FPFIX vs. DODIX

Last updated Jun 23, 2026

FPFIX (FPA Flexible Fixed Income Fund) and DODIX (Dodge & Cox Income Fund) are both mutual funds - FPFIX is a Nontraditional Bonds fund managed by FPA, while DODIX is a Intermediate Core-Plus Bond fund actively managed by Dodge & Cox. Over the past 5 years, FPFIX returned 3.48%/yr vs 1.20%/yr for DODIX. A 0.73 correlation means they provide meaningful diversification when combined. FPFIX charges 0.51%/yr vs 0.41%/yr for DODIX.

Performance

FPFIX vs. DODIX - Performance Comparison

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

Returns By Period

In the year-to-date period, FPFIX achieves a -0.11% return, which is significantly lower than DODIX's 0.67% return.

FPFIX

• 1D: 0.20%
• 1M: 0.41%
• YTD: -0.11%
• 6M: -0.01%
• 1Y: 3.56%
• 3Y*: 5.70%
• 5Y*: 3.48%
• 10Y*: —

DODIX

• 1D: 0.23%
• 1M: 0.95%
• YTD: 0.67%
• 6M: 0.83%
• 1Y: 5.75%
• 3Y*: 5.20%
• 5Y*: 1.20%
• 10Y*: 2.92%

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

FPFIX vs. DODIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FPFIX FPA Flexible Fixed Income Fund	-0.11%	6.87%	5.28%	8.11%	-2.82%	1.77%	4.71%	3.78%
DODIX Dodge & Cox Income Fund	0.67%	8.32%	2.25%	7.69%	-11.42%	-0.92%	9.46%	9.73%

Correlation

The correlation between FPFIX and DODIX 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	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.73

The correlation between FPFIX and DODIX shifts across timeframes, from 0.73 (all time) to 0.89 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FPFIX vs. DODIX — Risk / Return Rank

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

FPFIX

FPFIX Risk / Return Rank: 29
FPFIX Sharpe Ratio Rank: 32
FPFIX Sortino Ratio Rank: 33
FPFIX Omega Ratio Rank: 36
FPFIX Calmar Ratio Rank: 25
FPFIX Martin Ratio Rank: 19

DODIX

DODIX Risk / Return Rank: 27
DODIX Sharpe Ratio Rank: 28
DODIX Sortino Ratio Rank: 30
DODIX Omega Ratio Rank: 28
DODIX Calmar Ratio Rank: 27
DODIX Martin Ratio Rank: 23

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.

FPFIX vs. DODIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Flexible Fixed Income Fund (FPFIX) and Dodge & Cox Income Fund (DODIX). 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.

	FPFIX	DODIX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.43	+0.09
Sortino ratio: Return per unit of downside risk	2.23	2.11	+0.12
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	1.76	1.82	-0.07
Martin ratio: Return relative to average drawdown	4.63	5.22	-0.59

FPFIX vs. DODIX - Sharpe Ratio Comparison

The current FPFIX Sharpe Ratio is 1.52, which is comparable to the DODIX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FPFIX and DODIX, 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

FPFIX vs. DODIX - Drawdown Comparison

The maximum FPFIX drawdown since its inception was -4.11%, smaller than the maximum DODIX drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for FPFIX and DODIX.

Drawdown Indicators

	FPFIX	DODIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-16.89%	+12.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-3.17%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	-5.68%	+3.58%
Max Drawdown (5Y) Largest decline over 5 years	-4.11%	-16.89%	+12.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.89%	—
Current Drawdown Current decline from peak	-1.51%	-1.48%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.60%	-1.50%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	1.10%	-0.31%

Volatility

FPFIX vs. DODIX - Volatility Comparison

The current volatility for FPA Flexible Fixed Income Fund (FPFIX) is 0.80%, while Dodge & Cox Income Fund (DODIX) has a volatility of 1.18%. This indicates that FPFIX experiences smaller price fluctuations and is considered to be less risky than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPFIX	DODIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	1.18%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	3.06%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	4.05%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.34%	5.57%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.09%	4.45%	-2.36%

FPFIX vs. DODIX - Expense Ratio Comparison

FPFIX has a 0.51% expense ratio, which is higher than DODIX's 0.41% expense ratio.

Dividends

FPFIX vs. DODIX - Dividend Comparison

FPFIX's dividend yield for the trailing twelve months is around 3.74%, less than DODIX's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODIX Dodge & Cox Income Fund	4.25%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%
FPFIX FPA Flexible Fixed Income Fund	3.74%	3.78%	4.76%	3.95%	2.92%	2.26%	3.00%	2.42%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPFIX and DODIX in my portfolio?

FPFIX and DODIX 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, FPFIX or DODIX?

DODIX has higher volatility (1.18%) compared to FPFIX (0.80%). In terms of maximum drawdown, FPFIX dropped -4.11% vs DODIX's -16.89%.

Which has better risk-adjusted returns?

FPFIX currently has the higher Sharpe Ratio (1.52 vs 1.43), 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.