FATRX vs. SSASX

Last updated Jul 29, 2026

FATRX (Frost Total Return Bond Fund Investor Class) and SSASX (State Street Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, FATRX returned 3.02%/yr vs -1.17%/yr for SSASX. Their correlation of 0.91 means they have usually moved in the same direction. FATRX charges 0.71%/yr vs 0.20%/yr for SSASX.

Performance

FATRX vs. SSASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frost Total Return Bond Fund Investor Class (FATRX) and State Street Income Fund (SSASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FATRX achieves a 0.56% return, which is significantly higher than SSASX's -0.92% return.

FATRX

• 1D: 0.32%
• 1M: -1.02%
• 6M: 0.15%
• YTD: 0.56%
• 1Y: 3.45%
• 3Y*: 5.70%
• 5Y*: 3.02%
• 10Y*: 3.14%
• ALL TIME*: 4.51%

SSASX

• 1D: 0.21%
• 1M: -1.32%
• 6M: -0.82%
• YTD: -0.92%
• 1Y: 3.06%
• 3Y*: 2.83%
• 5Y*: -1.17%
• 10Y*: —
• ALL TIME*: -0.80%

*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)
FATRX Frost Total Return Bond Fund Investor Class	$0.00	$0.00	$0.00
SSASX State Street Income Fund	$0.00	$0.00	$0.00

FATRX vs. SSASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FATRX Frost Total Return Bond Fund Investor Class	0.56%	5.53%	6.17%	8.41%	-5.45%	1.82%
SSASX State Street Income Fund	-0.92%	7.49%	-0.95%	4.83%	-13.74%	0.59%

Correlation

The correlation between FATRX and SSASX is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since May 24, 2021	0.91

The correlation between FATRX and SSASX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

FATRX vs. SSASX — Risk / Return Rank

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

FATRX

FATRX Risk / Return Rank: 32
FATRX Sharpe Ratio Rank: 32
FATRX Sortino Ratio Rank: 32
FATRX Omega Ratio Rank: 30
FATRX Calmar Ratio Rank: 37
FATRX Martin Ratio Rank: 29

SSASX

SSASX Risk / Return Rank: 18
SSASX Sharpe Ratio Rank: 19
SSASX Sortino Ratio Rank: 19
SSASX Omega Ratio Rank: 18
SSASX Calmar Ratio Rank: 17
SSASX Martin Ratio Rank: 15

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.

FATRX vs. SSASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frost Total Return Bond Fund Investor Class (FATRX) and State Street Income Fund (SSASX). 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.

	FATRX	SSASX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	0.73	+0.31
Sortino ratio: Return per unit of downside risk	1.53	1.10	+0.43
Omega ratio: Gain probability vs. loss probability	1.18	1.13	+0.06
Calmar ratio: Return relative to maximum drawdown	1.57	0.87	+0.70
Martin ratio: Return relative to average drawdown	4.26	2.13	+2.13

FATRX vs. SSASX - Sharpe Ratio Comparison

The current FATRX Sharpe Ratio is 1.04, which is higher than the SSASX Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of FATRX and SSASX, 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

FATRX vs. SSASX - Drawdown Comparison

The maximum FATRX drawdown since its inception was -11.61%, smaller than the maximum SSASX drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for FATRX and SSASX.

Drawdown Indicators

	FATRX	SSASX	Difference
Max Drawdown Largest peak-to-trough decline	-11.61%	-19.65%	+8.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	-3.42%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-3.59%	-7.33%	+3.74%
Max Drawdown (5Y) Largest decline over 5 years	-7.72%	-19.65%	+11.93%
Max Drawdown (10Y) Largest decline over 10 years	-11.61%	—	—
Current Drawdown Current decline from peak	-1.18%	-6.13%	+4.95%
Average Drawdown Average peak-to-trough decline	-1.06%	-9.55%	+8.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	1.39%	-0.60%

Volatility

FATRX vs. SSASX - Volatility Comparison

Frost Total Return Bond Fund Investor Class (FATRX) has a higher volatility of 0.93% compared to State Street Income Fund (SSASX) at 0.86%. This indicates that FATRX's price experiences larger fluctuations and is considered to be riskier than SSASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FATRX	SSASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.86%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	3.06%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	4.05%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	6.50%	-2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.23%	6.43%	-3.20%

FATRX vs. SSASX - Expense Ratio Comparison

FATRX has a 0.71% expense ratio, which is higher than SSASX's 0.20% expense ratio.

Dividends

FATRX vs. SSASX - Dividend Comparison

FATRX's dividend yield for the trailing twelve months is around 5.60%, more than SSASX's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FATRX Frost Total Return Bond Fund Investor Class	5.60%	5.31%	4.98%	5.31%	4.43%	3.06%	3.58%	3.53%	3.38%	3.44%	3.79%	3.89%
SSASX State Street Income Fund	4.02%	4.01%	2.76%	2.86%	2.48%	3.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FATRX and SSASX in my portfolio?

FATRX and SSASX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FATRX or SSASX?

FATRX has higher volatility (0.93%) compared to SSASX (0.86%). In terms of maximum drawdown, FATRX dropped -11.61% vs SSASX's -19.65%.

Which has better risk-adjusted returns?

FATRX currently has the higher Sharpe Ratio (1.04 vs 0.73), 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.