ITIOX vs. DFAAX

Last updated Jun 24, 2026

ITIOX (Transamerica Inflation Opportunities Fund) and DFAAX (DFA Global Core Plus Real Return Portfolio) are both Inflation-Protected Bonds funds. Over the past 5 years, ITIOX returned 1.25%/yr vs 5.08%/yr for DFAAX. A 0.78 correlation means they provide meaningful diversification when combined. ITIOX charges 0.65%/yr vs 0.29%/yr for DFAAX.

Performance

ITIOX vs. DFAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transamerica Inflation Opportunities Fund (ITIOX) and DFA Global Core Plus Real Return Portfolio (DFAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITIOX achieves a 0.79% return, which is significantly lower than DFAAX's 2.44% return.

ITIOX

• 1D: -0.30%
• 1M: 0.09%
• YTD: 0.79%
• 6M: 0.89%
• 1Y: 3.31%
• 3Y*: 4.00%
• 5Y*: 1.25%
• 10Y*: 2.70%

DFAAX

• 1D: -0.30%
• 1M: 0.31%
• YTD: 2.44%
• 6M: 2.44%
• 1Y: 3.89%
• 3Y*: 5.98%
• 5Y*: 5.08%
• 10Y*: —

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

ITIOX vs. DFAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ITIOX Transamerica Inflation Opportunities Fund	0.79%	6.10%	2.13%	5.96%	-10.81%	4.04%
DFAAX DFA Global Core Plus Real Return Portfolio	2.44%	5.18%	4.41%	9.49%	-13.40%	20.47%

Correlation

The correlation between ITIOX and DFAAX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 5, 2021	0.78

The correlation between ITIOX and DFAAX shifts across timeframes, from 0.65 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ITIOX vs. DFAAX — Risk / Return Rank

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

ITIOX

ITIOX Risk / Return Rank: 24
ITIOX Sharpe Ratio Rank: 21
ITIOX Sortino Ratio Rank: 22
ITIOX Omega Ratio Rank: 20
ITIOX Calmar Ratio Rank: 31
ITIOX Martin Ratio Rank: 28

DFAAX

DFAAX Risk / Return Rank: 23
DFAAX Sharpe Ratio Rank: 23
DFAAX Sortino Ratio Rank: 23
DFAAX Omega Ratio Rank: 25
DFAAX Calmar Ratio Rank: 21
DFAAX Martin Ratio Rank: 25

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.

ITIOX vs. DFAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transamerica Inflation Opportunities Fund (ITIOX) 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.

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.

	ITIOX	DFAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.27	-0.06
Sortino ratio: Return per unit of downside risk	1.77	1.84	-0.07
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.97	1.55	+0.42
Martin ratio: Return relative to average drawdown	6.05	5.41	+0.64

ITIOX vs. DFAAX - Sharpe Ratio Comparison

The current ITIOX Sharpe Ratio is 1.21, which is comparable to the DFAAX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of ITIOX and DFAAX, 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

ITIOX vs. DFAAX - Drawdown Comparison

The maximum ITIOX drawdown since its inception was -13.98%, smaller than the maximum DFAAX drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for ITIOX and DFAAX.

Drawdown Indicators

	ITIOX	DFAAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.98%	-16.64%	+2.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-2.55%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-4.04%	-3.44%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-13.98%	-16.64%	+2.66%
Max Drawdown (10Y) Largest decline over 10 years	-13.98%	—	—
Current Drawdown Current decline from peak	-0.71%	-0.61%	-0.10%
Average Drawdown Average peak-to-trough decline	-2.68%	-4.51%	+1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.72%	-0.14%

Volatility

ITIOX vs. DFAAX - Volatility Comparison

Transamerica Inflation Opportunities Fund (ITIOX) and DFA Global Core Plus Real Return Portfolio (DFAAX) have volatilities of 1.03% and 1.00%, 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

	ITIOX	DFAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.00%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	2.30%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	3.12%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	8.37%	-3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.46%	8.28%	-3.82%

ITIOX vs. DFAAX - Expense Ratio Comparison

ITIOX has a 0.65% expense ratio, which is higher than DFAAX's 0.29% expense ratio.

Dividends

ITIOX vs. DFAAX - Dividend Comparison

ITIOX's dividend yield for the trailing twelve months is around 2.76%, less than DFAAX's 3.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DFAAX DFA Global Core Plus Real Return Portfolio	3.39%	2.90%	4.09%	3.96%	2.06%	13.05%	0.00%	0.00%	0.00%	0.00%	0.00%
ITIOX Transamerica Inflation Opportunities Fund	2.76%	3.98%	2.66%	3.12%	5.85%	3.60%	1.17%	1.29%	2.72%	1.56%	0.34%

Frequently Asked Questions

Can I hold both ITIOX and DFAAX in my portfolio?

ITIOX and DFAAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITIOX or DFAAX?

ITIOX has higher volatility (1.03%) compared to DFAAX (1.00%). In terms of maximum drawdown, ITIOX dropped -13.98% vs DFAAX's -16.64%.

Which has better risk-adjusted returns?

DFAAX currently has the higher Sharpe Ratio (1.27 vs 1.21), 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.