FPACX vs. CMNIX
Compare and contrast key facts about FPA Crescent Fund (FPACX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX).
FPACX is managed by FPA. It was launched on Jun 1, 1993. CMNIX is managed by Calamos. It was launched on May 10, 2000.
Performance
FPACX vs. CMNIX - Performance Comparison
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FPACX vs. CMNIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPACX FPA Crescent Fund | -3.27% | 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 | -0.07% | 6.89% | 7.43% | 9.17% | -4.26% | 5.02% | 5.36% | 6.72% | 1.79% | 4.21% |
Returns By Period
In the year-to-date period, FPACX achieves a -3.27% return, which is significantly lower than CMNIX's -0.07% return. Over the past 10 years, FPACX has outperformed CMNIX with an annualized return of 9.35%, while CMNIX has yielded a comparatively lower 4.63% annualized return.
FPACX
- 1D
- 0.19%
- 1M
- -6.57%
- YTD
- -3.27%
- 6M
- -0.26%
- 1Y
- 14.07%
- 3Y*
- 13.33%
- 5Y*
- 7.95%
- 10Y*
- 9.35%
CMNIX
- 1D
- -0.06%
- 1M
- -0.95%
- YTD
- -0.07%
- 6M
- 1.40%
- 1Y
- 5.61%
- 3Y*
- 6.70%
- 5Y*
- 4.44%
- 10Y*
- 4.63%
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FPACX vs. CMNIX - Expense Ratio Comparison
FPACX has a 1.00% expense ratio, which is higher than CMNIX's 0.90% expense ratio.
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.
| FPACX | CMNIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.27 | 1.64 | -0.37 |
Sortino ratioReturn per unit of downside risk | 1.84 | 2.45 | -0.61 |
Omega ratioGain probability vs. loss probability | 1.27 | 1.52 | -0.25 |
Calmar ratioReturn relative to maximum drawdown | 1.71 | 2.02 | -0.31 |
Martin ratioReturn relative to average drawdown | 6.19 | 13.84 | -7.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FPACX | CMNIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.64 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 1.29 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 1.28 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 0.36 | +0.51 |
Correlation
The correlation between FPACX and CMNIX is 0.65, 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
FPACX vs. CMNIX - Dividend Comparison
FPACX's dividend yield for the trailing twelve months is around 9.92%, more than CMNIX's 1.75% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPACX FPA Crescent Fund | 9.92% | 9.60% | 7.95% | 3.72% | 0.77% | 11.62% | 4.80% | 4.65% | 8.87% | 3.70% | 4.98% | 6.34% |
CMNIX Calamos Market Neutral Income Fund Institutional Class | 1.75% | 1.63% | 2.00% | 5.90% | 1.02% | 0.46% | 0.90% | 1.57% | 5.02% | 2.60% | 2.97% | 2.42% |
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% | -2.71% | -4.66% |
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 | -7.19% | -1.02% | -6.17% |
Average DrawdownAverage peak-to-trough decline | -3.89% | -7.20% | +3.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 0.40% | +1.64% |
Volatility
FPACX vs. CMNIX - Volatility Comparison
FPA Crescent Fund (FPACX) has a higher volatility of 3.28% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.77%. 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 | 3.28% | 0.77% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 1.33% | +5.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.09% | 3.48% | +7.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.86% | 3.47% | +8.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.17% | 3.63% | +9.54% |