ALMIX vs. DFAAX

Last updated Jun 4, 2026

ALMIX (Invesco Short Duration Inflation Protected Fund) and DFAAX (DFA Global Core Plus Real Return Portfolio) are both Inflation-Protected Bonds funds. Over the past 5 years, ALMIX returned 2.86%/yr vs 5.25%/yr for DFAAX. A 0.72 correlation means they provide meaningful diversification when combined. ALMIX charges 0.30%/yr vs 0.29%/yr for DFAAX.

Performance

ALMIX vs. DFAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Short Duration Inflation Protected Fund (ALMIX) and DFA Global Core Plus Real Return Portfolio (DFAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALMIX achieves a 1.89% return, which is significantly lower than DFAAX's 3.06% return.

ALMIX

• 1D: 0.00%
• 1M: -0.00%
• YTD: 1.89%
• 6M: 1.82%
• 1Y: 4.44%
• 3Y*: 5.00%
• 5Y*: 2.86%
• 10Y*: 2.82%

DFAAX

• 1D: 0.10%
• 1M: 0.82%
• YTD: 3.06%
• 6M: 2.63%
• 1Y: 5.28%
• 3Y*: 6.24%
• 5Y*: 5.25%
• 10Y*: —

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

ALMIX vs. DFAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ALMIX Invesco Short Duration Inflation Protected Fund	1.89%	6.13%	4.29%	4.17%	-4.35%	2.48%
DFAAX DFA Global Core Plus Real Return Portfolio	3.06%	5.18%	4.41%	9.49%	-13.40%	20.47%

Correlation

The correlation between ALMIX and DFAAX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 6, 2021	0.72

Over the past year, the correlation between ALMIX and DFAAX has dropped to 0.48 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

Return for Risk

ALMIX vs. DFAAX — Risk / Return Rank

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

ALMIX

ALMIX Risk / Return Rank: 84
ALMIX Sharpe Ratio Rank: 68
ALMIX Sortino Ratio Rank: 85
ALMIX Omega Ratio Rank: 80
ALMIX Calmar Ratio Rank: 94
ALMIX Martin Ratio Rank: 93

DFAAX

DFAAX Risk / Return Rank: 34
DFAAX Sharpe Ratio Rank: 35
DFAAX Sortino Ratio Rank: 36
DFAAX Omega Ratio Rank: 40
DFAAX Calmar Ratio Rank: 30
DFAAX Martin Ratio Rank: 31

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.

ALMIX vs. DFAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Duration Inflation Protected Fund (ALMIX) and DFA Global Core Plus Real Return Portfolio (DFAAX). 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.

	ALMIX	DFAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.71	+0.70
Sortino ratio: Return per unit of downside risk	4.06	2.50	+1.55
Omega ratio: Gain probability vs. loss probability	1.53	1.34	+0.19
Calmar ratio: Return relative to maximum drawdown	5.43	2.06	+3.38
Martin ratio: Return relative to average drawdown	19.83	7.27	+12.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALMIX vs. DFAAX - Sharpe Ratio Comparison

The current ALMIX Sharpe Ratio is 2.42, which is higher than the DFAAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of ALMIX and DFAAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ALMIX	DFAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	1.71	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.63	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	0.63	+1.04

Drawdowns

ALMIX vs. DFAAX - Drawdown Comparison

The maximum ALMIX drawdown since its inception was -6.61%, smaller than the maximum DFAAX drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for ALMIX and DFAAX.

Drawdown Indicators

	ALMIX	DFAAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.61%	-16.64%	+10.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.80%	-2.55%	+1.75%
Max Drawdown (3Y) Largest decline over 3 years	-1.18%	-3.44%	+2.26%
Max Drawdown (5Y) Largest decline over 5 years	-6.61%	-16.64%	+10.03%
Max Drawdown (10Y) Largest decline over 10 years	-6.61%	—	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.45%	-4.55%	+4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.72%	-0.50%

Volatility

ALMIX vs. DFAAX - Volatility Comparison

The current volatility for Invesco Short Duration Inflation Protected Fund (ALMIX) is 0.56%, while DFA Global Core Plus Real Return Portfolio (DFAAX) has a volatility of 0.93%. This indicates that ALMIX experiences smaller price fluctuations and is considered to be less risky than DFAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALMIX	DFAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	0.93%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	1.26%	2.23%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	1.81%	3.06%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.19%	8.37%	-5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.70%	8.32%	-5.62%

ALMIX vs. DFAAX - Expense Ratio Comparison

ALMIX has a 0.30% expense ratio, which is higher than DFAAX's 0.29% expense ratio.

Dividends

ALMIX vs. DFAAX - Dividend Comparison

ALMIX's dividend yield for the trailing twelve months is around 4.34%, more than DFAAX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALMIX Invesco Short Duration Inflation Protected Fund	4.34%	4.38%	3.00%	3.24%	7.59%	4.38%	1.19%	2.17%	2.80%	2.19%	1.53%	0.09%
DFAAX DFA Global Core Plus Real Return Portfolio	3.37%	2.90%	4.09%	3.96%	2.06%	13.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ALMIX and DFAAX in my portfolio?

ALMIX and DFAAX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALMIX or DFAAX?

DFAAX has higher volatility (0.93%) compared to ALMIX (0.56%). In terms of maximum drawdown, ALMIX dropped -6.61% vs DFAAX's -16.64%.

Which has better risk-adjusted returns?

ALMIX currently has the higher Sharpe Ratio (2.42 vs 1.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.