DFIP vs. FIPDX

Last updated Jun 5, 2026

DFIP (Dimensional Inflation-Protected Securities ETF) and FIPDX (Fidelity Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds. DFIP is actively managed, while FIPDX is passively managed. Over the past 3 years, DFIP returned 4.12%/yr vs 4.04%/yr for FIPDX. With a 0.96 correlation, they move nearly in lockstep. DFIP charges 0.11%/yr vs 0.05%/yr for FIPDX.

Performance

DFIP vs. FIPDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Inflation-Protected Securities ETF (DFIP) and Fidelity Inflation-Protected Bond Index Fund (FIPDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DFIP having a 1.51% return and FIPDX slightly higher at 1.55%.

DFIP

• 1D: 0.02%
• 1M: -0.12%
• YTD: 1.51%
• 6M: 1.14%
• 1Y: 4.69%
• 3Y*: 4.12%
• 5Y*: —
• 10Y*: —

FIPDX

• 1D: -0.11%
• 1M: 0.11%
• YTD: 1.55%
• 6M: 1.22%
• 1Y: 4.77%
• 3Y*: 4.04%
• 5Y*: 1.11%
• 10Y*: 2.66%

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

DFIP vs. FIPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFIP Dimensional Inflation-Protected Securities ETF	1.51%	7.54%	1.72%	4.07%	-12.39%	-0.05%
FIPDX Fidelity Inflation-Protected Bond Index Fund	1.55%	6.90%	2.00%	3.77%	-12.09%	-0.04%

Correlation

The correlation between DFIP and FIPDX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.96

The correlation between DFIP and FIPDX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

DFIP vs. FIPDX — Risk / Return Rank

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

DFIP

DFIP Risk / Return Rank: 42
DFIP Sharpe Ratio Rank: 40
DFIP Sortino Ratio Rank: 43
DFIP Omega Ratio Rank: 39
DFIP Calmar Ratio Rank: 47
DFIP Martin Ratio Rank: 44

FIPDX

FIPDX Risk / Return Rank: 34
FIPDX Sharpe Ratio Rank: 28
FIPDX Sortino Ratio Rank: 30
FIPDX Omega Ratio Rank: 28
FIPDX Calmar Ratio Rank: 48
FIPDX Martin Ratio Rank: 35

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.

DFIP vs. FIPDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Inflation-Protected Securities ETF (DFIP) 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.

	DFIP	FIPDX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.53	-0.15
Sortino ratio: Return per unit of downside risk	2.11	2.30	-0.19
Omega ratio: Gain probability vs. loss probability	1.25	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	2.29	2.65	-0.36
Martin ratio: Return relative to average drawdown	6.98	7.78	-0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFIP vs. FIPDX - Sharpe Ratio Comparison

The current DFIP Sharpe Ratio is 1.38, which is comparable to the FIPDX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of DFIP 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

	DFIP	FIPDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.53	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.41	-0.37

Drawdowns

DFIP vs. FIPDX - Drawdown Comparison

The maximum DFIP drawdown since its inception was -14.96%, roughly equal to the maximum FIPDX drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for DFIP and FIPDX.

Drawdown Indicators

	DFIP	FIPDX	Difference
Max Drawdown Largest peak-to-trough decline	-14.96%	-14.32%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.06%	-1.94%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-4.82%	-4.49%	-0.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.32%	—
Current Drawdown Current decline from peak	-0.44%	-0.22%	-0.22%
Average Drawdown Average peak-to-trough decline	-6.94%	-4.47%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.66%	+0.02%

Volatility

DFIP vs. FIPDX - Volatility Comparison

Dimensional Inflation-Protected Securities ETF (DFIP) and Fidelity Inflation-Protected Bond Index Fund (FIPDX) have volatilities of 0.93% and 0.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIP	FIPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.90%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	2.28%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	3.36%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.81%	5.97%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.81%	5.37%	+1.44%

DFIP vs. FIPDX - Expense Ratio Comparison

DFIP has a 0.11% 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

DFIP vs. FIPDX - Dividend Comparison

DFIP's dividend yield for the trailing twelve months is around 3.88%, more than FIPDX's 3.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIP Dimensional Inflation-Protected Securities ETF	3.88%	4.70%	3.69%	3.68%	5.97%	0.56%	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 DFIP and FIPDX in my portfolio?

With a correlation of 0.94, DFIP 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, DFIP or FIPDX?

DFIP has higher volatility (0.93%) compared to FIPDX (0.90%). In terms of maximum drawdown, DFIP dropped -14.96% vs FIPDX's -14.32%.

Which has better risk-adjusted returns?

FIPDX currently has the higher Sharpe Ratio (1.53 vs 1.38), 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.