FIPEX vs. SWRSX

Last updated Jun 3, 2026

FIPEX (Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A) and SWRSX (Schwab Treasury Inflation Protected Securities Index Fund) are both Inflation-Protected Bonds funds. Over the past 5 years, FIPEX returned 0.80%/yr vs 1.14%/yr for SWRSX. Their correlation of 0.90 suggests significant overlap in exposure.

Performance

FIPEX vs. SWRSX - 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 Schwab Treasury Inflation Protected Securities Index Fund (SWRSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIPEX achieves a 1.47% return, which is significantly lower than SWRSX's 1.72% return.

FIPEX

• 1D: 0.00%
• 1M: -0.05%
• YTD: 1.47%
• 6M: 1.22%
• 1Y: 4.71%
• 3Y*: 3.73%
• 5Y*: 0.80%
• 10Y*: —

SWRSX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 1.72%
• 6M: 1.47%
• 1Y: 5.18%
• 3Y*: 4.09%
• 5Y*: 1.14%
• 10Y*: 2.66%

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

FIPEX vs. SWRSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIPEX Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A	1.47%	6.53%	1.65%	3.46%	-12.38%	5.54%	10.57%	7.88%	-1.96%	1.69%
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	1.72%	6.84%	1.95%	3.80%	-12.01%	5.83%	10.88%	8.38%	-1.32%	1.95%

Correlation

The correlation between FIPEX and SWRSX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.90

The correlation between FIPEX and SWRSX shifts across timeframes, from 0.83 (1 year) to 0.93 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FIPEX vs. SWRSX — Risk / Return Rank

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

FIPEX

FIPEX Risk / Return Rank: 35
FIPEX Sharpe Ratio Rank: 28
FIPEX Sortino Ratio Rank: 31
FIPEX Omega Ratio Rank: 29
FIPEX Calmar Ratio Rank: 57
FIPEX Martin Ratio Rank: 30

SWRSX

SWRSX Risk / Return Rank: 33
SWRSX Sharpe Ratio Rank: 25
SWRSX Sortino Ratio Rank: 28
SWRSX Omega Ratio Rank: 25
SWRSX Calmar Ratio Rank: 50
SWRSX Martin Ratio Rank: 37

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.

FIPEX vs. SWRSX - 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 Schwab Treasury Inflation Protected Securities Index Fund (SWRSX). 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.

	FIPEX	SWRSX	Difference
Sharpe ratio Return per unit of total volatility	1.52	1.47	+0.05
Sortino ratio Return per unit of downside risk	2.32	2.24	+0.08
Omega ratio Gain probability vs. loss probability	1.28	1.27	+0.01
Calmar ratio Return relative to maximum drawdown	2.89	2.72	+0.17
Martin ratio Return relative to average drawdown	7.04	8.18	-1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIPEX vs. SWRSX - Sharpe Ratio Comparison

The current FIPEX Sharpe Ratio is 1.52, which is comparable to the SWRSX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of FIPEX and SWRSX, 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

	FIPEX	SWRSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	1.47	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.19	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.58	-0.13

Drawdowns

FIPEX vs. SWRSX - Drawdown Comparison

The maximum FIPEX drawdown since its inception was -14.81%, roughly equal to the maximum SWRSX drawdown of -14.29%. Use the drawdown chart below to compare losses from any high point for FIPEX and SWRSX.

Drawdown Indicators

	FIPEX	SWRSX	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-14.29%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.74%	-1.90%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-4.56%	-4.46%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-14.81%	-14.29%	-0.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.29%	—
Current Drawdown Current decline from peak	-0.91%	-0.10%	-0.81%
Average Drawdown Average peak-to-trough decline	-4.06%	-3.73%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.63%	+0.08%

Volatility

FIPEX vs. SWRSX - Volatility Comparison

Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX) and Schwab Treasury Inflation Protected Securities Index Fund (SWRSX) have volatilities of 0.92% and 0.91%, 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	SWRSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.91%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	2.21%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	3.26%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.12%	6.04%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.48%	5.37%	+0.11%

Dividends

FIPEX vs. SWRSX - Dividend Comparison

FIPEX has not paid dividends to shareholders, while SWRSX's dividend yield for the trailing twelve months is around 3.78%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	3.78%	4.20%	3.68%	3.11%	7.95%	4.45%	1.33%	2.20%	2.87%	1.75%	1.81%	1.06%

Frequently Asked Questions

Can I hold both FIPEX and SWRSX in my portfolio?

FIPEX and SWRSX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIPEX or SWRSX?

FIPEX has higher volatility (0.92%) compared to SWRSX (0.91%). In terms of maximum drawdown, FIPEX dropped -14.81% vs SWRSX's -14.29%.

Which has better risk-adjusted returns?

FIPEX currently has the higher Sharpe Ratio (1.52 vs 1.47), 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.