UBTL.L vs. ITPA.L

Last updated Jun 5, 2026

UBTL.L (UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis) and ITPA.L (iShares $ TIPS UCITS ETF GBP (Acc)) are both Inflation-Protected Bonds funds - UBTL.L tracks the Bloomberg Gbl Infl Linked US TIPS TR USD while ITPA.L tracks the BBG US Government Inflation-Linked Bond Index (USD). Both are passively managed. Over the past year, UBTL.L returned 5.11% vs 4.66% for ITPA.L. A 0.72 correlation means they provide meaningful diversification when combined. UBTL.L charges 0.20%/yr vs 0.12%/yr for ITPA.L.

Performance

UBTL.L vs. ITPA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis (UBTL.L) and iShares $ TIPS UCITS ETF GBP (Acc) (ITPA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UBTL.L is traded in GBp, while ITPA.L is traded in GBP. To make them comparable, the ITPA.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, UBTL.L achieves a -0.05% return, which is significantly lower than ITPA.L's 1.26% return.

UBTL.L

• 1D: 0.19%
• 1M: 1.78%
• YTD: -0.05%
• 6M: -1.17%
• 1Y: 5.11%
• 3Y*: -3.66%
• 5Y*: -4.40%
• 10Y*: —

ITPA.L

• 1D: -0.05%
• 1M: -0.03%
• YTD: 1.26%
• 6M: 1.13%
• 1Y: 4.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UBTL.L vs. ITPA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UBTL.L UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis	-0.05%	-2.86%	-2.12%
ITPA.L iShares $ TIPS UCITS ETF GBP (Acc)	1.26%	6.54%	1.72%

Correlation

The correlation between UBTL.L and ITPA.L is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.72

The correlation between UBTL.L and ITPA.L shifts across timeframes, from 0.60 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UBTL.L vs. ITPA.L — Risk / Return Rank

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

UBTL.L

UBTL.L Risk / Return Rank: 17
UBTL.L Sharpe Ratio Rank: 18
UBTL.L Sortino Ratio Rank: 18
UBTL.L Omega Ratio Rank: 17
UBTL.L Calmar Ratio Rank: 17
UBTL.L Martin Ratio Rank: 15

ITPA.L

ITPA.L Risk / Return Rank: 41
ITPA.L Sharpe Ratio Rank: 36
ITPA.L Sortino Ratio Rank: 39
ITPA.L Omega Ratio Rank: 35
ITPA.L Calmar Ratio Rank: 51
ITPA.L Martin Ratio Rank: 45

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.

UBTL.L vs. ITPA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis (UBTL.L) and iShares $ TIPS UCITS ETF GBP (Acc) (ITPA.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.

	UBTL.L	ITPA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.30	-0.75
Sortino ratio: Return per unit of downside risk	0.85	1.99	-1.15
Omega ratio: Gain probability vs. loss probability	1.10	1.23	-0.14
Calmar ratio: Return relative to maximum drawdown	0.64	2.49	-1.85
Martin ratio: Return relative to average drawdown	1.25	7.30	-6.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UBTL.L vs. ITPA.L - Sharpe Ratio Comparison

The current UBTL.L Sharpe Ratio is 0.54, which is lower than the ITPA.L Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of UBTL.L and ITPA.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

	UBTL.L	ITPA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	1.30	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.88	-0.89

Drawdowns

UBTL.L vs. ITPA.L - Drawdown Comparison

The maximum UBTL.L drawdown since its inception was -38.66%, which is greater than ITPA.L's maximum drawdown of -4.08%. Use the drawdown chart below to compare losses from any high point for UBTL.L and ITPA.L.

Drawdown Indicators

	UBTL.L	ITPA.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.66%	-4.08%	-34.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.89%	-1.86%	-6.03%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.66%	—	—
Current Drawdown Current decline from peak	-34.41%	-0.41%	-34.00%
Average Drawdown Average peak-to-trough decline	-16.79%	-1.00%	-15.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	0.63%	+3.46%

Volatility

UBTL.L vs. ITPA.L - Volatility Comparison

UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis (UBTL.L) has a higher volatility of 2.36% compared to iShares $ TIPS UCITS ETF GBP (Acc) (ITPA.L) at 1.30%. This indicates that UBTL.L's price experiences larger fluctuations and is considered to be riskier than ITPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBTL.L	ITPA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	1.30%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	6.17%	2.52%	+3.65%
Volatility (1Y) Calculated over the trailing 1-year period	9.40%	3.58%	+5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	4.94%	+10.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	4.94%	+10.40%

UBTL.L vs. ITPA.L - Expense Ratio Comparison

UBTL.L has a 0.20% expense ratio, which is higher than ITPA.L's 0.12% 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

UBTL.L vs. ITPA.L - Dividend Comparison

UBTL.L's dividend yield for the trailing twelve months is around 6.15%, while ITPA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITPA.L iShares $ TIPS UCITS ETF GBP (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UBTL.L UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis	6.15%	5.34%	5.57%	6.49%	8.27%	2.56%	0.73%	2.60%	2.29%	1.99%

Frequently Asked Questions

Can I hold both UBTL.L and ITPA.L in my portfolio?

UBTL.L and ITPA.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UBTL.L or ITPA.L?

On fees, ITPA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UBTL.L or ITPA.L?

ITPA.L is cheaper with a 0.12% expense ratio, compared with 0.20% for UBTL.L.

What is the main difference between UBTL.L and ITPA.L?

UBTL.L tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while ITPA.L tracks BBG US Government Inflation-Linked Bond Index (USD). They also come from different issuers: UBS and iShares. Their fees differ too: 0.20% for UBTL.L and 0.12% for ITPA.L.