BKIPX vs. FSPWX

Last updated Aug 1, 2026

BKIPX (iShares Short-Term TIPS Bond Index Fund Class K) and FSPWX (Fidelity SAI 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 FSPWX tracks the Bloomberg U.S. Treasury Inflation Protected Securities Index. Both are passively managed. Over the past year, BKIPX returned 2.37% vs 0.61% for FSPWX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. BKIPX charges 0.06%/yr vs 0.05%/yr for FSPWX.

Performance

BKIPX vs. FSPWX - 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 SAI Inflation-Protected Bond Index Fund (FSPWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKIPX achieves a 1.10% return, which is significantly higher than FSPWX's -0.66% return.

BKIPX

• 1D: -0.10%
• 1M: -0.42%
• 6M: 0.57%
• YTD: 1.10%
• 1Y: 2.37%
• 3Y*: 4.59%
• 5Y*: 2.39%
• 10Y*: —
• ALL TIME*: 2.84%

FSPWX

• 1D: 0.00%
• 1M: -1.77%
• 6M: -1.15%
• YTD: -0.66%
• 1Y: 0.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKIPX iShares Short-Term TIPS Bond Index Fund Class K	$0.00	$0.00	$0.00
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	$0.00	$0.00	$0.00

BKIPX vs. FSPWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BKIPX iShares Short-Term TIPS Bond Index Fund Class K	1.10%	6.08%	1.17%
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	-0.66%	6.76%	-1.32%

Correlation

The correlation between BKIPX and FSPWX is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.67

The correlation between BKIPX and FSPWX has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Return for Risk

BKIPX vs. FSPWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BKIPX

BKIPX Risk / Return Rank: 59
BKIPX Sharpe Ratio Rank: 41
BKIPX Sortino Ratio Rank: 69
BKIPX Omega Ratio Rank: 69
BKIPX Calmar Ratio Rank: 65
BKIPX Martin Ratio Rank: 51

FSPWX

FSPWX Risk / Return Rank: 9
FSPWX Sharpe Ratio Rank: 9
FSPWX Sortino Ratio Rank: 8
FSPWX Omega Ratio Rank: 8
FSPWX Calmar Ratio Rank: 10
FSPWX Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BKIPX vs. FSPWX - 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 SAI Inflation-Protected Bond Index Fund (FSPWX). 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	FSPWX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	0.31	+0.90
Sortino ratio: Return per unit of downside risk	2.38	0.45	+1.92
Omega ratio: Gain probability vs. loss probability	1.30	1.06	+0.24
Calmar ratio: Return relative to maximum drawdown	2.20	0.41	+1.80
Martin ratio: Return relative to average drawdown	7.05	1.28	+5.77

BKIPX vs. FSPWX - Sharpe Ratio Comparison

The current BKIPX Sharpe Ratio is 1.22, which is higher than the FSPWX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of BKIPX and FSPWX, 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. FSPWX - Drawdown Comparison

The maximum BKIPX drawdown since its inception was -6.42%, which is greater than FSPWX's maximum drawdown of -3.84%. Use the drawdown chart below to compare losses from any high point for BKIPX and FSPWX.

Drawdown Indicators

	BKIPX	FSPWX	Difference
Max Drawdown Largest peak-to-trough decline	-6.42%	-3.84%	-2.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-2.73%	+1.39%
Max Drawdown (3Y) Largest decline over 3 years	-1.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.42%	—	—
Current Drawdown Current decline from peak	-0.88%	-2.44%	+1.56%
Average Drawdown Average peak-to-trough decline	-1.06%	-1.00%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.87%	-0.45%

Volatility

BKIPX vs. FSPWX - Volatility Comparison

The current volatility for iShares Short-Term TIPS Bond Index Fund Class K (BKIPX) is 0.43%, while Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) has a volatility of 1.52%. This indicates that BKIPX experiences smaller price fluctuations and is considered to be less risky than FSPWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKIPX	FSPWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	1.52%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	2.85%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	3.56%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.12%	4.14%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.65%	4.14%	-1.49%

BKIPX vs. FSPWX - Expense Ratio Comparison

BKIPX has a 0.06% expense ratio, which is higher than FSPWX'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. FSPWX - Dividend Comparison

BKIPX's dividend yield for the trailing twelve months is around 4.91%, more than FSPWX's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BKIPX iShares Short-Term TIPS Bond Index Fund Class K	4.91%	4.68%	4.33%	2.77%	4.80%	4.41%	1.17%	2.54%	2.56%	1.90%
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	3.05%	4.19%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BKIPX and FSPWX in my portfolio?

BKIPX and FSPWX have a correlation of 0.62, 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 FSPWX?

FSPWX has higher volatility (1.52%) compared to BKIPX (0.43%). In terms of maximum drawdown, BKIPX dropped -6.42% vs FSPWX's -3.84%.

Which has better risk-adjusted returns?

BKIPX currently has the higher Sharpe Ratio (1.22 vs 0.31), 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.