UTIP.L vs. SGOV
UTIP.L (SPDR Bloomberg US TIPS UCITS ETF) and SGOV (iShares 0-3 Month Treasury Bond 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 SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, UTIP.L returned -2.60%/yr vs 4.65%/yr for SGOV. A 0.62 correlation means they provide meaningful diversification when combined. UTIP.L charges 0.17%/yr vs 0.09%/yr for SGOV.
Performance
UTIP.L vs. SGOV - Performance Comparison
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Different Trading Currencies
UTIP.L is traded in GBP, while SGOV is traded in USD. To make them comparable, the SGOV 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 SGOV's 1.88% 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%
SGOV
- 1D
- 0.00%
- 1M
- 1.16%
- YTD
- 1.88%
- 6M
- 1.04%
- 1Y
- 4.91%
- 3Y*
- 2.07%
- 5Y*
- 4.65%
- 10Y*
- —
UTIP.L vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
UTIP.L SPDR Bloomberg US TIPS UCITS ETF | -0.61% | -3.83% | -0.45% | -6.33% | -8.86% | 4.03% | -4.55% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.93% | -3.18% | 7.11% | -0.13% | 13.66% | 0.99% | -9.79% |
Correlation
The correlation between UTIP.L and SGOV is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since May 29, 2020 | 0.62 |
The correlation between UTIP.L and SGOV has been stable across timeframes, ranging from 0.58 to 0.62 - a consistent structural relationship.
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Return for Risk
UTIP.L vs. SGOV — Risk / Return Rank
UTIP.L
SGOV
UTIP.L vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.13 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 0.95 | -0.77 |
| Martin ratioReturn relative to average drawdown | 0.38 | 2.59 | -2.21 |
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 | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.17 | 0.75 | -0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | 0.55 | -0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.17 | +0.18 |
Drawdowns
UTIP.L vs. SGOV - Drawdown Comparison
The maximum UTIP.L drawdown since its inception was -23.72%, which is greater than SGOV's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for UTIP.L and SGOV.
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Drawdown Indicators
| UTIP.L | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.72% | -15.77% | -7.95% |
Max Drawdown (1Y)Largest decline over 1 year | -6.54% | -5.17% | -1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -10.48% | -9.80% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -22.38% | -15.77% | -6.61% |
Max Drawdown (10Y)Largest decline over 10 years | -23.72% | — | — |
Current DrawdownCurrent decline from peak | -21.46% | -5.94% | -15.52% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -8.18% | -0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 1.90% | +1.37% |
Volatility
UTIP.L vs. SGOV - Volatility Comparison
SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) and iShares 0-3 Month Treasury Bond ETF (SGOV) have volatilities of 1.76% and 1.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTIP.L | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 1.77% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 4.86% | 4.99% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.14% | 6.60% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.35% | 8.56% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 118.48% | 8.50% | +109.98% |
UTIP.L vs. SGOV - Expense Ratio Comparison
UTIP.L has a 0.17% expense ratio, which is higher than SGOV'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. SGOV - Dividend Comparison
UTIP.L has not paid dividends to shareholders, while SGOV's dividend yield for the trailing twelve months is around 3.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.86% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
UTIP.L and SGOV have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGOV is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.17% for UTIP.L.
UTIP.L is categorized as Inflation-Protected Bonds, while SGOV is Ultrashort Bond. UTIP.L tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.17% for UTIP.L and 0.09% for SGOV.
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