FIPEX vs. FIPDX

Last updated Aug 1, 2026

FIPEX (Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A) and FIPDX (Fidelity Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds from Fidelity. Over the past 5 years, FIPEX returned -0.03%/yr vs 0.31%/yr for FIPDX. Their correlation of 0.94 means they have usually moved in the same direction.

Performance

FIPEX vs. FIPDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX) and Fidelity Inflation-Protected Bond Index Fund (FIPDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIPEX achieves a 0.34% return, which is significantly lower than FIPDX's 0.55% return.

FIPEX

• 1D: -0.10%
• 1M: -0.44%
• 6M: -0.05%
• YTD: 0.34%
• 1Y: 2.20%
• 3Y*: 3.30%
• 5Y*: -0.03%
• 10Y*: —
• ALL TIME*: 2.26%

FIPDX

• 1D: -0.11%
• 1M: -0.44%
• 6M: 0.11%
• YTD: 0.55%
• 1Y: 2.01%
• 3Y*: 3.66%
• 5Y*: 0.31%
• 10Y*: 2.41%
• ALL TIME*: 2.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIPDX Fidelity Inflation-Protected Bond Index Fund	$0.00	$0.00	$0.00
FIPEX Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A	$0.00	$0.00	$0.00

FIPEX vs. FIPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIPEX Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A	0.34%	6.53%	1.65%	3.46%	-12.38%	5.54%	10.57%	7.88%	-1.96%	1.69%
FIPDX Fidelity Inflation-Protected Bond Index Fund	0.55%	6.90%	2.00%	3.77%	-12.09%	5.94%	10.90%	8.32%	-1.37%	2.12%

Correlation

The correlation between FIPEX and FIPDX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.94

The correlation between FIPEX and FIPDX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

FIPEX vs. FIPDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FIPEX

FIPEX Risk / Return Rank: 18
FIPEX Sharpe Ratio Rank: 15
FIPEX Sortino Ratio Rank: 14
FIPEX Omega Ratio Rank: 14
FIPEX Calmar Ratio Rank: 27
FIPEX Martin Ratio Rank: 20

FIPDX

FIPDX Risk / Return Rank: 23
FIPDX Sharpe Ratio Rank: 21
FIPDX Sortino Ratio Rank: 21
FIPDX Omega Ratio Rank: 20
FIPDX Calmar Ratio Rank: 30
FIPDX Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FIPEX vs. FIPDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX) and Fidelity Inflation-Protected Bond Index Fund (FIPDX). 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.

	FIPEX	FIPDX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.74	-0.10
Sortino ratio: Return per unit of downside risk	0.96	1.09	-0.13
Omega ratio: Gain probability vs. loss probability	1.12	1.13	-0.02
Calmar ratio: Return relative to maximum drawdown	1.30	1.27	+0.03
Martin ratio: Return relative to average drawdown	3.10	3.38	-0.28

FIPEX vs. FIPDX - Sharpe Ratio Comparison

The current FIPEX Sharpe Ratio is 0.65, which is comparable to the FIPDX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of FIPEX and FIPDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FIPEX vs. FIPDX - Drawdown Comparison

The maximum FIPEX drawdown since its inception was -14.81%, roughly equal to the maximum FIPDX drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for FIPEX and FIPDX.

Drawdown Indicators

	FIPEX	FIPDX	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-14.32%	-0.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.74%	-1.94%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-4.04%	-3.95%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-14.81%	-14.32%	-0.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.32%	—
Current Drawdown Current decline from peak	-2.01%	-1.19%	-0.82%
Average Drawdown Average peak-to-trough decline	-4.02%	-4.43%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.73%	-0.02%

Volatility

FIPEX vs. FIPDX - Volatility Comparison

Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX) and Fidelity Inflation-Protected Bond Index Fund (FIPDX) have volatilities of 0.77% and 0.76%, 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

	FIPEX	FIPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.76%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	2.49%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	3.33%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.11%	5.96%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.45%	5.36%	+0.09%

Dividends

FIPEX vs. FIPDX - Dividend Comparison

FIPEX has not paid dividends to shareholders, while FIPDX's dividend yield for the trailing twelve months is around 4.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIPDX Fidelity Inflation-Protected Bond Index Fund	4.36%	4.18%	3.75%	3.56%	8.87%	4.76%	1.24%	1.97%	2.26%	1.29%	1.34%	0.38%
FIPEX Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIPEX and FIPDX in my portfolio?

With a correlation of 0.90, FIPEX and FIPDX 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, FIPEX or FIPDX?

FIPEX has higher volatility (0.77%) compared to FIPDX (0.76%). In terms of maximum drawdown, FIPEX dropped -14.81% vs FIPDX's -14.32%.

Which has better risk-adjusted returns?

FIPDX currently has the higher Sharpe Ratio (0.74 vs 0.65), 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.