TPSA.AS vs. GLD
TPSA.AS (iShares $ TIPS UCITS ETF USD (Acc)) and GLD (SPDR Gold Shares) are both exchange-traded funds - TPSA.AS is a Inflation-Protected Bonds fund tracking the Bloomberg Gbl Infl Linked US TIPS TR USD, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, TPSA.AS returned 2.38%/yr vs 12.87%/yr for GLD. At a 0.20 correlation, their price movements are largely independent. TPSA.AS charges 0.12%/yr vs 0.40%/yr for GLD.
Performance
TPSA.AS vs. GLD - Performance Comparison
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Different Trading Currencies
TPSA.AS is traded in EUR, while GLD is traded in USD. To make them comparable, the GLD values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, TPSA.AS achieves a 2.53% return, which is significantly lower than GLD's 4.15% return. Over the past 10 years, TPSA.AS has underperformed GLD with an annualized return of 2.38%, while GLD has yielded a comparatively higher 12.87% annualized return.
TPSA.AS
- 1D
- -0.13%
- 1M
- 0.70%
- YTD
- 2.53%
- 6M
- 1.56%
- 1Y
- 3.01%
- 3Y*
- 1.06%
- 5Y*
- 1.90%
- 10Y*
- 2.38%
GLD
- 1D
- 0.00%
- 1M
- -1.78%
- YTD
- 4.15%
- 6M
- 5.70%
- 1Y
- 29.06%
- 3Y*
- 27.37%
- 5Y*
- 19.26%
- 10Y*
- 12.87%
TPSA.AS vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPSA.AS iShares $ TIPS UCITS ETF USD (Acc) | 2.53% | -5.59% | 8.47% | 0.33% | -7.67% | 15.08% | 1.51% | 11.11% | 3.08% | -9.23% |
GLD SPDR Gold Shares | 4.96% | 44.25% | 35.02% | 9.31% | 5.38% | 3.02% | 14.53% | 20.52% | 2.66% | -1.05% |
Correlation
The correlation between TPSA.AS and GLD is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2009 | 0.20 |
The correlation between TPSA.AS and GLD shifts across timeframes, from -0.13 (1 year) to 0.22 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
TPSA.AS vs. GLD — Risk / Return Rank
TPSA.AS
GLD
TPSA.AS vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ TIPS UCITS ETF USD (Acc) (TPSA.AS) and SPDR Gold Shares (GLD). 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.
| TPSA.AS | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.24 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.70 | -0.94 |
| Martin ratioReturn relative to average drawdown | 1.95 | 4.06 | -2.11 |
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
| TPSA.AS | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 1.16 | -0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 1.16 | -0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.87 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.65 | -0.19 |
Drawdowns
TPSA.AS vs. GLD - Drawdown Comparison
The maximum TPSA.AS drawdown since its inception was -19.92%, smaller than the maximum GLD drawdown of -37.47%. Use the drawdown chart below to compare losses from any high point for TPSA.AS and GLD.
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Drawdown Indicators
| TPSA.AS | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.92% | -37.47% | +17.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -17.14% | +13.17% |
Max Drawdown (3Y)Largest decline over 3 years | -10.93% | -17.14% | +6.21% |
Max Drawdown (5Y)Largest decline over 5 years | -15.19% | -17.14% | +1.95% |
Max Drawdown (10Y)Largest decline over 10 years | -15.80% | -18.63% | +2.83% |
Current DrawdownCurrent decline from peak | -8.08% | -16.17% | +8.09% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -12.17% | +5.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.58% | 7.17% | -5.59% |
Volatility
TPSA.AS vs. GLD - Volatility Comparison
The current volatility for iShares $ TIPS UCITS ETF USD (Acc) (TPSA.AS) is 0.89%, while SPDR Gold Shares (GLD) has a volatility of 4.64%. This indicates that TPSA.AS experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPSA.AS | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 4.64% | -3.75% |
Volatility (6M)Calculated over the trailing 6-month period | 3.83% | 21.81% | -17.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.86% | 25.18% | -19.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.38% | 16.70% | -8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.15% | 14.91% | -6.76% |
TPSA.AS vs. GLD - Expense Ratio Comparison
TPSA.AS has a 0.12% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
TPSA.AS vs. GLD - Dividend Comparison
Neither TPSA.AS nor GLD has paid dividends to shareholders.
Frequently Asked Questions
TPSA.AS and GLD have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TPSA.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TPSA.AS is cheaper with a 0.12% expense ratio, compared with 0.40% for GLD.
TPSA.AS is categorized as Inflation-Protected Bonds, while GLD is Gold. TPSA.AS tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.12% for TPSA.AS and 0.40% for GLD.
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