FSPWX vs. DFAAX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) and DFA Global Core Plus Real Return Portfolio (DFAAX).

FSPWX is a passively managed fund by Fidelity that tracks the performance of the Bloomberg U.S. Treasury Inflation Protected Securities Index. It was launched on Aug 16, 2024. DFAAX is managed by Dimensional. It was launched on May 5, 2021.

Performance

FSPWX vs. DFAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) and DFA Global Core Plus Real Return Portfolio (DFAAX). The values are adjusted to include any dividend payments, if applicable.

FSPWX vs. DFAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	0.50%	6.76%	-1.32%
DFAAX DFA Global Core Plus Real Return Portfolio	-0.28%	5.18%	0.93%

Returns By Period

In the year-to-date period, FSPWX achieves a 0.50% return, which is significantly higher than DFAAX's -0.28% return.

FSPWX

• 1D: 0.70%
• 1M: -1.27%
• YTD: 0.50%
• 6M: 0.41%
• 1Y: 2.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFAAX

• 1D: 0.45%
• 1M: -2.10%
• YTD: -0.28%
• 6M: -0.90%
• 1Y: 1.97%
• 3Y*: 4.78%
• 5Y*: —
• 10Y*: —

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

FSPWX vs. DFAAX - Expense Ratio Comparison

FSPWX has a 0.05% expense ratio, which is lower than DFAAX's 0.29% expense ratio.

DFAAX

DFA Global Core Plus Real Return Portfolio

FSPWX

Fidelity SAI Inflation-Protected Bond Index Fund

Return for Risk

FSPWX vs. DFAAX — Risk / Return Rank

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

FSPWX

FSPWX Risk / Return Rank: 40
FSPWX Sharpe Ratio Rank: 38
FSPWX Sortino Ratio Rank: 34
FSPWX Omega Ratio Rank: 28
FSPWX Calmar Ratio Rank: 60
FSPWX Martin Ratio Rank: 42

DFAAX

DFAAX Risk / Return Rank: 28
DFAAX Sharpe Ratio Rank: 26
DFAAX Sortino Ratio Rank: 22
DFAAX Omega Ratio Rank: 22
DFAAX Calmar Ratio Rank: 36
DFAAX Martin Ratio Rank: 33

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.

FSPWX vs. DFAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) and DFA Global Core Plus Real Return Portfolio (DFAAX). 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.

	FSPWX	DFAAX	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.66	+0.18
Sortino ratio Return per unit of downside risk	1.17	0.92	+0.25
Omega ratio Gain probability vs. loss probability	1.15	1.13	+0.02
Calmar ratio Return relative to maximum drawdown	1.41	0.98	+0.43
Martin ratio Return relative to average drawdown	4.38	3.60	+0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSPWX vs. DFAAX - Sharpe Ratio Comparison

The current FSPWX Sharpe Ratio is 0.84, which is comparable to the DFAAX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of FSPWX and DFAAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSPWX	DFAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.66	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.56	+0.32

Correlation

The correlation between FSPWX and DFAAX is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FSPWX vs. DFAAX - Dividend Comparison

FSPWX's dividend yield for the trailing twelve months is around 4.17%, more than DFAAX's 3.48% yield.

	TTM	2025	2024	2023	2022	2021
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	4.17%	4.19%	0.69%	0.00%	0.00%	0.00%
DFAAX DFA Global Core Plus Real Return Portfolio	3.48%	2.90%	4.09%	3.96%	2.06%	13.05%

Drawdowns

FSPWX vs. DFAAX - Drawdown Comparison

The maximum FSPWX drawdown since its inception was -3.84%, smaller than the maximum DFAAX drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for FSPWX and DFAAX.

Drawdown Indicators

	FSPWX	DFAAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.84%	-16.64%	+12.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-2.99%	+0.08%
Current Drawdown Current decline from peak	-1.27%	-2.10%	+0.83%
Average Drawdown Average peak-to-trough decline	-1.04%	-4.70%	+3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.81%	+0.13%

Volatility

FSPWX vs. DFAAX - Volatility Comparison

Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) has a higher volatility of 1.44% compared to DFA Global Core Plus Real Return Portfolio (DFAAX) at 1.37%. This indicates that FSPWX's price experiences larger fluctuations and is considered to be riskier than DFAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSPWX	DFAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	1.37%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	1.98%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.10%	3.70%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.17%	8.45%	-4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.17%	8.45%	-4.28%