ITPS.L vs. TIPX
ITPS.L (iShares $ TIPS UCITS ETF USD (Acc)) and TIPX (SPDR Bloomberg Barclays 1-10 Year TIPS ETF) are both Inflation-Protected Bonds funds - ITPS.L tracks the Bloomberg Gbl Infl Linked US TIPS TR USD while TIPX tracks the Bloomberg US Govt Inflation-Linked (1-10 Y). Both are passively managed. Over the past 10 years, ITPS.L returned 3.38%/yr vs 3.69%/yr for TIPX. A 0.73 correlation means they provide meaningful diversification when combined. ITPS.L charges 0.12%/yr vs 0.15%/yr for TIPX.
Performance
ITPS.L vs. TIPX - Performance Comparison
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Different Trading Currencies
ITPS.L is traded in GBP, while TIPX is traded in USD. To make them comparable, the TIPX values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, ITPS.L achieves a 1.40% return, which is significantly lower than TIPX's 2.02% return. Over the past 10 years, ITPS.L has underperformed TIPX with an annualized return of 3.38%, while TIPX has yielded a comparatively higher 3.69% annualized return.
ITPS.L
- 1D
- 0.07%
- 1M
- 0.85%
- YTD
- 1.40%
- 6M
- 0.52%
- 1Y
- 5.75%
- 3Y*
- 1.16%
- 5Y*
- 2.04%
- 10Y*
- 3.38%
TIPX
- 1D
- -0.11%
- 1M
- 0.77%
- YTD
- 2.02%
- 6M
- 0.75%
- 1Y
- 5.61%
- 3Y*
- 2.10%
- 5Y*
- 3.34%
- 10Y*
- 3.69%
ITPS.L vs. TIPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITPS.L iShares $ TIPS UCITS ETF USD (Acc) | 1.40% | -0.29% | 3.57% | -2.08% | -2.35% | 7.75% | 7.12% | 5.33% | 4.25% | -6.03% |
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 2.02% | -0.49% | 4.88% | -0.79% | 3.41% | 6.42% | 5.33% | 2.54% | 5.60% | -6.33% |
Correlation
The correlation between ITPS.L and TIPX is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since May 31, 2013 | 0.73 |
The correlation between ITPS.L and TIPX has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.
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Return for Risk
ITPS.L vs. TIPX — Risk / Return Rank
ITPS.L
TIPX
ITPS.L vs. TIPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ TIPS UCITS ETF USD (Acc) (ITPS.L) and SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX). 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.
| ITPS.L | TIPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.16 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 1.00 | +0.09 |
| Martin ratioReturn relative to average drawdown | 2.78 | 2.88 | -0.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ITPS.L | TIPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 0.88 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.40 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 0.38 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.35 | -0.07 |
Drawdowns
ITPS.L vs. TIPX - Drawdown Comparison
The maximum ITPS.L drawdown since its inception was -37.27%, which is greater than TIPX's maximum drawdown of -15.84%. Use the drawdown chart below to compare losses from any high point for ITPS.L and TIPX.
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Drawdown Indicators
| ITPS.L | TIPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.27% | -15.84% | -21.43% |
Max Drawdown (1Y)Largest decline over 1 year | -5.26% | -5.62% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -7.85% | -7.83% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -15.81% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | -15.84% | +0.12% |
Current DrawdownCurrent decline from peak | -7.94% | -5.55% | -2.39% |
Average DrawdownAverage peak-to-trough decline | -10.69% | -6.51% | -4.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 1.95% | +0.11% |
Volatility
ITPS.L vs. TIPX - Volatility Comparison
iShares $ TIPS UCITS ETF USD (Acc) (ITPS.L) has a higher volatility of 1.70% compared to SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) at 1.49%. This indicates that ITPS.L's price experiences larger fluctuations and is considered to be riskier than TIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITPS.L | TIPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.49% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.63% | 4.91% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.30% | 6.38% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.76% | 8.33% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.34% | 9.69% | +0.65% |
ITPS.L vs. TIPX - Expense Ratio Comparison
ITPS.L has a 0.12% expense ratio, which is lower than TIPX's 0.15% 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%.
Dividends
ITPS.L vs. TIPX - Dividend Comparison
ITPS.L has not paid dividends to shareholders, while TIPX's dividend yield for the trailing twelve months is around 4.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITPS.L iShares $ TIPS UCITS ETF USD (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% |
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF | 4.55% | 3.78% | 3.57% | 3.57% | 6.08% | 4.26% | 1.73% | 2.53% | 1.90% | 2.84% | 1.04% | 0.06% |
Frequently Asked Questions
ITPS.L and TIPX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ITPS.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ITPS.L is cheaper with a 0.12% expense ratio, compared with 0.15% for TIPX.
ITPS.L tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while TIPX tracks Bloomberg US Govt Inflation-Linked (1-10 Y). They also come from different issuers: iShares and State Street. Their fees differ too: 0.12% for ITPS.L and 0.15% for TIPX.
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