TP05.L vs. UBTS.L

Last updated Jun 5, 2026

TP05.L (iShares USD TIPS 0-5 UCITS ETF USD (Dist)) and UBTS.L (UBS ETF (LU) Bloomberg TIPS 1-10 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, TP05.L returned 0.21%/yr vs 3.32%/yr for UBTS.L. Their correlation of 0.95 suggests significant overlap in exposure. TP05.L charges 0.10%/yr vs 0.15%/yr for UBTS.L.

Performance

TP05.L vs. UBTS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD TIPS 0-5 UCITS ETF USD (Dist) (TP05.L) and UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis (UBTS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TP05.L achieves a -0.38% return, which is significantly lower than UBTS.L's 1.80% return.

TP05.L

• 1D: -0.05%
• 1M: -1.67%
• YTD: -0.38%
• 6M: -1.26%
• 1Y: -0.27%
• 3Y*: -3.94%
• 5Y*: 0.21%
• 10Y*: —

UBTS.L

• 1D: -0.10%
• 1M: 0.69%
• YTD: 1.80%
• 6M: 0.83%
• 1Y: 5.77%
• 3Y*: 2.02%
• 5Y*: 3.32%
• 10Y*: —

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

TP05.L vs. UBTS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TP05.L iShares USD TIPS 0-5 UCITS ETF USD (Dist)	-0.38%	-6.85%	-0.44%	-6.21%	8.40%	6.35%	-1.65%	-1.59%	3.26%	-4.52%
UBTS.L UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis	1.80%	-0.11%	4.95%	-1.59%	3.39%	6.97%	4.62%	3.52%	5.25%	-3.35%

Correlation

The correlation between TP05.L and UBTS.L is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since May 24, 2017	0.95

The correlation between TP05.L and UBTS.L has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

TP05.L vs. UBTS.L — Risk / Return Rank

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

TP05.L

TP05.L Risk / Return Rank: 9
TP05.L Sharpe Ratio Rank: 9
TP05.L Sortino Ratio Rank: 8
TP05.L Omega Ratio Rank: 8
TP05.L Calmar Ratio Rank: 9
TP05.L Martin Ratio Rank: 9

UBTS.L

UBTS.L Risk / Return Rank: 25
UBTS.L Sharpe Ratio Rank: 26
UBTS.L Sortino Ratio Rank: 25
UBTS.L Omega Ratio Rank: 24
UBTS.L Calmar Ratio Rank: 25
UBTS.L Martin Ratio Rank: 24

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.

TP05.L vs. UBTS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD TIPS 0-5 UCITS ETF USD (Dist) (TP05.L) and UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis (UBTS.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.

	TP05.L	UBTS.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	0.91	-0.95
Sortino ratio: Return per unit of downside risk	0.01	1.34	-1.33
Omega ratio: Gain probability vs. loss probability	1.00	1.16	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.03	1.15	-1.19
Martin ratio: Return relative to average drawdown	-0.07	3.08	-3.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TP05.L vs. UBTS.L - Sharpe Ratio Comparison

The current TP05.L Sharpe Ratio is -0.03, which is lower than the UBTS.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of TP05.L and UBTS.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.

Sharpe Ratios by Period

	TP05.L	UBTS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.03	0.91	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.41	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.27	-0.33

Drawdowns

TP05.L vs. UBTS.L - Drawdown Comparison

The maximum TP05.L drawdown since its inception was -23.61%, which is greater than UBTS.L's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for TP05.L and UBTS.L.

Drawdown Indicators

	TP05.L	UBTS.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.61%	-15.99%	-7.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-4.97%	-2.79%
Max Drawdown (3Y) Largest decline over 3 years	-15.39%	-7.52%	-7.87%
Max Drawdown (5Y) Largest decline over 5 years	-23.61%	-15.99%	-7.62%
Current Drawdown Current decline from peak	-22.31%	-5.74%	-16.57%
Average Drawdown Average peak-to-trough decline	-10.24%	-6.89%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	1.87%	+2.01%

Volatility

TP05.L vs. UBTS.L - Volatility Comparison

iShares USD TIPS 0-5 UCITS ETF USD (Dist) (TP05.L) has a higher volatility of 3.02% compared to UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis (UBTS.L) at 1.78%. This indicates that TP05.L's price experiences larger fluctuations and is considered to be riskier than UBTS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TP05.L	UBTS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	1.78%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	5.23%	4.63%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	7.68%	6.29%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.80%	8.15%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.99%	8.68%	+0.31%

TP05.L vs. UBTS.L - Expense Ratio Comparison

TP05.L has a 0.10% expense ratio, which is lower than UBTS.L'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

TP05.L vs. UBTS.L - Dividend Comparison

TP05.L's dividend yield for the trailing twelve months is around 0.06%, less than UBTS.L's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TP05.L iShares USD TIPS 0-5 UCITS ETF USD (Dist)	0.06%	0.06%	0.07%	0.05%	0.00%	0.00%	0.03%	0.03%	0.03%	0.01%
UBTS.L UBS ETF (LU) Bloomberg TIPS 1-10 UCITS ETF (USD) A-dis	4.01%	3.26%	4.42%	4.57%	6.66%	2.83%	0.84%	2.30%	2.38%	1.27%

Frequently Asked Questions

Can I hold both TP05.L and UBTS.L in my portfolio?

With a correlation of 0.95, TP05.L and UBTS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TP05.L or UBTS.L?

On fees, TP05.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TP05.L or UBTS.L?

TP05.L is cheaper with a 0.10% expense ratio, compared with 0.15% for UBTS.L.

What is the main difference between TP05.L and UBTS.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: 0.10% for TP05.L and 0.15% for UBTS.L.