IIBAX vs. FIPDX

Last updated Jun 23, 2026

IIBAX (Voya Intermediate Bond Fund) and FIPDX (Fidelity Inflation-Protected Bond Index Fund) are both mutual funds - IIBAX is a Intermediate Core-Plus Bond fund managed by Voya, while FIPDX is a Inflation-Protected Bonds fund tracking the Bloomberg US Treasury Inflation-Protected Securities Index. Over the past 10 years, IIBAX returned 1.80%/yr vs 2.61%/yr for FIPDX. A 0.76 correlation means they provide meaningful diversification when combined. IIBAX charges 0.69%/yr vs 0.05%/yr for FIPDX.

Performance

IIBAX vs. FIPDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Intermediate Bond Fund (IIBAX) 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, IIBAX achieves a 0.41% return, which is significantly lower than FIPDX's 1.11% return. Over the past 10 years, IIBAX has underperformed FIPDX with an annualized return of 1.80%, while FIPDX has yielded a comparatively higher 2.61% annualized return.

IIBAX

• 1D: 0.23%
• 1M: 0.94%
• YTD: 0.41%
• 6M: 0.78%
• 1Y: 3.98%
• 3Y*: 4.49%
• 5Y*: -0.10%
• 10Y*: 1.80%

FIPDX

• 1D: 0.22%
• 1M: 0.33%
• YTD: 1.11%
• 6M: 1.33%
• 1Y: 3.98%
• 3Y*: 3.85%
• 5Y*: 1.08%
• 10Y*: 2.61%

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

IIBAX vs. FIPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IIBAX Voya Intermediate Bond Fund	0.41%	6.42%	2.65%	7.04%	-15.11%	-1.79%	7.75%	9.57%	-0.59%	4.48%
FIPDX Fidelity Inflation-Protected Bond Index Fund	1.11%	6.90%	2.00%	3.77%	-12.09%	5.94%	10.90%	8.32%	-1.37%	2.98%

Correlation

The correlation between IIBAX and FIPDX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 10, 2012	0.76

The correlation between IIBAX and FIPDX has been stable across timeframes, ranging from 0.72 to 0.82 - a consistent structural relationship.

Return for Risk

IIBAX vs. FIPDX — Risk / Return Rank

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

IIBAX

IIBAX Risk / Return Rank: 16
IIBAX Sharpe Ratio Rank: 15
IIBAX Sortino Ratio Rank: 16
IIBAX Omega Ratio Rank: 15
IIBAX Calmar Ratio Rank: 18
IIBAX Martin Ratio Rank: 16

FIPDX

FIPDX Risk / Return Rank: 27
FIPDX Sharpe Ratio Rank: 22
FIPDX Sortino Ratio Rank: 23
FIPDX Omega Ratio Rank: 22
FIPDX Calmar Ratio Rank: 37
FIPDX Martin Ratio Rank: 29

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.

IIBAX vs. FIPDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Intermediate Bond Fund (IIBAX) 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.

	IIBAX	FIPDX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.26	-0.23
Sortino ratio: Return per unit of downside risk	1.54	1.87	-0.32
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.44	2.18	-0.74
Martin ratio: Return relative to average drawdown	4.04	6.33	-2.29

IIBAX vs. FIPDX - Sharpe Ratio Comparison

The current IIBAX Sharpe Ratio is 1.03, which is comparable to the FIPDX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of IIBAX 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

IIBAX vs. FIPDX - Drawdown Comparison

The maximum IIBAX drawdown since its inception was -20.34%, which is greater than FIPDX's maximum drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for IIBAX and FIPDX.

Drawdown Indicators

	IIBAX	FIPDX	Difference
Max Drawdown Largest peak-to-trough decline	-20.34%	-14.32%	-6.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-1.94%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-6.12%	-4.49%	-1.63%
Max Drawdown (5Y) Largest decline over 5 years	-20.01%	-14.32%	-5.69%
Max Drawdown (10Y) Largest decline over 10 years	-20.34%	-14.32%	-6.02%
Current Drawdown Current decline from peak	-2.11%	-0.65%	-1.46%
Average Drawdown Average peak-to-trough decline	-2.88%	-4.46%	+1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.67%	+0.39%

Volatility

IIBAX vs. FIPDX - Volatility Comparison

Voya Intermediate Bond Fund (IIBAX) has a higher volatility of 1.35% compared to Fidelity Inflation-Protected Bond Index Fund (FIPDX) at 1.10%. This indicates that IIBAX's price experiences larger fluctuations and is considered to be riskier than FIPDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIBAX	FIPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.10%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.20%	2.39%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	3.34%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	5.97%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	5.37%	-0.33%

IIBAX vs. FIPDX - Expense Ratio Comparison

IIBAX has a 0.69% expense ratio, which is higher than FIPDX's 0.05% expense ratio.

Dividends

IIBAX vs. FIPDX - Dividend Comparison

IIBAX's dividend yield for the trailing twelve months is around 3.59%, less than FIPDX's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIPDX Fidelity Inflation-Protected Bond Index Fund	3.81%	4.18%	3.75%	3.56%	8.87%	4.76%	1.24%	1.97%	2.26%	1.29%	1.34%	0.38%
IIBAX Voya Intermediate Bond Fund	3.59%	3.43%	4.50%	4.05%	1.98%	2.03%	4.69%	3.23%	2.93%	2.88%	2.96%	2.45%

Frequently Asked Questions

Can I hold both IIBAX and FIPDX in my portfolio?

IIBAX and FIPDX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IIBAX or FIPDX?

IIBAX has higher volatility (1.35%) compared to FIPDX (1.10%). In terms of maximum drawdown, IIBAX dropped -20.34% vs FIPDX's -14.32%.

Which has better risk-adjusted returns?

FIPDX currently has the higher Sharpe Ratio (1.26 vs 1.03), 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.