UTIP.L vs. SPLB
UTIP.L (SPDR Bloomberg US TIPS UCITS ETF) and SPLB (SPDR Portfolio Long Term Corporate 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 SPLB is a Corporate Bonds fund tracking the Bloomberg Barclays Long U.S. Corporate Index. Both are passively managed. Over the past 10 years, UTIP.L returned 41.75%/yr vs 3.05%/yr for SPLB. A 0.60 correlation means they provide meaningful diversification when combined. UTIP.L charges 0.17%/yr vs 0.07%/yr for SPLB.
Performance
UTIP.L vs. SPLB - Performance Comparison
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Different Trading Currencies
UTIP.L is traded in GBP, while SPLB is traded in USD. To make them comparable, the SPLB 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 SPLB's 1.69% return. Over the past 10 years, UTIP.L has outperformed SPLB with an annualized return of 41.75%, while SPLB has yielded a comparatively lower 3.05% 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%
SPLB
- 1D
- 0.36%
- 1M
- 2.11%
- YTD
- 1.69%
- 6M
- -0.22%
- 1Y
- 7.81%
- 3Y*
- 1.97%
- 5Y*
- -0.71%
- 10Y*
- 3.05%
UTIP.L vs. SPLB - 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% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 1.69% | -0.58% | -0.02% | 5.64% | -16.85% | -1.06% | 10.14% | 18.80% | -1.86% | 2.55% |
Correlation
The correlation between UTIP.L and SPLB is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2015 | 0.60 |
The correlation between UTIP.L and SPLB has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.
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Return for Risk
UTIP.L vs. SPLB — Risk / Return Rank
UTIP.L
SPLB
UTIP.L vs. SPLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) and SPDR Portfolio Long Term Corporate Bond ETF (SPLB). 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 | SPLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.17 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 1.29 | -1.11 |
| Martin ratioReturn relative to average drawdown | 0.38 | 2.65 | -2.28 |
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 | SPLB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.17 | 0.93 | -0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | -0.06 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.21 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.39 | -0.04 |
Drawdowns
UTIP.L vs. SPLB - Drawdown Comparison
The maximum UTIP.L drawdown since its inception was -23.72%, smaller than the maximum SPLB drawdown of -28.89%. Use the drawdown chart below to compare losses from any high point for UTIP.L and SPLB.
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Drawdown Indicators
| UTIP.L | SPLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.72% | -28.89% | +5.17% |
Max Drawdown (1Y)Largest decline over 1 year | -6.54% | -6.07% | -0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -10.48% | -12.34% | +1.86% |
Max Drawdown (5Y)Largest decline over 5 years | -22.38% | -26.77% | +4.39% |
Max Drawdown (10Y)Largest decline over 10 years | -23.72% | -28.89% | +5.17% |
Current DrawdownCurrent decline from peak | -21.46% | -17.70% | -3.76% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -9.45% | +0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 2.95% | +0.32% |
Volatility
UTIP.L vs. SPLB - Volatility Comparison
The current volatility for SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) is 1.76%, while SPDR Portfolio Long Term Corporate Bond ETF (SPLB) has a volatility of 2.01%. This indicates that UTIP.L experiences smaller price fluctuations and is considered to be less risky than SPLB 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 | SPLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 2.01% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 4.86% | 6.46% | -1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.14% | 8.47% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.35% | 12.88% | -3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 118.48% | 14.56% | +103.92% |
UTIP.L vs. SPLB - Expense Ratio Comparison
UTIP.L has a 0.17% expense ratio, which is higher than SPLB's 0.07% 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. SPLB - Dividend Comparison
UTIP.L has not paid dividends to shareholders, while SPLB's dividend yield for the trailing twelve months is around 5.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 5.36% | 5.25% | 5.20% | 4.60% | 4.53% | 3.00% | 3.01% | 3.79% | 4.50% | 4.06% | 4.34% | 4.70% |
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 SPLB have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPLB is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPLB is cheaper with a 0.07% expense ratio, compared with 0.17% for UTIP.L.
UTIP.L is categorized as Inflation-Protected Bonds, while SPLB is Corporate Bonds. UTIP.L tracks Bloomberg Gbl Infl Linked US TIPS TR USD, while SPLB tracks Bloomberg Barclays Long U.S. Corporate Index. Their fees differ too: 0.17% for UTIP.L and 0.07% for SPLB.
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