UTIP.L vs. ITPG.L
UTIP.L (SPDR Bloomberg US TIPS UCITS ETF) and ITPG.L (iShares $ TIPS UCITS ETF GBP Hedged (Dist)) are both Inflation-Protected Bonds funds - UTIP.L tracks the Bloomberg Gbl Infl Linked US TIPS TR USD while ITPG.L tracks the BBG US Government Inflation-Linked Bond Index (USD). Both are passively managed. Over the past 5 years, UTIP.L returned 0.84%/yr vs -0.28%/yr for ITPG.L. Their 0.34 correlation means their historical movements had little consistent relationship. UTIP.L charges 0.17%/yr vs 0.12%/yr for ITPG.L.
Performance
UTIP.L vs. ITPG.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 ITPG.L's 0.54% 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%
ITPG.L
- 1D
- 0.21%
- 1M
- -1.04%
- 6M
- 0.54%
- YTD
- 0.54%
- 1Y
- 2.74%
- 3Y*
- 3.11%
- 5Y*
- -0.28%
- 10Y*
- —
- ALL TIME*
- 2.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| £1.01M | £952.02K | £1.41M | |
| £13.21K | £29.55K | £26.44K |
UTIP.L vs. ITPG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UTIP.L SPDR Bloomberg US TIPS UCITS ETF | 1.16% | -0.43% | 3.62% | -2.21% | -2.41% | 7.59% | 7.22% | 5.24% | 8.79% |
ITPG.L iShares $ TIPS UCITS ETF GBP Hedged (Dist) | 0.54% | 6.20% | 1.89% | 2.58% | -13.77% | 6.17% | 10.05% | 6.89% | -1.16% |
Correlation
The correlation between UTIP.L and ITPG.L is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2018 | 0.34 |
Over the past year, the correlation between UTIP.L and ITPG.L has dropped to 0.14 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
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Return for Risk
UTIP.L vs. ITPG.L — Risk / Return Rank
UTIP.L
ITPG.L
UTIP.L vs. ITPG.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 $ TIPS UCITS ETF GBP Hedged (Dist) (ITPG.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 | ITPG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.10 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 1.25 | -0.50 |
| Martin ratioReturn relative to average drawdown | 1.82 | 2.95 | -1.13 |
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Drawdowns
UTIP.L vs. ITPG.L - Drawdown Comparison
The maximum UTIP.L drawdown since its inception was -15.81%, smaller than the maximum ITPG.L drawdown of -16.78%. Use the drawdown chart below to compare losses from any high point for UTIP.L and ITPG.L.
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Drawdown Indicators
| UTIP.L | ITPG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.81% | -16.78% | +0.97% |
Max Drawdown (1Y)Largest decline over 1 year | -5.38% | -1.85% | -3.53% |
Max Drawdown (3Y)Largest decline over 3 years | -8.30% | -4.35% | -3.95% |
Max Drawdown (5Y)Largest decline over 5 years | -15.81% | -16.78% | +0.97% |
Max Drawdown (10Y)Largest decline over 10 years | -15.81% | — | — |
Current DrawdownCurrent decline from peak | -8.37% | -4.23% | -4.14% |
Average DrawdownAverage peak-to-trough decline | -6.84% | -5.43% | -1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 0.79% | +1.43% |
Volatility
UTIP.L vs. ITPG.L - Volatility Comparison
SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) has a higher volatility of 1.21% compared to iShares $ TIPS UCITS ETF GBP Hedged (Dist) (ITPG.L) at 0.74%. This indicates that UTIP.L's price experiences larger fluctuations and is considered to be riskier than ITPG.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 | ITPG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 0.74% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 2.84% | +1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 4.34% | +1.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.73% | 6.38% | +2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 6.35% | +2.99% |
UTIP.L vs. ITPG.L - Expense Ratio Comparison
UTIP.L has a 0.17% expense ratio, which is higher than ITPG.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
UTIP.L vs. ITPG.L - Dividend Comparison
UTIP.L's dividend yield for the trailing twelve months is around 4.44%, less than ITPG.L's 4.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
ITPG.L iShares $ TIPS UCITS ETF GBP Hedged (Dist) | 4.68% | 4.56% | 4.62% | 1.50% | 1.24% | 1.09% | 2.03% | 2.79% | 1.92% | 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 ITPG.L have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ITPG.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ITPG.L is cheaper with a 0.12% expense ratio, compared with 0.17% for UTIP.L.
UTIP.L tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while ITPG.L tracks BBG US Government Inflation-Linked Bond Index (USD). They also come from different issuers: State Street and iShares. Their fees differ too: 0.17% for UTIP.L and 0.12% for ITPG.L.
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