DFAPX vs. FIKQX

Last updated Jun 4, 2026

DFAPX (DFA Investment Grade Portfolio) and FIKQX (Fidelity Advisor Investment Grade Bond Fund Class Z) are both mutual funds - DFAPX is a Intermediate Core Bond fund managed by Dimensional, while FIKQX is a Total Bond Market fund managed by Fidelity. Over the past 5 years, DFAPX returned 0.63%/yr vs 0.39%/yr for FIKQX. Their correlation of 0.92 suggests significant overlap in exposure. DFAPX charges 0.20%/yr vs 0.36%/yr for FIKQX.

Performance

DFAPX vs. FIKQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Investment Grade Portfolio (DFAPX) and Fidelity Advisor Investment Grade Bond Fund Class Z (FIKQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAPX achieves a 0.65% return, which is significantly higher than FIKQX's 0.38% return.

DFAPX

• 1D: 0.10%
• 1M: 0.69%
• YTD: 0.65%
• 6M: 0.43%
• 1Y: 5.47%
• 3Y*: 4.56%
• 5Y*: 0.63%
• 10Y*: 2.03%

FIKQX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 0.38%
• 6M: 0.20%
• 1Y: 5.22%
• 3Y*: 4.40%
• 5Y*: 0.39%
• 10Y*: —

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

DFAPX vs. FIKQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DFAPX DFA Investment Grade Portfolio	0.65%	7.22%	1.81%	6.84%	-12.92%	-1.57%	9.19%	9.97%	2.28%
FIKQX Fidelity Advisor Investment Grade Bond Fund Class Z	0.38%	7.31%	1.69%	6.75%	-13.97%	-1.03%	10.00%	9.90%	2.01%

Correlation

The correlation between DFAPX and FIKQX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.92

The correlation between DFAPX and FIKQX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

DFAPX vs. FIKQX — Risk / Return Rank

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

DFAPX

DFAPX Risk / Return Rank: 27
DFAPX Sharpe Ratio Rank: 26
DFAPX Sortino Ratio Rank: 28
DFAPX Omega Ratio Rank: 25
DFAPX Calmar Ratio Rank: 32
DFAPX Martin Ratio Rank: 24

FIKQX

FIKQX Risk / Return Rank: 21
FIKQX Sharpe Ratio Rank: 22
FIKQX Sortino Ratio Rank: 23
FIKQX Omega Ratio Rank: 22
FIKQX Calmar Ratio Rank: 21
FIKQX Martin Ratio Rank: 19

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.

DFAPX vs. FIKQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Investment Grade Portfolio (DFAPX) and Fidelity Advisor Investment Grade Bond Fund Class Z (FIKQX). 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.

	DFAPX	FIKQX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.33	+0.11
Sortino ratio: Return per unit of downside risk	2.19	2.01	+0.17
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	2.12	1.67	+0.44
Martin ratio: Return relative to average drawdown	6.04	5.05	+0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAPX vs. FIKQX - Sharpe Ratio Comparison

The current DFAPX Sharpe Ratio is 1.45, which is comparable to the FIKQX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of DFAPX and FIKQX, 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

	DFAPX	FIKQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	1.33	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.07	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.50	-0.01

Drawdowns

DFAPX vs. FIKQX - Drawdown Comparison

The maximum DFAPX drawdown since its inception was -18.30%, roughly equal to the maximum FIKQX drawdown of -18.53%. Use the drawdown chart below to compare losses from any high point for DFAPX and FIKQX.

Drawdown Indicators

	DFAPX	FIKQX	Difference
Max Drawdown Largest peak-to-trough decline	-18.30%	-18.53%	+0.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-3.13%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-6.05%	+1.31%
Max Drawdown (5Y) Largest decline over 5 years	-18.22%	-18.53%	+0.31%
Max Drawdown (10Y) Largest decline over 10 years	-18.30%	—	—
Current Drawdown Current decline from peak	-1.20%	-1.58%	+0.38%
Average Drawdown Average peak-to-trough decline	-3.47%	-5.22%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	1.03%	-0.10%

Volatility

DFAPX vs. FIKQX - Volatility Comparison

The current volatility for DFA Investment Grade Portfolio (DFAPX) is 1.32%, while Fidelity Advisor Investment Grade Bond Fund Class Z (FIKQX) has a volatility of 1.40%. This indicates that DFAPX experiences smaller price fluctuations and is considered to be less risky than FIKQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAPX	FIKQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.40%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	2.77%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	3.94%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.82%	6.00%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	5.49%	-0.61%

DFAPX vs. FIKQX - Expense Ratio Comparison

DFAPX has a 0.20% expense ratio, which is lower than FIKQX's 0.36% expense ratio.

Dividends

DFAPX vs. FIKQX - Dividend Comparison

DFAPX's dividend yield for the trailing twelve months is around 3.74%, less than FIKQX's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAPX DFA Investment Grade Portfolio	3.74%	3.78%	3.79%	3.31%	2.62%	3.31%	2.14%	2.59%	2.67%	2.21%	2.12%	2.45%
FIKQX Fidelity Advisor Investment Grade Bond Fund Class Z	4.01%	3.97%	4.08%	3.65%	2.05%	1.44%	4.90%	2.83%	1.07%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFAPX and FIKQX in my portfolio?

DFAPX and FIKQX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAPX or FIKQX?

FIKQX has higher volatility (1.40%) compared to DFAPX (1.32%). In terms of maximum drawdown, DFAPX dropped -18.30% vs FIKQX's -18.53%.

Which has better risk-adjusted returns?

DFAPX currently has the higher Sharpe Ratio (1.45 vs 1.33), 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.