BVPIX vs. FAIRX

Last updated Aug 1, 2026

BVPIX (Baywood ValuePlus Fund) and FAIRX (Fairholme Fund) are both Large Cap Value Equities funds. Over the past 10 years, BVPIX returned 10.74%/yr vs 9.10%/yr for FAIRX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. BVPIX charges 0.70%/yr vs 1.00%/yr for FAIRX.

Performance

BVPIX vs. FAIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baywood ValuePlus Fund (BVPIX) and Fairholme Fund (FAIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BVPIX achieves a 10.28% return, which is significantly higher than FAIRX's 6.16% return. Over the past 10 years, BVPIX has outperformed FAIRX with an annualized return of 10.74%, while FAIRX has yielded a comparatively lower 9.10% annualized return.

BVPIX

• 1D: -0.73%
• 1M: 2.03%
• 6M: 5.51%
• YTD: 10.28%
• 1Y: 16.14%
• 3Y*: 13.56%
• 5Y*: 11.24%
• 10Y*: 10.74%
• ALL TIME*: 9.52%

FAIRX

• 1D: 1.30%
• 1M: 2.50%
• 6M: -3.41%
• YTD: 6.16%
• 1Y: 24.72%
• 3Y*: 2.99%
• 5Y*: 8.14%
• 10Y*: 9.10%
• ALL TIME*: 9.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BVPIX Baywood ValuePlus Fund	$0.00	$0.00	$0.00
FAIRX Fairholme Fund	$0.00	$0.00	$0.00

BVPIX vs. FAIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BVPIX Baywood ValuePlus Fund	10.28%	12.27%	12.88%	11.31%	4.22%	22.02%	0.56%	23.52%	-10.27%	16.15%
FAIRX Fairholme Fund	6.16%	29.49%	-17.44%	46.72%	-20.49%	6.87%	47.76%	32.06%	-23.18%	-5.94%

Correlation

The correlation between BVPIX and FAIRX is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (10Y) Provides a long-term view across more market conditions.	0.54
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.57

The correlation between BVPIX and FAIRX shifts across timeframes, from 0.39 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BVPIX vs. FAIRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BVPIX

BVPIX Risk / Return Rank: 44
BVPIX Sharpe Ratio Rank: 45
BVPIX Sortino Ratio Rank: 48
BVPIX Omega Ratio Rank: 38
BVPIX Calmar Ratio Rank: 54
BVPIX Martin Ratio Rank: 33

FAIRX

FAIRX Risk / Return Rank: 30
FAIRX Sharpe Ratio Rank: 27
FAIRX Sortino Ratio Rank: 31
FAIRX Omega Ratio Rank: 31
FAIRX Calmar Ratio Rank: 36
FAIRX Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BVPIX vs. FAIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baywood ValuePlus Fund (BVPIX) and Fairholme Fund (FAIRX). 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.

	BVPIX	FAIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	0.90	+0.43
Sortino ratio: Return per unit of downside risk	1.98	1.47	+0.51
Omega ratio: Gain probability vs. loss probability	1.22	1.18	+0.04
Calmar ratio: Return relative to maximum drawdown	2.01	1.51	+0.50
Martin ratio: Return relative to average drawdown	5.07	3.39	+1.68

BVPIX vs. FAIRX - Sharpe Ratio Comparison

The current BVPIX Sharpe Ratio is 1.33, which is higher than the FAIRX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of BVPIX and FAIRX, 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

BVPIX vs. FAIRX - Drawdown Comparison

The maximum BVPIX drawdown since its inception was -40.06%, smaller than the maximum FAIRX drawdown of -51.28%. Use the drawdown chart below to compare losses from any high point for BVPIX and FAIRX.

Drawdown Indicators

	BVPIX	FAIRX	Difference
Max Drawdown Largest peak-to-trough decline	-40.06%	-51.28%	+11.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.08%	-14.55%	+7.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.32%	-27.95%	+14.63%
Max Drawdown (5Y) Largest decline over 5 years	-16.08%	-41.50%	+25.42%
Max Drawdown (10Y) Largest decline over 10 years	-40.06%	-41.50%	+1.44%
Current Drawdown Current decline from peak	-1.52%	-10.63%	+9.11%
Average Drawdown Average peak-to-trough decline	-4.15%	-11.59%	+7.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	6.48%	-3.68%

Volatility

BVPIX vs. FAIRX - Volatility Comparison

The current volatility for Baywood ValuePlus Fund (BVPIX) is 3.72%, while Fairholme Fund (FAIRX) has a volatility of 4.10%. This indicates that BVPIX experiences smaller price fluctuations and is considered to be less risky than FAIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BVPIX	FAIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	4.10%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	17.61%	-9.83%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	24.52%	-13.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	26.10%	-12.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	24.10%	-6.76%

BVPIX vs. FAIRX - Expense Ratio Comparison

BVPIX has a 0.70% expense ratio, which is lower than FAIRX's 1.00% expense ratio.

Dividends

BVPIX vs. FAIRX - Dividend Comparison

BVPIX's dividend yield for the trailing twelve months is around 7.27%, more than FAIRX's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BVPIX Baywood ValuePlus Fund	7.27%	7.85%	5.54%	5.95%	4.41%	10.20%	1.96%	3.35%	7.83%	4.68%	3.73%	16.80%
FAIRX Fairholme Fund	0.55%	0.58%	0.71%	0.41%	0.00%	0.00%	0.57%	0.83%	2.23%	1.29%	7.29%	69.79%

Frequently Asked Questions

Can I hold both BVPIX and FAIRX in my portfolio?

BVPIX and FAIRX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BVPIX or FAIRX?

FAIRX has higher volatility (4.10%) compared to BVPIX (3.72%). In terms of maximum drawdown, BVPIX dropped -40.06% vs FAIRX's -51.28%.

Which has better risk-adjusted returns?

BVPIX currently has the higher Sharpe Ratio (1.33 vs 0.90), 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.