VIPIX vs. FGOVX

Last updated Jun 4, 2026

VIPIX (Vanguard Inflation-Protected Securities Fund Institutional Shares) and FGOVX (Fidelity Government Income Fund) are both mutual funds - VIPIX is a Inflation-Protected Bonds fund managed by Vanguard, while FGOVX is a Government Bonds fund managed by Fidelity. Over the past 10 years, VIPIX returned 2.67%/yr vs 0.79%/yr for FGOVX. A 0.78 correlation means they provide meaningful diversification when combined. VIPIX charges 0.07%/yr vs 0.45%/yr for FGOVX.

Performance

VIPIX vs. FGOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) and Fidelity Government Income Fund (FGOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIPIX achieves a 1.59% return, which is significantly higher than FGOVX's 0.33% return. Over the past 10 years, VIPIX has outperformed FGOVX with an annualized return of 2.67%, while FGOVX has yielded a comparatively lower 0.79% annualized return.

VIPIX

• 1D: -0.11%
• 1M: 0.11%
• YTD: 1.59%
• 6M: 1.20%
• 1Y: 5.29%
• 3Y*: 4.06%
• 5Y*: 1.18%
• 10Y*: 2.67%

FGOVX

• 1D: 0.11%
• 1M: 0.42%
• YTD: 0.33%
• 6M: 0.24%
• 1Y: 4.78%
• 3Y*: 3.04%
• 5Y*: -0.48%
• 10Y*: 0.79%

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

VIPIX vs. FGOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	1.59%	6.98%	1.85%	3.85%	-11.93%	5.73%	11.05%	8.18%	-1.40%	2.97%
FGOVX Fidelity Government Income Fund	0.33%	6.57%	0.09%	4.23%	-13.09%	-2.25%	6.79%	6.41%	0.63%	2.22%

Correlation

The correlation between VIPIX and FGOVX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 16, 2003	0.78

The correlation between VIPIX and FGOVX has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

Return for Risk

VIPIX vs. FGOVX — Risk / Return Rank

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

VIPIX

VIPIX Risk / Return Rank: 33
VIPIX Sharpe Ratio Rank: 28
VIPIX Sortino Ratio Rank: 31
VIPIX Omega Ratio Rank: 26
VIPIX Calmar Ratio Rank: 47
VIPIX Martin Ratio Rank: 35

FGOVX

FGOVX Risk / Return Rank: 18
FGOVX Sharpe Ratio Rank: 18
FGOVX Sortino Ratio Rank: 19
FGOVX Omega Ratio Rank: 18
FGOVX Calmar Ratio Rank: 18
FGOVX Martin Ratio Rank: 17

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.

VIPIX vs. FGOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) and Fidelity Government Income Fund (FGOVX). 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.

	VIPIX	FGOVX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.22	+0.28
Sortino ratio: Return per unit of downside risk	2.29	1.82	+0.48
Omega ratio: Gain probability vs. loss probability	1.27	1.22	+0.05
Calmar ratio: Return relative to maximum drawdown	2.60	1.53	+1.07
Martin ratio: Return relative to average drawdown	7.88	4.64	+3.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIPIX vs. FGOVX - Sharpe Ratio Comparison

The current VIPIX Sharpe Ratio is 1.49, which is comparable to the FGOVX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of VIPIX and FGOVX, 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

	VIPIX	FGOVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.22	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	-0.08	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.16	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.71	-0.09

Drawdowns

VIPIX vs. FGOVX - Drawdown Comparison

The maximum VIPIX drawdown since its inception was -15.04%, smaller than the maximum FGOVX drawdown of -19.93%. Use the drawdown chart below to compare losses from any high point for VIPIX and FGOVX.

Drawdown Indicators

	VIPIX	FGOVX	Difference
Max Drawdown Largest peak-to-trough decline	-15.04%	-19.93%	+4.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-3.06%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-4.46%	-6.33%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-18.00%	+3.67%
Max Drawdown (10Y) Largest decline over 10 years	-14.33%	-19.93%	+5.60%
Current Drawdown Current decline from peak	-0.12%	-6.69%	+6.57%
Average Drawdown Average peak-to-trough decline	-3.35%	-3.93%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.01%	-0.35%

Volatility

VIPIX vs. FGOVX - Volatility Comparison

The current volatility for Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) is 1.03%, while Fidelity Government Income Fund (FGOVX) has a volatility of 1.32%. This indicates that VIPIX experiences smaller price fluctuations and is considered to be less risky than FGOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIPIX	FGOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.32%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	2.75%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.49%	3.86%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	6.09%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	5.04%	+0.33%

VIPIX vs. FGOVX - Expense Ratio Comparison

VIPIX has a 0.07% expense ratio, which is lower than FGOVX's 0.45% expense ratio.

Dividends

VIPIX vs. FGOVX - Dividend Comparison

VIPIX's dividend yield for the trailing twelve months is around 4.52%, more than FGOVX's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGOVX Fidelity Government Income Fund	3.48%	3.37%	3.20%	2.57%	1.13%	0.60%	2.39%	2.10%	2.08%	1.81%	2.69%	2.25%
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	4.52%	4.77%	4.20%	4.34%	8.49%	5.16%	1.41%	2.32%	3.15%	2.45%	3.50%	0.91%

Frequently Asked Questions

Can I hold both VIPIX and FGOVX in my portfolio?

VIPIX and FGOVX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIPIX or FGOVX?

FGOVX has higher volatility (1.32%) compared to VIPIX (1.03%). In terms of maximum drawdown, VIPIX dropped -15.04% vs FGOVX's -19.93%.

Which has better risk-adjusted returns?

VIPIX currently has the higher Sharpe Ratio (1.49 vs 1.22), 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.