PIPIX vs. SWRSX

Last updated Jun 4, 2026

PIPIX (Principal Inflation Protection Fund) and SWRSX (Schwab Treasury Inflation Protected Securities Index Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, PIPIX returned 2.49%/yr vs 2.66%/yr for SWRSX. Their correlation of 0.95 suggests significant overlap in exposure. PIPIX charges 0.39%/yr vs 0.05%/yr for SWRSX.

Performance

PIPIX vs. SWRSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Inflation Protection Fund (PIPIX) and Schwab Treasury Inflation Protected Securities Index Fund (SWRSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PIPIX having a 1.69% return and SWRSX slightly higher at 1.72%. Over the past 10 years, PIPIX has underperformed SWRSX with an annualized return of 2.49%, while SWRSX has yielded a comparatively higher 2.66% 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%

SWRSX

• 1D: 0.00%
• 1M: 0.10%
• YTD: 1.72%
• 6M: 1.28%
• 1Y: 5.28%
• 3Y*: 4.09%
• 5Y*: 1.23%
• 10Y*: 2.66%

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

PIPIX vs. SWRSX - 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%
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	1.72%	6.84%	1.95%	3.80%	-12.01%	5.83%	10.88%	8.38%	-1.32%	2.69%

Correlation

The correlation between PIPIX and SWRSX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 4, 2006	0.95

The correlation between PIPIX and SWRSX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

PIPIX vs. SWRSX — 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

SWRSX

SWRSX Risk / Return Rank: 37
SWRSX Sharpe Ratio Rank: 32
SWRSX Sortino Ratio Rank: 35
SWRSX Omega Ratio Rank: 31
SWRSX Calmar Ratio Rank: 51
SWRSX Martin Ratio Rank: 38

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. SWRSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Inflation Protection Fund (PIPIX) and Schwab Treasury Inflation Protected Securities Index Fund (SWRSX). 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	SWRSX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.61	-0.06
Sortino ratio: Return per unit of downside risk	2.31	2.47	-0.16
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.67	2.73	-0.06
Martin ratio: Return relative to average drawdown	7.96	8.25	-0.28
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. SWRSX - Sharpe Ratio Comparison

The current PIPIX Sharpe Ratio is 1.55, which is comparable to the SWRSX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of PIPIX and SWRSX, 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	SWRSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	1.61	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.20	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.50	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.58	-0.26

Drawdowns

PIPIX vs. SWRSX - Drawdown Comparison

The maximum PIPIX drawdown since its inception was -25.31%, which is greater than SWRSX's maximum drawdown of -14.29%. Use the drawdown chart below to compare losses from any high point for PIPIX and SWRSX.

Drawdown Indicators

	PIPIX	SWRSX	Difference
Max Drawdown Largest peak-to-trough decline	-25.31%	-14.29%	-11.02%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-1.90%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-4.70%	-4.46%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-14.29%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-14.33%	-14.29%	-0.04%
Current Drawdown Current decline from peak	-0.13%	-0.10%	-0.03%
Average Drawdown Average peak-to-trough decline	-5.23%	-3.72%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.63%	+0.01%

Volatility

PIPIX vs. SWRSX - Volatility Comparison

Principal Inflation Protection Fund (PIPIX) has a higher volatility of 0.95% compared to Schwab Treasury Inflation Protected Securities Index Fund (SWRSX) at 0.86%. This indicates that PIPIX's price experiences larger fluctuations and is considered to be riskier than SWRSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPIX	SWRSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.86%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	2.20%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	3.26%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.95%	6.04%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.36%	5.37%	-0.01%

PIPIX vs. SWRSX - Expense Ratio Comparison

PIPIX has a 0.39% expense ratio, which is higher than SWRSX's 0.05% expense ratio.

Dividends

PIPIX vs. SWRSX - Dividend Comparison

PIPIX's dividend yield for the trailing twelve months is around 4.62%, more than SWRSX's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	3.78%	4.20%	3.68%	3.11%	7.95%	4.45%	1.33%	2.20%	2.87%	1.75%	1.81%	1.06%

Frequently Asked Questions

Can I hold both PIPIX and SWRSX in my portfolio?

With a correlation of 0.92, PIPIX and SWRSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PIPIX or SWRSX?

PIPIX has higher volatility (0.95%) compared to SWRSX (0.86%). In terms of maximum drawdown, PIPIX dropped -25.31% vs SWRSX's -14.29%.

Which has better risk-adjusted returns?

SWRSX currently has the higher Sharpe Ratio (1.61 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.