WIW vs. DFAAX

Last updated Jun 4, 2026

WIW (Western Asset Inflation-Linked Opportunities & Income Fund) and DFAAX (DFA Global Core Plus Real Return Portfolio) are both Inflation-Protected Bonds funds. Over the past 5 years, WIW returned 0.77%/yr vs 5.25%/yr for DFAAX. At a 0.49 correlation, their price movements are largely independent.

Performance

WIW vs. DFAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Inflation-Linked Opportunities & Income Fund (WIW) 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, WIW achieves a 2.28% return, which is significantly lower than DFAAX's 3.06% return.

WIW

• 1D: -0.82%
• 1M: 0.15%
• YTD: 2.28%
• 6M: 0.68%
• 1Y: 8.01%
• 3Y*: 7.45%
• 5Y*: 0.77%
• 10Y*: 4.02%

DFAAX

• 1D: 0.10%
• 1M: 0.82%
• YTD: 3.06%
• 6M: 2.63%
• 1Y: 5.28%
• 3Y*: 6.24%
• 5Y*: 5.25%
• 10Y*: —

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

WIW vs. DFAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WIW Western Asset Inflation-Linked Opportunities & Income Fund	2.28%	13.17%	3.83%	5.10%	-25.30%	14.78%
DFAAX DFA Global Core Plus Real Return Portfolio	3.06%	5.18%	4.41%	9.49%	-13.40%	20.47%

Correlation

The correlation between WIW and DFAAX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since May 6, 2021	0.49

The correlation between WIW and DFAAX has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

Return for Risk

WIW vs. DFAAX — Risk / Return Rank

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

WIW

WIW Risk / Return Rank: 22
WIW Sharpe Ratio Rank: 17
WIW Sortino Ratio Rank: 16
WIW Omega Ratio Rank: 17
WIW Calmar Ratio Rank: 35
WIW Martin Ratio Rank: 24

DFAAX

DFAAX Risk / Return Rank: 34
DFAAX Sharpe Ratio Rank: 35
DFAAX Sortino Ratio Rank: 36
DFAAX Omega Ratio Rank: 40
DFAAX Calmar Ratio Rank: 30
DFAAX Martin Ratio Rank: 31

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.

WIW vs. DFAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Inflation-Linked Opportunities & Income Fund (WIW) 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.

	WIW	DFAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.71	-0.55
Sortino ratio: Return per unit of downside risk	1.69	2.50	-0.82
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.12
Calmar ratio: Return relative to maximum drawdown	2.23	2.06	+0.17
Martin ratio: Return relative to average drawdown	5.92	7.27	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WIW vs. DFAAX - Sharpe Ratio Comparison

The current WIW Sharpe Ratio is 1.16, which is lower than the DFAAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of WIW 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.

Sharpe Ratios by Period

	WIW	DFAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.71	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.63	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.63	-0.31

Drawdowns

WIW vs. DFAAX - Drawdown Comparison

The maximum WIW drawdown since its inception was -29.49%, which is greater than DFAAX's maximum drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for WIW and DFAAX.

Drawdown Indicators

	WIW	DFAAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.49%	-16.64%	-12.85%
Max Drawdown (1Y) Largest decline over 1 year	-3.61%	-2.55%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-8.65%	-3.44%	-5.21%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-16.64%	-12.85%
Max Drawdown (10Y) Largest decline over 10 years	-29.49%	—	—
Current Drawdown Current decline from peak	-5.64%	0.00%	-5.64%
Average Drawdown Average peak-to-trough decline	-7.97%	-4.55%	-3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.72%	+0.64%

Volatility

WIW vs. DFAAX - Volatility Comparison

Western Asset Inflation-Linked Opportunities & Income Fund (WIW) has a higher volatility of 1.76% compared to DFA Global Core Plus Real Return Portfolio (DFAAX) at 0.93%. This indicates that WIW'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

	WIW	DFAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	0.93%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	4.32%	2.23%	+2.09%
Volatility (1Y) Calculated over the trailing 1-year period	6.93%	3.06%	+3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.18%	8.37%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.98%	8.32%	+1.66%

Dividends

WIW vs. DFAAX - Dividend Comparison

WIW's dividend yield for the trailing twelve months is around 8.85%, more than DFAAX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAAX DFA Global Core Plus Real Return Portfolio	3.37%	2.90%	4.09%	3.96%	2.06%	13.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WIW Western Asset Inflation-Linked Opportunities & Income Fund	8.85%	8.68%	8.78%	10.38%	11.81%	6.93%	3.20%	3.74%	4.26%	3.70%	3.61%	3.91%

Frequently Asked Questions

Can I hold both WIW and DFAAX in my portfolio?

WIW and DFAAX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WIW or DFAAX?

WIW has higher volatility (1.76%) compared to DFAAX (0.93%). In terms of maximum drawdown, WIW dropped -29.49% vs DFAAX's -16.64%.

Which has better risk-adjusted returns?

DFAAX currently has the higher Sharpe Ratio (1.71 vs 1.16), 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.