IPBAX vs. FSPWX

Last updated Apr 1, 2026

Compare and contrast key facts about Allspring Real Return Fund (IPBAX) and Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX).

IPBAX is managed by Allspring Global Investments. It was launched on Feb 27, 2003. 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.

Performance

IPBAX vs. FSPWX - Performance Comparison

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

IPBAX vs. FSPWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPBAX Allspring Real Return Fund	11.78%	10.37%	0.94%
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	0.50%	6.76%	-1.32%

Returns By Period

In the year-to-date period, IPBAX achieves a 11.78% return, which is significantly higher than FSPWX's 0.50% return.

IPBAX

• 1D: 0.25%
• 1M: -0.06%
• YTD: 11.78%
• 6M: 13.53%
• 1Y: 23.01%
• 3Y*: 10.78%
• 5Y*: 6.29%
• 10Y*: 4.92%

FSPWX

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

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

IPBAX vs. FSPWX - Expense Ratio Comparison

IPBAX has a 0.78% expense ratio, which is higher than FSPWX's 0.05% expense ratio.

IPBAX

Allspring Real Return Fund

FSPWX

Fidelity SAI Inflation-Protected Bond Index Fund

Return for Risk

IPBAX vs. FSPWX — Risk / Return Rank

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

IPBAX

IPBAX Risk / Return Rank: 97
IPBAX Sharpe Ratio Rank: 98
IPBAX Sortino Ratio Rank: 97
IPBAX Omega Ratio Rank: 95
IPBAX Calmar Ratio Rank: 99
IPBAX Martin Ratio Rank: 98

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

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.

IPBAX vs. FSPWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Real Return Fund (IPBAX) and Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX). 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.

	IPBAX	FSPWX	Difference
Sharpe ratio Return per unit of total volatility	2.91	0.84	+2.07
Sortino ratio Return per unit of downside risk	3.98	1.17	+2.81
Omega ratio Gain probability vs. loss probability	1.53	1.15	+0.38
Calmar ratio Return relative to maximum drawdown	6.12	1.41	+4.71
Martin ratio Return relative to average drawdown	22.57	4.38	+18.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPBAX vs. FSPWX - Sharpe Ratio Comparison

The current IPBAX Sharpe Ratio is 2.91, which is higher than the FSPWX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of IPBAX and FSPWX, 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

	IPBAX	FSPWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	0.84	+2.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.88	-0.19

Correlation

The correlation between IPBAX and FSPWX is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IPBAX vs. FSPWX - Dividend Comparison

IPBAX's dividend yield for the trailing twelve months is around 2.33%, less than FSPWX's 4.17% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPBAX Allspring Real Return Fund	2.33%	2.58%	2.26%	3.71%	5.07%	3.84%	1.26%	2.12%	2.57%	1.96%	1.77%	2.13%
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	4.17%	4.19%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

IPBAX vs. FSPWX - Drawdown Comparison

The maximum IPBAX drawdown since its inception was -15.13%, which is greater than FSPWX's maximum drawdown of -3.84%. Use the drawdown chart below to compare losses from any high point for IPBAX and FSPWX.

Drawdown Indicators

	IPBAX	FSPWX	Difference
Max Drawdown Largest peak-to-trough decline	-15.13%	-3.84%	-11.29%
Max Drawdown (1Y) Largest decline over 1 year	-3.84%	-2.91%	-0.93%
Max Drawdown (5Y) Largest decline over 5 years	-13.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.94%	—	—
Current Drawdown Current decline from peak	-0.38%	-1.27%	+0.89%
Average Drawdown Average peak-to-trough decline	-3.15%	-1.04%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.94%	+0.10%

Volatility

IPBAX vs. FSPWX - Volatility Comparison

Allspring Real Return Fund (IPBAX) has a higher volatility of 3.22% compared to Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) at 1.44%. This indicates that IPBAX's price experiences larger fluctuations and is considered to be riskier than FSPWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPBAX	FSPWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	1.44%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	6.48%	2.29%	+4.19%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	4.10%	+3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.12%	4.17%	+2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.93%	4.17%	+1.76%