FPACX vs. CMNIX
FPACX (FPA Crescent Fund) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - FPACX is a Diversified Portfolio fund managed by FPA, while CMNIX is a fund fund managed by Calamos. Over the past 10 years, FPACX returned 10.25%/yr vs 4.80%/yr for CMNIX. A 0.65 correlation means they provide meaningful diversification when combined. FPACX charges 1.00%/yr vs 0.90%/yr for CMNIX.
Performance
FPACX vs. CMNIX - Performance Comparison
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Returns By Period
In the year-to-date period, FPACX achieves a 5.71% return, which is significantly higher than CMNIX's 2.83% return. Over the past 10 years, FPACX has outperformed CMNIX with an annualized return of 10.25%, while CMNIX has yielded a comparatively lower 4.80% annualized return.
FPACX
- 1D
- 0.80%
- 1M
- 1.67%
- YTD
- 5.71%
- 6M
- 5.68%
- 1Y
- 17.84%
- 3Y*
- 14.69%
- 5Y*
- 9.51%
- 10Y*
- 10.25%
CMNIX
- 1D
- 0.00%
- 1M
- 0.16%
- YTD
- 2.83%
- 6M
- 2.97%
- 1Y
- 6.78%
- 3Y*
- 6.95%
- 5Y*
- 4.87%
- 10Y*
- 4.80%
FPACX vs. CMNIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPACX FPA Crescent Fund | 5.71% | 17.69% | 12.42% | 20.30% | -9.20% | 15.09% | 12.14% | 20.03% | -7.42% | 10.38% |
CMNIX Calamos Market Neutral Income Fund Institutional Class | 2.83% | 6.89% | 7.43% | 9.17% | -4.26% | 5.02% | 5.36% | 6.72% | 1.79% | 4.21% |
Correlation
The correlation between FPACX and CMNIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since May 10, 2000 | 0.65 |
Over the past year, the correlation between FPACX and CMNIX has dropped to 0.42 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.
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Return for Risk
FPACX vs. CMNIX — Risk / Return Rank
FPACX
CMNIX
FPACX vs. CMNIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FPA Crescent Fund (FPACX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). 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.
| FPACX | CMNIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.97 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 6.76 | -4.36 |
| Martin ratioReturn relative to average drawdown | 9.05 | 40.98 | -31.92 |
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Drawdowns
FPACX vs. CMNIX - Drawdown Comparison
The maximum FPACX drawdown since its inception was -31.60%, smaller than the maximum CMNIX drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for FPACX and CMNIX.
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Drawdown Indicators
| FPACX | CMNIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.60% | -35.16% | +3.56% |
Max Drawdown (1Y)Largest decline over 1 year | -7.37% | -1.02% | -6.35% |
Max Drawdown (3Y)Largest decline over 3 years | -10.95% | -2.77% | -8.18% |
Max Drawdown (5Y)Largest decline over 5 years | -18.47% | -7.52% | -10.95% |
Max Drawdown (10Y)Largest decline over 10 years | -29.46% | -8.12% | -21.34% |
Current DrawdownCurrent decline from peak | -0.78% | -0.12% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -3.87% | -7.14% | +3.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 0.17% | +1.78% |
Volatility
FPACX vs. CMNIX - Volatility Comparison
FPA Crescent Fund (FPACX) has a higher volatility of 3.31% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.39%. This indicates that FPACX's price experiences larger fluctuations and is considered to be riskier than CMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPACX | CMNIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.31% | 0.39% | +2.92% |
Volatility (6M)Calculated over the trailing 6-month period | 7.18% | 1.55% | +5.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.03% | 1.83% | +7.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.93% | 3.47% | +8.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.22% | 3.62% | +9.60% |
FPACX vs. CMNIX - Expense Ratio Comparison
FPACX has a 1.00% expense ratio, which is higher than CMNIX's 0.90% expense ratio.
Dividends
FPACX vs. CMNIX - Dividend Comparison
FPACX's dividend yield for the trailing twelve months is around 9.08%, more than CMNIX's 1.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMNIX Calamos Market Neutral Income Fund Institutional Class | 1.69% | 1.63% | 2.00% | 5.90% | 1.02% | 0.46% | 0.90% | 1.57% | 5.02% | 2.60% | 2.97% | 2.42% |
FPACX FPA Crescent Fund | 9.08% | 9.60% | 7.95% | 3.72% | 0.77% | 11.62% | 4.80% | 4.65% | 8.87% | 3.70% | 4.98% | 6.34% |
Frequently Asked Questions
FPACX and CMNIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPACX has higher volatility (3.31%) compared to CMNIX (0.39%). In terms of maximum drawdown, FPACX dropped -31.60% vs CMNIX's -35.16%.
CMNIX currently has the higher Sharpe Ratio (3.75 vs 1.96), 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.
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