TIPA.L vs. UC15.L

Last updated Jul 26, 2026

TIPA.L (Amundi US TIPS Government Inflation-Linked Bond UCITS ETF Acc) and UC15.L (UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc) are both exchange-traded funds - TIPA.L is a Inflation-Protected Bonds fund tracking the Bloomberg US Government Inflation-Linked All Maturities Index, while UC15.L is a Commodities fund tracking the UBS CMCI. Both are passively managed. Over the past 5 years, TIPA.L returned 0.26%/yr vs 11.80%/yr for UC15.L. Their 0.04 correlation means their historical movements had little consistent relationship. TIPA.L charges 0.09%/yr vs 0.34%/yr for UC15.L.

Performance

TIPA.L vs. UC15.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi US TIPS Government Inflation-Linked Bond UCITS ETF Acc (TIPA.L) and UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc (UC15.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TIPA.L is traded in USD, while UC15.L is traded in GBp. To make them comparable, the UC15.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TIPA.L achieves a 0.30% return, which is significantly lower than UC15.L's 23.40% return.

TIPA.L

• 1D: 0.17%
• 1M: -0.72%
• 6M: 0.47%
• YTD: 0.30%
• 1Y: 2.63%
• 3Y*: 3.39%
• 5Y*: 0.26%
• 10Y*: —
• ALL TIME*: 2.32%

UC15.L

• 1D: -0.63%
• 1M: 8.09%
• 6M: 17.89%
• YTD: 23.40%
• 1Y: 29.08%
• 3Y*: 10.77%
• 5Y*: 11.80%
• 10Y*: 9.48%
• ALL TIME*: 33.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TIPA.L Amundi US TIPS Government Inflation-Linked Bond UCITS ETF Acc	$105.63K	$109.70K	$111.36K
UC15.L UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc	$498.56K	$355.88K	$1.88M

TIPA.L vs. UC15.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TIPA.L Amundi US TIPS Government Inflation-Linked Bond UCITS ETF Acc	0.30%	6.82%	2.10%	3.51%	-12.83%	6.36%	11.05%	0.36%
UC15.L UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc	23.40%	10.01%	4.66%	-1.58%	16.07%	34.87%	0.50%	4.65%

Correlation

The correlation between TIPA.L and UC15.L is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (3Y) Balances recent behavior with more history.	-0.04
Correlation (5Y) Shows whether the relationship held over a longer period.	0.05
Correlation (All Time) Calculated using the full available price history since Sep 23, 2019	0.04

The correlation between TIPA.L and UC15.L shifts across timeframes, from -0.06 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TIPA.L vs. UC15.L — Risk / Return Rank

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

TIPA.L

TIPA.L Risk / Return Rank: 33
TIPA.L Sharpe Ratio Rank: 31
TIPA.L Sortino Ratio Rank: 30
TIPA.L Omega Ratio Rank: 28
TIPA.L Calmar Ratio Rank: 39
TIPA.L Martin Ratio Rank: 36

UC15.L

UC15.L Risk / Return Rank: 87
UC15.L Sharpe Ratio Rank: 90
UC15.L Sortino Ratio Rank: 88
UC15.L Omega Ratio Rank: 87
UC15.L Calmar Ratio Rank: 88
UC15.L Martin Ratio Rank: 83

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.

TIPA.L vs. UC15.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi US TIPS Government Inflation-Linked Bond UCITS ETF Acc (TIPA.L) and UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc (UC15.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.

	TIPA.L	UC15.L	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.14	-1.39
Sortino ratio: Return per unit of downside risk	1.13	2.91	-1.78
Omega ratio: Gain probability vs. loss probability	1.13	1.37	-0.23
Calmar ratio: Return relative to maximum drawdown	1.39	2.77	-1.38
Martin ratio: Return relative to average drawdown	3.60	9.46	-5.86

TIPA.L vs. UC15.L - Sharpe Ratio Comparison

The current TIPA.L Sharpe Ratio is 0.75, which is lower than the UC15.L Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of TIPA.L and UC15.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.

Drawdowns

TIPA.L vs. UC15.L - Drawdown Comparison

The maximum TIPA.L drawdown since its inception was -15.13%, smaller than the maximum UC15.L drawdown of -98.90%. Use the drawdown chart below to compare losses from any high point for TIPA.L and UC15.L.

Drawdown Indicators

	TIPA.L	UC15.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.13%	-98.90%	+83.77%
Max Drawdown (1Y) Largest decline over 1 year	-1.86%	-10.27%	+8.41%
Max Drawdown (3Y) Largest decline over 3 years	-4.17%	-22.29%	+18.12%
Max Drawdown (5Y) Largest decline over 5 years	-15.13%	-22.29%	+7.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.40%	—
Current Drawdown Current decline from peak	-1.68%	-2.51%	+0.83%
Average Drawdown Average peak-to-trough decline	-5.23%	-22.10%	+16.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	3.02%	-2.30%

Volatility

TIPA.L vs. UC15.L - Volatility Comparison

The current volatility for Amundi US TIPS Government Inflation-Linked Bond UCITS ETF Acc (TIPA.L) is 0.62%, while UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc (UC15.L) has a volatility of 3.40%. This indicates that TIPA.L experiences smaller price fluctuations and is considered to be less risky than UC15.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIPA.L	UC15.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	3.40%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	11.33%	-8.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	13.29%	-9.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.93%	19.77%	-13.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.21%	17.19%	-10.98%

TIPA.L vs. UC15.L - Expense Ratio Comparison

TIPA.L has a 0.09% expense ratio, which is lower than UC15.L's 0.34% expense ratio.

Dividends

TIPA.L vs. UC15.L - Dividend Comparison

Neither TIPA.L nor UC15.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TIPA.L and UC15.L in my portfolio?

TIPA.L and UC15.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TIPA.L or UC15.L?

On fees, TIPA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TIPA.L or UC15.L?

TIPA.L is cheaper with a 0.09% expense ratio, compared with 0.34% for UC15.L.

What is the main difference between TIPA.L and UC15.L?

TIPA.L is categorized as Inflation-Protected Bonds, while UC15.L is Commodities. TIPA.L tracks Bloomberg US Government Inflation-Linked All Maturities Index, while UC15.L tracks UBS CMCI. They also come from different issuers: Amundi and UBS. Their fees differ too: 0.09% for TIPA.L and 0.34% for UC15.L.