WIA vs. DFAAX

Last updated Jun 23, 2026

WIA (Western Asset Inflation-Linked Income Fund) and DFAAX (DFA Global Core Plus Real Return Portfolio) are both Inflation-Protected Bonds funds. Over the past 5 years, WIA returned -0.27%/yr vs 5.27%/yr for DFAAX. At a 0.48 correlation, their price movements are largely independent. WIA charges 4.00%/yr vs 0.29%/yr for DFAAX.

Performance

WIA vs. DFAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Inflation-Linked Income Fund (WIA) and DFA Global Core Plus Real Return Portfolio (DFAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WIA achieves a 0.98% return, which is significantly lower than DFAAX's 2.75% return.

WIA

• 1D: -0.25%
• 1M: 0.12%
• YTD: 0.98%
• 6M: 1.68%
• 1Y: 5.50%
• 3Y*: 6.89%
• 5Y*: -0.27%
• 10Y*: 3.70%

DFAAX

• 1D: 0.10%
• 1M: 0.61%
• YTD: 2.75%
• 6M: 2.96%
• 1Y: 4.21%
• 3Y*: 6.21%
• 5Y*: 5.27%
• 10Y*: —

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

WIA vs. DFAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WIA Western Asset Inflation-Linked Income Fund	0.98%	11.43%	6.08%	5.04%	-25.85%	9.42%
DFAAX DFA Global Core Plus Real Return Portfolio	2.75%	5.18%	4.41%	9.49%	-13.40%	20.47%

Correlation

The correlation between WIA and DFAAX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 5, 2021	0.48

The correlation between WIA and DFAAX has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

Return for Risk

WIA vs. DFAAX — Risk / Return Rank

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

WIA

WIA Risk / Return Rank: 14
WIA Sharpe Ratio Rank: 13
WIA Sortino Ratio Rank: 14
WIA Omega Ratio Rank: 13
WIA Calmar Ratio Rank: 17
WIA Martin Ratio Rank: 15

DFAAX

DFAAX Risk / Return Rank: 29
DFAAX Sharpe Ratio Rank: 29
DFAAX Sortino Ratio Rank: 30
DFAAX Omega Ratio Rank: 32
DFAAX Calmar Ratio Rank: 25
DFAAX Martin Ratio Rank: 28

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.

WIA vs. DFAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Inflation-Linked Income Fund (WIA) and DFA Global Core Plus Real Return Portfolio (DFAAX). 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.

	WIA	DFAAX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.44	-0.51
Sortino ratio: Return per unit of downside risk	1.41	2.10	-0.69
Omega ratio: Gain probability vs. loss probability	1.17	1.28	-0.11
Calmar ratio: Return relative to maximum drawdown	1.40	1.76	-0.36
Martin ratio: Return relative to average drawdown	3.81	6.16	-2.35

WIA vs. DFAAX - Sharpe Ratio Comparison

The current WIA Sharpe Ratio is 0.93, which is lower than the DFAAX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of WIA and DFAAX, 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

WIA vs. DFAAX - Drawdown Comparison

The maximum WIA drawdown since its inception was -30.36%, which is greater than DFAAX's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for WIA and DFAAX.

Drawdown Indicators

	WIA	DFAAX	Difference
Max Drawdown Largest peak-to-trough decline	-30.36%	-16.64%	-13.72%
Max Drawdown (1Y) Largest decline over 1 year	-3.95%	-2.55%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-8.13%	-3.44%	-4.69%
Max Drawdown (5Y) Largest decline over 5 years	-30.36%	-16.64%	-13.72%
Max Drawdown (10Y) Largest decline over 10 years	-30.36%	—	—
Current Drawdown Current decline from peak	-7.93%	-0.30%	-7.63%
Average Drawdown Average peak-to-trough decline	-8.72%	-4.51%	-4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.72%	+0.72%

Volatility

WIA vs. DFAAX - Volatility Comparison

Western Asset Inflation-Linked Income Fund (WIA) has a higher volatility of 1.08% compared to DFA Global Core Plus Real Return Portfolio (DFAAX) at 0.97%. This indicates that WIA's price experiences larger fluctuations and is considered to be riskier than DFAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WIA	DFAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.97%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	3.79%	2.28%	+1.51%
Volatility (1Y) Calculated over the trailing 1-year period	5.92%	3.10%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.73%	8.37%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	8.29%	+2.30%

WIA vs. DFAAX - Expense Ratio Comparison

WIA has a 4.00% expense ratio, which is higher than DFAAX's 0.29% expense ratio.

Dividends

WIA vs. DFAAX - Dividend Comparison

WIA's dividend yield for the trailing twelve months is around 7.71%, more than DFAAX's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAAX DFA Global Core Plus Real Return Portfolio	3.38%	2.90%	4.09%	3.96%	2.06%	13.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WIA Western Asset Inflation-Linked Income Fund	7.71%	7.50%	7.50%	11.08%	15.23%	10.65%	5.71%	3.41%	3.91%	3.43%	3.34%	3.63%

Frequently Asked Questions

Can I hold both WIA and DFAAX in my portfolio?

WIA and DFAAX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WIA or DFAAX?

WIA has higher volatility (1.08%) compared to DFAAX (0.97%). In terms of maximum drawdown, WIA dropped -30.36% vs DFAAX's -16.64%.

Which has better risk-adjusted returns?

DFAAX currently has the higher Sharpe Ratio (1.44 vs 0.93), 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.