Fund Evaluator:
Fidelity Inflation-Prot Bd Index (FIPDX)
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Best Performing in Inflation-Protected Bond Over the Last Year
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| 2.6% | Fidelity Inflation-Prot Bd Index (FIPDX) |
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Fund Details
Fidelity Inflation-Prot Bd Index Overview
Fidelity Inflation-Prot Bd Index (FIPDX) is a passively managed Taxable Bond Inflation-Protected Bond fund. Fidelity Investments launched the fund in 2012.
The investment seeks to provide investment results that correspond to the total return of the inflation-protected sector of the United States Treasury market. The fund normally invests at least 80% of assets in inflation-protected debt securities included in the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index. The advisor engages in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default) and futures contracts - and forward-settling securities, to adjust the fund's risk exposure.
About Fidelity Inflation-Prot Bd Index (FIPDX)
There are 3 members of the management team with an average tenure of 4.96 years: Brandon Bettencourt (2014), Mark Lande (2024), Van Eswara (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury US TIPS TR USD index with a weighting of 100%. Fidelity Inflation-Prot Bd Index has 50 securities in its portfolio. The top 10 holdings constitute 36.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity Inflation-Prot Bd Index is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity Inflation-Prot Bd Index has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.4% (99.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Inflation-Prot Bd Index has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $11 billion in total assets, which is above the $869 million average for the Inflation-Protected Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FIPDX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Inflation-Prot Bd Index expense ratio is low compared to funds in the Inflation-Protected Bond category. Fidelity Inflation-Prot Bd Index has an expense ratio of 0.05%, which is 93% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Inflation-Prot Bd Index has a portfolio turnover rate of 19%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 72% for the Inflation-Protected Bond category.
Recently, in the month of July 2026, Fidelity Inflation-Prot Bd Index returned -0.7%, which earned it a grade of A, as the Inflation-Protected Bond category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Fidelity Inflation-Prot Bd Index has a trailing yield of 4.36%, which is above the 4.20% category average. The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Inflation-Prot Bd Index Grades
Year to date, the fund has returned 0.7%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 2.6% over the past year (grade of B), 3.7% over the past three years (grade of B) and 0.3% per year over the past five years (grade of B) and 2.4% per year over the past 10 years (grade of B).
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FIPDX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FIPDX Return (NAV) | -0.7% | -0.9% | 2.6% | 3.7% | 0.3% | 2.4% |
| FIPDX Grade | A | A | B | B | B | B |
| +/- Category | 0.1% | 0.3% | 0.2% | 0.2% | 0.3% | 0.3% |
| Inflation-Protected Bond Avg | -0.8% | -1.2% | 2.4% | 3.4% | -0.0% | 2.1% |
| FIPDX Tax Cost Ratio | na | na | 1.7% | 1.7% | 1.9% | 1.3% |
FIPDX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIPDX Return (NAV) | 0.7% | 6.8% | 2.0% | 3.8% | -12.0% | 5.9% | 10.9% | 8.3% | -1.4% | 3.0% | 4.9% |
| FIPDX Grade | A | C | B | B | C | A | C | B | B | B | A |
| +/- Category | 0.4% | 0.0% | 0.2% | 0.4% | 0.2% | 0.8% | -0.2% | 0.3% | 0.6% | 0.0% | 0.4% |
| Inflation-Protected Bond Avg | 0.2% | 6.7% | 1.8% | 3.4% | -12.3% | 5.1% | 11.1% | 8.0% | -1.9% | 2.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.1% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (13% Rank) |
| Beta: | 0.69 |
| R-Squared: | 88% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.4% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | None |
| Total Assets: | $11646 Mil |
| Fund Total Assets: | $11,647 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 19% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.2 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Bettencourt Brandon (2014), Lande Mark (2024), Eswara Van (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 50 |
| % in Top 10 Holdings: | 36.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | May 16, 2012 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.05% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | Fidelity Inflation-Prot Bd Index |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
