BRMSX vs. FPFIX
BRMSX (Bramshill Income Performance Fund) and FPFIX (FPA Flexible Fixed Income Fund) are both Nontraditional Bonds funds. Over the past 5 years, BRMSX returned 2.06%/yr vs 3.48%/yr for FPFIX. At a 0.49 correlation, their price movements are largely independent. BRMSX charges 1.03%/yr vs 0.51%/yr for FPFIX.
Performance
BRMSX vs. FPFIX - Performance Comparison
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Returns By Period
In the year-to-date period, BRMSX achieves a 1.24% return, which is significantly higher than FPFIX's -0.11% return.
BRMSX
- 1D
- 0.10%
- 1M
- 1.50%
- YTD
- 1.24%
- 6M
- 1.43%
- 1Y
- 4.88%
- 3Y*
- 4.92%
- 5Y*
- 2.06%
- 10Y*
- —
FPFIX
- 1D
- 0.20%
- 1M
- 0.41%
- YTD
- -0.11%
- 6M
- -0.01%
- 1Y
- 3.56%
- 3Y*
- 5.70%
- 5Y*
- 3.48%
- 10Y*
- —
BRMSX vs. FPFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BRMSX Bramshill Income Performance Fund | 1.24% | 4.78% | 3.10% | 7.12% | -6.11% | 2.53% | 7.49% | 8.87% |
FPFIX FPA Flexible Fixed Income Fund | -0.11% | 6.87% | 5.28% | 8.11% | -2.82% | 1.77% | 4.71% | 3.78% |
Correlation
The correlation between BRMSX and FPFIX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.49 |
Over the past year, BRMSX and FPFIX have become more correlated (0.69) than their long-term average of 0.49, meaning their price movements have been converging.
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Return for Risk
BRMSX vs. FPFIX — Risk / Return Rank
BRMSX
FPFIX
BRMSX vs. FPFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bramshill Income Performance Fund (BRMSX) and FPA Flexible Fixed Income Fund (FPFIX). 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.
| BRMSX | FPFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.30 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | 1.76 | -0.24 |
| Martin ratioReturn relative to average drawdown | 3.94 | 4.63 | -0.70 |
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Drawdowns
BRMSX vs. FPFIX - Drawdown Comparison
The maximum BRMSX drawdown since its inception was -17.06%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for BRMSX and FPFIX.
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Drawdown Indicators
| BRMSX | FPFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.06% | -4.11% | -12.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -2.10% | -1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.52% | -2.10% | -2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -9.49% | -4.11% | -5.38% |
Current DrawdownCurrent decline from peak | -0.73% | -1.51% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -0.60% | -1.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 0.79% | +0.45% |
Volatility
BRMSX vs. FPFIX - Volatility Comparison
Bramshill Income Performance Fund (BRMSX) has a higher volatility of 1.02% compared to FPA Flexible Fixed Income Fund (FPFIX) at 0.80%. This indicates that BRMSX's price experiences larger fluctuations and is considered to be riskier than FPFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRMSX | FPFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.80% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.20% | 1.83% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 2.42% | +1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.11% | 2.34% | +1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 2.09% | +3.16% |
BRMSX vs. FPFIX - Expense Ratio Comparison
BRMSX has a 1.03% expense ratio, which is higher than FPFIX's 0.51% expense ratio.
Dividends
BRMSX vs. FPFIX - Dividend Comparison
BRMSX's dividend yield for the trailing twelve months is around 4.38%, more than FPFIX's 3.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BRMSX Bramshill Income Performance Fund | 4.38% | 3.96% | 4.36% | 4.49% | 2.53% | 2.50% | 3.38% | 3.38% | 4.08% | 3.43% |
FPFIX FPA Flexible Fixed Income Fund | 3.74% | 3.78% | 4.76% | 3.95% | 2.92% | 2.26% | 3.00% | 2.42% | 0.00% | 0.00% |
Frequently Asked Questions
BRMSX and FPFIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRMSX has higher volatility (1.02%) compared to FPFIX (0.80%). In terms of maximum drawdown, BRMSX dropped -17.06% vs FPFIX's -4.11%.
FPFIX currently has the higher Sharpe Ratio (1.52 vs 1.14), 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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