DHEAX vs. FPNIX

Last updated Apr 1, 2026

Compare and contrast key facts about Diamond Hill Short Duration Securitized Bond Fund (DHEAX) and FPA New Income Fund (FPNIX).

DHEAX is managed by Diamond Hill. It was launched on Jul 5, 2016. FPNIX is managed by FPA. It was launched on Jul 11, 1984.

Performance

DHEAX vs. FPNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Short Duration Securitized Bond Fund (DHEAX) and FPA New Income Fund (FPNIX). The values are adjusted to include any dividend payments, if applicable.

DHEAX vs. FPNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHEAX Diamond Hill Short Duration Securitized Bond Fund	0.75%	5.70%	9.15%	8.38%	-3.57%	2.42%	2.87%	4.44%	2.88%	3.97%
FPNIX FPA New Income Fund	-0.16%	6.71%	4.58%	6.78%	-3.10%	0.84%	2.51%	3.81%	2.30%	2.67%

Returns By Period

In the year-to-date period, DHEAX achieves a 0.75% return, which is significantly higher than FPNIX's -0.16% return.

DHEAX

• 1D: 0.11%
• 1M: -0.29%
• YTD: 0.75%
• 6M: 1.62%
• 1Y: 4.87%
• 3Y*: 7.37%
• 5Y*: 4.17%
• 10Y*: —

FPNIX

• 1D: 0.30%
• 1M: -1.48%
• YTD: -0.16%
• 6M: 0.98%
• 1Y: 4.49%
• 3Y*: 5.26%
• 5Y*: 2.98%
• 10Y*: 2.86%

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

DHEAX vs. FPNIX - Expense Ratio Comparison

DHEAX has a 0.83% expense ratio, which is higher than FPNIX's 0.45% expense ratio.

DHEAX

Diamond Hill Short Duration Securitized Bond Fund

FPNIX

FPA New Income Fund

Return for Risk

DHEAX vs. FPNIX — Risk / Return Rank

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

DHEAX

DHEAX Risk / Return Rank: 99
DHEAX Sharpe Ratio Rank: 100
DHEAX Sortino Ratio Rank: 99
DHEAX Omega Ratio Rank: 99
DHEAX Calmar Ratio Rank: 99
DHEAX Martin Ratio Rank: 99

FPNIX

FPNIX Risk / Return Rank: 89
FPNIX Sharpe Ratio Rank: 88
FPNIX Sortino Ratio Rank: 91
FPNIX Omega Ratio Rank: 85
FPNIX Calmar Ratio Rank: 90
FPNIX Martin Ratio Rank: 92

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.

DHEAX vs. FPNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Short Duration Securitized Bond Fund (DHEAX) and FPA New Income Fund (FPNIX). 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.

	DHEAX	FPNIX	Difference
Sharpe ratio Return per unit of total volatility	4.13	1.74	+2.38
Sortino ratio Return per unit of downside risk	6.62	2.59	+4.03
Omega ratio Gain probability vs. loss probability	2.22	1.35	+0.88
Calmar ratio Return relative to maximum drawdown	10.12	2.49	+7.63
Martin ratio Return relative to average drawdown	38.95	11.01	+27.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHEAX vs. FPNIX - Sharpe Ratio Comparison

The current DHEAX Sharpe Ratio is 4.13, which is higher than the FPNIX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DHEAX and FPNIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DHEAX	FPNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.13	1.74	+2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.77	1.24	+1.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	1.02	+0.71

Correlation

The correlation between DHEAX and FPNIX is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DHEAX vs. FPNIX - Dividend Comparison

DHEAX's dividend yield for the trailing twelve months is around 5.72%, more than FPNIX's 3.81% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHEAX Diamond Hill Short Duration Securitized Bond Fund	5.72%	5.27%	5.94%	5.25%	3.41%	2.31%	2.92%	3.76%	3.45%	3.20%	0.00%	0.00%
FPNIX FPA New Income Fund	3.81%	3.36%	4.39%	3.37%	2.13%	1.24%	2.17%	2.63%	3.10%	2.84%	2.31%	1.87%

Drawdowns

DHEAX vs. FPNIX - Drawdown Comparison

The maximum DHEAX drawdown since its inception was -12.34%, smaller than the maximum FPNIX drawdown of -22.95%. Use the drawdown chart below to compare losses from any high point for DHEAX and FPNIX.

Drawdown Indicators

	DHEAX	FPNIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.34%	-22.95%	+10.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-1.97%	+1.47%
Max Drawdown (5Y) Largest decline over 5 years	-5.06%	-4.67%	-0.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-4.67%	—
Current Drawdown Current decline from peak	-0.29%	-1.48%	+1.19%
Average Drawdown Average peak-to-trough decline	-0.82%	-1.86%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.45%	-0.32%

Volatility

DHEAX vs. FPNIX - Volatility Comparison

The current volatility for Diamond Hill Short Duration Securitized Bond Fund (DHEAX) is 0.42%, while FPA New Income Fund (FPNIX) has a volatility of 1.10%. This indicates that DHEAX experiences smaller price fluctuations and is considered to be less risky than FPNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHEAX	FPNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	1.10%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	1.64%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	1.19%	2.66%	-1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.51%	2.41%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.29%	1.88%	+0.41%