CPMPX vs. OSTIX

Last updated Jun 4, 2026

CPMPX (Changing Parameters Fund) and OSTIX (Osterweis Strategic Income Fund) are both High Yield Bonds funds. Over the past 10 years, CPMPX returned 4.18%/yr vs 5.13%/yr for OSTIX. At a 0.44 correlation, their price movements are largely independent. CPMPX charges 2.90%/yr vs 0.84%/yr for OSTIX.

Performance

CPMPX vs. OSTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Changing Parameters Fund (CPMPX) and Osterweis Strategic Income Fund (OSTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPMPX achieves a 0.85% return, which is significantly lower than OSTIX's 1.67% return. Over the past 10 years, CPMPX has underperformed OSTIX with an annualized return of 4.18%, while OSTIX has yielded a comparatively higher 5.13% annualized return.

CPMPX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.85%
• 6M: 1.17%
• 1Y: 5.61%
• 3Y*: 3.46%
• 5Y*: 2.48%
• 10Y*: 4.18%

OSTIX

• 1D: 0.00%
• 1M: 0.92%
• YTD: 1.67%
• 6M: 2.19%
• 1Y: 5.13%
• 3Y*: 7.26%
• 5Y*: 4.41%
• 10Y*: 5.13%

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

CPMPX vs. OSTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPMPX Changing Parameters Fund	0.85%	6.65%	-3.47%	8.13%	-0.22%	3.86%	13.43%	6.82%	-1.19%	5.29%
OSTIX Osterweis Strategic Income Fund	1.67%	4.04%	8.03%	12.29%	-5.94%	5.48%	9.01%	5.36%	-0.66%	6.00%

Correlation

The correlation between CPMPX and OSTIX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	0.44

The correlation between CPMPX and OSTIX shifts across timeframes, from 0.44 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CPMPX vs. OSTIX — Risk / Return Rank

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

CPMPX

CPMPX Risk / Return Rank: 88
CPMPX Sharpe Ratio Rank: 94
CPMPX Sortino Ratio Rank: 95
CPMPX Omega Ratio Rank: 95
CPMPX Calmar Ratio Rank: 89
CPMPX Martin Ratio Rank: 66

OSTIX

OSTIX Risk / Return Rank: 89
OSTIX Sharpe Ratio Rank: 92
OSTIX Sortino Ratio Rank: 93
OSTIX Omega Ratio Rank: 95
OSTIX Calmar Ratio Rank: 81
OSTIX Martin Ratio Rank: 87

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.

CPMPX vs. OSTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changing Parameters Fund (CPMPX) and Osterweis Strategic Income Fund (OSTIX). 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.

	CPMPX	OSTIX	Difference
Sharpe ratio Return per unit of total volatility	3.26	3.10	+0.16
Sortino ratio Return per unit of downside risk	4.97	4.63	+0.34
Omega ratio Gain probability vs. loss probability	1.80	1.75	+0.05
Calmar ratio Return relative to maximum drawdown	4.48	3.70	+0.78
Martin ratio Return relative to average drawdown	12.81	16.77	-3.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPMPX vs. OSTIX - Sharpe Ratio Comparison

The current CPMPX Sharpe Ratio is 3.26, which is comparable to the OSTIX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of CPMPX and OSTIX, 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

	CPMPX	OSTIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	3.10	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	1.47	-0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.35	1.74	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	2.35	-1.25

Drawdowns

CPMPX vs. OSTIX - Drawdown Comparison

The maximum CPMPX drawdown since its inception was -8.87%, smaller than the maximum OSTIX drawdown of -10.06%. Use the drawdown chart below to compare losses from any high point for CPMPX and OSTIX.

Drawdown Indicators

	CPMPX	OSTIX	Difference
Max Drawdown Largest peak-to-trough decline	-8.87%	-10.06%	+1.19%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-1.42%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-8.13%	-3.27%	-4.86%
Max Drawdown (5Y) Largest decline over 5 years	-8.13%	-9.75%	+1.62%
Max Drawdown (10Y) Largest decline over 10 years	-8.13%	-10.06%	+1.93%
Current Drawdown Current decline from peak	-1.09%	0.00%	-1.09%
Average Drawdown Average peak-to-trough decline	-1.87%	-0.94%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.31%	+0.15%

Volatility

CPMPX vs. OSTIX - Volatility Comparison

Changing Parameters Fund (CPMPX) and Osterweis Strategic Income Fund (OSTIX) have volatilities of 0.51% and 0.52%, 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

	CPMPX	OSTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.52%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.29%	1.34%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.80%	1.69%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.83%	3.01%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.11%	2.96%	+0.15%

CPMPX vs. OSTIX - Expense Ratio Comparison

CPMPX has a 2.90% expense ratio, which is higher than OSTIX's 0.84% expense ratio.

Dividends

CPMPX vs. OSTIX - Dividend Comparison

CPMPX's dividend yield for the trailing twelve months is around 3.80%, less than OSTIX's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPMPX Changing Parameters Fund	3.80%	3.83%	0.00%	4.26%	5.03%	4.24%	6.94%	2.85%	1.71%	3.32%	2.25%	1.51%
OSTIX Osterweis Strategic Income Fund	4.75%	3.96%	5.25%	5.72%	4.72%	4.03%	3.85%	4.74%	4.66%	4.58%	5.23%	5.98%

Frequently Asked Questions

Can I hold both CPMPX and OSTIX in my portfolio?

CPMPX and OSTIX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPMPX or OSTIX?

OSTIX has higher volatility (0.52%) compared to CPMPX (0.51%). In terms of maximum drawdown, CPMPX dropped -8.87% vs OSTIX's -10.06%.

Which has better risk-adjusted returns?

CPMPX currently has the higher Sharpe Ratio (3.26 vs 3.10), 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.