WIW vs. FIPDX

Last updated Jun 4, 2026

WIW (Western Asset Inflation-Linked Opportunities & Income Fund) and FIPDX (Fidelity Inflation-Protected Bond Index Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, WIW returned 4.02%/yr vs 2.67%/yr for FIPDX. At a 0.42 correlation, their price movements are largely independent.

Performance

WIW vs. FIPDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Inflation-Linked Opportunities & Income Fund (WIW) and Fidelity Inflation-Protected Bond Index Fund (FIPDX). 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 higher than FIPDX's 1.66% return. Over the past 10 years, WIW has outperformed FIPDX with an annualized return of 4.02%, while FIPDX has yielded a comparatively lower 2.67% annualized 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%

FIPDX

• 1D: 0.00%
• 1M: 0.11%
• YTD: 1.66%
• 6M: 1.22%
• 1Y: 5.23%
• 3Y*: 4.08%
• 5Y*: 1.22%
• 10Y*: 2.67%

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

WIW vs. FIPDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WIW Western Asset Inflation-Linked Opportunities & Income Fund	2.28%	13.17%	3.83%	5.10%	-25.30%	17.66%	11.46%	18.27%	-7.57%	6.46%
FIPDX Fidelity Inflation-Protected Bond Index Fund	1.66%	6.90%	2.00%	3.77%	-12.09%	5.94%	10.90%	8.32%	-1.37%	2.98%

Correlation

The correlation between WIW and FIPDX 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	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 11, 2012	0.42

The correlation between WIW and FIPDX shifts across timeframes, from 0.41 (10 years) to 0.55 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

WIW vs. FIPDX — 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

FIPDX

FIPDX Risk / Return Rank: 34
FIPDX Sharpe Ratio Rank: 29
FIPDX Sortino Ratio Rank: 31
FIPDX Omega Ratio Rank: 29
FIPDX Calmar Ratio Rank: 48
FIPDX Martin Ratio Rank: 34

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. FIPDX - Risk-Adjusted Trends Comparison

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

	WIW	FIPDX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.53	-0.37
Sortino ratio: Return per unit of downside risk	1.69	2.30	-0.61
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.06
Calmar ratio: Return relative to maximum drawdown	2.23	2.65	-0.42
Martin ratio: Return relative to average drawdown	5.92	7.78	-1.86
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. FIPDX - Sharpe Ratio Comparison

The current WIW Sharpe Ratio is 1.16, which is comparable to the FIPDX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of WIW and FIPDX, 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	FIPDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.53	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.21	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.50	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.41	-0.09

Drawdowns

WIW vs. FIPDX - Drawdown Comparison

The maximum WIW drawdown since its inception was -29.49%, which is greater than FIPDX's maximum drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for WIW and FIPDX.

Drawdown Indicators

	WIW	FIPDX	Difference
Max Drawdown Largest peak-to-trough decline	-29.49%	-14.32%	-15.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.61%	-1.94%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	-8.65%	-4.49%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-14.32%	-15.17%
Max Drawdown (10Y) Largest decline over 10 years	-29.49%	-14.32%	-15.17%
Current Drawdown Current decline from peak	-5.64%	-0.11%	-5.53%
Average Drawdown Average peak-to-trough decline	-7.97%	-4.47%	-3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.66%	+0.70%

Volatility

WIW vs. FIPDX - Volatility Comparison

Western Asset Inflation-Linked Opportunities & Income Fund (WIW) has a higher volatility of 1.76% compared to Fidelity Inflation-Protected Bond Index Fund (FIPDX) at 0.90%. This indicates that WIW'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.

Volatility by Period

	WIW	FIPDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	0.90%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	4.32%	2.30%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	6.93%	3.38%	+3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.18%	5.98%	+4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.98%	5.37%	+4.61%

Dividends

WIW vs. FIPDX - Dividend Comparison

WIW's dividend yield for the trailing twelve months is around 8.85%, more than FIPDX's 3.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIPDX Fidelity Inflation-Protected Bond Index Fund	3.79%	4.18%	3.75%	3.56%	8.87%	4.76%	1.24%	1.97%	2.26%	1.29%	1.34%	0.38%
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 FIPDX in my portfolio?

WIW and FIPDX 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 FIPDX?

WIW has higher volatility (1.76%) compared to FIPDX (0.90%). In terms of maximum drawdown, WIW dropped -29.49% vs FIPDX's -14.32%.

Which has better risk-adjusted returns?

FIPDX currently has the higher Sharpe Ratio (1.53 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.