UTIP.L vs. UBTL.L

Last updated Jul 7, 2026

UTIP.L (SPDR Bloomberg US TIPS UCITS ETF) and UBTL.L (UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis) are both Inflation-Protected Bonds funds tracking the Bloomberg Gbl Infl Linked US TIPS TR USD, from State Street and UBS respectively. Both are passively managed. Over the past 5 years, UTIP.L returned 1.15%/yr vs -5.94%/yr for UBTL.L. A 0.78 correlation means they provide meaningful diversification when combined. UTIP.L charges 0.17%/yr vs 0.20%/yr for UBTL.L.

Performance

UTIP.L vs. UBTL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) and UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis (UBTL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UTIP.L is traded in GBP, while UBTL.L is traded in GBp. To make them comparable, the UBTL.L 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 1.62% return, which is significantly higher than UBTL.L's -0.19% return.

UTIP.L

• 1D: 0.00%
• 1M: 0.18%
• 6M: 2.23%
• YTD: 1.62%
• 1Y: 5.79%
• 3Y*: 2.73%
• 5Y*: 1.15%
• 10Y*: 2.15%

UBTL.L

• 1D: -0.12%
• 1M: -0.07%
• 6M: 1.04%
• YTD: -0.19%
• 1Y: 4.31%
• 3Y*: -2.01%
• 5Y*: -5.94%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UTIP.L vs. UBTL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTIP.L SPDR Bloomberg US TIPS UCITS ETF	1.62%	-0.43%	3.62%	-2.21%	-2.41%	7.59%	7.22%	5.24%	5.31%	-5.38%
UBTL.L UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis	-0.19%	-2.86%	-3.21%	-5.35%	-24.00%	9.31%	19.40%	12.36%	-2.06%	-4.05%

Correlation

The correlation between UTIP.L and UBTL.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016	0.78

The correlation between UTIP.L and UBTL.L shifts across timeframes, from 0.66 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UTIP.L vs. UBTL.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UTIP.L

UTIP.L Risk / Return Rank: 26
UTIP.L Sharpe Ratio Rank: 28
UTIP.L Sortino Ratio Rank: 27
UTIP.L Omega Ratio Rank: 26
UTIP.L Calmar Ratio Rank: 25
UTIP.L Martin Ratio Rank: 24

UBTL.L

UBTL.L Risk / Return Rank: 15
UBTL.L Sharpe Ratio Rank: 17
UBTL.L Sortino Ratio Rank: 15
UBTL.L Omega Ratio Rank: 15
UBTL.L Calmar Ratio Rank: 16
UBTL.L Martin Ratio Rank: 14

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UTIP.L vs. UBTL.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 UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis (UBTL.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	UBTL.L	Difference
Sharpe ratio: Return per unit of total volatility	0.91	0.46	+0.45
Sortino ratio: Return per unit of downside risk	1.34	0.72	+0.61
Omega ratio: Gain probability vs. loss probability	1.16	1.08	+0.08
Calmar ratio: Return relative to maximum drawdown	1.07	0.54	+0.53
Martin ratio: Return relative to average drawdown	2.68	1.01	+1.68

UTIP.L vs. UBTL.L - Sharpe Ratio Comparison

The current UTIP.L Sharpe Ratio is 0.91, which is higher than the UBTL.L Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of UTIP.L and UBTL.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UTIP.L vs. UBTL.L - Drawdown Comparison

The maximum UTIP.L drawdown since its inception was -15.81%, smaller than the maximum UBTL.L drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for UTIP.L and UBTL.L.

Drawdown Indicators

	UTIP.L	UBTL.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.81%	-38.67%	+22.86%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-7.89%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-8.30%	-14.95%	+6.65%
Max Drawdown (5Y) Largest decline over 5 years	-15.81%	-38.67%	+22.86%
Max Drawdown (10Y) Largest decline over 10 years	-15.81%	—	—
Current Drawdown Current decline from peak	-7.94%	-34.51%	+26.57%
Average Drawdown Average peak-to-trough decline	-6.83%	-23.12%	+16.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	4.28%	-2.12%

Volatility

UTIP.L vs. UBTL.L - Volatility Comparison

The current volatility for SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) is 1.56%, while UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis (UBTL.L) has a volatility of 2.70%. This indicates that UTIP.L experiences smaller price fluctuations and is considered to be less risky than UBTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTIP.L	UBTL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	2.70%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	6.24%	-1.71%
Volatility (1Y) Calculated over the trailing 1-year period	6.37%	9.43%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.77%	15.18%	-6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.40%	16.50%	-7.10%

UTIP.L vs. UBTL.L - Expense Ratio Comparison

UTIP.L has a 0.17% expense ratio, which is lower than UBTL.L's 0.20% expense ratio. Despite the difference, 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. UBTL.L - Dividend Comparison

UTIP.L's dividend yield for the trailing twelve months is around 4.42%, less than UBTL.L's 6.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
UBTL.L UBS ETF (LU) Bloomberg TIPS 10+ UCITS ETF (USD) A-dis	6.16%	5.34%	5.56%	6.48%	8.28%	2.56%	0.73%	1.39%	0.00%	0.00%	0.00%
UTIP.L SPDR Bloomberg US TIPS UCITS ETF	4.42%	3.57%	4.00%	4.37%	7.34%	3.24%	0.69%	1.75%	3.69%	2.50%	1.67%

Frequently Asked Questions

Can I hold both UTIP.L and UBTL.L in my portfolio?

UTIP.L and UBTL.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UTIP.L or UBTL.L?

On fees, UTIP.L is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UTIP.L or UBTL.L?

UTIP.L is cheaper with a 0.17% expense ratio, compared with 0.20% for UBTL.L.

What is the main difference between UTIP.L and UBTL.L?

Both ETFs track Bloomberg Gbl Infl Linked US TIPS TR USD. They also come from different issuers: State Street and UBS. Their fees differ too: 0.17% for UTIP.L and 0.20% for UBTL.L.