TIILX vs. FSPWX

Last updated Jun 3, 2026

TIILX (TIAA-CREF Inflation-Linked Bond Fund) and FSPWX (Fidelity SAI Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds. Over the past year, TIILX returned 4.79% vs 5.17% for FSPWX. Their correlation of 0.90 suggests significant overlap in exposure. TIILX charges 0.23%/yr vs 0.05%/yr for FSPWX.

Performance

TIILX vs. FSPWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Inflation-Linked Bond Fund (TIILX) and Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIILX achieves a 1.67% return, which is significantly lower than FSPWX's 1.83% return.

TIILX

• 1D: -0.09%
• 1M: -0.18%
• YTD: 1.67%
• 6M: 1.49%
• 1Y: 4.79%
• 3Y*: 4.81%
• 5Y*: 2.30%
• 10Y*: 2.92%

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)

TIILX vs. FSPWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TIILX TIAA-CREF Inflation-Linked Bond Fund	1.67%	7.09%	-0.36%
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	1.83%	6.76%	-1.32%

Correlation

The correlation between TIILX and FSPWX is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Aug 23, 2024	0.90

The correlation between TIILX and FSPWX has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

TIILX vs. FSPWX — Risk / Return Rank

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

TIILX

TIILX Risk / Return Rank: 54
TIILX Sharpe Ratio Rank: 37
TIILX Sortino Ratio Rank: 46
TIILX Omega Ratio Rank: 39
TIILX Calmar Ratio Rank: 80
TIILX Martin Ratio Rank: 67

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.

TIILX vs. FSPWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Inflation-Linked Bond Fund (TIILX) 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.

	TIILX	FSPWX	Difference
Sharpe ratio Return per unit of total volatility	1.78	1.46	+0.31
Sortino ratio Return per unit of downside risk	2.84	2.23	+0.61
Omega ratio Gain probability vs. loss probability	1.33	1.27	+0.07
Calmar ratio Return relative to maximum drawdown	3.63	2.81	+0.82
Martin ratio Return relative to average drawdown	13.03	8.63	+4.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIILX vs. FSPWX - Sharpe Ratio Comparison

The current TIILX Sharpe Ratio is 1.78, which is comparable to the FSPWX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of TIILX 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

	TIILX	FSPWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.46	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.01	-0.31

Drawdowns

TIILX vs. FSPWX - Drawdown Comparison

The maximum TIILX drawdown since its inception was -14.24%, which is greater than FSPWX's maximum drawdown of -3.84%. Use the drawdown chart below to compare losses from any high point for TIILX and FSPWX.

Drawdown Indicators

	TIILX	FSPWX	Difference
Max Drawdown Largest peak-to-trough decline	-14.24%	-3.84%	-10.40%
Max Drawdown (1Y) Largest decline over 1 year	-1.37%	-1.95%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-2.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.57%	—	—
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-2.92%	-0.98%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.64%	-0.26%

Volatility

TIILX vs. FSPWX - Volatility Comparison

The current volatility for TIAA-CREF Inflation-Linked Bond Fund (TIILX) is 0.77%, while Fidelity SAI Inflation-Protected Bond Index Fund (FSPWX) has a volatility of 0.94%. This indicates that TIILX 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

	TIILX	FSPWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.94%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	2.29%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.61%	3.36%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.39%	4.06%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	4.06%	-0.24%

TIILX vs. FSPWX - Expense Ratio Comparison

TIILX has a 0.23% 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

TIILX vs. FSPWX - Dividend Comparison

TIILX's dividend yield for the trailing twelve months is around 3.08%, less than FSPWX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSPWX Fidelity SAI Inflation-Protected Bond Index Fund	3.76%	4.19%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TIILX TIAA-CREF Inflation-Linked Bond Fund	3.08%	3.95%	3.45%	3.38%	8.60%	6.29%	1.28%	1.85%	2.59%	2.00%	1.55%	0.33%

Frequently Asked Questions

Can I hold both TIILX and FSPWX in my portfolio?

With a correlation of 0.90, TIILX 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, TIILX or FSPWX?

FSPWX has higher volatility (0.94%) compared to TIILX (0.77%). In terms of maximum drawdown, TIILX dropped -14.24% vs FSPWX's -3.84%.

Which has better risk-adjusted returns?

TIILX currently has the higher Sharpe Ratio (1.78 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.