TIP vs. FIPDX
TIP (iShares TIPS Bond ETF) and FIPDX (Fidelity Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds - TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index while FIPDX tracks the Bloomberg US Treasury Inflation-Protected Securities Index. Both are passively managed. Over the past 10 years, TIP returned 2.43%/yr vs 2.61%/yr for FIPDX. With a 0.95 correlation, they move nearly in lockstep. TIP charges 0.18%/yr vs 0.05%/yr for FIPDX.
Performance
TIP vs. FIPDX - Performance Comparison
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Returns By Period
In the year-to-date period, TIP achieves a 0.78% return, which is significantly lower than FIPDX's 1.11% return. Over the past 10 years, TIP has underperformed FIPDX with an annualized return of 2.43%, while FIPDX has yielded a comparatively higher 2.61% annualized return.
TIP
- 1D
- -0.41%
- 1M
- -0.16%
- YTD
- 0.78%
- 6M
- 0.90%
- 1Y
- 3.46%
- 3Y*
- 3.53%
- 5Y*
- 0.79%
- 10Y*
- 2.43%
FIPDX
- 1D
- 0.22%
- 1M
- 0.33%
- YTD
- 1.11%
- 6M
- 1.33%
- 1Y
- 3.98%
- 3Y*
- 3.85%
- 5Y*
- 1.08%
- 10Y*
- 2.61%
TIP vs. FIPDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 0.78% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
FIPDX Fidelity Inflation-Protected Bond Index Fund | 1.11% | 6.90% | 2.00% | 3.77% | -12.09% | 5.94% | 10.90% | 8.32% | -1.37% | 2.98% |
Correlation
The correlation between TIP and FIPDX 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 (3Y) Calculated over the trailing 3-year period | 0.96 |
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 May 10, 2012 | 0.95 |
The correlation between TIP and FIPDX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
TIP vs. FIPDX — Risk / Return Rank
TIP
FIPDX
TIP vs. FIPDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | FIPDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.23 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.18 | -0.42 |
| Martin ratioReturn relative to average drawdown | 5.20 | 6.33 | -1.13 |
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Drawdowns
TIP vs. FIPDX - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, roughly equal to the maximum FIPDX drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for TIP and FIPDX.
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Drawdown Indicators
| TIP | FIPDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -14.32% | -0.25% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -1.94% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -4.49% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -14.32% | -0.19% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -14.32% | -0.19% |
Current DrawdownCurrent decline from peak | -1.07% | -0.65% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -4.46% | +1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.67% | 0.00% |
Volatility
TIP vs. FIPDX - Volatility Comparison
iShares TIPS Bond ETF (TIP) has a higher volatility of 1.22% compared to Fidelity Inflation-Protected Bond Index Fund (FIPDX) at 1.10%. This indicates that TIP's price experiences larger fluctuations and is considered to be riskier than FIPDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIP | FIPDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.10% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 2.39% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.45% | 3.34% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.20% | 5.97% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 5.37% | +0.37% |
TIP vs. FIPDX - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is higher than FIPDX'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
TIP vs. FIPDX - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.79%, which matches FIPDX's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIPDX Fidelity Inflation-Protected Bond Index Fund | 3.81% | 4.18% | 3.75% | 3.56% | 8.87% | 4.76% | 1.24% | 1.97% | 2.26% | 1.29% | 1.34% | 0.38% |
TIP iShares TIPS Bond ETF | 3.79% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
With a correlation of 0.94, TIP and FIPDX 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.
TIP has higher volatility (1.22%) compared to FIPDX (1.10%). In terms of maximum drawdown, TIP dropped -14.57% vs FIPDX's -14.32%.
FIPDX currently has the higher Sharpe Ratio (1.26 vs 1.01), 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.
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