PIPIX vs. LTRIX

Last updated Jun 4, 2026

PIPIX (Principal Inflation Protection Fund) and LTRIX (Principal LifeTime 2045 Fund) are both mutual funds - PIPIX is a Inflation-Protected Bonds fund managed by Principal, while LTRIX is a Target Retirement Date fund managed by Principal. Over the past 10 years, PIPIX returned 2.49%/yr vs 11.01%/yr for LTRIX. At a correlation of -0.05, they often move in opposite directions. PIPIX charges 0.39%/yr vs 0.01%/yr for LTRIX.

Performance

PIPIX vs. LTRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Inflation Protection Fund (PIPIX) and Principal LifeTime 2045 Fund (LTRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIPIX achieves a 1.69% return, which is significantly lower than LTRIX's 8.73% return. Over the past 10 years, PIPIX has underperformed LTRIX with an annualized return of 2.49%, while LTRIX has yielded a comparatively higher 11.01% annualized return.

PIPIX

• 1D: 0.00%
• 1M: 0.13%
• YTD: 1.69%
• 6M: 1.33%
• 1Y: 5.24%
• 3Y*: 3.78%
• 5Y*: 0.96%
• 10Y*: 2.49%

LTRIX

• 1D: 0.42%
• 1M: 4.28%
• YTD: 8.73%
• 6M: 9.08%
• 1Y: 21.03%
• 3Y*: 17.85%
• 5Y*: 8.76%
• 10Y*: 11.01%

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

PIPIX vs. LTRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIPIX Principal Inflation Protection Fund	1.69%	6.65%	1.65%	3.51%	-12.09%	5.35%	10.59%	8.06%	-1.58%	3.02%
LTRIX Principal LifeTime 2045 Fund	8.73%	16.69%	16.90%	19.40%	-18.51%	16.55%	16.33%	25.81%	-8.34%	21.38%

Correlation

The correlation between PIPIX and LTRIX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Mar 4, 2008	-0.05

The correlation between PIPIX and LTRIX shifts across timeframes, from -0.05 (all time) to 0.27 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PIPIX vs. LTRIX — Risk / Return Rank

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

PIPIX

PIPIX Risk / Return Rank: 35
PIPIX Sharpe Ratio Rank: 29
PIPIX Sortino Ratio Rank: 31
PIPIX Omega Ratio Rank: 33
PIPIX Calmar Ratio Rank: 49
PIPIX Martin Ratio Rank: 36

LTRIX

LTRIX Risk / Return Rank: 50
LTRIX Sharpe Ratio Rank: 46
LTRIX Sortino Ratio Rank: 45
LTRIX Omega Ratio Rank: 47
LTRIX Calmar Ratio Rank: 50
LTRIX Martin Ratio Rank: 60

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.

PIPIX vs. LTRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Inflation Protection Fund (PIPIX) and Principal LifeTime 2045 Fund (LTRIX). 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.

	PIPIX	LTRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.01	-0.45
Sortino ratio: Return per unit of downside risk	2.31	2.84	-0.53
Omega ratio: Gain probability vs. loss probability	1.30	1.37	-0.07
Calmar ratio: Return relative to maximum drawdown	2.67	2.68	-0.01
Martin ratio: Return relative to average drawdown	7.96	12.01	-4.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIPIX vs. LTRIX - Sharpe Ratio Comparison

The current PIPIX Sharpe Ratio is 1.55, which is comparable to the LTRIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of PIPIX and LTRIX, 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

	PIPIX	LTRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.01	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.60	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.75	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.48	-0.17

Drawdowns

PIPIX vs. LTRIX - Drawdown Comparison

The maximum PIPIX drawdown since its inception was -25.31%, smaller than the maximum LTRIX drawdown of -51.39%. Use the drawdown chart below to compare losses from any high point for PIPIX and LTRIX.

Drawdown Indicators

	PIPIX	LTRIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.31%	-51.39%	+26.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-8.04%	+6.12%
Max Drawdown (3Y) Largest decline over 3 years	-4.70%	-14.47%	+9.77%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-26.25%	+11.92%
Max Drawdown (10Y) Largest decline over 10 years	-14.33%	-31.56%	+17.23%
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-5.23%	-7.20%	+1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	1.79%	-1.15%

Volatility

PIPIX vs. LTRIX - Volatility Comparison

The current volatility for Principal Inflation Protection Fund (PIPIX) is 0.95%, while Principal LifeTime 2045 Fund (LTRIX) has a volatility of 3.06%. This indicates that PIPIX experiences smaller price fluctuations and is considered to be less risky than LTRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPIX	LTRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	3.06%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	8.62%	-6.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	10.73%	-7.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.95%	14.59%	-8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.36%	14.82%	-9.46%

PIPIX vs. LTRIX - Expense Ratio Comparison

PIPIX has a 0.39% expense ratio, which is higher than LTRIX's 0.01% expense ratio.

Dividends

PIPIX vs. LTRIX - Dividend Comparison

PIPIX's dividend yield for the trailing twelve months is around 4.62%, less than LTRIX's 8.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTRIX Principal LifeTime 2045 Fund	8.56%	9.31%	9.40%	4.25%	8.71%	6.75%	4.62%	6.93%	7.50%	4.57%	4.48%	5.42%
PIPIX Principal Inflation Protection Fund	4.62%	4.70%	3.41%	3.64%	6.37%	7.34%	1.09%	1.79%	3.00%	2.04%	0.88%	0.83%

Frequently Asked Questions

Can I hold both PIPIX and LTRIX in my portfolio?

PIPIX and LTRIX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIPIX or LTRIX?

LTRIX has higher volatility (3.06%) compared to PIPIX (0.95%). In terms of maximum drawdown, PIPIX dropped -25.31% vs LTRIX's -51.39%.

Which has better risk-adjusted returns?

LTRIX currently has the higher Sharpe Ratio (2.01 vs 1.55), 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.