BKIPX vs. FSPWX
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 3.44% vs 4.04% for FSPWX. A 0.68 correlation means they provide meaningful diversification when combined. BKIPX charges 0.06%/yr vs 0.05%/yr for FSPWX.
Performance
BKIPX vs. FSPWX - Performance Comparison
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Returns By Period
In the year-to-date period, BKIPX achieves a 0.85% return, which is significantly lower than FSPWX's 1.23% return.
BKIPX
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 0.85%
- 6M
- 1.22%
- 1Y
- 3.44%
- 3Y*
- 4.72%
- 5Y*
- 2.79%
- 10Y*
- —
FSPWX
- 1D
- 0.30%
- 1M
- 0.39%
- YTD
- 1.23%
- 6M
- 1.33%
- 1Y
- 4.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BKIPX vs. FSPWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BKIPX iShares Short-Term TIPS Bond Index Fund Class K | 0.85% | 6.08% | 1.17% |
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund | 1.23% | 6.76% | -1.32% |
Correlation
The correlation between BKIPX and FSPWX 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 (All Time) Calculated using the full available price history since Aug 22, 2024 | 0.68 |
The correlation between BKIPX and FSPWX has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
BKIPX vs. FSPWX — Risk / Return Rank
BKIPX
FSPWX
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 ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.23 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 2.14 | +0.55 |
| Martin ratioReturn relative to average drawdown | 11.29 | 6.52 | +4.77 |
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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.
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Drawdown Indicators
| BKIPX | FSPWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.42% | -3.84% | -2.58% |
Max Drawdown (1Y)Largest decline over 1 year | -1.32% | -1.95% | +0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -1.32% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.42% | — | — |
Current DrawdownCurrent decline from peak | -1.13% | -0.59% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -1.06% | -0.96% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 0.64% | -0.33% |
Volatility
BKIPX vs. FSPWX - Volatility Comparison
iShares Short-Term TIPS Bond Index Fund Class K (BKIPX) has a higher volatility of 1.30% compared to Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) at 1.16%. This indicates that BKIPX's price experiences larger fluctuations and is considered to be riskier than FSPWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BKIPX | FSPWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 1.16% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.81% | 2.40% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 3.32% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.12% | 4.06% | -0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.64% | 4.06% | -1.42% |
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 4.68%, more than FSPWX's 3.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BKIPX iShares Short-Term TIPS Bond Index Fund Class K | 4.68% | 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 | 3.78% | 4.19% | 0.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BKIPX and FSPWX 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.
BKIPX has higher volatility (1.30%) compared to FSPWX (1.16%). In terms of maximum drawdown, BKIPX dropped -6.42% vs FSPWX's -3.84%.
BKIPX currently has the higher Sharpe Ratio (1.53 vs 1.26), 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.
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