BKIPX vs. FIPDX

Last updated Jun 24, 2026

BKIPX (iShares Short-Term TIPS Bond Index Fund Class K) and FIPDX (Fidelity Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds - BKIPX tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index while FIPDX tracks the Bloomberg US Treasury Inflation-Protected Securities Index. Both are passively managed. Over the past 5 years, BKIPX returned 2.69%/yr vs 0.94%/yr for FIPDX. A 0.71 correlation means they provide meaningful diversification when combined. BKIPX charges 0.06%/yr vs 0.05%/yr for FIPDX.

Performance

BKIPX vs. FIPDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term TIPS Bond Index Fund Class K (BKIPX) and Fidelity Inflation-Protected Bond Index Fund (FIPDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKIPX achieves a 0.64% return, which is significantly lower than FIPDX's 0.78% return.

BKIPX

• 1D: -0.21%
• 1M: 0.01%
• YTD: 0.64%
• 6M: 1.01%
• 1Y: 3.22%
• 3Y*: 4.68%
• 5Y*: 2.69%
• 10Y*: —

FIPDX

• 1D: -0.33%
• 1M: 0.00%
• YTD: 0.78%
• 6M: 0.89%
• 1Y: 3.53%
• 3Y*: 3.67%
• 5Y*: 0.94%
• 10Y*: 2.52%

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

BKIPX vs. FIPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BKIPX iShares Short-Term TIPS Bond Index Fund Class K	0.64%	6.08%	4.77%	3.37%	-4.18%	5.21%	4.86%	4.90%	0.61%	0.90%
FIPDX Fidelity Inflation-Protected Bond Index Fund	0.78%	6.90%	2.00%	3.77%	-12.09%	5.94%	10.90%	8.32%	-1.37%	2.98%

Correlation

The correlation between BKIPX and FIPDX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.71

The correlation between BKIPX and FIPDX shifts across timeframes, from 0.63 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BKIPX vs. FIPDX — Risk / Return Rank

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

BKIPX

BKIPX Risk / Return Rank: 42
BKIPX Sharpe Ratio Rank: 27
BKIPX Sortino Ratio Rank: 45
BKIPX Omega Ratio Rank: 44
BKIPX Calmar Ratio Rank: 44
BKIPX Martin Ratio Rank: 51

FIPDX

FIPDX Risk / Return Rank: 21
FIPDX Sharpe Ratio Rank: 17
FIPDX Sortino Ratio Rank: 17
FIPDX Omega Ratio Rank: 16
FIPDX Calmar Ratio Rank: 28
FIPDX Martin Ratio Rank: 24

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.

BKIPX vs. FIPDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term TIPS Bond Index Fund Class K (BKIPX) and Fidelity Inflation-Protected Bond Index Fund (FIPDX). 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.

	BKIPX	FIPDX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.09	+0.30
Sortino ratio: Return per unit of downside risk	2.61	1.61	+1.00
Omega ratio: Gain probability vs. loss probability	1.33	1.20	+0.14
Calmar ratio: Return relative to maximum drawdown	2.42	1.89	+0.53
Martin ratio: Return relative to average drawdown	9.92	5.46	+4.46

BKIPX vs. FIPDX - Sharpe Ratio Comparison

The current BKIPX Sharpe Ratio is 1.39, which is comparable to the FIPDX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of BKIPX and FIPDX, 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

BKIPX vs. FIPDX - Drawdown Comparison

The maximum BKIPX drawdown since its inception was -6.42%, smaller than the maximum FIPDX drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for BKIPX and FIPDX.

Drawdown Indicators

	BKIPX	FIPDX	Difference
Max Drawdown Largest peak-to-trough decline	-6.42%	-14.32%	+7.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-1.94%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	-1.34%	-4.49%	+3.15%
Max Drawdown (5Y) Largest decline over 5 years	-6.42%	-14.32%	+7.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.32%	—
Current Drawdown Current decline from peak	-1.34%	-0.97%	-0.37%
Average Drawdown Average peak-to-trough decline	-1.06%	-4.46%	+3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.67%	-0.34%

Volatility

BKIPX vs. FIPDX - Volatility Comparison

iShares Short-Term TIPS Bond Index Fund Class K (BKIPX) has a higher volatility of 1.31% compared to Fidelity Inflation-Protected Bond Index Fund (FIPDX) at 1.13%. This indicates that BKIPX's price experiences larger fluctuations and is considered to be riskier than FIPDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKIPX	FIPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	1.13%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	2.42%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	3.36%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.12%	5.97%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.64%	5.37%	-2.73%

BKIPX vs. FIPDX - Expense Ratio Comparison

BKIPX has a 0.06% expense ratio, which is higher than FIPDX's 0.05% 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

BKIPX vs. FIPDX - Dividend Comparison

BKIPX's dividend yield for the trailing twelve months is around 4.69%, more than FIPDX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKIPX iShares Short-Term TIPS Bond Index Fund Class K	4.69%	4.68%	4.33%	2.77%	4.80%	4.41%	1.17%	2.54%	2.56%	1.90%	0.00%	0.00%
FIPDX Fidelity Inflation-Protected Bond Index Fund	3.82%	4.18%	3.75%	3.56%	8.87%	4.76%	1.24%	1.97%	2.26%	1.29%	1.34%	0.38%

Frequently Asked Questions

Can I hold both BKIPX and FIPDX in my portfolio?

BKIPX and FIPDX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKIPX or FIPDX?

BKIPX has higher volatility (1.31%) compared to FIPDX (1.13%). In terms of maximum drawdown, BKIPX dropped -6.42% vs FIPDX's -14.32%.

Which has better risk-adjusted returns?

BKIPX currently has the higher Sharpe Ratio (1.39 vs 1.09), 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.