ITPS.L vs. UBTL.L
ITPS.L (iShares $ TIPS UCITS ETF USD (Acc)) and UBTL.L (UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis) are both Inflation-Protected Bonds funds tracking the Bloomberg Gbl Infl Linked US TIPS TR USD, from iShares and UBS respectively. Both are passively managed. Over the past 5 years, ITPS.L returned 2.04%/yr vs -4.40%/yr for UBTL.L. A 0.78 correlation means they provide meaningful diversification when combined. ITPS.L charges 0.12%/yr vs 0.20%/yr for UBTL.L.
Performance
ITPS.L vs. UBTL.L - Performance Comparison
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Different Trading Currencies
ITPS.L is traded in GBP, while UBTL.L is traded in GBp. To make them comparable, the UBTL.L 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 higher than UBTL.L's -0.05% 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%
UBTL.L
- 1D
- 0.19%
- 1M
- 1.78%
- YTD
- -0.05%
- 6M
- -1.17%
- 1Y
- 5.11%
- 3Y*
- -3.66%
- 5Y*
- -4.40%
- 10Y*
- —
ITPS.L vs. UBTL.L - 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% |
UBTL.L UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis | -0.05% | -2.86% | -3.20% | -5.34% | -24.00% | 9.31% | 19.40% | 13.92% | 0.17% | -2.13% |
Correlation
The correlation between ITPS.L and UBTL.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2016 | 0.78 |
The correlation between ITPS.L and UBTL.L shifts across timeframes, from 0.67 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ITPS.L vs. UBTL.L — Risk / Return Rank
ITPS.L
UBTL.L
ITPS.L vs. UBTL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ TIPS UCITS ETF USD (Acc) (ITPS.L) and UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis (UBTL.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.
| ITPS.L | UBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.10 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.64 | +0.44 |
| Martin ratioReturn relative to average drawdown | 2.78 | 1.25 | +1.53 |
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 | UBTL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 0.54 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | -0.29 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | -0.01 | +0.29 |
Drawdowns
ITPS.L vs. UBTL.L - Drawdown Comparison
The maximum ITPS.L drawdown since its inception was -37.27%, roughly equal to the maximum UBTL.L drawdown of -38.66%. Use the drawdown chart below to compare losses from any high point for ITPS.L and UBTL.L.
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Drawdown Indicators
| ITPS.L | UBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.27% | -38.66% | +1.39% |
Max Drawdown (1Y)Largest decline over 1 year | -5.26% | -7.89% | +2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -7.85% | -16.30% | +8.45% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -38.66% | +22.94% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | — | — |
Current DrawdownCurrent decline from peak | -7.94% | -34.41% | +26.47% |
Average DrawdownAverage peak-to-trough decline | -10.69% | -16.79% | +6.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 4.09% | -2.03% |
Volatility
ITPS.L vs. UBTL.L - Volatility Comparison
The current volatility for iShares $ TIPS UCITS ETF USD (Acc) (ITPS.L) is 1.70%, while UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis (UBTL.L) has a volatility of 2.36%. This indicates that ITPS.L experiences smaller price fluctuations and is considered to be less risky than UBTL.L 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 | UBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 2.36% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 4.63% | 6.17% | -1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.30% | 9.40% | -3.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.76% | 15.23% | -6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.34% | 15.34% | -5.00% |
ITPS.L vs. UBTL.L - Expense Ratio Comparison
ITPS.L has a 0.12% expense ratio, which is lower than UBTL.L's 0.20% 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. UBTL.L - Dividend Comparison
ITPS.L has not paid dividends to shareholders, while UBTL.L's dividend yield for the trailing twelve months is around 6.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UBTL.L UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis | 6.15% | 5.34% | 5.57% | 6.49% | 8.27% | 2.56% | 0.73% | 2.60% | 2.29% | 1.99% |
Frequently Asked Questions
ITPS.L and UBTL.L have a correlation of 0.67, 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 0.20% for UBTL.L.
Both ETFs track Bloomberg Gbl Infl Linked US TIPS TR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.12% for ITPS.L and 0.20% for UBTL.L.
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