RRPAX vs. FSTZX

Last updated Aug 1, 2026

RRPAX (SEI Institutional Investments Trust Real Return Fund) and FSTZX (Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds. Over the past 3 years, RRPAX returned 4.74%/yr vs 4.66%/yr for FSTZX. Their correlation of 0.90 means they have usually moved in the same direction. RRPAX charges 0.02%/yr vs 0.00%/yr for FSTZX.

Performance

RRPAX vs. FSTZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Real Return Fund (RRPAX) and Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (FSTZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RRPAX achieves a 1.62% return, which is significantly higher than FSTZX's 0.67% return.

RRPAX

• 1D: 0.00%
• 1M: 0.29%
• 6M: 0.96%
• YTD: 1.62%
• 1Y: 2.79%
• 3Y*: 4.74%
• 5Y*: 2.58%
• 10Y*: 2.91%
• ALL TIME*: 1.99%

FSTZX

• 1D: 0.00%
• 1M: -0.90%
• 6M: 0.06%
• YTD: 0.67%
• 1Y: 1.86%
• 3Y*: 4.66%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSTZX Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund	$0.00	$0.00	$0.00
RRPAX SEI Institutional Investments Trust Real Return Fund	$0.00	$0.00	$0.00

RRPAX vs. FSTZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RRPAX SEI Institutional Investments Trust Real Return Fund	1.62%	6.53%	4.54%	3.49%	-4.06%	1.37%
FSTZX Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund	0.67%	5.99%	4.87%	4.67%	-2.83%	1.32%

Correlation

The correlation between RRPAX and FSTZX is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (All Time) Calculated using the full available price history since Aug 16, 2021	0.90

The correlation between RRPAX and FSTZX shifts across timeframes, from 0.80 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RRPAX vs. FSTZX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RRPAX

RRPAX Risk / Return Rank: 78
RRPAX Sharpe Ratio Rank: 69
RRPAX Sortino Ratio Rank: 74
RRPAX Omega Ratio Rank: 77
RRPAX Calmar Ratio Rank: 89
RRPAX Martin Ratio Rank: 80

FSTZX

FSTZX Risk / Return Rank: 36
FSTZX Sharpe Ratio Rank: 32
FSTZX Sortino Ratio Rank: 26
FSTZX Omega Ratio Rank: 53
FSTZX Calmar Ratio Rank: 32
FSTZX Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RRPAX vs. FSTZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Real Return Fund (RRPAX) and Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (FSTZX). 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.

	RRPAX	FSTZX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.02	+0.62
Sortino ratio: Return per unit of downside risk	2.54	1.30	+1.25
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	3.30	1.37	+1.94
Martin ratio: Return relative to average drawdown	10.00	5.22	+4.78

RRPAX vs. FSTZX - Sharpe Ratio Comparison

The current RRPAX Sharpe Ratio is 1.64, which is higher than the FSTZX Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of RRPAX and FSTZX, 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

RRPAX vs. FSTZX - Drawdown Comparison

The maximum RRPAX drawdown since its inception was -16.15%, which is greater than FSTZX's maximum drawdown of -5.30%. Use the drawdown chart below to compare losses from any high point for RRPAX and FSTZX.

Drawdown Indicators

	RRPAX	FSTZX	Difference
Max Drawdown Largest peak-to-trough decline	-16.15%	-5.30%	-10.85%
Max Drawdown (1Y) Largest decline over 1 year	-0.95%	-1.59%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-1.89%	-1.59%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-6.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-6.48%	—	—
Current Drawdown Current decline from peak	-0.45%	-1.39%	+0.94%
Average Drawdown Average peak-to-trough decline	-2.93%	-1.08%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.42%	-0.11%

Volatility

RRPAX vs. FSTZX - Volatility Comparison

The current volatility for SEI Institutional Investments Trust Real Return Fund (RRPAX) is 0.49%, while Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund (FSTZX) has a volatility of 1.40%. This indicates that RRPAX experiences smaller price fluctuations and is considered to be less risky than FSTZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RRPAX	FSTZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	1.40%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	1.83%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	1.92%	2.13%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	2.83%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.70%	2.83%	-0.13%

RRPAX vs. FSTZX - Expense Ratio Comparison

RRPAX has a 0.02% expense ratio, which is higher than FSTZX's 0.00% 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

RRPAX vs. FSTZX - Dividend Comparison

RRPAX's dividend yield for the trailing twelve months is around 5.45%, more than FSTZX's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FSTZX Fidelity Series 0-5 Year Inflation-Protected Bond Index Fund	2.87%	4.02%	2.78%	2.54%	5.25%	0.82%	0.00%	0.00%	0.00%	0.00%	0.00%
RRPAX SEI Institutional Investments Trust Real Return Fund	5.45%	4.64%	3.57%	2.43%	7.18%	5.33%	1.38%	2.14%	2.35%	1.89%	1.23%

Frequently Asked Questions

Can I hold both RRPAX and FSTZX in my portfolio?

RRPAX and FSTZX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RRPAX or FSTZX?

FSTZX has higher volatility (1.40%) compared to RRPAX (0.49%). In terms of maximum drawdown, RRPAX dropped -16.15% vs FSTZX's -5.30%.

Which has better risk-adjusted returns?

RRPAX currently has the higher Sharpe Ratio (1.64 vs 1.02), 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.