TPSA.AS vs. VGSH
TPSA.AS (iShares $ TIPS UCITS ETF USD (Acc)) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - TPSA.AS is a Inflation-Protected Bonds fund tracking the Bloomberg Gbl Infl Linked US TIPS TR USD, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, TPSA.AS returned 2.38%/yr vs 1.52%/yr for VGSH. A 0.55 correlation means they provide meaningful diversification when combined. TPSA.AS charges 0.12%/yr vs 0.03%/yr for VGSH.
Performance
TPSA.AS vs. VGSH - Performance Comparison
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Different Trading Currencies
TPSA.AS is traded in EUR, while VGSH is traded in USD. To make them comparable, the VGSH 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 higher than VGSH's 1.68% return. Over the past 10 years, TPSA.AS has outperformed VGSH with an annualized return of 2.38%, while VGSH has yielded a comparatively lower 1.52% 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%
VGSH
- 1D
- -0.09%
- 1M
- 0.76%
- YTD
- 1.68%
- 6M
- 1.15%
- 1Y
- 1.57%
- 3Y*
- 1.38%
- 5Y*
- 2.77%
- 10Y*
- 1.52%
TPSA.AS vs. VGSH - 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% |
VGSH Vanguard Short-Term Treasury ETF | 1.68% | -7.39% | 10.87% | 1.18% | 2.10% | 6.84% | -5.45% | 5.86% | 6.32% | -12.26% |
Correlation
The correlation between TPSA.AS and VGSH 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 | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.55 |
The correlation between TPSA.AS and VGSH shifts across timeframes, from 0.55 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TPSA.AS vs. VGSH — Risk / Return Rank
TPSA.AS
VGSH
TPSA.AS vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ TIPS UCITS ETF USD (Acc) (TPSA.AS) and Vanguard Short-Term Treasury ETF (VGSH). 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 | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.05 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 0.40 | +0.36 |
| Martin ratioReturn relative to average drawdown | 1.95 | 1.00 | +0.95 |
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 | VGSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 0.27 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.38 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.21 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.36 | +0.10 |
Drawdowns
TPSA.AS vs. VGSH - Drawdown Comparison
The maximum TPSA.AS drawdown since its inception was -19.92%, which is greater than VGSH's maximum drawdown of -18.70%. Use the drawdown chart below to compare losses from any high point for TPSA.AS and VGSH.
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Drawdown Indicators
| TPSA.AS | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.92% | -18.70% | -1.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -3.93% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -10.93% | -10.80% | -0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -15.19% | -12.59% | -2.60% |
Max Drawdown (10Y)Largest decline over 10 years | -15.80% | -16.78% | +0.98% |
Current DrawdownCurrent decline from peak | -8.08% | -6.72% | -1.36% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -6.89% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.58% | 1.58% | 0.00% |
Volatility
TPSA.AS vs. VGSH - Volatility Comparison
The current volatility for iShares $ TIPS UCITS ETF USD (Acc) (TPSA.AS) is 0.89%, while Vanguard Short-Term Treasury ETF (VGSH) has a volatility of 1.01%. This indicates that TPSA.AS experiences smaller price fluctuations and is considered to be less risky than VGSH 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 | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 1.01% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.83% | 4.08% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.86% | 5.77% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.38% | 7.28% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.15% | 7.16% | +0.99% |
TPSA.AS vs. VGSH - Expense Ratio Comparison
TPSA.AS has a 0.12% expense ratio, which is higher than VGSH's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TPSA.AS vs. VGSH - Dividend Comparison
TPSA.AS has not paid dividends to shareholders, while VGSH's dividend yield for the trailing twelve months is around 3.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TPSA.AS 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% | 0.00% | 0.00% |
VGSH Vanguard Short-Term Treasury ETF | 3.87% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
TPSA.AS and VGSH 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, VGSH is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.12% for TPSA.AS.
TPSA.AS is categorized as Inflation-Protected Bonds, while VGSH is Government Bonds. TPSA.AS tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.12% for TPSA.AS and 0.03% for VGSH.
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