FPNIX vs. FPFIX
FPNIX (FPA New Income Fund) and FPFIX (FPA Flexible Fixed Income Fund) are both mutual funds - FPNIX is a Short-Term Bond fund managed by FPA, while FPFIX is a Nontraditional Bonds fund managed by FPA. Over the past 5 years, FPNIX returned 2.98%/yr vs 3.49%/yr for FPFIX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. FPNIX charges 0.45%/yr vs 0.51%/yr for FPFIX.
Performance
FPNIX vs. FPFIX - Performance Comparison
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Returns By Period
In the year-to-date period, FPNIX achieves a 0.23% return, which is significantly higher than FPFIX's 0.04% return.
FPNIX
- 1D
- 0.20%
- 1M
- 0.02%
- 6M
- 0.10%
- YTD
- 0.23%
- 1Y
- 2.56%
- 3Y*
- 5.20%
- 5Y*
- 2.98%
- 10Y*
- 2.77%
- ALL TIME*
- 4.45%
FPFIX
- 1D
- 0.20%
- 1M
- -0.07%
- 6M
- -0.18%
- YTD
- 0.04%
- 1Y
- 2.46%
- 3Y*
- 5.44%
- 5Y*
- 3.49%
- 10Y*
- —
- ALL TIME*
- 3.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
FPNIX FPA New Income Fund | $0.00 | $0.00 | $0.00 |
FPNIX vs. FPFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FPNIX FPA New Income Fund | 0.23% | 6.71% | 4.58% | 6.78% | -3.10% | 0.84% | 2.51% | 3.81% |
FPFIX FPA Flexible Fixed Income Fund | 0.04% | 6.87% | 5.28% | 8.11% | -2.82% | 1.77% | 4.71% | 3.78% |
Correlation
The correlation between FPNIX and FPFIX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.80 |
The correlation between FPNIX and FPFIX shifts across timeframes, from 0.80 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FPNIX vs. FPFIX — Risk / Return Rank
FPNIX
FPFIX
FPNIX vs. FPFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FPA New Income Fund (FPNIX) and FPA Flexible Fixed Income Fund (FPFIX). 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.
| FPNIX | FPFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.19 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 1.13 | +0.12 |
| Martin ratioReturn relative to average drawdown | 2.87 | 2.51 | +0.36 |
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Drawdowns
FPNIX vs. FPFIX - Drawdown Comparison
The maximum FPNIX drawdown since its inception was -22.95%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for FPNIX and FPFIX.
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Drawdown Indicators
| FPNIX | FPFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.95% | -4.11% | -18.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.97% | -2.10% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -1.97% | -2.10% | +0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -4.67% | -4.11% | -0.56% |
Max Drawdown (10Y)Largest decline over 10 years | -4.67% | — | — |
Current DrawdownCurrent decline from peak | -1.10% | -1.36% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -0.61% | -1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.94% | -0.08% |
Volatility
FPNIX vs. FPFIX - Volatility Comparison
The current volatility for FPA New Income Fund (FPNIX) is 0.52%, while FPA Flexible Fixed Income Fund (FPFIX) has a volatility of 0.65%. This indicates that FPNIX experiences smaller price fluctuations and is considered to be less risky than FPFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPNIX | FPFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 0.65% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 1.82% | 1.93% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.23% | 2.33% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 2.36% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 2.09% | -0.17% |
FPNIX vs. FPFIX - Expense Ratio Comparison
FPNIX has a 0.45% expense ratio, which is lower than FPFIX's 0.51% expense ratio.
Dividends
FPNIX vs. FPFIX - Dividend Comparison
FPNIX's dividend yield for the trailing twelve months is around 3.89%, more than FPFIX's 3.76% yield.
| Position | 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% |
FPNIX FPA New Income Fund | 3.89% | 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
With a correlation of 0.91, FPNIX and FPFIX 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.
FPFIX has higher volatility (0.65%) compared to FPNIX (0.52%). In terms of maximum drawdown, FPNIX dropped -22.95% vs FPFIX's -4.11%.
FPNIX currently has the higher Sharpe Ratio (1.11 vs 1.02), 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.
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