QCILIX vs. FSPWX

Last updated Jun 3, 2026

QCILIX (CREF Inflation-Linked Bond Account Class R3) and FSPWX (Fidelity SAI Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds - QCILIX tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 1-10 Year Index while FSPWX tracks the Bloomberg U.S. Treasury Inflation Protected Securities Index. Both are passively managed. Over the past year, QCILIX returned 5.13% vs 5.17% for FSPWX. Their correlation of 0.93 suggests significant overlap in exposure. QCILIX charges 0.19%/yr vs 0.05%/yr for FSPWX.

Performance

QCILIX vs. FSPWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CREF Inflation-Linked Bond Account Class R3 (QCILIX) and Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX). 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 QCILIX having a 1.81% return and FSPWX slightly higher at 1.83%.

QCILIX

• 1D: -0.02%
• 1M: -0.05%
• YTD: 1.81%
• 6M: 1.71%
• 1Y: 5.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSPWX

• 1D: 0.10%
• 1M: 0.10%
• YTD: 1.83%
• 6M: 1.55%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QCILIX vs. FSPWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QCILIX CREF Inflation-Linked Bond Account Class R3	1.81%	7.47%	0.00%
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	1.83%	6.76%	0.31%

Correlation

The correlation between QCILIX and FSPWX is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Dec 30, 2024	0.93

The correlation between QCILIX and FSPWX has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

QCILIX vs. FSPWX — Risk / Return Rank

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

QCILIX

QCILIX Risk / Return Rank: 64
QCILIX Sharpe Ratio Rank: 48
QCILIX Sortino Ratio Rank: 57
QCILIX Omega Ratio Rank: 49
QCILIX Calmar Ratio Rank: 85
QCILIX Martin Ratio Rank: 81

FSPWX

FSPWX Risk / Return Rank: 34
FSPWX Sharpe Ratio Rank: 25
FSPWX Sortino Ratio Rank: 28
FSPWX Omega Ratio Rank: 26
FSPWX Calmar Ratio Rank: 53
FSPWX Martin Ratio Rank: 40

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.

QCILIX vs. FSPWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CREF Inflation-Linked Bond Account Class R3 (QCILIX) 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.

	QCILIX	FSPWX	Difference
Sharpe ratio Return per unit of total volatility	2.04	1.46	+0.58
Sortino ratio Return per unit of downside risk	3.18	2.23	+0.95
Omega ratio Gain probability vs. loss probability	1.38	1.27	+0.11
Calmar ratio Return relative to maximum drawdown	4.05	2.81	+1.23
Martin ratio Return relative to average drawdown	15.19	8.63	+6.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QCILIX vs. FSPWX - Sharpe Ratio Comparison

The current QCILIX Sharpe Ratio is 2.04, which is higher than the FSPWX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of QCILIX and FSPWX, 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

	QCILIX	FSPWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.46	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	2.27	1.01	+1.27

Drawdowns

QCILIX vs. FSPWX - Drawdown Comparison

The maximum QCILIX drawdown since its inception was -2.14%, smaller than the maximum FSPWX drawdown of -3.84%. Use the drawdown chart below to compare losses from any high point for QCILIX and FSPWX.

Drawdown Indicators

	QCILIX	FSPWX	Difference
Max Drawdown Largest peak-to-trough decline	-2.14%	-3.84%	+1.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.33%	-1.95%	+0.62%
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.98%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.64%	-0.28%

Volatility

QCILIX vs. FSPWX - Volatility Comparison

The current volatility for CREF Inflation-Linked Bond Account Class R3 (QCILIX) is 0.78%, while Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) has a volatility of 0.94%. This indicates that QCILIX experiences smaller price fluctuations and is considered to be less risky than FSPWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCILIX	FSPWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.94%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	1.70%	2.29%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	3.36%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.95%	4.06%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.95%	4.06%	-1.11%

QCILIX vs. FSPWX - Expense Ratio Comparison

QCILIX has a 0.19% expense ratio, which is higher than FSPWX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QCILIX vs. FSPWX - Dividend Comparison

QCILIX has not paid dividends to shareholders, while FSPWX's dividend yield for the trailing twelve months is around 3.76%.

Position	TTM	2025	2024
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	3.76%	4.19%	0.69%
QCILIX CREF Inflation-Linked Bond Account Class R3	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QCILIX and FSPWX in my portfolio?

With a correlation of 0.94, QCILIX and FSPWX 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, QCILIX or FSPWX?

FSPWX has higher volatility (0.94%) compared to QCILIX (0.78%). In terms of maximum drawdown, QCILIX dropped -2.14% vs FSPWX's -3.84%.

Which has better risk-adjusted returns?

QCILIX currently has the higher Sharpe Ratio (2.04 vs 1.46), 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.