VTIPX vs. FNMIX
VTIPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares) and FNMIX (Fidelity New Markets Income Fund) are both mutual funds - VTIPX is a Inflation-Protected Bonds fund managed by Vanguard, while FNMIX is a Emerging Markets Bonds fund managed by Fidelity. Over the past 10 years, VTIPX returned 3.05%/yr vs 4.04%/yr for FNMIX. At a 0.28 correlation, their price movements are largely independent. VTIPX charges 0.14%/yr vs 0.80%/yr for FNMIX.
Performance
VTIPX vs. FNMIX - Performance Comparison
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Returns By Period
In the year-to-date period, VTIPX achieves a 1.99% return, which is significantly lower than FNMIX's 3.96% return. Over the past 10 years, VTIPX has underperformed FNMIX with an annualized return of 3.05%, while FNMIX has yielded a comparatively higher 4.04% annualized return.
VTIPX
- 1D
- 0.00%
- 1M
- -0.00%
- YTD
- 1.99%
- 6M
- 1.96%
- 1Y
- 4.60%
- 3Y*
- 5.15%
- 5Y*
- 3.29%
- 10Y*
- 3.05%
FNMIX
- 1D
- 0.29%
- 1M
- 1.06%
- YTD
- 3.96%
- 6M
- 4.43%
- 1Y
- 15.89%
- 3Y*
- 12.95%
- 5Y*
- 3.87%
- 10Y*
- 4.04%
VTIPX vs. FNMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTIPX Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares | 1.99% | 5.96% | 4.65% | 4.51% | -2.93% | 5.21% | 4.85% | 4.74% | 0.49% | 0.72% |
FNMIX Fidelity New Markets Income Fund | 3.96% | 14.86% | 6.80% | 14.00% | -16.09% | -2.42% | 4.62% | 10.93% | -7.77% | 10.16% |
Correlation
The correlation between VTIPX and FNMIX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013 | 0.28 |
The correlation between VTIPX and FNMIX shifts across timeframes, from 0.09 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VTIPX vs. FNMIX — Risk / Return Rank
VTIPX
FNMIX
VTIPX vs. FNMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) and Fidelity New Markets Income Fund (FNMIX). 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.
| VTIPX | FNMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.81 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 6.27 | 4.29 | +1.98 |
| Martin ratioReturn relative to average drawdown | 24.45 | 18.79 | +5.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTIPX | FNMIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.97 | 3.73 | -0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.24 | 0.59 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.38 | 0.58 | +0.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 0.80 | +0.23 |
Drawdowns
VTIPX vs. FNMIX - Drawdown Comparison
The maximum VTIPX drawdown since its inception was -5.36%, smaller than the maximum FNMIX drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for VTIPX and FNMIX.
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Drawdown Indicators
| VTIPX | FNMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.36% | -42.76% | +37.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.72% | -3.85% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -0.95% | -6.42% | +5.47% |
Max Drawdown (5Y)Largest decline over 5 years | -5.36% | -27.16% | +21.80% |
Max Drawdown (10Y)Largest decline over 10 years | -5.36% | -27.16% | +21.80% |
Current DrawdownCurrent decline from peak | -0.04% | 0.00% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -5.69% | +4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.88% | -0.70% |
Volatility
VTIPX vs. FNMIX - Volatility Comparison
The current volatility for Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) is 0.53%, while Fidelity New Markets Income Fund (FNMIX) has a volatility of 1.60%. This indicates that VTIPX experiences smaller price fluctuations and is considered to be less risky than FNMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTIPX | FNMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 1.60% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 3.59% | -2.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.51% | 4.44% | -2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.66% | 6.62% | -3.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.22% | 6.93% | -4.71% |
VTIPX vs. FNMIX - Expense Ratio Comparison
VTIPX has a 0.14% expense ratio, which is lower than FNMIX's 0.80% expense ratio.
Dividends
VTIPX vs. FNMIX - Dividend Comparison
VTIPX's dividend yield for the trailing twelve months is around 3.48%, less than FNMIX's 4.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNMIX Fidelity New Markets Income Fund | 4.88% | 5.07% | 4.71% | 5.15% | 3.93% | 3.48% | 4.06% | 4.87% | 4.98% | 5.77% | 6.93% | 4.95% |
VTIPX Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares | 3.48% | 3.70% | 2.60% | 2.76% | 6.74% | 4.59% | 1.11% | 1.88% | 2.37% | 1.50% | 0.55% | 0.00% |
Frequently Asked Questions
VTIPX and FNMIX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNMIX has higher volatility (1.60%) compared to VTIPX (0.53%). In terms of maximum drawdown, VTIPX dropped -5.36% vs FNMIX's -42.76%.
FNMIX currently has the higher Sharpe Ratio (3.73 vs 2.97), 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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