FOCIX vs. FAIRX

Last updated Jun 4, 2026

FOCIX (Fairholme Focused Income Fund) and FAIRX (Fairholme Fund) are both mutual funds - FOCIX is a High Yield Bonds fund managed by Fairholme, while FAIRX is a Large Cap Value Equities fund managed by Fairholme. Over the past 10 years, FOCIX returned 7.08%/yr vs 9.36%/yr for FAIRX. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 1.00% expense ratio.

Performance

FOCIX vs. FAIRX - Performance Comparison

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

Returns By Period

In the year-to-date period, FOCIX achieves a 7.20% return, which is significantly higher than FAIRX's 6.26% return. Over the past 10 years, FOCIX has underperformed FAIRX with an annualized return of 7.08%, while FAIRX has yielded a comparatively higher 9.36% annualized return.

FOCIX

• 1D: 0.78%
• 1M: -0.83%
• YTD: 7.20%
• 6M: 6.85%
• 1Y: 10.45%
• 3Y*: 11.80%
• 5Y*: 8.61%
• 10Y*: 7.08%

FAIRX

• 1D: 1.15%
• 1M: -1.98%
• YTD: 6.26%
• 6M: 3.66%
• 1Y: 35.27%
• 3Y*: 12.79%
• 5Y*: 6.38%
• 10Y*: 9.36%

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

FOCIX vs. FAIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOCIX Fairholme Focused Income Fund	7.20%	6.17%	14.67%	12.58%	6.00%	6.73%	0.99%	7.44%	-6.88%	-0.54%
FAIRX Fairholme Fund	6.26%	29.49%	-17.44%	46.72%	-20.49%	6.87%	47.76%	32.06%	-23.18%	-5.94%

Correlation

The correlation between FOCIX and FAIRX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 6, 2010	0.53

The correlation between FOCIX and FAIRX shifts across timeframes, from 0.35 (1 year) to 0.56 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FOCIX vs. FAIRX — Risk / Return Rank

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

FOCIX

FOCIX Risk / Return Rank: 41
FOCIX Sharpe Ratio Rank: 27
FOCIX Sortino Ratio Rank: 29
FOCIX Omega Ratio Rank: 27
FOCIX Calmar Ratio Rank: 72
FOCIX Martin Ratio Rank: 47

FAIRX

FAIRX Risk / Return Rank: 32
FAIRX Sharpe Ratio Rank: 25
FAIRX Sortino Ratio Rank: 27
FAIRX Omega Ratio Rank: 27
FAIRX Calmar Ratio Rank: 46
FAIRX Martin Ratio Rank: 33

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.

FOCIX vs. FAIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fairholme Focused Income Fund (FOCIX) 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.

	FOCIX	FAIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.44	+0.05
Sortino ratio: Return per unit of downside risk	2.23	2.17	+0.05
Omega ratio: Gain probability vs. loss probability	1.27	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	3.32	2.58	+0.74
Martin ratio: Return relative to average drawdown	9.82	7.54	+2.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FOCIX vs. FAIRX - Sharpe Ratio Comparison

The current FOCIX Sharpe Ratio is 1.49, which is comparable to the FAIRX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FOCIX 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.

Sharpe Ratios by Period

	FOCIX	FAIRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.44	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.24	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.39	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.46	+0.33

Drawdowns

FOCIX vs. FAIRX - Drawdown Comparison

The maximum FOCIX drawdown since its inception was -18.78%, smaller than the maximum FAIRX drawdown of -51.28%. Use the drawdown chart below to compare losses from any high point for FOCIX and FAIRX.

Drawdown Indicators

	FOCIX	FAIRX	Difference
Max Drawdown Largest peak-to-trough decline	-18.78%	-51.28%	+32.50%
Max Drawdown (1Y) Largest decline over 1 year	-3.33%	-13.96%	+10.63%
Max Drawdown (3Y) Largest decline over 3 years	-7.96%	-27.95%	+19.99%
Max Drawdown (5Y) Largest decline over 5 years	-12.36%	-41.50%	+29.14%
Max Drawdown (10Y) Largest decline over 10 years	-18.61%	-41.50%	+22.89%
Current Drawdown Current decline from peak	-1.96%	-10.54%	+8.58%
Average Drawdown Average peak-to-trough decline	-4.77%	-11.59%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	4.77%	-3.65%

Volatility

FOCIX vs. FAIRX - Volatility Comparison

The current volatility for Fairholme Focused Income Fund (FOCIX) is 2.62%, while Fairholme Fund (FAIRX) has a volatility of 6.18%. This indicates that FOCIX 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

	FOCIX	FAIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	6.18%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	5.66%	17.71%	-12.05%
Volatility (1Y) Calculated over the trailing 1-year period	7.41%	25.04%	-17.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.76%	26.34%	-16.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.08%	24.06%	-14.98%

FOCIX vs. FAIRX - Expense Ratio Comparison

Both FOCIX and FAIRX have an expense ratio of 1.00%.

Dividends

FOCIX vs. FAIRX - Dividend Comparison

FOCIX's dividend yield for the trailing twelve months is around 1.22%, more than FAIRX's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FOCIX Fairholme Focused Income Fund	1.22%	1.31%	2.46%	2.82%	2.24%	1.12%	0.65%	2.75%	4.57%	9.83%	5.16%	5.51%

Frequently Asked Questions

Can I hold both FOCIX and FAIRX in my portfolio?

FOCIX and FAIRX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOCIX or FAIRX?

FAIRX has higher volatility (6.18%) compared to FOCIX (2.62%). In terms of maximum drawdown, FOCIX dropped -18.78% vs FAIRX's -51.28%.

Which has better risk-adjusted returns?

FOCIX currently has the higher Sharpe Ratio (1.49 vs 1.44), 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.