FPACX vs. VHT

Last updated Jun 4, 2026

FPACX (FPA Crescent Fund) and VHT (Vanguard Health Care ETF) are both funds - FPACX is a Diversified Portfolio fund managed by FPA, while VHT is a Health & Biotech Equities fund tracking the MSCI US Investable Market Health Care 25/50 Index. Over the past 10 years, FPACX returned 10.10%/yr vs 9.26%/yr for VHT. A 0.64 correlation means they provide meaningful diversification when combined. FPACX charges 1.00%/yr vs 0.09%/yr for VHT.

Performance

FPACX vs. VHT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Crescent Fund (FPACX) and Vanguard Health Care ETF (VHT). 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 VHT's -4.02% return. Over the past 10 years, FPACX has outperformed VHT with an annualized return of 10.10%, while VHT has yielded a comparatively lower 9.26% 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%

VHT

• 1D: 0.84%
• 1M: 1.45%
• YTD: -4.02%
• 6M: -4.15%
• 1Y: 14.34%
• 3Y*: 6.14%
• 5Y*: 4.51%
• 10Y*: 9.26%

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

FPACX vs. VHT - 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%
VHT Vanguard Health Care ETF	-4.02%	15.46%	2.66%	2.52%	-5.60%	20.57%	18.29%	21.87%	5.58%	23.26%

Correlation

The correlation between FPACX and VHT is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.64

The correlation between FPACX and VHT shifts across timeframes, from 0.52 (3 years) to 0.64 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FPACX vs. VHT — 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

VHT

VHT Risk / Return Rank: 27
VHT Sharpe Ratio Rank: 27
VHT Sortino Ratio Rank: 28
VHT Omega Ratio Rank: 26
VHT Calmar Ratio Rank: 28
VHT 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. VHT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Crescent Fund (FPACX) and Vanguard Health Care ETF (VHT). 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	VHT	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.00	+1.20
Sortino ratio: Return per unit of downside risk	3.22	1.57	+1.65
Omega ratio: Gain probability vs. loss probability	1.42	1.18	+0.24
Calmar ratio: Return relative to maximum drawdown	2.59	1.38	+1.20
Martin ratio: Return relative to average drawdown	9.81	3.47	+6.34
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. VHT - Sharpe Ratio Comparison

The current FPACX Sharpe Ratio is 2.20, which is higher than the VHT Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of FPACX and VHT, 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	VHT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	1.00	+1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.30	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.55	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.56	+0.32

Drawdowns

FPACX vs. VHT - Drawdown Comparison

The maximum FPACX drawdown since its inception was -31.60%, smaller than the maximum VHT drawdown of -39.12%. Use the drawdown chart below to compare losses from any high point for FPACX and VHT.

Drawdown Indicators

	FPACX	VHT	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-39.12%	+7.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-10.40%	+3.03%
Max Drawdown (3Y) Largest decline over 3 years	-10.95%	-16.91%	+5.96%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-17.71%	-0.76%
Max Drawdown (10Y) Largest decline over 10 years	-29.46%	-28.85%	-0.61%
Current Drawdown Current decline from peak	-0.02%	-7.05%	+7.03%
Average Drawdown Average peak-to-trough decline	-3.88%	-5.99%	+2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	4.14%	-2.20%

Volatility

FPACX vs. VHT - Volatility Comparison

The current volatility for FPA Crescent Fund (FPACX) is 2.28%, while Vanguard Health Care ETF (VHT) has a volatility of 4.08%. This indicates that FPACX experiences smaller price fluctuations and is considered to be less risky than VHT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPACX	VHT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	4.08%	-1.80%
Volatility (6M) Calculated over the trailing 6-month period	6.65%	10.08%	-3.43%
Volatility (1Y) Calculated over the trailing 1-year period	8.66%	14.34%	-5.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	14.96%	-3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.20%	16.94%	-3.74%

FPACX vs. VHT - Expense Ratio Comparison

FPACX has a 1.00% expense ratio, which is higher than VHT's 0.09% expense ratio.

Dividends

FPACX vs. VHT - Dividend Comparison

FPACX's dividend yield for the trailing twelve months is around 9.11%, more than VHT's 1.71% 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%
VHT Vanguard Health Care ETF	1.71%	1.61%	1.53%	1.36%	1.33%	1.14%	1.21%	1.89%	1.38%	1.31%	1.45%	1.22%

Frequently Asked Questions

Can I hold both FPACX and VHT in my portfolio?

FPACX and VHT have a correlation of 0.52, 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 VHT?

VHT has higher volatility (4.08%) compared to FPACX (2.28%). In terms of maximum drawdown, FPACX dropped -31.60% vs VHT's -39.12%.

Which has better risk-adjusted returns?

FPACX currently has the higher Sharpe Ratio (2.20 vs 1.00), 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.