BORAX vs. FIPDX

Last updated Jun 6, 2026

BORAX (CollegeAdvantage 529 Savings Plan - BlackRock Inflation Protected Bond Option) and FIPDX (Fidelity Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds - BORAX tracks the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L) while FIPDX tracks the Bloomberg US Treasury Inflation-Protected Securities Index. Both are passively managed. Over the past 5 years, BORAX returned 0.73%/yr vs 1.11%/yr for FIPDX. Their correlation of 0.90 suggests significant overlap in exposure. BORAX charges 1.48%/yr vs 0.05%/yr for FIPDX.

Performance

BORAX vs. FIPDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CollegeAdvantage 529 Savings Plan - BlackRock Inflation Protected Bond Option (BORAX) 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, BORAX achieves a 1.47% return, which is significantly lower than FIPDX's 1.55% return.

BORAX

• 1D: 0.07%
• 1M: -0.13%
• YTD: 1.47%
• 6M: 1.20%
• 1Y: 4.61%
• 3Y*: 3.40%
• 5Y*: 0.73%
• 10Y*: —

FIPDX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 1.55%
• 6M: 1.44%
• 1Y: 5.00%
• 3Y*: 4.00%
• 5Y*: 1.11%
• 10Y*: 2.66%

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

BORAX vs. FIPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BORAX CollegeAdvantage 529 Savings Plan - BlackRock Inflation Protected Bond Option	1.47%	6.40%	1.30%	3.58%	-11.83%	3.96%
FIPDX Fidelity Inflation-Protected Bond Index Fund	1.55%	6.90%	2.00%	3.77%	-12.09%	4.71%

Correlation

The correlation between BORAX and FIPDX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.90

The correlation between BORAX and FIPDX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

BORAX vs. FIPDX — Risk / Return Rank

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

BORAX

BORAX Risk / Return Rank: 26
BORAX Sharpe Ratio Rank: 23
BORAX Sortino Ratio Rank: 25
BORAX Omega Ratio Rank: 24
BORAX Calmar Ratio Rank: 30
BORAX Martin Ratio Rank: 28

FIPDX

FIPDX Risk / Return Rank: 32
FIPDX Sharpe Ratio Rank: 27
FIPDX Sortino Ratio Rank: 29
FIPDX Omega Ratio Rank: 27
FIPDX Calmar Ratio Rank: 45
FIPDX Martin Ratio Rank: 34

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.

BORAX vs. FIPDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CollegeAdvantage 529 Savings Plan - BlackRock Inflation Protected Bond Option (BORAX) 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.

	BORAX	FIPDX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.43	-0.12
Sortino ratio: Return per unit of downside risk	1.97	2.15	-0.18
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	1.95	2.47	-0.52
Martin ratio: Return relative to average drawdown	6.22	7.29	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BORAX vs. FIPDX - Sharpe Ratio Comparison

The current BORAX Sharpe Ratio is 1.32, which is comparable to the FIPDX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of BORAX 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.

Sharpe Ratios by Period

	BORAX	FIPDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.43	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.19	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.41	-0.29

Drawdowns

BORAX vs. FIPDX - Drawdown Comparison

The maximum BORAX drawdown since its inception was -14.39%, roughly equal to the maximum FIPDX drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for BORAX and FIPDX.

Drawdown Indicators

	BORAX	FIPDX	Difference
Max Drawdown Largest peak-to-trough decline	-14.39%	-14.32%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-1.94%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-5.01%	-4.49%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-14.39%	-14.32%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.32%	—
Current Drawdown Current decline from peak	-0.65%	-0.22%	-0.43%
Average Drawdown Average peak-to-trough decline	-6.19%	-4.47%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.66%	+0.04%

Volatility

BORAX vs. FIPDX - Volatility Comparison

CollegeAdvantage 529 Savings Plan - BlackRock Inflation Protected Bond Option (BORAX) has a higher volatility of 1.03% compared to Fidelity Inflation-Protected Bond Index Fund (FIPDX) at 0.90%. This indicates that BORAX'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

	BORAX	FIPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.90%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	2.28%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	3.36%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	5.97%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.20%	5.37%	+0.83%

BORAX vs. FIPDX - Expense Ratio Comparison

BORAX has a 1.48% expense ratio, which is higher than FIPDX's 0.05% expense ratio.

Dividends

BORAX vs. FIPDX - Dividend Comparison

BORAX has not paid dividends to shareholders, while FIPDX's dividend yield for the trailing twelve months is around 3.79%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BORAX CollegeAdvantage 529 Savings Plan - BlackRock Inflation Protected Bond Option	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIPDX Fidelity Inflation-Protected Bond Index Fund	3.79%	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 BORAX and FIPDX in my portfolio?

With a correlation of 0.92, BORAX and FIPDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BORAX or FIPDX?

BORAX has higher volatility (1.03%) compared to FIPDX (0.90%). In terms of maximum drawdown, BORAX dropped -14.39% vs FIPDX's -14.32%.

Which has better risk-adjusted returns?

FIPDX currently has the higher Sharpe Ratio (1.43 vs 1.32), 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.