MPSAX vs. IPBAX
MPSAX (MassMutual Inflation-Protected and Income Fund) and IPBAX (Allspring Real Return Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, MPSAX returned 3.37%/yr vs 4.87%/yr for IPBAX. Their correlation of 0.80 suggests significant overlap in exposure. MPSAX charges 1.02%/yr vs 0.78%/yr for IPBAX.
Performance
MPSAX vs. IPBAX - Performance Comparison
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Returns By Period
In the year-to-date period, MPSAX achieves a 0.82% return, which is significantly lower than IPBAX's 12.87% return. Over the past 10 years, MPSAX has underperformed IPBAX with an annualized return of 3.37%, while IPBAX has yielded a comparatively higher 4.87% annualized return.
MPSAX
- 1D
- 0.11%
- 1M
- 0.32%
- YTD
- 0.82%
- 6M
- 1.21%
- 1Y
- 2.77%
- 3Y*
- 2.93%
- 5Y*
- 2.72%
- 10Y*
- 3.37%
IPBAX
- 1D
- 0.24%
- 1M
- -0.56%
- YTD
- 12.87%
- 6M
- 12.68%
- 1Y
- 21.37%
- 3Y*
- 11.45%
- 5Y*
- 5.96%
- 10Y*
- 4.87%
MPSAX vs. IPBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MPSAX MassMutual Inflation-Protected and Income Fund | 0.82% | 5.50% | -0.02% | 4.93% | -13.72% | 20.31% | 10.79% | 7.67% | -1.86% | 2.86% |
IPBAX Allspring Real Return Fund | 12.87% | 10.37% | 8.12% | 5.35% | -10.75% | 7.74% | 8.03% | 9.87% | -4.02% | 4.07% |
Correlation
The correlation between MPSAX and IPBAX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2003 | 0.80 |
Over the past year, the correlation between MPSAX and IPBAX has dropped to 0.29 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.
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Return for Risk
MPSAX vs. IPBAX — Risk / Return Rank
MPSAX
IPBAX
MPSAX vs. IPBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MassMutual Inflation-Protected and Income Fund (MPSAX) and Allspring Real Return Fund (IPBAX). 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.
| MPSAX | IPBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.48 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 5.50 | -4.08 |
| Martin ratioReturn relative to average drawdown | 3.38 | 19.25 | -15.87 |
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Drawdowns
MPSAX vs. IPBAX - Drawdown Comparison
The maximum MPSAX drawdown since its inception was -19.35%, which is greater than IPBAX's maximum drawdown of -15.13%. Use the drawdown chart below to compare losses from any high point for MPSAX and IPBAX.
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Drawdown Indicators
| MPSAX | IPBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.35% | -15.13% | -4.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -3.84% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -4.01% | -5.58% | +1.57% |
Max Drawdown (5Y)Largest decline over 5 years | -19.35% | -13.94% | -5.41% |
Max Drawdown (10Y)Largest decline over 10 years | -19.35% | -13.94% | -5.41% |
Current DrawdownCurrent decline from peak | -8.65% | -2.13% | -6.52% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -3.13% | -3.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 1.09% | -0.23% |
Volatility
MPSAX vs. IPBAX - Volatility Comparison
The current volatility for MassMutual Inflation-Protected and Income Fund (MPSAX) is 1.18%, while Allspring Real Return Fund (IPBAX) has a volatility of 3.34%. This indicates that MPSAX experiences smaller price fluctuations and is considered to be less risky than IPBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MPSAX | IPBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 3.34% | -2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 6.62% | -4.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 8.19% | -4.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.76% | 7.31% | +4.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.97% | 6.04% | +2.93% |
MPSAX vs. IPBAX - Expense Ratio Comparison
MPSAX has a 1.02% expense ratio, which is higher than IPBAX's 0.78% expense ratio.
Dividends
MPSAX vs. IPBAX - Dividend Comparison
MPSAX's dividend yield for the trailing twelve months is around 3.43%, more than IPBAX's 2.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IPBAX Allspring Real Return Fund | 2.31% | 2.58% | 2.26% | 3.71% | 5.07% | 3.84% | 1.26% | 2.12% | 2.57% | 1.96% | 1.77% | 2.13% |
MPSAX MassMutual Inflation-Protected and Income Fund | 3.43% | 3.51% | 1.44% | 2.47% | 3.34% | 18.54% | 5.13% | 1.59% | 2.68% | 2.34% | 2.23% | 0.61% |
Frequently Asked Questions
MPSAX and IPBAX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IPBAX has higher volatility (3.34%) compared to MPSAX (1.18%). In terms of maximum drawdown, MPSAX dropped -19.35% vs IPBAX's -15.13%.
IPBAX currently has the higher Sharpe Ratio (2.58 vs 0.85), 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.
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