FIPDX vs. SPIP

Last updated Jun 4, 2026

FIPDX (Fidelity Inflation-Protected Bond Index Fund) and SPIP (SPDR Portfolio TIPS ETF) are both Inflation-Protected Bonds funds. Over the past 10 years, FIPDX returned 2.67%/yr vs 2.61%/yr for SPIP. Their correlation of 0.94 suggests significant overlap in exposure. FIPDX charges 0.05%/yr vs 0.12%/yr for SPIP.

Performance

FIPDX vs. SPIP - Performance Comparison

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

Returns By Period

In the year-to-date period, FIPDX achieves a 1.66% return, which is significantly higher than SPIP's 1.49% return. Both investments have delivered pretty close results over the past 10 years, with FIPDX having a 2.67% annualized return and SPIP not far behind at 2.61%.

FIPDX

• 1D: 0.00%
• 1M: 0.11%
• YTD: 1.66%
• 6M: 1.22%
• 1Y: 5.23%
• 3Y*: 4.08%
• 5Y*: 1.22%
• 10Y*: 2.67%

SPIP

• 1D: -0.16%
• 1M: 0.02%
• YTD: 1.49%
• 6M: 1.02%
• 1Y: 4.97%
• 3Y*: 3.85%
• 5Y*: 0.87%
• 10Y*: 2.61%

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

FIPDX vs. SPIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIPDX Fidelity Inflation-Protected Bond Index Fund	1.66%	6.90%	2.00%	3.77%	-12.09%	5.94%	10.90%	8.32%	-1.37%	2.98%
SPIP SPDR Portfolio TIPS ETF	1.49%	6.78%	2.35%	2.98%	-12.84%	5.80%	11.41%	9.14%	-1.53%	3.16%

Correlation

The correlation between FIPDX and SPIP is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 11, 2012	0.94

The correlation between FIPDX and SPIP has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

FIPDX vs. SPIP — Risk / Return Rank

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

FIPDX

FIPDX Risk / Return Rank: 34
FIPDX Sharpe Ratio Rank: 29
FIPDX Sortino Ratio Rank: 31
FIPDX Omega Ratio Rank: 29
FIPDX Calmar Ratio Rank: 48
FIPDX Martin Ratio Rank: 34

SPIP

SPIP Risk / Return Rank: 41
SPIP Sharpe Ratio Rank: 39
SPIP Sortino Ratio Rank: 39
SPIP Omega Ratio Rank: 37
SPIP Calmar Ratio Rank: 49
SPIP Martin Ratio Rank: 44

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. SPIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Inflation-Protected Bond Index Fund (FIPDX) and SPDR Portfolio TIPS ETF (SPIP). 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.

	FIPDX	SPIP	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.40	+0.13
Sortino ratio: Return per unit of downside risk	2.30	2.04	+0.26
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	2.65	2.44	+0.21
Martin ratio: Return relative to average drawdown	7.78	7.15	+0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIPDX vs. SPIP - Sharpe Ratio Comparison

The current FIPDX Sharpe Ratio is 1.53, which is comparable to the SPIP Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of FIPDX and SPIP, 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

	FIPDX	SPIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	1.40	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.13	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.44	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.53	-0.11

Drawdowns

FIPDX vs. SPIP - Drawdown Comparison

The maximum FIPDX drawdown since its inception was -14.32%, smaller than the maximum SPIP drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for FIPDX and SPIP.

Drawdown Indicators

	FIPDX	SPIP	Difference
Max Drawdown Largest peak-to-trough decline	-14.32%	-15.39%	+1.07%
Max Drawdown (1Y) Largest decline over 1 year	-1.94%	-2.04%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-4.49%	-4.76%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	-14.32%	-15.39%	+1.07%
Max Drawdown (10Y) Largest decline over 10 years	-14.32%	-15.39%	+1.07%
Current Drawdown Current decline from peak	-0.11%	-1.02%	+0.91%
Average Drawdown Average peak-to-trough decline	-4.47%	-4.10%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.70%	-0.04%

Volatility

FIPDX vs. SPIP - Volatility Comparison

The current volatility for Fidelity Inflation-Protected Bond Index Fund (FIPDX) is 0.90%, while SPDR Portfolio TIPS ETF (SPIP) has a volatility of 0.95%. This indicates that FIPDX experiences smaller price fluctuations and is considered to be less risky than SPIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIPDX	SPIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.95%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.30%	2.54%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	3.57%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.98%	6.57%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	6.01%	-0.64%

FIPDX vs. SPIP - Expense Ratio Comparison

FIPDX has a 0.05% expense ratio, which is lower than SPIP's 0.12% 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

FIPDX vs. SPIP - Dividend Comparison

FIPDX's dividend yield for the trailing twelve months is around 3.79%, less than SPIP's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPIP SPDR Portfolio TIPS ETF	4.75%	4.09%	3.36%	3.70%	7.05%	4.53%	1.97%	2.91%	2.80%	3.02%	1.88%	0.14%

Frequently Asked Questions

Can I hold both FIPDX and SPIP in my portfolio?

With a correlation of 0.93, FIPDX and SPIP 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, FIPDX or SPIP?

SPIP has higher volatility (0.95%) compared to FIPDX (0.90%). In terms of maximum drawdown, FIPDX dropped -14.32% vs SPIP's -15.39%.

Which has better risk-adjusted returns?

FIPDX currently has the higher Sharpe Ratio (1.53 vs 1.40), 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.