FPFIX vs. ACFIX
Compare and contrast key facts about FPA Flexible Fixed Income Fund (FPFIX) and Water Island Credit Opportunities Fund (ACFIX).
FPFIX is managed by FPA. It was launched on Dec 30, 2018. ACFIX is managed by Arbitrage Fund. It was launched on Sep 30, 2012.
Performance
FPFIX vs. ACFIX - Performance Comparison
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FPFIX vs. ACFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FPFIX FPA Flexible Fixed Income Fund | -0.23% | 6.87% | 5.28% | 8.11% | -2.82% | 1.77% | 4.71% | 3.78% |
ACFIX Water Island Credit Opportunities Fund | 0.63% | 4.79% | 5.51% | 6.54% | -2.70% | 3.24% | 6.71% | 5.57% |
Returns By Period
In the year-to-date period, FPFIX achieves a -0.23% return, which is significantly lower than ACFIX's 0.63% return.
FPFIX
- 1D
- 0.29%
- 1M
- -1.63%
- YTD
- -0.23%
- 6M
- 0.99%
- 1Y
- 4.52%
- 3Y*
- 5.87%
- 5Y*
- 3.57%
- 10Y*
- —
ACFIX
- 1D
- 0.20%
- 1M
- 0.00%
- YTD
- 0.63%
- 6M
- 1.51%
- 1Y
- 3.95%
- 3Y*
- 4.98%
- 5Y*
- 3.32%
- 10Y*
- 3.68%
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FPFIX vs. ACFIX - Expense Ratio Comparison
FPFIX has a 0.51% expense ratio, which is lower than ACFIX's 0.98% expense ratio.
Return for Risk
FPFIX vs. ACFIX — Risk / Return Rank
FPFIX
ACFIX
FPFIX vs. ACFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FPA Flexible Fixed Income Fund (FPFIX) and Water Island Credit Opportunities Fund (ACFIX). 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.
| FPFIX | ACFIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.71 | 0.13 | +1.58 |
Sortino ratioReturn per unit of downside risk | 2.53 | 0.46 | +2.06 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.38 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 2.45 | 0.20 | +2.25 |
Martin ratioReturn relative to average drawdown | 10.78 | 0.27 | +10.51 |
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
| FPFIX | ACFIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.71 | 0.13 | +1.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.57 | 0.22 | +1.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.81 | 0.35 | +1.46 |
Correlation
The correlation between FPFIX and ACFIX is 0.17, 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
FPFIX vs. ACFIX - Dividend Comparison
FPFIX's dividend yield for the trailing twelve months is around 3.76%, which matches ACFIX's 3.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ACFIX Water Island Credit Opportunities Fund | 3.77% | 4.17% | 4.71% | 4.00% | 3.55% | 2.59% | 2.95% | 3.52% | 2.92% | 3.01% | 2.38% | 2.91% |
Drawdowns
FPFIX vs. ACFIX - Drawdown Comparison
The maximum FPFIX drawdown since its inception was -4.11%, smaller than the maximum ACFIX drawdown of -20.82%. Use the drawdown chart below to compare losses from any high point for FPFIX and ACFIX.
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Drawdown Indicators
| FPFIX | ACFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -20.82% | +16.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.01% | -20.82% | +18.81% |
Max Drawdown (5Y)Largest decline over 5 years | -4.11% | -20.82% | +16.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.82% | — |
Current DrawdownCurrent decline from peak | -1.63% | -18.84% | +17.21% |
Average DrawdownAverage peak-to-trough decline | -0.57% | -1.47% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 15.31% | -14.85% |
Volatility
FPFIX vs. ACFIX - Volatility Comparison
FPA Flexible Fixed Income Fund (FPFIX) has a higher volatility of 1.13% compared to Water Island Credit Opportunities Fund (ACFIX) at 0.44%. This indicates that FPFIX's price experiences larger fluctuations and is considered to be riskier than ACFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPFIX | ACFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 0.44% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | 1.08% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 33.56% | -30.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 15.12% | -12.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.08% | 10.89% | -8.81% |