ITPS.L vs. UTIP.L
ITPS.L (iShares $ TIPS UCITS ETF USD (Acc)) and UTIP.L (SPDR Bloomberg US TIPS UCITS ETF) are both Inflation-Protected Bonds funds tracking the Bloomberg Gbl Infl Linked US TIPS TR USD, from iShares and State Street respectively. Both are passively managed. Over the past 10 years, ITPS.L returned 3.38%/yr vs 41.75%/yr for UTIP.L. With a 0.95 correlation, they move nearly in lockstep. ITPS.L charges 0.12%/yr vs 0.17%/yr for UTIP.L.
Performance
ITPS.L vs. UTIP.L - Performance Comparison
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Returns By Period
In the year-to-date period, ITPS.L achieves a 1.40% return, which is significantly higher than UTIP.L's -0.61% return. Over the past 10 years, ITPS.L has underperformed UTIP.L with an annualized return of 3.38%, while UTIP.L has yielded a comparatively higher 41.75% 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%
UTIP.L
- 1D
- 0.00%
- 1M
- 0.96%
- YTD
- -0.61%
- 6M
- -1.42%
- 1Y
- 1.23%
- 3Y*
- -2.70%
- 5Y*
- -2.60%
- 10Y*
- 41.75%
ITPS.L vs. UTIP.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% |
UTIP.L SPDR Bloomberg US TIPS UCITS ETF | -0.61% | -3.83% | -0.45% | -6.33% | -8.86% | 4.03% | 279.51% | 55.61% | 265.06% | 56.18% |
Correlation
The correlation between ITPS.L and UTIP.L is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2015 | 0.95 |
The correlation between ITPS.L and UTIP.L shifts across timeframes, from 0.85 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ITPS.L vs. UTIP.L — Risk / Return Rank
ITPS.L
UTIP.L
ITPS.L vs. UTIP.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 SPDR Bloomberg US TIPS UCITS ETF (UTIP.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 | UTIP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.04 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.19 | +0.90 |
| Martin ratioReturn relative to average drawdown | 2.78 | 0.38 | +2.40 |
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 | UTIP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 0.17 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | -0.28 | +0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 0.35 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.35 | -0.07 |
Drawdowns
ITPS.L vs. UTIP.L - Drawdown Comparison
The maximum ITPS.L drawdown since its inception was -37.27%, which is greater than UTIP.L's maximum drawdown of -23.72%. Use the drawdown chart below to compare losses from any high point for ITPS.L and UTIP.L.
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Drawdown Indicators
| ITPS.L | UTIP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.27% | -23.72% | -13.55% |
Max Drawdown (1Y)Largest decline over 1 year | -5.26% | -6.54% | +1.28% |
Max Drawdown (3Y)Largest decline over 3 years | -7.85% | -10.48% | +2.63% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -22.38% | +6.66% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | -23.72% | +8.00% |
Current DrawdownCurrent decline from peak | -7.94% | -21.46% | +13.52% |
Average DrawdownAverage peak-to-trough decline | -10.69% | -9.04% | -1.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 3.27% | -1.21% |
Volatility
ITPS.L vs. UTIP.L - Volatility Comparison
iShares $ TIPS UCITS ETF USD (Acc) (ITPS.L) and SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) have volatilities of 1.70% and 1.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITPS.L | UTIP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.76% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 4.63% | 4.86% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.30% | 7.14% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.76% | 9.35% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.34% | 118.48% | -108.14% |
ITPS.L vs. UTIP.L - Expense Ratio Comparison
ITPS.L has a 0.12% expense ratio, which is lower than UTIP.L's 0.17% 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. UTIP.L - Dividend Comparison
Neither ITPS.L nor UTIP.L has paid dividends to shareholders.
| 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% |
UTIP.L SPDR Bloomberg US TIPS UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 69.04% | 31.90% | 67.27% | 43.97% |
Frequently Asked Questions
ITPS.L and UTIP.L have a correlation of 0.85, 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 0.17% for UTIP.L.
Both ETFs track Bloomberg Gbl Infl Linked US TIPS TR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.12% for ITPS.L and 0.17% for UTIP.L.
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