HIPAX vs. FIPDX

Last updated Jun 4, 2026

HIPAX (Hartford Inflation Plus Fund) and FIPDX (Fidelity Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, HIPAX returned 2.62%/yr vs 2.67%/yr for FIPDX. Their correlation of 0.86 suggests significant overlap in exposure. HIPAX charges 0.84%/yr vs 0.05%/yr for FIPDX.

Performance

HIPAX vs. FIPDX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with HIPAX having a 1.64% return and FIPDX slightly higher at 1.66%. Both investments have delivered pretty close results over the past 10 years, with HIPAX having a 2.62% annualized return and FIPDX not far ahead at 2.67%.

HIPAX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 1.64%
• 6M: 1.25%
• 1Y: 5.57%
• 3Y*: 4.25%
• 5Y*: 1.65%
• 10Y*: 2.62%

FIPDX

• 1D: 0.00%
• 1M: 0.11%
• YTD: 1.66%
• 6M: 1.22%
• 1Y: 5.23%
• 3Y*: 4.08%
• 5Y*: 1.22%
• 10Y*: 2.67%

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

HIPAX vs. FIPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIPAX Hartford Inflation Plus Fund	1.64%	6.79%	1.72%	4.40%	-8.90%	4.85%	9.20%	6.63%	-1.34%	1.83%
FIPDX Fidelity Inflation-Protected Bond Index Fund	1.66%	6.90%	2.00%	3.77%	-12.09%	5.94%	10.90%	8.32%	-1.37%	2.98%

Correlation

The correlation between HIPAX and FIPDX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 11, 2012	0.86

The correlation between HIPAX and FIPDX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

HIPAX vs. FIPDX — Risk / Return Rank

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

HIPAX

HIPAX Risk / Return Rank: 46
HIPAX Sharpe Ratio Rank: 44
HIPAX Sortino Ratio Rank: 49
HIPAX Omega Ratio Rank: 46
HIPAX Calmar Ratio Rank: 45
HIPAX Martin Ratio Rank: 47

FIPDX

FIPDX Risk / Return Rank: 34
FIPDX Sharpe Ratio Rank: 29
FIPDX Sortino Ratio Rank: 31
FIPDX Omega Ratio Rank: 29
FIPDX Calmar Ratio Rank: 48
FIPDX Martin Ratio Rank: 34

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.

HIPAX vs. FIPDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford Inflation Plus Fund (HIPAX) 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.

	HIPAX	FIPDX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.53	+0.42
Sortino ratio: Return per unit of downside risk	2.97	2.30	+0.67
Omega ratio: Gain probability vs. loss probability	1.37	1.28	+0.09
Calmar ratio: Return relative to maximum drawdown	2.55	2.65	-0.10
Martin ratio: Return relative to average drawdown	9.88	7.78	+2.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIPAX vs. FIPDX - Sharpe Ratio Comparison

The current HIPAX Sharpe Ratio is 1.95, which is comparable to the FIPDX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of HIPAX 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.

Sharpe Ratios by Period

	HIPAX	FIPDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.53	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.21	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.50	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.41	+0.23

Drawdowns

HIPAX vs. FIPDX - Drawdown Comparison

The maximum HIPAX drawdown since its inception was -13.92%, roughly equal to the maximum FIPDX drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for HIPAX and FIPDX.

Drawdown Indicators

	HIPAX	FIPDX	Difference
Max Drawdown Largest peak-to-trough decline	-13.92%	-14.32%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-1.94%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-3.90%	-4.49%	+0.59%
Max Drawdown (5Y) Largest decline over 5 years	-11.61%	-14.32%	+2.71%
Max Drawdown (10Y) Largest decline over 10 years	-11.61%	-14.32%	+2.71%
Current Drawdown Current decline from peak	-0.20%	-0.11%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.79%	-4.47%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.66%	-0.12%

Volatility

HIPAX vs. FIPDX - Volatility Comparison

Hartford Inflation Plus Fund (HIPAX) and Fidelity Inflation-Protected Bond Index Fund (FIPDX) have volatilities of 0.91% and 0.90%, 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

	HIPAX	FIPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.90%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.02%	2.30%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	3.38%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.06%	5.98%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.31%	5.37%	-1.06%

HIPAX vs. FIPDX - Expense Ratio Comparison

HIPAX has a 0.84% expense ratio, which is higher than FIPDX's 0.05% expense ratio.

Dividends

HIPAX vs. FIPDX - Dividend Comparison

HIPAX's dividend yield for the trailing twelve months is around 3.57%, less than FIPDX's 3.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIPDX Fidelity Inflation-Protected Bond Index Fund	3.79%	4.18%	3.75%	3.56%	8.87%	4.76%	1.24%	1.97%	2.26%	1.29%	1.34%	0.38%
HIPAX Hartford Inflation Plus Fund	3.57%	3.10%	2.71%	2.97%	6.00%	2.82%	1.61%	1.73%	3.79%	4.63%	1.18%	0.00%

Frequently Asked Questions

Can I hold both HIPAX and FIPDX in my portfolio?

HIPAX and FIPDX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIPAX or FIPDX?

HIPAX has higher volatility (0.91%) compared to FIPDX (0.90%). In terms of maximum drawdown, HIPAX dropped -13.92% vs FIPDX's -14.32%.

Which has better risk-adjusted returns?

HIPAX currently has the higher Sharpe Ratio (1.95 vs 1.53), 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.