FIPDX vs. HYGI

Last updated Jun 25, 2026

FIPDX (Fidelity Inflation-Protected Bond Index Fund) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both Inflation-Protected Bonds funds - FIPDX tracks the Bloomberg US Treasury Inflation-Protected Securities Index while HYGI tracks the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Both are passively managed. At a 0.44 correlation, their price movements are largely independent. FIPDX charges 0.05%/yr vs 0.52%/yr for HYGI.

Performance

FIPDX vs. HYGI - Performance Comparison

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

Returns By Period

FIPDX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.78%
• 6M: 0.67%
• 1Y: 3.42%
• 3Y*: 3.67%
• 5Y*: 0.98%
• 10Y*: 2.52%

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIPDX vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIPDX Fidelity Inflation-Protected Bond Index Fund	0.78%	6.90%	2.00%	3.77%	-4.56%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Correlation

The correlation between FIPDX and HYGI is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022	0.44

Over the past year, the correlation between FIPDX and HYGI has dropped to 0.21 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

FIPDX vs. HYGI — Risk / Return Rank

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

FIPDX

FIPDX Risk / Return Rank: 20
FIPDX Sharpe Ratio Rank: 16
FIPDX Sortino Ratio Rank: 17
FIPDX Omega Ratio Rank: 16
FIPDX Calmar Ratio Rank: 28
FIPDX Martin Ratio Rank: 24

HYGI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FIPDX vs. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Inflation-Protected Bond Index Fund (FIPDX) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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.

	FIPDX	HYGI	Difference
Sharpe ratio: Return per unit of total volatility	1.06	—	—
Sortino ratio: Return per unit of downside risk	1.56	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.83	—	—
Martin ratio: Return relative to average drawdown	5.27	—	—

Drawdowns

Drawdown Indicators

	FIPDX	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-14.32%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.94%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.49%	—	—
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	-0.97%	—	—
Average Drawdown Average peak-to-trough decline	-4.45%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	—	—

Volatility

Volatility by Period

	FIPDX	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.97%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	—	—

FIPDX vs. HYGI - Expense Ratio Comparison

FIPDX has a 0.05% expense ratio, which is lower than HYGI's 0.52% expense ratio.

Dividends

FIPDX vs. HYGI - Dividend Comparison

FIPDX's dividend yield for the trailing twelve months is around 3.82%, while HYGI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIPDX Fidelity Inflation-Protected Bond Index Fund	3.82%	4.18%	3.75%	3.56%	8.87%	4.76%	1.24%	1.97%	2.26%	1.29%	1.34%	0.38%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIPDX and HYGI in my portfolio?

FIPDX and HYGI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.