FSPWX vs. BKIPX
FSPWX (Fidelity SAI Inflation-Protected Bond Index Fund) and BKIPX (iShares Short-Term TIPS Bond Index Fund Class K) are both Inflation-Protected Bonds funds - FSPWX tracks the Bloomberg U.S. Treasury Inflation Protected Securities Index while BKIPX tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index. Both are passively managed. Over the past year, FSPWX returned 4.04% vs 3.44% for BKIPX. A 0.68 correlation means they provide meaningful diversification when combined. FSPWX charges 0.05%/yr vs 0.06%/yr for BKIPX.
Performance
FSPWX vs. BKIPX - Performance Comparison
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Returns By Period
In the year-to-date period, FSPWX achieves a 1.23% return, which is significantly higher than BKIPX's 0.85% return.
FSPWX
- 1D
- 0.30%
- 1M
- 0.39%
- YTD
- 1.23%
- 6M
- 1.33%
- 1Y
- 4.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BKIPX
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 0.85%
- 6M
- 1.22%
- 1Y
- 3.44%
- 3Y*
- 4.72%
- 5Y*
- 2.79%
- 10Y*
- —
FSPWX vs. BKIPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund | 1.23% | 6.76% | -1.32% |
BKIPX iShares Short-Term TIPS Bond Index Fund Class K | 0.85% | 6.08% | 1.17% |
Correlation
The correlation between FSPWX and BKIPX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024 | 0.68 |
The correlation between FSPWX and BKIPX has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
FSPWX vs. BKIPX — Risk / Return Rank
FSPWX
BKIPX
FSPWX vs. BKIPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) and iShares Short-Term TIPS Bond Index Fund Class K (BKIPX). 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.
| FSPWX | BKIPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.37 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 2.69 | -0.55 |
| Martin ratioReturn relative to average drawdown | 6.52 | 11.29 | -4.77 |
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Drawdowns
FSPWX vs. BKIPX - Drawdown Comparison
The maximum FSPWX drawdown since its inception was -3.84%, smaller than the maximum BKIPX drawdown of -6.42%. Use the drawdown chart below to compare losses from any high point for FSPWX and BKIPX.
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Drawdown Indicators
| FSPWX | BKIPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.84% | -6.42% | +2.58% |
Max Drawdown (1Y)Largest decline over 1 year | -1.95% | -1.32% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.32% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.42% | — |
Current DrawdownCurrent decline from peak | -0.59% | -1.13% | +0.54% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -1.06% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.31% | +0.33% |
Volatility
FSPWX vs. BKIPX - Volatility Comparison
The current volatility for Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) is 1.16%, while iShares Short-Term TIPS Bond Index Fund Class K (BKIPX) has a volatility of 1.30%. This indicates that FSPWX experiences smaller price fluctuations and is considered to be less risky than BKIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSPWX | BKIPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.30% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 1.81% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 2.33% | +0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 3.12% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.06% | 2.64% | +1.42% |
FSPWX vs. BKIPX - Expense Ratio Comparison
FSPWX has a 0.05% expense ratio, which is lower than BKIPX's 0.06% 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
FSPWX vs. BKIPX - Dividend Comparison
FSPWX's dividend yield for the trailing twelve months is around 3.78%, less than BKIPX's 4.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BKIPX iShares Short-Term TIPS Bond Index Fund Class K | 4.68% | 4.68% | 4.33% | 2.77% | 4.80% | 4.41% | 1.17% | 2.54% | 2.56% | 1.90% |
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund | 3.78% | 4.19% | 0.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSPWX and BKIPX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BKIPX has higher volatility (1.30%) compared to FSPWX (1.16%). In terms of maximum drawdown, FSPWX dropped -3.84% vs BKIPX's -6.42%.
BKIPX currently has the higher Sharpe Ratio (1.53 vs 1.26), 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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