TILUX vs. FIPDX

Last updated Jun 24, 2026

TILUX (Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund) and FIPDX (Fidelity Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, TILUX returned 2.53%/yr vs 2.52%/yr for FIPDX. Their correlation of 0.88 suggests significant overlap in exposure. TILUX charges 0.86%/yr vs 0.05%/yr for FIPDX.

Performance

TILUX vs. FIPDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund (TILUX) and Fidelity Inflation-Protected Bond Index Fund (FIPDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TILUX achieves a 0.66% return, which is significantly lower than FIPDX's 0.78% return. Both investments have delivered pretty close results over the past 10 years, with TILUX having a 2.53% annualized return and FIPDX not far behind at 2.52%.

TILUX

• 1D: -0.36%
• 1M: 0.21%
• YTD: 0.66%
• 6M: 0.93%
• 1Y: 2.74%
• 3Y*: 3.53%
• 5Y*: 0.63%
• 10Y*: 2.53%

FIPDX

• 1D: -0.33%
• 1M: 0.00%
• YTD: 0.78%
• 6M: 0.89%
• 1Y: 3.53%
• 3Y*: 3.67%
• 5Y*: 0.94%
• 10Y*: 2.52%

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

TILUX vs. FIPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TILUX Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund	0.66%	6.41%	1.86%	3.34%	-12.14%	5.42%	12.70%	8.11%	-2.05%	3.15%
FIPDX Fidelity Inflation-Protected Bond Index Fund	0.78%	6.90%	2.00%	3.77%	-12.09%	5.94%	10.90%	8.32%	-1.37%	2.98%

Correlation

The correlation between TILUX and FIPDX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 15, 2016	0.88

The correlation between TILUX and FIPDX shifts across timeframes, from 0.78 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TILUX vs. FIPDX — Risk / Return Rank

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

TILUX

TILUX Risk / Return Rank: 13
TILUX Sharpe Ratio Rank: 12
TILUX Sortino Ratio Rank: 11
TILUX Omega Ratio Rank: 11
TILUX Calmar Ratio Rank: 16
TILUX Martin Ratio Rank: 14

FIPDX

FIPDX Risk / Return Rank: 21
FIPDX Sharpe Ratio Rank: 17
FIPDX Sortino Ratio Rank: 17
FIPDX Omega Ratio Rank: 16
FIPDX Calmar Ratio Rank: 28
FIPDX Martin Ratio Rank: 24

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.

TILUX vs. FIPDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund (TILUX) and Fidelity Inflation-Protected Bond Index Fund (FIPDX). 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.

	TILUX	FIPDX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.09	-0.23
Sortino ratio: Return per unit of downside risk	1.26	1.61	-0.35
Omega ratio: Gain probability vs. loss probability	1.16	1.20	-0.04
Calmar ratio: Return relative to maximum drawdown	1.33	1.89	-0.56
Martin ratio: Return relative to average drawdown	3.57	5.46	-1.89

TILUX vs. FIPDX - Sharpe Ratio Comparison

The current TILUX Sharpe Ratio is 0.86, which is comparable to the FIPDX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of TILUX and FIPDX, 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

TILUX vs. FIPDX - Drawdown Comparison

The maximum TILUX drawdown since its inception was -14.72%, roughly equal to the maximum FIPDX drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for TILUX and FIPDX.

Drawdown Indicators

	TILUX	FIPDX	Difference
Max Drawdown Largest peak-to-trough decline	-14.72%	-14.32%	-0.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-1.94%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-4.41%	-4.49%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-14.72%	-14.32%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-14.72%	-14.32%	-0.40%
Current Drawdown Current decline from peak	-1.25%	-0.97%	-0.28%
Average Drawdown Average peak-to-trough decline	-3.59%	-4.46%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.67%	+0.31%

Volatility

TILUX vs. FIPDX - Volatility Comparison

The current volatility for Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund (TILUX) is 1.03%, while Fidelity Inflation-Protected Bond Index Fund (FIPDX) has a volatility of 1.13%. This indicates that TILUX experiences smaller price fluctuations and is considered to be less risky than FIPDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TILUX	FIPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.13%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	2.42%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	3.36%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	5.97%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.42%	5.37%	+0.05%

TILUX vs. FIPDX - Expense Ratio Comparison

TILUX has a 0.86% expense ratio, which is higher than FIPDX's 0.05% expense ratio.

Dividends

TILUX vs. FIPDX - Dividend Comparison

TILUX's dividend yield for the trailing twelve months is around 3.10%, less than FIPDX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIPDX Fidelity Inflation-Protected Bond Index Fund	3.82%	4.18%	3.75%	3.56%	8.87%	4.76%	1.24%	1.97%	2.26%	1.29%	1.34%	0.38%
TILUX Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund	3.10%	2.92%	3.72%	1.77%	16.54%	9.24%	2.28%	2.27%	3.45%	3.01%	2.97%	0.00%

Frequently Asked Questions

Can I hold both TILUX and FIPDX in my portfolio?

TILUX and FIPDX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TILUX or FIPDX?

FIPDX has higher volatility (1.13%) compared to TILUX (1.03%). In terms of maximum drawdown, TILUX dropped -14.72% vs FIPDX's -14.32%.

Which has better risk-adjusted returns?

FIPDX currently has the higher Sharpe Ratio (1.09 vs 0.86), 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.