UTIP.L vs. IBCI.L
UTIP.L (SPDR Bloomberg US TIPS UCITS ETF) and IBCI.L (iShares € Inflation Linked Govt Bond UCITS ETF EUR (Acc)) are both Inflation-Protected Bonds funds - UTIP.L tracks the Bloomberg Gbl Infl Linked US TIPS TR USD while IBCI.L tracks the BBG Euro Government Inflation-Linked Bond Index (EUR). Both are passively managed. Over the past 10 years, UTIP.L returned 2.37%/yr vs 1.53%/yr for IBCI.L. Their 0.53 correlation means they have sometimes moved together and sometimes differently. UTIP.L charges 0.17%/yr vs 0.09%/yr for IBCI.L.
Performance
UTIP.L vs. IBCI.L - Performance Comparison
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Returns By Period
In the year-to-date period, UTIP.L achieves a 1.16% return, which is significantly higher than IBCI.L's 0.12% return. Over the past 10 years, UTIP.L has outperformed IBCI.L with an annualized return of 2.37%, while IBCI.L has yielded a comparatively lower 1.53% annualized return.
UTIP.L
- 1D
- -0.14%
- 1M
- -1.78%
- 6M
- 2.14%
- YTD
- 1.16%
- 1Y
- 3.23%
- 3Y*
- 2.12%
- 5Y*
- 0.84%
- 10Y*
- 2.37%
- ALL TIME*
- 4.12%
IBCI.L
- 1D
- -0.07%
- 1M
- -1.75%
- 6M
- 0.03%
- YTD
- 0.12%
- 1Y
- 0.28%
- 3Y*
- 1.46%
- 5Y*
- 0.27%
- 10Y*
- 1.53%
- ALL TIME*
- 1.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| £1.29M | £1.87M | £1.76M | |
| £13.21K | £29.55K | £26.44K |
UTIP.L vs. IBCI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTIP.L SPDR Bloomberg US TIPS UCITS ETF | 1.16% | -0.43% | 3.62% | -2.21% | -2.41% | 7.59% | 7.22% | 5.24% | 5.31% | -5.38% |
IBCI.L iShares € Inflation Linked Govt Bond UCITS ETF EUR (Acc) | 0.12% | 6.03% | -4.55% | 3.48% | -4.33% | -0.79% | 8.45% | 1.18% | -1.05% | 5.00% |
Correlation
The correlation between UTIP.L and IBCI.L is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.43 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015 | 0.53 |
Over the past year, the correlation between UTIP.L and IBCI.L has dropped to 0.29 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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Return for Risk
UTIP.L vs. IBCI.L — Risk / Return Rank
UTIP.L
IBCI.L
UTIP.L vs. IBCI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) and iShares € Inflation Linked Govt Bond UCITS ETF EUR (Acc) (IBCI.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.
| UTIP.L | IBCI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.02 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 0.16 | +0.59 |
| Martin ratioReturn relative to average drawdown | 1.82 | 0.34 | +1.48 |
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Drawdowns
UTIP.L vs. IBCI.L - Drawdown Comparison
The maximum UTIP.L drawdown since its inception was -15.81%, smaller than the maximum IBCI.L drawdown of -30.47%. Use the drawdown chart below to compare losses from any high point for UTIP.L and IBCI.L.
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Drawdown Indicators
| UTIP.L | IBCI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.81% | -30.47% | +14.66% |
Max Drawdown (1Y)Largest decline over 1 year | -5.38% | -3.33% | -2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -8.30% | -14.28% | +5.98% |
Max Drawdown (5Y)Largest decline over 5 years | -15.81% | -14.28% | -1.53% |
Max Drawdown (10Y)Largest decline over 10 years | -15.81% | -14.53% | -1.28% |
Current DrawdownCurrent decline from peak | -8.37% | -8.40% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -6.84% | -10.76% | +3.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 1.59% | +0.63% |
Volatility
UTIP.L vs. IBCI.L - Volatility Comparison
The current volatility for SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) is 1.21%, while iShares € Inflation Linked Govt Bond UCITS ETF EUR (Acc) (IBCI.L) has a volatility of 1.44%. This indicates that UTIP.L experiences smaller price fluctuations and is considered to be less risky than IBCI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTIP.L | IBCI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.44% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 3.69% | +0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 4.85% | +1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.73% | 11.48% | -2.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 11.76% | -2.42% |
UTIP.L vs. IBCI.L - Expense Ratio Comparison
UTIP.L has a 0.17% expense ratio, which is higher than IBCI.L's 0.09% 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
UTIP.L vs. IBCI.L - Dividend Comparison
UTIP.L's dividend yield for the trailing twelve months is around 4.44%, while IBCI.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IBCI.L iShares € Inflation Linked Govt Bond UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UTIP.L SPDR Bloomberg US TIPS UCITS ETF | 4.44% | 3.57% | 4.00% | 4.37% | 7.34% | 3.24% | 0.69% | 1.75% | 3.69% | 2.50% | 1.67% |
Frequently Asked Questions
UTIP.L and IBCI.L have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBCI.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBCI.L is cheaper with a 0.09% expense ratio, compared with 0.17% for UTIP.L.
UTIP.L tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while IBCI.L tracks BBG Euro Government Inflation-Linked Bond Index (EUR). They also come from different issuers: State Street and iShares. Their fees differ too: 0.17% for UTIP.L and 0.09% for IBCI.L.
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