UTIP.L vs. IPAC
UTIP.L (SPDR Bloomberg US TIPS UCITS ETF) and IPAC (iShares Core MSCI Pacific ETF) are both exchange-traded funds - UTIP.L is a Inflation-Protected Bonds fund tracking the Bloomberg Gbl Infl Linked US TIPS TR USD, while IPAC is a Asia Pacific Equities fund tracking the MSCI Pacific Investable Market Index. Both are passively managed. Over the past 10 years, UTIP.L returned 41.75%/yr vs 9.84%/yr for IPAC. At a 0.16 correlation, their price movements are largely independent. UTIP.L charges 0.17%/yr vs 0.09%/yr for IPAC.
Performance
UTIP.L vs. IPAC - Performance Comparison
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Different Trading Currencies
UTIP.L is traded in GBP, while IPAC is traded in USD. To make them comparable, the IPAC values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, UTIP.L achieves a -0.61% return, which is significantly lower than IPAC's 14.41% return. Over the past 10 years, UTIP.L has outperformed IPAC with an annualized return of 41.75%, while IPAC has yielded a comparatively lower 9.84% annualized return.
UTIP.L
- 1D
- 0.00%
- 1M
- 0.96%
- YTD
- -0.61%
- 6M
- -1.42%
- 1Y
- 1.23%
- 3Y*
- -2.70%
- 5Y*
- -2.60%
- 10Y*
- 41.75%
IPAC
- 1D
- 0.19%
- 1M
- 4.75%
- YTD
- 14.41%
- 6M
- 13.99%
- 1Y
- 29.16%
- 3Y*
- 14.32%
- 5Y*
- 8.85%
- 10Y*
- 9.84%
UTIP.L vs. IPAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTIP.L SPDR Bloomberg US TIPS UCITS ETF | -0.61% | -3.83% | -0.45% | -6.33% | -8.86% | 4.03% | 279.51% | 55.61% | 265.06% | 56.18% |
IPAC iShares Core MSCI Pacific ETF | 14.41% | 16.25% | 8.03% | 8.79% | -3.42% | 4.06% | 9.09% | 14.89% | -7.61% | 15.08% |
Correlation
The correlation between UTIP.L and IPAC is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2015 | 0.16 |
The correlation between UTIP.L and IPAC shifts across timeframes, from -0.05 (1 year) to 0.17 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
UTIP.L vs. IPAC — Risk / Return Rank
UTIP.L
IPAC
UTIP.L vs. IPAC - 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 Core MSCI Pacific ETF (IPAC). 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.
| UTIP.L | IPAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.39 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 2.87 | -2.69 |
| Martin ratioReturn relative to average drawdown | 0.38 | 10.61 | -10.24 |
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
| UTIP.L | IPAC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.17 | 2.06 | -1.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | 0.63 | -0.91 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.63 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.59 | -0.24 |
Drawdowns
UTIP.L vs. IPAC - Drawdown Comparison
The maximum UTIP.L drawdown since its inception was -23.72%, smaller than the maximum IPAC drawdown of -26.03%. Use the drawdown chart below to compare losses from any high point for UTIP.L and IPAC.
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Drawdown Indicators
| UTIP.L | IPAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.72% | -26.03% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -6.54% | -10.20% | +3.66% |
Max Drawdown (3Y)Largest decline over 3 years | -10.48% | -13.99% | +3.51% |
Max Drawdown (5Y)Largest decline over 5 years | -22.38% | -14.31% | -8.07% |
Max Drawdown (10Y)Largest decline over 10 years | -23.72% | -26.03% | +2.31% |
Current DrawdownCurrent decline from peak | -21.46% | 0.00% | -21.46% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -4.39% | -4.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 2.76% | +0.51% |
Volatility
UTIP.L vs. IPAC - Volatility Comparison
The current volatility for SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) is 1.76%, while iShares Core MSCI Pacific ETF (IPAC) has a volatility of 3.12%. This indicates that UTIP.L experiences smaller price fluctuations and is considered to be less risky than IPAC 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 | IPAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 3.12% | -1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.86% | 11.16% | -6.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.14% | 14.23% | -7.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.35% | 14.14% | -4.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 118.48% | 15.76% | +102.72% |
UTIP.L vs. IPAC - Expense Ratio Comparison
UTIP.L has a 0.17% expense ratio, which is higher than IPAC'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. IPAC - Dividend Comparison
UTIP.L has not paid dividends to shareholders, while IPAC's dividend yield for the trailing twelve months is around 3.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IPAC iShares Core MSCI Pacific ETF | 3.79% | 4.32% | 3.43% | 3.16% | 2.76% | 4.03% | 1.68% | 3.37% | 2.95% | 2.98% | 2.66% | 2.60% |
UTIP.L SPDR Bloomberg US TIPS UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 69.04% | 31.90% | 67.27% | 43.97% | 0.00% | 0.00% |
Frequently Asked Questions
UTIP.L and IPAC have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IPAC is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IPAC is cheaper with a 0.09% expense ratio, compared with 0.17% for UTIP.L.
UTIP.L is categorized as Inflation-Protected Bonds, while IPAC is Asia Pacific Equities. UTIP.L tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while IPAC tracks MSCI Pacific Investable Market Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.17% for UTIP.L and 0.09% for IPAC.
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