FPACX vs. FPFIX

Last updated Apr 1, 2026

Compare and contrast key facts about FPA Crescent Fund (FPACX) and FPA Flexible Fixed Income Fund (FPFIX).

FPACX is managed by FPA. It was launched on Jun 1, 1993. FPFIX is managed by FPA. It was launched on Dec 30, 2018.

Performance

FPACX vs. FPFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Crescent Fund (FPACX) and FPA Flexible Fixed Income Fund (FPFIX). The values are adjusted to include any dividend payments, if applicable.

FPACX vs. FPFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FPACX FPA Crescent Fund	-3.27%	17.69%	12.42%	20.30%	-9.20%	15.09%	12.14%	19.38%
FPFIX FPA Flexible Fixed Income Fund	-0.23%	6.87%	5.28%	8.11%	-2.82%	1.77%	4.71%	3.78%

Returns By Period

In the year-to-date period, FPACX achieves a -3.27% return, which is significantly lower than FPFIX's -0.23% 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%

FPFIX

• 1D: 0.29%
• 1M: -1.63%
• YTD: -0.23%
• 6M: 0.99%
• 1Y: 4.52%
• 3Y*: 5.87%
• 5Y*: 3.57%
• 10Y*: —

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

FPACX vs. FPFIX - Expense Ratio Comparison

FPACX has a 1.00% expense ratio, which is higher than FPFIX's 0.51% expense ratio.

FPACX

FPA Crescent Fund

FPFIX

FPA Flexible Fixed Income Fund

Return for Risk

FPACX vs. FPFIX — Risk / Return Rank

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

FPACX

FPACX Risk / Return Rank: 72
FPACX Sharpe Ratio Rank: 73
FPACX Sortino Ratio Rank: 75
FPACX Omega Ratio Rank: 72
FPACX Calmar Ratio Rank: 75
FPACX Martin Ratio Rank: 65

FPFIX

FPFIX Risk / Return Rank: 88
FPFIX Sharpe Ratio Rank: 87
FPFIX Sortino Ratio Rank: 90
FPFIX Omega Ratio Rank: 85
FPFIX Calmar Ratio Rank: 90
FPFIX Martin Ratio Rank: 91

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.

FPACX vs. FPFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Crescent Fund (FPACX) and FPA Flexible Fixed Income Fund (FPFIX). 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	FPFIX	Difference
Sharpe ratio Return per unit of total volatility	1.27	1.71	-0.44
Sortino ratio Return per unit of downside risk	1.84	2.53	-0.69
Omega ratio Gain probability vs. loss probability	1.27	1.35	-0.08
Calmar ratio Return relative to maximum drawdown	1.71	2.45	-0.74
Martin ratio Return relative to average drawdown	6.19	10.78	-4.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPACX vs. FPFIX - Sharpe Ratio Comparison

The current FPACX Sharpe Ratio is 1.27, which is comparable to the FPFIX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FPACX and FPFIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FPACX	FPFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	1.71	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	1.57	-0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.81	-0.94

Correlation

The correlation between FPACX and FPFIX is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FPACX vs. FPFIX - Dividend Comparison

FPACX's dividend yield for the trailing twelve months is around 9.92%, more than FPFIX's 3.76% 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%
FPFIX FPA Flexible Fixed Income Fund	3.76%	3.78%	4.76%	3.95%	2.92%	2.26%	3.00%	2.42%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FPACX vs. FPFIX - Drawdown Comparison

The maximum FPACX drawdown since its inception was -31.60%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for FPACX and FPFIX.

Drawdown Indicators

	FPACX	FPFIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-4.11%	-27.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-2.01%	-5.36%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-4.11%	-14.36%
Max Drawdown (10Y) Largest decline over 10 years	-29.46%	—	—
Current Drawdown Current decline from peak	-7.19%	-1.63%	-5.56%
Average Drawdown Average peak-to-trough decline	-3.89%	-0.57%	-3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	0.46%	+1.58%

Volatility

FPACX vs. FPFIX - Volatility Comparison

FPA Crescent Fund (FPACX) has a higher volatility of 3.28% compared to FPA Flexible Fixed Income Fund (FPFIX) at 1.13%. This indicates that FPACX's price experiences larger fluctuations and is considered to be riskier than FPFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPACX	FPFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	1.13%	+2.15%
Volatility (6M) Calculated over the trailing 6-month period	6.37%	1.68%	+4.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.09%	2.72%	+8.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	2.28%	+9.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.17%	2.08%	+11.09%