FIPDX vs. TIP
FIPDX (Fidelity Inflation-Protected Bond Index Fund) and TIP (iShares TIPS Bond ETF) are both Inflation-Protected Bonds funds - FIPDX tracks the Bloomberg US Treasury Inflation-Protected Securities Index while TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past 10 years, FIPDX returned 2.52%/yr vs 2.43%/yr for TIP. With a 0.95 correlation, they move nearly in lockstep. FIPDX charges 0.05%/yr vs 0.18%/yr for TIP.
Performance
FIPDX vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, FIPDX achieves a 0.78% return, which is significantly higher than TIP's 0.74% return. Both investments have delivered pretty close results over the past 10 years, with FIPDX having a 2.52% annualized return and TIP not far behind at 2.43%.
FIPDX
- 1D
- -0.33%
- 1M
- 0.00%
- YTD
- 0.78%
- 6M
- 0.89%
- 1Y
- 3.53%
- 3Y*
- 3.67%
- 5Y*
- 0.94%
- 10Y*
- 2.52%
TIP
- 1D
- -0.04%
- 1M
- -0.19%
- YTD
- 0.74%
- 6M
- 0.81%
- 1Y
- 3.34%
- 3Y*
- 3.52%
- 5Y*
- 0.82%
- 10Y*
- 2.43%
FIPDX vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIPDX Fidelity Inflation-Protected Bond Index Fund | 0.78% | 6.90% | 2.00% | 3.77% | -12.09% | 5.94% | 10.90% | 8.32% | -1.37% | 2.98% |
TIP iShares TIPS Bond ETF | 0.74% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between FIPDX and TIP is 0.94, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 10, 2012 | 0.95 |
The correlation between FIPDX and TIP has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
FIPDX vs. TIP — Risk / Return Rank
FIPDX
TIP
FIPDX vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Inflation-Protected Bond Index Fund (FIPDX) 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.
| FIPDX | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.17 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 1.70 | +0.19 |
| Martin ratioReturn relative to average drawdown | 5.46 | 4.99 | +0.47 |
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Drawdowns
FIPDX vs. TIP - Drawdown Comparison
The maximum FIPDX drawdown since its inception was -14.32%, roughly equal to the maximum TIP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for FIPDX and TIP.
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Drawdown Indicators
| FIPDX | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.32% | -14.57% | +0.25% |
Max Drawdown (1Y)Largest decline over 1 year | -1.94% | -1.98% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -4.49% | -4.54% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -14.51% | +0.19% |
Max Drawdown (10Y)Largest decline over 10 years | -14.32% | -14.51% | +0.19% |
Current DrawdownCurrent decline from peak | -0.97% | -1.11% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -4.46% | -3.43% | -1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.67% | 0.00% |
Volatility
FIPDX vs. TIP - Volatility Comparison
The current volatility for Fidelity Inflation-Protected Bond Index Fund (FIPDX) is 1.13%, while iShares TIPS Bond ETF (TIP) has a volatility of 1.22%. This indicates that FIPDX experiences smaller price fluctuations and is considered to be less risky 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
| FIPDX | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.22% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.42% | 2.47% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 3.44% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 6.20% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.37% | 5.74% | -0.37% |
FIPDX vs. TIP - Expense Ratio Comparison
FIPDX has a 0.05% 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
FIPDX vs. TIP - Dividend Comparison
FIPDX's dividend yield for the trailing twelve months is around 3.82%, which matches TIP's 3.79% yield.
| 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% |
TIP iShares TIPS Bond ETF | 3.79% | 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
With a correlation of 0.94, FIPDX and TIP 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.
TIP has higher volatility (1.22%) compared to FIPDX (1.13%). In terms of maximum drawdown, FIPDX dropped -14.32% vs TIP's -14.57%.
FIPDX currently has the higher Sharpe Ratio (1.09 vs 0.97), 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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