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ITPA.L vs. ITPG.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ITPA.L vs. ITPG.L

Last updated Jul 18, 2026
Documentation

ITPA.L (iShares $ TIPS UCITS ETF GBP (Acc)) and ITPG.L (iShares $ TIPS UCITS ETF GBP Hedged (Dist)) are both Inflation-Protected Bonds funds from iShares tracking the BBG US Government Inflation-Linked Bond Index (USD). Both are passively managed. Over the past year, ITPA.L returned 2.86% vs 2.96% for ITPG.L. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.12% expense ratio.

Performance

ITPA.L vs. ITPG.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 $ TIPS UCITS ETF GBP Hedged (Dist) (ITPG.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ITPA.L achieves a 0.55% return, which is significantly lower than ITPG.L's 0.96% return.

ITPA.L

1D
0.00%
1M
-0.71%
6M
0.61%
YTD
0.55%
1Y
2.86%
3Y*
—
5Y*
—
10Y*
—

ITPG.L

1D
0.00%
1M
-0.42%
6M
0.75%
YTD
0.96%
1Y
2.96%
3Y*
3.32%
5Y*
-0.13%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
ITPA.L
iShares $ TIPS UCITS ETF GBP (Acc)		0.55%6.54%1.72%
ITPG.L
iShares $ TIPS UCITS ETF GBP Hedged (Dist)		0.96%6.20%1.95%

Correlation

The correlation between ITPA.L and ITPG.L is 0.70, 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

0.70

Correlation (All Time)
Calculated using the full available price history since Mar 28, 2024

0.79

The correlation between ITPA.L and ITPG.L has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

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iShares $ TIPS UCITS ETF GBP (Acc)

iShares $ TIPS UCITS ETF GBP Hedged (Dist)

Often compared with ITPA.L:
ITPA.L vs. IGIL.LITPA.L vs. XGIU.LITPA.L vs. TIPG.LITPA.L vs. GILI.LITPA.L vs. UBTS.LITPA.L vs. GILG.LITPA.L vs. SGIL.L
Often compared with ITPG.L:
ITPG.L vs. 0TPE.LITPG.L vs. IBCI.LITPG.L vs. UBTS.LITPG.L vs. CNDX.LITPG.L vs. CSP1.LITPG.L vs. EIMI.LITPG.L vs. HLQD.L

Return for Risk

ITPA.L vs. ITPG.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: 3131
Overall Rank
ITPA.L Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
ITPA.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
ITPA.L Omega Ratio Rank: 2525
Omega Ratio Rank
ITPA.L Calmar Ratio Rank: 3838
Calmar Ratio Rank
ITPA.L Martin Ratio Rank: 3535
Martin Ratio Rank
ITPG.L
ITPG.L Risk / Return Rank: 2929
Overall Rank
ITPG.L Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
ITPG.L Sortino Ratio Rank: 2424
Sortino Ratio Rank
ITPG.L Omega Ratio Rank: 2323
Omega Ratio Rank
ITPG.L Calmar Ratio Rank: 4141
Calmar Ratio Rank
ITPG.L Martin Ratio Rank: 3434
Martin Ratio Rank
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. ITPG.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 $ TIPS UCITS ETF GBP Hedged (Dist) (ITPG.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.

ITPA.LITPG.LDifference
Sharpe ratioReturn per unit of total volatility
0.81
0.68

+0.14

Sortino ratioReturn per unit of downside risk
1.24
1.04

+0.19

Omega ratioGain probability vs. loss probability

1.14

1.13

+0.02

Calmar ratioReturn relative to maximum drawdown

1.53

1.60

-0.06

Martin ratioReturn relative to average drawdown

4.16

3.86

+0.30

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

The current ITPA.L Sharpe Ratio is 0.81, which is comparable to the ITPG.L Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of ITPA.L and ITPG.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.

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Drawdowns

ITPA.L vs. ITPG.L - Drawdown Comparison

The maximum ITPA.L drawdown since its inception was -4.08%, smaller than the maximum ITPG.L drawdown of -16.78%. Use the drawdown chart below to compare losses from any high point for ITPA.L and ITPG.L.

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Drawdown Indicators

ITPA.LITPG.LDifference

Max Drawdown

Largest peak-to-trough decline

-4.08%

-16.78%

+12.70%

Max Drawdown (1Y)

Largest decline over 1 year

-1.86%

-1.85%

-0.01%

Max Drawdown (3Y)

Largest decline over 3 years

—

-4.74%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.78%

—

Current Drawdown

Current decline from peak

-1.10%

-3.83%

+2.73%

Average Drawdown

Average peak-to-trough decline

-0.99%

-5.43%

+4.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.69%

0.77%

-0.08%

Volatility

ITPA.L vs. ITPG.L - Volatility Comparison

The current volatility for iShares $ TIPS UCITS ETF GBP (Acc) (ITPA.L) is 0.77%, while iShares $ TIPS UCITS ETF GBP Hedged (Dist) (ITPG.L) has a volatility of 0.98%. This indicates that ITPA.L experiences smaller price fluctuations and is considered to be less risky than ITPG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ITPA.LITPG.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.77%

0.98%

-0.21%

Volatility (6M)

Calculated over the trailing 6-month period

2.54%

2.83%

-0.29%

Volatility (1Y)

Calculated over the trailing 1-year period

3.55%

4.39%

-0.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.86%

6.38%

-1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.86%

6.35%

-1.49%

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

Both ITPA.L and ITPG.L have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ITPA.L vs. ITPG.L - Dividend Comparison

ITPA.L has not paid dividends to shareholders, while ITPG.L's dividend yield for the trailing twelve months is around 4.66%.

PositionTTM20252024202320222021202020192018
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%
ITPG.L
iShares $ TIPS UCITS ETF GBP Hedged (Dist)		4.66%4.56%4.62%1.50%1.24%1.09%2.03%2.79%1.92%

Frequently Asked Questions

ITPA.L and ITPG.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ITPA.L and ITPG.L have the same expense ratio: 0.12% per year.

Both ETFs track BBG US Government Inflation-Linked Bond Index (USD).

Portfolio Optimizer

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