FPFIX vs. NTIIX

Last updated Apr 1, 2026

Compare and contrast key facts about FPA Flexible Fixed Income Fund (FPFIX) and Navigator Tactical Investment Grade Bond Fund (NTIIX).

FPFIX is managed by FPA. It was launched on Dec 30, 2018. NTIIX is managed by Navigator Funds. It was launched on Aug 30, 2021.

Performance

FPFIX vs. NTIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Flexible Fixed Income Fund (FPFIX) and Navigator Tactical Investment Grade Bond Fund (NTIIX). The values are adjusted to include any dividend payments, if applicable.

FPFIX vs. NTIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPFIX FPA Flexible Fixed Income Fund	-0.23%	6.87%	5.28%	8.11%	-2.82%	0.24%
NTIIX Navigator Tactical Investment Grade Bond Fund	-1.45%	2.16%	-0.85%	9.79%	-6.51%	-2.29%

Returns By Period

In the year-to-date period, FPFIX achieves a -0.23% return, which is significantly higher than NTIIX's -1.45% return.

FPFIX

• 1D: 0.29%
• 1M: -1.63%
• YTD: -0.23%
• 6M: 0.99%
• 1Y: 4.52%
• 3Y*: 5.87%
• 5Y*: 3.57%
• 10Y*: —

NTIIX

• 1D: 0.60%
• 1M: -2.77%
• YTD: -1.45%
• 6M: -0.85%
• 1Y: 0.46%
• 3Y*: 2.83%
• 5Y*: —
• 10Y*: —

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

FPFIX vs. NTIIX - Expense Ratio Comparison

FPFIX has a 0.51% expense ratio, which is lower than NTIIX's 1.01% expense ratio.

NTIIX

Navigator Tactical Investment Grade Bond Fund

FPFIX

FPA Flexible Fixed Income Fund

Return for Risk

FPFIX vs. NTIIX — Risk / Return Rank

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

FPFIX

FPFIX Risk / Return Rank: 88
FPFIX Sharpe Ratio Rank: 87
FPFIX Sortino Ratio Rank: 90
FPFIX Omega Ratio Rank: 85
FPFIX Calmar Ratio Rank: 90
FPFIX Martin Ratio Rank: 91

NTIIX

NTIIX Risk / Return Rank: 7
NTIIX Sharpe Ratio Rank: 6
NTIIX Sortino Ratio Rank: 5
NTIIX Omega Ratio Rank: 5
NTIIX Calmar Ratio Rank: 10
NTIIX Martin Ratio Rank: 9

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. NTIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Flexible Fixed Income Fund (FPFIX) and Navigator Tactical Investment Grade Bond Fund (NTIIX). 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	NTIIX	Difference
Sharpe ratio Return per unit of total volatility	1.71	0.10	+1.61
Sortino ratio Return per unit of downside risk	2.53	0.16	+2.37
Omega ratio Gain probability vs. loss probability	1.35	1.02	+0.32
Calmar ratio Return relative to maximum drawdown	2.45	0.21	+2.24
Martin ratio Return relative to average drawdown	10.78	0.53	+10.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPFIX vs. NTIIX - Sharpe Ratio Comparison

The current FPFIX Sharpe Ratio is 1.71, which is higher than the NTIIX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of FPFIX and NTIIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FPFIX	NTIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	0.10	+1.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	0.01	+1.80

Correlation

The correlation between FPFIX and NTIIX is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FPFIX vs. NTIIX - Dividend Comparison

FPFIX's dividend yield for the trailing twelve months is around 3.76%, less than NTIIX's 4.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FPFIX FPA Flexible Fixed Income Fund	3.76%	3.78%	4.76%	3.95%	2.92%	2.26%	3.00%	2.42%
NTIIX Navigator Tactical Investment Grade Bond Fund	4.30%	4.07%	4.24%	3.85%	1.63%	0.22%	0.00%	0.00%

Drawdowns

FPFIX vs. NTIIX - Drawdown Comparison

The maximum FPFIX drawdown since its inception was -4.11%, smaller than the maximum NTIIX drawdown of -12.35%. Use the drawdown chart below to compare losses from any high point for FPFIX and NTIIX.

Drawdown Indicators

	FPFIX	NTIIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-12.35%	+8.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.01%	-4.77%	+2.76%
Max Drawdown (5Y) Largest decline over 5 years	-4.11%	—	—
Current Drawdown Current decline from peak	-1.63%	-4.03%	+2.40%
Average Drawdown Average peak-to-trough decline	-0.57%	-5.22%	+4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	1.91%	-1.45%

Volatility

FPFIX vs. NTIIX - Volatility Comparison

The current volatility for FPA Flexible Fixed Income Fund (FPFIX) is 1.13%, while Navigator Tactical Investment Grade Bond Fund (NTIIX) has a volatility of 1.95%. This indicates that FPFIX experiences smaller price fluctuations and is considered to be less risky than NTIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPFIX	NTIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.95%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	2.93%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	4.77%	-2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.28%	5.08%	-2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.08%	5.08%	-3.00%