FFNOX vs. TIP
FFNOX (Fidelity Multi-Asset Index Fund) and TIP (iShares TIPS Bond ETF) are both funds - FFNOX is a Diversified Portfolio fund actively managed by Fidelity, while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. FFNOX is actively managed, while TIP is passively managed. Over the past 10 years, FFNOX returned 11.23%/yr vs 2.53%/yr for TIP. At a correlation of -0.03, they often move in opposite directions. FFNOX charges 0.11%/yr vs 0.18%/yr for TIP.
Performance
FFNOX vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, FFNOX achieves a 9.53% return, which is significantly higher than TIP's 1.40% return. Over the past 10 years, FFNOX has outperformed TIP with an annualized return of 11.23%, while TIP has yielded a comparatively lower 2.53% annualized return.
FFNOX
- 1D
- 2.29%
- 1M
- 0.19%
- YTD
- 9.53%
- 6M
- 10.17%
- 1Y
- 23.58%
- 3Y*
- 17.14%
- 5Y*
- 8.95%
- 10Y*
- 11.23%
TIP
- 1D
- 0.01%
- 1M
- -0.11%
- YTD
- 1.40%
- 6M
- 1.42%
- 1Y
- 4.76%
- 3Y*
- 4.00%
- 5Y*
- 0.91%
- 10Y*
- 2.53%
FFNOX vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FFNOX Fidelity Multi-Asset Index Fund | 9.53% | 20.18% | 13.05% | 19.29% | -18.02% | 17.05% | 16.30% | 25.09% | -6.58% | 17.09% |
TIP iShares TIPS Bond ETF | 1.40% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between FFNOX and TIP is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Dec 5, 2003 | -0.03 |
The correlation between FFNOX and TIP shifts across timeframes, from -0.03 (all time) to 0.33 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FFNOX vs. TIP — Risk / Return Rank
FFNOX
TIP
FFNOX vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Index Fund (FFNOX) and iShares TIPS Bond ETF (TIP). 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.
| FFNOX | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.24 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.34 | +0.30 |
| Martin ratioReturn relative to average drawdown | 11.26 | 7.00 | +4.26 |
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Drawdowns
FFNOX vs. TIP - Drawdown Comparison
The maximum FFNOX drawdown since its inception was -49.84%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for FFNOX and TIP.
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Drawdown Indicators
| FFNOX | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.84% | -14.57% | -35.27% |
Max Drawdown (1Y)Largest decline over 1 year | -8.60% | -1.98% | -6.62% |
Max Drawdown (3Y)Largest decline over 3 years | -14.10% | -4.54% | -9.56% |
Max Drawdown (5Y)Largest decline over 5 years | -26.04% | -14.51% | -11.53% |
Max Drawdown (10Y)Largest decline over 10 years | -29.93% | -14.51% | -15.42% |
Current DrawdownCurrent decline from peak | -1.83% | -0.46% | -1.37% |
Average DrawdownAverage peak-to-trough decline | -8.69% | -3.43% | -5.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 0.66% | +1.35% |
Volatility
FFNOX vs. TIP - Volatility Comparison
Fidelity Multi-Asset Index Fund (FFNOX) has a higher volatility of 4.83% compared to iShares TIPS Bond ETF (TIP) at 1.03%. This indicates that FFNOX's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FFNOX | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.83% | 1.03% | +3.80% |
Volatility (6M)Calculated over the trailing 6-month period | 9.79% | 2.32% | +7.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.81% | 3.39% | +8.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.86% | 6.21% | +7.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.61% | 5.74% | +8.87% |
FFNOX vs. TIP - Expense Ratio Comparison
FFNOX has a 0.11% expense ratio, which is lower than TIP's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FFNOX vs. TIP - Dividend Comparison
FFNOX's dividend yield for the trailing twelve months is around 2.35%, less than TIP's 3.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFNOX Fidelity Multi-Asset Index Fund | 2.35% | 3.68% | 6.43% | 3.18% | 7.14% | 5.71% | 2.87% | 2.96% | 2.90% | 0.64% | 2.50% | 0.70% |
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
FFNOX and TIP have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FFNOX has higher volatility (4.83%) compared to TIP (1.03%). In terms of maximum drawdown, FFNOX dropped -49.84% vs TIP's -14.57%.
FFNOX currently has the higher Sharpe Ratio (1.92 vs 1.37), 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.
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