FPFIX vs. FPNIX

Last updated Jun 23, 2026

FPFIX (FPA Flexible Fixed Income Fund) and FPNIX (FPA New Income Fund) are both mutual funds - FPFIX is a Nontraditional Bonds fund managed by FPA, while FPNIX is a Short-Term Bond fund managed by FPA. Over the past 5 years, FPFIX returned 3.48%/yr vs 2.96%/yr for FPNIX. A 0.80 correlation means they provide meaningful diversification when combined. FPFIX charges 0.51%/yr vs 0.45%/yr for FPNIX.

Performance

FPFIX vs. FPNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Flexible Fixed Income Fund (FPFIX) 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, FPFIX achieves a -0.11% return, which is significantly lower than FPNIX's -0.02% return.

FPFIX

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

FPNIX

• 1D: 0.20%
• 1M: 0.43%
• YTD: -0.02%
• 6M: 0.08%
• 1Y: 3.64%
• 3Y*: 5.34%
• 5Y*: 2.96%
• 10Y*: 2.81%

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

FPFIX vs. FPNIX - 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%
FPNIX FPA New Income Fund	-0.02%	6.71%	4.58%	6.78%	-3.10%	0.84%	2.51%	3.81%

Correlation

The correlation between FPFIX and FPNIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.80

The correlation between FPFIX and FPNIX shifts across timeframes, from 0.80 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FPFIX vs. FPNIX — 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

FPNIX

FPNIX Risk / Return Rank: 33
FPNIX Sharpe Ratio Rank: 36
FPNIX Sortino Ratio Rank: 37
FPNIX Omega Ratio Rank: 40
FPNIX Calmar Ratio Rank: 29
FPNIX Martin Ratio Rank: 22

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. FPNIX - Risk-Adjusted Trends Comparison

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

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	FPNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.61	-0.09
Sortino ratio: Return per unit of downside risk	2.23	2.37	-0.13
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	1.76	1.91	-0.15
Martin ratio: Return relative to average drawdown	4.63	5.09	-0.45

FPFIX vs. FPNIX - Sharpe Ratio Comparison

The current FPFIX Sharpe Ratio is 1.52, which is comparable to the FPNIX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of FPFIX 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.

Drawdowns

FPFIX vs. FPNIX - Drawdown Comparison

The maximum FPFIX drawdown since its inception was -4.11%, smaller than the maximum FPNIX drawdown of -22.95%. Use the drawdown chart below to compare losses from any high point for FPFIX and FPNIX.

Drawdown Indicators

	FPFIX	FPNIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-22.95%	+18.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-1.97%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	-1.97%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-4.11%	-4.67%	+0.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-4.67%	—
Current Drawdown Current decline from peak	-1.51%	-1.35%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.60%	-1.86%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.74%	+0.05%

Volatility

FPFIX vs. FPNIX - Volatility Comparison

FPA Flexible Fixed Income Fund (FPFIX) and FPA New Income Fund (FPNIX) have volatilities of 0.80% and 0.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPFIX	FPNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.79%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	1.73%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	2.33%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.34%	2.46%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.09%	1.91%	+0.18%

FPFIX vs. FPNIX - Expense Ratio Comparison

FPFIX has a 0.51% expense ratio, which is higher than FPNIX's 0.45% expense ratio.

Dividends

FPFIX vs. FPNIX - Dividend Comparison

FPFIX's dividend yield for the trailing twelve months is around 3.74%, less than FPNIX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 FPFIX and FPNIX in my portfolio?

With a correlation of 0.91, FPFIX and FPNIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FPFIX or FPNIX?

FPFIX has higher volatility (0.80%) compared to FPNIX (0.79%). In terms of maximum drawdown, FPFIX dropped -4.11% vs FPNIX's -22.95%.

Which has better risk-adjusted returns?

FPNIX currently has the higher Sharpe Ratio (1.61 vs 1.52), 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.