FPACX vs. VOLMX

Last updated Jun 23, 2026

FPACX (FPA Crescent Fund) and VOLMX (Volumetric Fund) are both mutual funds - FPACX is a Diversified Portfolio fund managed by FPA, while VOLMX is a Large Cap Blend Equities fund managed by Volumetric. Over the past 10 years, FPACX returned 10.25%/yr vs 5.75%/yr for VOLMX. A 0.79 correlation means they provide meaningful diversification when combined. FPACX charges 1.00%/yr vs 1.89%/yr for VOLMX.

Performance

FPACX vs. VOLMX - Performance Comparison

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

Returns By Period

In the year-to-date period, FPACX achieves a 5.71% return, which is significantly lower than VOLMX's 11.12% return. Over the past 10 years, FPACX has outperformed VOLMX with an annualized return of 10.25%, while VOLMX has yielded a comparatively lower 5.75% 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%

VOLMX

• 1D: 0.69%
• 1M: 5.14%
• YTD: 11.12%
• 6M: 9.72%
• 1Y: 15.92%
• 3Y*: 8.33%
• 5Y*: 4.75%
• 10Y*: 5.75%

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

FPACX vs. VOLMX - 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%
VOLMX Volumetric Fund	11.12%	1.52%	5.77%	12.57%	-14.29%	17.79%	10.05%	20.13%	-10.31%	9.08%

Correlation

The correlation between FPACX and VOLMX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 2, 1993	0.79

The correlation between FPACX and VOLMX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

FPACX vs. VOLMX — Risk / Return Rank

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

FPACX

FPACX Risk / Return Rank: 50
FPACX Sharpe Ratio Rank: 52
FPACX Sortino Ratio Rank: 55
FPACX Omega Ratio Rank: 53
FPACX Calmar Ratio Rank: 43
FPACX Martin Ratio Rank: 46

VOLMX

VOLMX Risk / Return Rank: 26
VOLMX Sharpe Ratio Rank: 25
VOLMX Sortino Ratio Rank: 25
VOLMX Omega Ratio Rank: 24
VOLMX Calmar Ratio Rank: 27
VOLMX Martin Ratio Rank: 32

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. VOLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Crescent Fund (FPACX) and Volumetric Fund (VOLMX). 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	VOLMX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.32	+0.63
Sortino ratio: Return per unit of downside risk	2.85	1.94	+0.91
Omega ratio: Gain probability vs. loss probability	1.37	1.24	+0.13
Calmar ratio: Return relative to maximum drawdown	2.40	1.83	+0.57
Martin ratio: Return relative to average drawdown	9.05	6.84	+2.21

FPACX vs. VOLMX - Sharpe Ratio Comparison

The current FPACX Sharpe Ratio is 1.96, which is higher than the VOLMX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of FPACX and VOLMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FPACX vs. VOLMX - Drawdown Comparison

The maximum FPACX drawdown since its inception was -31.60%, smaller than the maximum VOLMX drawdown of -49.79%. Use the drawdown chart below to compare losses from any high point for FPACX and VOLMX.

Drawdown Indicators

	FPACX	VOLMX	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-49.79%	+18.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-8.67%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-10.95%	-24.09%	+13.14%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-24.09%	+5.62%
Max Drawdown (10Y) Largest decline over 10 years	-29.46%	-28.21%	-1.25%
Current Drawdown Current decline from peak	-0.78%	-0.84%	+0.06%
Average Drawdown Average peak-to-trough decline	-3.87%	-9.49%	+5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	2.32%	-0.37%

Volatility

FPACX vs. VOLMX - Volatility Comparison

The current volatility for FPA Crescent Fund (FPACX) is 3.31%, while Volumetric Fund (VOLMX) has a volatility of 4.73%. This indicates that FPACX experiences smaller price fluctuations and is considered to be less risky than VOLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPACX	VOLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	4.73%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	9.78%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	9.03%	12.00%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.93%	14.03%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.22%	14.66%	-1.44%

FPACX vs. VOLMX - Expense Ratio Comparison

FPACX has a 1.00% expense ratio, which is lower than VOLMX's 1.89% expense ratio.

Dividends

FPACX vs. VOLMX - Dividend Comparison

FPACX's dividend yield for the trailing twelve months is around 9.08%, more than VOLMX's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOLMX Volumetric Fund	1.71%	1.89%	0.00%	3.28%	5.47%	8.02%	1.03%	3.36%	2.39%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPACX and VOLMX in my portfolio?

FPACX and VOLMX have a correlation of 0.84, 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 VOLMX?

VOLMX has higher volatility (4.73%) compared to FPACX (3.31%). In terms of maximum drawdown, FPACX dropped -31.60% vs VOLMX's -49.79%.

Which has better risk-adjusted returns?

FPACX currently has the higher Sharpe Ratio (1.96 vs 1.32), 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.