.L tracks Bloomberg UK Government Inflation-Linked Bond Index. Their fees differ too: 0.12% for ITPA.L and 0.10% for INXG.L.