EARRX vs. FIPEX

Last updated Jun 24, 2026

EARRX (Eaton Vance Short Duration Inflation-Protected Income Fund Class A) and FIPEX (Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A) are both Inflation-Protected Bonds funds. Over the past 5 years, EARRX returned 3.50%/yr vs 0.60%/yr for FIPEX. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

EARRX vs. FIPEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Short Duration Inflation-Protected Income Fund Class A (EARRX) and Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EARRX achieves a 0.78% return, which is significantly higher than FIPEX's 0.59% return.

EARRX

• 1D: -0.20%
• 1M: -0.30%
• YTD: 0.78%
• 6M: 0.92%
• 1Y: 2.68%
• 3Y*: 5.05%
• 5Y*: 3.50%
• 10Y*: 3.60%

FIPEX

• 1D: -0.34%
• 1M: -0.05%
• YTD: 0.59%
• 6M: 0.69%
• 1Y: 3.17%
• 3Y*: 3.31%
• 5Y*: 0.60%
• 10Y*: —

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

EARRX vs. FIPEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EARRX Eaton Vance Short Duration Inflation-Protected Income Fund Class A	0.78%	5.46%	5.39%	5.95%	-3.22%	7.50%	5.05%	5.29%	-0.49%	1.18%
FIPEX Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A	0.59%	6.53%	1.65%	3.46%	-12.38%	5.54%	10.57%	7.88%	-1.96%	1.69%

Correlation

The correlation between EARRX and FIPEX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.61

The correlation between EARRX and FIPEX has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.

Return for Risk

EARRX vs. FIPEX — Risk / Return Rank

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

EARRX

EARRX Risk / Return Rank: 51
EARRX Sharpe Ratio Rank: 38
EARRX Sortino Ratio Rank: 39
EARRX Omega Ratio Rank: 48
EARRX Calmar Ratio Rank: 69
EARRX Martin Ratio Rank: 60

FIPEX

FIPEX Risk / Return Rank: 23
FIPEX Sharpe Ratio Rank: 17
FIPEX Sortino Ratio Rank: 17
FIPEX Omega Ratio Rank: 17
FIPEX Calmar Ratio Rank: 37
FIPEX Martin Ratio Rank: 26

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.

EARRX vs. FIPEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Inflation-Protected Income Fund Class A (EARRX) and Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX). 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.

	EARRX	FIPEX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.08	+0.58
Sortino ratio: Return per unit of downside risk	2.42	1.60	+0.82
Omega ratio: Gain probability vs. loss probability	1.35	1.20	+0.15
Calmar ratio: Return relative to maximum drawdown	3.05	2.20	+0.85
Martin ratio: Return relative to average drawdown	11.28	5.77	+5.51

EARRX vs. FIPEX - Sharpe Ratio Comparison

The current EARRX Sharpe Ratio is 1.66, which is higher than the FIPEX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of EARRX and FIPEX, 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

EARRX vs. FIPEX - Drawdown Comparison

The maximum EARRX drawdown since its inception was -10.27%, smaller than the maximum FIPEX drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for EARRX and FIPEX.

Drawdown Indicators

	EARRX	FIPEX	Difference
Max Drawdown Largest peak-to-trough decline	-10.27%	-14.81%	+4.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.88%	-1.74%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-1.18%	-4.56%	+3.38%
Max Drawdown (5Y) Largest decline over 5 years	-6.39%	-14.81%	+8.42%
Max Drawdown (10Y) Largest decline over 10 years	-10.27%	—	—
Current Drawdown Current decline from peak	-0.88%	-1.77%	+0.89%
Average Drawdown Average peak-to-trough decline	-1.08%	-4.05%	+2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.64%	-0.40%

Volatility

EARRX vs. FIPEX - Volatility Comparison

The current volatility for Eaton Vance Short Duration Inflation-Protected Income Fund Class A (EARRX) is 0.76%, while Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX) has a volatility of 1.14%. This indicates that EARRX experiences smaller price fluctuations and is considered to be less risky than FIPEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EARRX	FIPEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	1.14%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	1.29%	2.40%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	1.63%	3.56%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.78%	6.12%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.72%	5.47%	-2.75%

Dividends

EARRX vs. FIPEX - Dividend Comparison

EARRX's dividend yield for the trailing twelve months is around 3.85%, while FIPEX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EARRX Eaton Vance Short Duration Inflation-Protected Income Fund Class A	3.85%	4.36%	3.83%	4.24%	4.82%	3.32%	2.02%	2.46%	2.67%	1.90%	2.00%	1.73%
FIPEX Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EARRX and FIPEX in my portfolio?

EARRX and FIPEX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EARRX or FIPEX?

FIPEX has higher volatility (1.14%) compared to EARRX (0.76%). In terms of maximum drawdown, EARRX dropped -10.27% vs FIPEX's -14.81%.

Which has better risk-adjusted returns?

EARRX currently has the higher Sharpe Ratio (1.66 vs 1.08), 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.