CPITX vs. FPFIX

Last updated Jun 4, 2026

CPITX (Counterpoint Tactical Income Fund) and FPFIX (FPA Flexible Fixed Income Fund) are both Nontraditional Bonds funds. Over the past 5 years, CPITX returned 3.68%/yr vs 3.50%/yr for FPFIX. At a 0.24 correlation, their price movements are largely independent. CPITX charges 1.46%/yr vs 0.51%/yr for FPFIX.

Performance

CPITX vs. FPFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Counterpoint Tactical Income Fund (CPITX) and FPA Flexible Fixed Income Fund (FPFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPITX achieves a -0.42% return, which is significantly lower than FPFIX's -0.11% return.

CPITX

• 1D: 0.09%
• 1M: 0.33%
• YTD: -0.42%
• 6M: -0.01%
• 1Y: 4.33%
• 3Y*: 5.86%
• 5Y*: 3.68%
• 10Y*: 4.74%

FPFIX

• 1D: 0.00%
• 1M: 0.01%
• YTD: -0.11%
• 6M: 0.10%
• 1Y: 4.17%
• 3Y*: 5.78%
• 5Y*: 3.50%
• 10Y*: —

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

CPITX vs. FPFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CPITX Counterpoint Tactical Income Fund	-0.42%	4.58%	6.76%	9.81%	-2.40%	2.53%	8.47%	9.74%
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 CPITX and FPFIX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.24

Over the past year, CPITX and FPFIX have become more correlated (0.44) than their long-term average of 0.24, meaning their price movements have been converging.

Return for Risk

CPITX vs. FPFIX — Risk / Return Rank

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

CPITX

CPITX Risk / Return Rank: 37
CPITX Sharpe Ratio Rank: 38
CPITX Sortino Ratio Rank: 40
CPITX Omega Ratio Rank: 43
CPITX Calmar Ratio Rank: 37
CPITX Martin Ratio Rank: 25

FPFIX

FPFIX Risk / Return Rank: 31
FPFIX Sharpe Ratio Rank: 34
FPFIX Sortino Ratio Rank: 36
FPFIX Omega Ratio Rank: 38
FPFIX Calmar Ratio Rank: 27
FPFIX Martin Ratio Rank: 22

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.

CPITX vs. FPFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Counterpoint Tactical Income Fund (CPITX) 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.

	CPITX	FPFIX	Difference
Sharpe ratio Return per unit of total volatility	1.79	1.67	+0.12
Sortino ratio Return per unit of downside risk	2.64	2.48	+0.15
Omega ratio Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio Return relative to maximum drawdown	2.29	1.95	+0.34
Martin ratio Return relative to average drawdown	6.21	5.70	+0.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPITX vs. FPFIX - Sharpe Ratio Comparison

The current CPITX Sharpe Ratio is 1.79, which is comparable to the FPFIX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of CPITX and FPFIX, 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

	CPITX	FPFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.67	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.34	1.52	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	1.76	-0.10

Drawdowns

CPITX vs. FPFIX - Drawdown Comparison

The maximum CPITX drawdown since its inception was -4.59%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for CPITX and FPFIX.

Drawdown Indicators

	CPITX	FPFIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.59%	-4.11%	-0.48%
Max Drawdown (1Y) Largest decline over 1 year	-1.99%	-2.10%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-3.80%	-2.10%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	-4.59%	-4.11%	-0.48%
Max Drawdown (10Y) Largest decline over 10 years	-4.59%	—	—
Current Drawdown Current decline from peak	-0.97%	-1.51%	+0.54%
Average Drawdown Average peak-to-trough decline	-0.95%	-0.59%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.72%	+0.01%

Volatility

CPITX vs. FPFIX - Volatility Comparison

Counterpoint Tactical Income Fund (CPITX) and FPA Flexible Fixed Income Fund (FPFIX) have volatilities of 0.79% and 0.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPITX	FPFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.79%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.80%	1.75%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	2.45%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.77%	2.32%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.99%	2.08%	+0.91%

CPITX vs. FPFIX - Expense Ratio Comparison

CPITX has a 1.46% expense ratio, which is higher than FPFIX's 0.51% expense ratio.

Dividends

CPITX vs. FPFIX - Dividend Comparison

CPITX's dividend yield for the trailing twelve months is around 4.86%, more than FPFIX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPITX Counterpoint Tactical Income Fund	4.86%	5.18%	5.92%	5.80%	2.62%	3.93%	2.25%	3.68%	3.52%	4.60%	4.60%	1.39%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPITX and FPFIX in my portfolio?

CPITX and FPFIX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPITX or FPFIX?

FPFIX has higher volatility (0.79%) compared to CPITX (0.79%). In terms of maximum drawdown, CPITX dropped -4.59% vs FPFIX's -4.11%.

Which has better risk-adjusted returns?

CPITX currently has the higher Sharpe Ratio (1.79 vs 1.67), 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.