FOCIX vs. PRPFX

Last updated Jun 4, 2026

FOCIX (Fairholme Focused Income Fund) and PRPFX (Permanent Portfolio Permanent Portfolio) are both mutual funds - FOCIX is a High Yield Bonds fund managed by Fairholme, while PRPFX is a Diversified Portfolio fund managed by Permanent Portfolio. Over the past 10 years, FOCIX returned 7.08%/yr vs 11.12%/yr for PRPFX. At a 0.39 correlation, their price movements are largely independent. FOCIX charges 1.00%/yr vs 0.81%/yr for PRPFX.

Performance

FOCIX vs. PRPFX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FOCIX having a 7.20% return and PRPFX slightly higher at 7.27%. Over the past 10 years, FOCIX has underperformed PRPFX with an annualized return of 7.08%, while PRPFX has yielded a comparatively higher 11.12% 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%

PRPFX

• 1D: 0.26%
• 1M: 1.48%
• YTD: 7.27%
• 6M: 9.63%
• 1Y: 24.05%
• 3Y*: 21.67%
• 5Y*: 11.79%
• 10Y*: 11.12%

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

FOCIX vs. PRPFX - 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%
PRPFX Permanent Portfolio Permanent Portfolio	7.27%	28.78%	19.36%	11.96%	-5.48%	10.87%	18.80%	19.20%	-7.02%	11.42%

Correlation

The correlation between FOCIX and PRPFX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 6, 2010	0.39

Over the past year, the correlation between FOCIX and PRPFX has dropped to 0.10 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

FOCIX vs. PRPFX — 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

PRPFX

PRPFX Risk / Return Rank: 46
PRPFX Sharpe Ratio Rank: 44
PRPFX Sortino Ratio Rank: 33
PRPFX Omega Ratio Rank: 53
PRPFX Calmar Ratio Rank: 61
PRPFX Martin Ratio Rank: 38

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. PRPFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fairholme Focused Income Fund (FOCIX) and Permanent Portfolio Permanent Portfolio (PRPFX). 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	PRPFX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.95	-0.46
Sortino ratio: Return per unit of downside risk	2.23	2.39	-0.16
Omega ratio: Gain probability vs. loss probability	1.27	1.40	-0.13
Calmar ratio: Return relative to maximum drawdown	3.32	3.00	+0.32
Martin ratio: Return relative to average drawdown	9.82	8.36	+1.45
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. PRPFX - Sharpe Ratio Comparison

The current FOCIX Sharpe Ratio is 1.49, which is comparable to the PRPFX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of FOCIX and PRPFX, 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	PRPFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.95	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	1.07	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	1.05	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.81	-0.01

Drawdowns

FOCIX vs. PRPFX - Drawdown Comparison

The maximum FOCIX drawdown since its inception was -18.78%, smaller than the maximum PRPFX drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for FOCIX and PRPFX.

Drawdown Indicators

	FOCIX	PRPFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.78%	-27.16%	+8.38%
Max Drawdown (1Y) Largest decline over 1 year	-3.33%	-8.10%	+4.77%
Max Drawdown (3Y) Largest decline over 3 years	-7.96%	-8.19%	+0.23%
Max Drawdown (5Y) Largest decline over 5 years	-12.36%	-15.49%	+3.13%
Max Drawdown (10Y) Largest decline over 10 years	-18.61%	-20.84%	+2.23%
Current Drawdown Current decline from peak	-1.96%	-4.04%	+2.08%
Average Drawdown Average peak-to-trough decline	-4.77%	-3.52%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	2.90%	-1.78%

Volatility

FOCIX vs. PRPFX - Volatility Comparison

Fairholme Focused Income Fund (FOCIX) and Permanent Portfolio Permanent Portfolio (PRPFX) have volatilities of 2.62% and 2.71%, 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

	FOCIX	PRPFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	2.71%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	5.66%	11.20%	-5.54%
Volatility (1Y) Calculated over the trailing 1-year period	7.41%	12.48%	-5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.76%	11.06%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.08%	10.61%	-1.53%

FOCIX vs. PRPFX - Expense Ratio Comparison

FOCIX has a 1.00% expense ratio, which is higher than PRPFX's 0.81% expense ratio.

Dividends

FOCIX vs. PRPFX - Dividend Comparison

FOCIX's dividend yield for the trailing twelve months is around 1.22%, less than PRPFX's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PRPFX Permanent Portfolio Permanent Portfolio	3.05%	3.27%	1.86%	1.39%	1.58%	2.05%	5.38%	4.69%	6.90%	2.14%	0.95%	7.06%

Frequently Asked Questions

Can I hold both FOCIX and PRPFX in my portfolio?

FOCIX and PRPFX have a correlation of 0.10, 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 PRPFX?

PRPFX has higher volatility (2.71%) compared to FOCIX (2.62%). In terms of maximum drawdown, FOCIX dropped -18.78% vs PRPFX's -27.16%.

Which has better risk-adjusted returns?

PRPFX currently has the higher Sharpe Ratio (1.95 vs 1.49), 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.