FCPI vs. INFL

Last updated Jun 4, 2026

FCPI (Fidelity Stocks for Inflation ETF) and INFL (Horizon Kinetics Inflation Beneficiaries ETF) are both exchange-traded funds - FCPI is a Large Cap Blend Equities fund tracking the Fidelity Stocks for Inflation Factor Index, while INFL is a Global Equities fund actively managed by Horizon Kinetics LLC. FCPI is passively managed, while INFL is actively managed. Over the past 5 years, FCPI returned 15.12%/yr vs 13.12%/yr for INFL. A 0.71 correlation means they provide meaningful diversification when combined. FCPI charges 0.15%/yr vs 0.85%/yr for INFL.

Performance

FCPI vs. INFL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Stocks for Inflation ETF (FCPI) and Horizon Kinetics Inflation Beneficiaries ETF (INFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCPI achieves a 11.23% return, which is significantly lower than INFL's 17.21% return.

FCPI

• 1D: -0.28%
• 1M: 4.20%
• YTD: 11.23%
• 6M: 10.30%
• 1Y: 22.08%
• 3Y*: 21.82%
• 5Y*: 15.12%
• 10Y*: —

INFL

• 1D: -0.48%
• 1M: -1.64%
• YTD: 17.21%
• 6M: 17.82%
• 1Y: 23.41%
• 3Y*: 21.83%
• 5Y*: 13.12%
• 10Y*: —

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

FCPI vs. INFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCPI Fidelity Stocks for Inflation ETF	11.23%	16.24%	25.54%	15.40%	-7.11%	29.43%
INFL Horizon Kinetics Inflation Beneficiaries ETF	17.21%	18.30%	23.34%	1.62%	2.65%	24.77%

Correlation

The correlation between FCPI and INFL is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021	0.71

Over the past year, the correlation between FCPI and INFL has dropped to 0.51 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

FCPI vs. INFL - Sectors Allocation Comparison

Sectors	FCPI	INFL
Technology	28.3%	-
Healthcare	13.3%	1.2%
Energy	12.3%	40.5%
Financial Services	7.5%	21.1%
Consumer Defensive	7.2%	2.4%
Consumer Cyclical	6.9%	-
Basic Materials	6.5%	20.0%
Communication Services	5.6%	0.3%
Industrials	5.6%	1.8%
Real Estate	4.5%	1.1%
Utilities	2.4%	2.9%

Return for Risk

FCPI vs. INFL — Risk / Return Rank

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

FCPI

FCPI Risk / Return Rank: 56
FCPI Sharpe Ratio Rank: 54
FCPI Sortino Ratio Rank: 54
FCPI Omega Ratio Rank: 54
FCPI Calmar Ratio Rank: 56
FCPI Martin Ratio Rank: 63

INFL

INFL Risk / Return Rank: 45
INFL Sharpe Ratio Rank: 42
INFL Sortino Ratio Rank: 38
INFL Omega Ratio Rank: 40
INFL Calmar Ratio Rank: 56
INFL Martin Ratio Rank: 46

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.

FCPI vs. INFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Stocks for Inflation ETF (FCPI) and Horizon Kinetics Inflation Beneficiaries ETF (INFL). 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.

	FCPI	INFL	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.52	+0.38
Sortino ratio: Return per unit of downside risk	2.62	2.01	+0.61
Omega ratio: Gain probability vs. loss probability	1.34	1.27	+0.07
Calmar ratio: Return relative to maximum drawdown	2.82	2.81	0.00
Martin ratio: Return relative to average drawdown	11.56	7.68	+3.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCPI vs. INFL - Sharpe Ratio Comparison

The current FCPI Sharpe Ratio is 1.89, which is comparable to the INFL Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of FCPI and INFL, 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

	FCPI	INFL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.52	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.75	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.91	-0.17

Drawdowns

FCPI vs. INFL - Drawdown Comparison

The maximum FCPI drawdown since its inception was -37.26%, which is greater than INFL's maximum drawdown of -21.30%. Use the drawdown chart below to compare losses from any high point for FCPI and INFL.

Drawdown Indicators

	FCPI	INFL	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-21.30%	-15.96%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-8.36%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	-15.56%	-1.88%
Max Drawdown (5Y) Largest decline over 5 years	-18.25%	-21.30%	+3.05%
Current Drawdown Current decline from peak	-0.28%	-5.51%	+5.23%
Average Drawdown Average peak-to-trough decline	-4.38%	-5.10%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	3.06%	-1.14%

Volatility

FCPI vs. INFL - Volatility Comparison

Fidelity Stocks for Inflation ETF (FCPI) and Horizon Kinetics Inflation Beneficiaries ETF (INFL) have volatilities of 3.75% and 3.60%, 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

	FCPI	INFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	3.60%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	12.32%	-3.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	15.52%	-3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	17.71%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	17.64%	+2.49%

FCPI vs. INFL - Expense Ratio Comparison

FCPI has a 0.15% expense ratio, which is lower than INFL's 0.85% expense ratio.

Dividends

FCPI vs. INFL - Dividend Comparison

FCPI's dividend yield for the trailing twelve months is around 1.61%, more than INFL's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FCPI Fidelity Stocks for Inflation ETF	1.61%	1.74%	1.29%	1.88%	1.77%	1.19%	3.53%	0.43%
INFL Horizon Kinetics Inflation Beneficiaries ETF	0.91%	1.26%	1.77%	1.60%	1.65%	0.91%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCPI and INFL in my portfolio?

FCPI and INFL have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCPI or INFL?

FCPI has higher volatility (3.75%) compared to INFL (3.60%). In terms of maximum drawdown, FCPI dropped -37.26% vs INFL's -21.30%.

Which ETF is better, FCPI or INFL?

On 5-year performance, FCPI leads with 15.12% vs 13.12% for INFL. On fees, FCPI is cheaper at 0.15% per year. On volatility, INFL has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCPI or INFL?

Over the 5-year period, FCPI has performed better with a 15.12% return vs 13.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCPI or INFL?

FCPI is cheaper with a 0.15% expense ratio, compared with 0.85% for INFL.

Which ETF pays a higher dividend yield, FCPI or INFL?

FCPI has the higher dividend yield at 1.61%, compared with 0.91% for INFL.

What is the main difference between FCPI and INFL?

FCPI is categorized as Large Cap Blend Equities, while INFL is Global Equities. They also come from different issuers: Fidelity and Horizon Kinetics LLC. Their fees differ too: 0.15% for FCPI and 0.85% for INFL.

Which has better risk-adjusted returns?

FCPI currently has the higher Sharpe Ratio (1.89 vs 1.51), 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.