UBTL.L vs. UTIP.L

Last updated Jul 7, 2026

UBTL.L (UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis) and UTIP.L (SPDR Bloomberg US TIPS UCITS ETF) are both Inflation-Protected Bonds funds tracking the Bloomberg Gbl Infl Linked US TIPS TR USD, from UBS and State Street respectively. Both are passively managed. Over the past 5 years, UBTL.L returned -5.94%/yr vs 1.15%/yr for UTIP.L. A 0.78 correlation means they provide meaningful diversification when combined. UBTL.L charges 0.20%/yr vs 0.17%/yr for UTIP.L.

Performance

UBTL.L vs. UTIP.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 SPDR Bloomberg US TIPS UCITS ETF (UTIP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UBTL.L is traded in GBp, while UTIP.L is traded in GBP. To make them comparable, the UTIP.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 -0.19% return, which is significantly lower than UTIP.L's 1.62% return.

UBTL.L

• 1D: -0.12%
• 1M: -0.07%
• 6M: 1.04%
• YTD: -0.19%
• 1Y: 4.31%
• 3Y*: -2.01%
• 5Y*: -5.94%
• 10Y*: —

UTIP.L

• 1D: 0.00%
• 1M: 0.18%
• 6M: 2.23%
• YTD: 1.62%
• 1Y: 5.79%
• 3Y*: 2.73%
• 5Y*: 1.15%
• 10Y*: 2.15%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UBTL.L UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis	-0.19%	-2.86%	-3.21%	-5.35%	-24.00%	9.31%	19.40%	12.36%	-2.06%	-4.05%
UTIP.L SPDR Bloomberg US TIPS UCITS ETF	1.62%	-0.43%	3.62%	-2.21%	-2.41%	7.59%	7.22%	5.24%	5.31%	-5.38%

Correlation

The correlation between UBTL.L and UTIP.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016	0.78

The correlation between UBTL.L and UTIP.L shifts across timeframes, from 0.66 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UBTL.L vs. UTIP.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: 15
UBTL.L Sharpe Ratio Rank: 17
UBTL.L Sortino Ratio Rank: 15
UBTL.L Omega Ratio Rank: 15
UBTL.L Calmar Ratio Rank: 16
UBTL.L Martin Ratio Rank: 14

UTIP.L

UTIP.L Risk / Return Rank: 26
UTIP.L Sharpe Ratio Rank: 28
UTIP.L Sortino Ratio Rank: 27
UTIP.L Omega Ratio Rank: 26
UTIP.L Calmar Ratio Rank: 25
UTIP.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.

UBTL.L vs. UTIP.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 SPDR Bloomberg US TIPS UCITS ETF (UTIP.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.

	UBTL.L	UTIP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.46	0.91	-0.45
Sortino ratio: Return per unit of downside risk	0.72	1.34	-0.61
Omega ratio: Gain probability vs. loss probability	1.08	1.16	-0.08
Calmar ratio: Return relative to maximum drawdown	0.54	1.07	-0.53
Martin ratio: Return relative to average drawdown	1.01	2.68	-1.68

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

The current UBTL.L Sharpe Ratio is 0.46, which is lower than the UTIP.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of UBTL.L and UTIP.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

UBTL.L vs. UTIP.L - Drawdown Comparison

The maximum UBTL.L drawdown since its inception was -38.67%, which is greater than UTIP.L's maximum drawdown of -15.81%. Use the drawdown chart below to compare losses from any high point for UBTL.L and UTIP.L.

Drawdown Indicators

	UBTL.L	UTIP.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.67%	-15.81%	-22.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.89%	-5.38%	-2.51%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-8.30%	-6.65%
Max Drawdown (5Y) Largest decline over 5 years	-38.67%	-15.81%	-22.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.81%	—
Current Drawdown Current decline from peak	-34.51%	-7.94%	-26.57%
Average Drawdown Average peak-to-trough decline	-23.12%	-6.83%	-16.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	2.16%	+2.12%

Volatility

UBTL.L vs. UTIP.L - Volatility Comparison

UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis (UBTL.L) has a higher volatility of 2.70% compared to SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) at 1.56%. This indicates that UBTL.L's price experiences larger fluctuations and is considered to be riskier than UTIP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBTL.L	UTIP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	1.56%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	6.24%	4.53%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	9.43%	6.37%	+3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	8.77%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	9.40%	+7.10%

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

UBTL.L has a 0.20% expense ratio, which is higher than UTIP.L's 0.17% 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. UTIP.L - Dividend Comparison

UBTL.L's dividend yield for the trailing twelve months is around 6.16%, more than UTIP.L's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
UBTL.L UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis	6.16%	5.34%	5.56%	6.48%	8.28%	2.56%	0.73%	1.39%	0.00%	0.00%	0.00%
UTIP.L SPDR Bloomberg US TIPS UCITS ETF	4.42%	3.57%	4.00%	4.37%	7.34%	3.24%	0.69%	1.75%	3.69%	2.50%	1.67%

Frequently Asked Questions

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

UBTL.L and UTIP.L have a correlation of 0.66, 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 UTIP.L?

On fees, UTIP.L is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

UTIP.L is cheaper with a 0.17% expense ratio, compared with 0.20% for UBTL.L.

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

Both ETFs track Bloomberg Gbl Infl Linked US TIPS TR USD. They also come from different issuers: UBS and State Street. Their fees differ too: 0.20% for UBTL.L and 0.17% for UTIP.L.