FPFIX vs. RWDIX

Last updated Jun 3, 2026

FPFIX (FPA Flexible Fixed Income Fund) and RWDIX (Redwood Managed Volatility Fund) are both Nontraditional Bonds funds. Over the past 5 years, FPFIX returned 3.50%/yr vs 0.28%/yr for RWDIX. At a 0.32 correlation, their price movements are largely independent. FPFIX charges 0.51%/yr vs 1.56%/yr for RWDIX.

Performance

FPFIX vs. RWDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Flexible Fixed Income Fund (FPFIX) and Redwood Managed Volatility Fund (RWDIX). 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 RWDIX's 1.32% return.

FPFIX

• 1D: -0.10%
• 1M: -0.18%
• YTD: -0.11%
• 6M: 0.20%
• 1Y: 4.07%
• 3Y*: 5.78%
• 5Y*: 3.50%
• 10Y*: —

RWDIX

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.32%
• 6M: 1.83%
• 1Y: 6.17%
• 3Y*: 4.61%
• 5Y*: 0.28%
• 10Y*: 1.84%

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

FPFIX vs. RWDIX - 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%
RWDIX Redwood Managed Volatility Fund	1.32%	4.75%	6.63%	1.04%	-11.18%	0.52%	-1.93%	9.04%

Correlation

The correlation between FPFIX and RWDIX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.32

The correlation between FPFIX and RWDIX shifts across timeframes, from 0.32 (all time) to 0.47 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FPFIX vs. RWDIX — 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: 31
FPFIX Sortino Ratio Rank: 33
FPFIX Omega Ratio Rank: 35
FPFIX Calmar Ratio Rank: 26
FPFIX Martin Ratio Rank: 21

RWDIX

RWDIX Risk / Return Rank: 84
RWDIX Sharpe Ratio Rank: 88
RWDIX Sortino Ratio Rank: 91
RWDIX Omega Ratio Rank: 91
RWDIX Calmar Ratio Rank: 69
RWDIX Martin Ratio Rank: 81

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. RWDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Flexible Fixed Income Fund (FPFIX) and Redwood Managed Volatility Fund (RWDIX). 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	RWDIX	Difference
Sharpe ratio Return per unit of total volatility	1.62	2.88	-1.25
Sortino ratio Return per unit of downside risk	2.42	4.48	-2.06
Omega ratio Gain probability vs. loss probability	1.32	1.66	-0.34
Calmar ratio Return relative to maximum drawdown	1.94	3.22	-1.27
Martin ratio Return relative to average drawdown	5.74	15.29	-9.55
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. RWDIX - Sharpe Ratio Comparison

The current FPFIX Sharpe Ratio is 1.62, which is lower than the RWDIX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of FPFIX and RWDIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPFIX	RWDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	2.88	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.52	0.06	+1.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.76	0.45	+1.31

Drawdowns

FPFIX vs. RWDIX - Drawdown Comparison

The maximum FPFIX drawdown since its inception was -4.11%, smaller than the maximum RWDIX drawdown of -16.69%. Use the drawdown chart below to compare losses from any high point for FPFIX and RWDIX.

Drawdown Indicators

	FPFIX	RWDIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-16.69%	+12.58%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-1.95%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	-4.96%	+2.86%
Max Drawdown (5Y) Largest decline over 5 years	-4.11%	-16.10%	+11.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.69%	—
Current Drawdown Current decline from peak	-1.51%	-0.46%	-1.05%
Average Drawdown Average peak-to-trough decline	-0.59%	-4.42%	+3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.41%	+0.30%

Volatility

FPFIX vs. RWDIX - Volatility Comparison

FPA Flexible Fixed Income Fund (FPFIX) has a higher volatility of 0.79% compared to Redwood Managed Volatility Fund (RWDIX) at 0.70%. This indicates that FPFIX's price experiences larger fluctuations and is considered to be riskier than RWDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPFIX	RWDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.70%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.75%	1.73%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.46%	2.17%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.32%	4.69%	-2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.08%	4.30%	-2.22%

FPFIX vs. RWDIX - Expense Ratio Comparison

FPFIX has a 0.51% expense ratio, which is lower than RWDIX's 1.56% expense ratio.

Dividends

FPFIX vs. RWDIX - Dividend Comparison

FPFIX's dividend yield for the trailing twelve months is around 3.74%, less than RWDIX's 4.97% 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%
RWDIX Redwood Managed Volatility Fund	4.97%	4.90%	5.82%	7.60%	0.47%	6.36%	5.42%	3.59%	2.59%	5.52%	5.14%	1.17%

Frequently Asked Questions

Can I hold both FPFIX and RWDIX in my portfolio?

FPFIX and RWDIX have a correlation of 0.41, 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 RWDIX?

FPFIX has higher volatility (0.79%) compared to RWDIX (0.70%). In terms of maximum drawdown, FPFIX dropped -4.11% vs RWDIX's -16.69%.

Which has better risk-adjusted returns?

RWDIX currently has the higher Sharpe Ratio (2.88 vs 1.62), 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.