FPACX vs. FPNIX

Last updated Jun 4, 2026

FPACX (FPA Crescent Fund) and FPNIX (FPA New Income Fund) are both mutual funds - FPACX is a Diversified Portfolio fund managed by FPA, while FPNIX is a Short-Term Bond fund managed by FPA. Over the past 10 years, FPACX returned 10.10%/yr vs 2.83%/yr for FPNIX. At a 0.04 correlation, their price movements are largely independent. FPACX charges 1.00%/yr vs 0.45%/yr for FPNIX.

Performance

FPACX vs. FPNIX - Performance Comparison

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

Returns By Period

In the year-to-date period, FPACX achieves a 5.34% return, which is significantly higher than FPNIX's -0.02% return. Over the past 10 years, FPACX has outperformed FPNIX with an annualized return of 10.10%, while FPNIX has yielded a comparatively lower 2.83% annualized return.

FPACX

• 1D: 0.20%
• 1M: 2.34%
• YTD: 5.34%
• 6M: 6.34%
• 1Y: 18.57%
• 3Y*: 15.50%
• 5Y*: 8.88%
• 10Y*: 10.10%

FPNIX

• 1D: 0.00%
• 1M: 0.12%
• YTD: -0.02%
• 6M: 0.14%
• 1Y: 4.16%
• 3Y*: 5.34%
• 5Y*: 2.94%
• 10Y*: 2.83%

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

FPACX vs. FPNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPACX FPA Crescent Fund	5.34%	17.69%	12.42%	20.30%	-9.20%	15.09%	12.14%	20.03%	-7.42%	10.38%
FPNIX FPA New Income Fund	-0.02%	6.71%	4.58%	6.78%	-3.10%	0.84%	2.51%	3.81%	2.30%	2.67%

Correlation

The correlation between FPACX and FPNIX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jun 3, 1993	0.04

Over the past year, FPACX and FPNIX have become more correlated (0.27) than their long-term average of 0.04, meaning their price movements have been converging.

Return for Risk

FPACX vs. FPNIX — Risk / Return Rank

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

FPACX

FPACX Risk / Return Rank: 53
FPACX Sharpe Ratio Rank: 56
FPACX Sortino Ratio Rank: 58
FPACX Omega Ratio Rank: 56
FPACX Calmar Ratio Rank: 46
FPACX Martin Ratio Rank: 47

FPNIX

FPNIX Risk / Return Rank: 36
FPNIX Sharpe Ratio Rank: 38
FPNIX Sortino Ratio Rank: 40
FPNIX Omega Ratio Rank: 43
FPNIX Calmar Ratio Rank: 32
FPNIX Martin Ratio Rank: 25

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. FPNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Crescent Fund (FPACX) and FPA New Income Fund (FPNIX). 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	FPNIX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.79	+0.41
Sortino ratio: Return per unit of downside risk	3.22	2.65	+0.57
Omega ratio: Gain probability vs. loss probability	1.42	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	2.59	2.12	+0.47
Martin ratio: Return relative to average drawdown	9.81	6.23	+3.58
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. FPNIX - Sharpe Ratio Comparison

The current FPACX Sharpe Ratio is 2.20, which is comparable to the FPNIX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of FPACX and FPNIX, 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

	FPACX	FPNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	1.79	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	1.21	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	1.49	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	1.02	-0.13

Drawdowns

FPACX vs. FPNIX - Drawdown Comparison

The maximum FPACX drawdown since its inception was -31.60%, which is greater than FPNIX's maximum drawdown of -22.95%. Use the drawdown chart below to compare losses from any high point for FPACX and FPNIX.

Drawdown Indicators

	FPACX	FPNIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-22.95%	-8.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-1.97%	-5.40%
Max Drawdown (3Y) Largest decline over 3 years	-10.95%	-1.97%	-8.98%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-4.67%	-13.80%
Max Drawdown (10Y) Largest decline over 10 years	-29.46%	-4.67%	-24.79%
Current Drawdown Current decline from peak	-0.02%	-1.35%	+1.33%
Average Drawdown Average peak-to-trough decline	-3.88%	-1.86%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	0.67%	+1.27%

Volatility

FPACX vs. FPNIX - Volatility Comparison

FPA Crescent Fund (FPACX) has a higher volatility of 2.28% compared to FPA New Income Fund (FPNIX) at 0.75%. This indicates that FPACX's price experiences larger fluctuations and is considered to be riskier than FPNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPACX	FPNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	0.75%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	6.65%	1.67%	+4.98%
Volatility (1Y) Calculated over the trailing 1-year period	8.66%	2.34%	+6.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	2.44%	+9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.20%	1.90%	+11.30%

FPACX vs. FPNIX - Expense Ratio Comparison

FPACX has a 1.00% expense ratio, which is higher than FPNIX's 0.45% expense ratio.

Dividends

FPACX vs. FPNIX - Dividend Comparison

FPACX's dividend yield for the trailing twelve months is around 9.11%, more than FPNIX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPACX FPA Crescent Fund	9.11%	9.60%	7.95%	3.72%	0.77%	11.62%	4.80%	4.65%	8.87%	3.70%	4.98%	6.34%
FPNIX FPA New Income Fund	3.82%	3.36%	4.39%	3.37%	2.13%	1.24%	2.17%	2.63%	3.10%	2.84%	2.31%	1.87%

Frequently Asked Questions

Can I hold both FPACX and FPNIX in my portfolio?

FPACX and FPNIX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPACX or FPNIX?

FPACX has higher volatility (2.28%) compared to FPNIX (0.75%). In terms of maximum drawdown, FPACX dropped -31.60% vs FPNIX's -22.95%.

Which has better risk-adjusted returns?

FPACX currently has the higher Sharpe Ratio (2.20 vs 1.79), 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.