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FPNIX vs. SCFZX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPNIX vs. SCFZX

Last updated Jun 24, 2026

FPNIX (FPA New Income Fund) and SCFZX (PGIM Securitized Credit Fund) are both mutual funds - FPNIX is a Short-Term Bond fund managed by FPA, while SCFZX is a Nontraditional Bonds fund managed by PGIM. Over the past 5 years, FPNIX returned 2.90%/yr vs 5.28%/yr for SCFZX. At a 0.02 correlation, their price movements are largely independent. FPNIX charges 0.45%/yr vs 0.65%/yr for SCFZX.

Performance

FPNIX vs. SCFZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA New Income Fund (FPNIX) and PGIM Securitized Credit Fund (SCFZX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FPNIX achieves a -0.22% return, which is significantly lower than SCFZX's 2.28% return.

FPNIX

1D
-0.20%
1M
0.22%
YTD
-0.22%
6M
-0.03%
1Y
3.22%
3Y*
5.24%
5Y*
2.90%
10Y*
2.78%

SCFZX

1D
0.00%
1M
0.42%
YTD
2.28%
6M
2.73%
1Y
6.11%
3Y*
7.57%
5Y*
5.28%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FPNIX vs. SCFZX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
FPNIX
FPA New Income Fund		-0.22%6.71%4.58%6.78%-3.10%0.84%2.51%1.28%
SCFZX
PGIM Securitized Credit Fund		2.28%5.75%9.41%8.67%-0.84%5.27%-0.33%1.73%

Correlation

The correlation between FPNIX and SCFZX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

Correlation (3Y)
Calculated over the trailing 3-year period

0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (All Time)
Calculated using the full available price history since Jul 1, 2019

0.02

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

FPA New Income Fund

PGIM Securitized Credit Fund

Often compared with FPNIX:
FPNIX vs. FPFIXFPNIX vs. IGSBFPNIX vs. PBSMXFPNIX vs. PSTQXFPNIX vs. JPLDFPNIX vs. VOOFPNIX vs. JPST
Often compared with SCFZX:
SCFZX vs. PIMIXSCFZX vs. JAAASCFZX vs. AFLIXSCFZX vs. ACFIXSCFZX vs. VRPSCFZX vs. PMOTXSCFZX vs. GZIRX

Return for Risk

FPNIX vs. SCFZX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FPNIX
FPNIX Risk / Return Rank: 2828
Overall Rank
FPNIX Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
FPNIX Sortino Ratio Rank: 3131
Sortino Ratio Rank
FPNIX Omega Ratio Rank: 3434
Omega Ratio Rank
FPNIX Calmar Ratio Rank: 2525
Calmar Ratio Rank
FPNIX Martin Ratio Rank: 2020
Martin Ratio Rank
SCFZX
SCFZX Risk / Return Rank: 9999
Overall Rank
SCFZX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
SCFZX Sortino Ratio Rank: 100100
Sortino Ratio Rank
SCFZX Omega Ratio Rank: 100100
Omega Ratio Rank
SCFZX Calmar Ratio Rank: 100100
Calmar Ratio Rank
SCFZX Martin Ratio Rank: 9999
Martin Ratio Rank
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.

FPNIX vs. SCFZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA New Income Fund (FPNIX) and PGIM Securitized Credit Fund (SCFZX). 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.

FPNIXSCFZXDifference
Sharpe ratioReturn per unit of total volatility
1.47
4.07

-2.59

Sortino ratioReturn per unit of downside risk
2.15
19.06

-16.90

Omega ratioGain probability vs. loss probability

1.28

7.34

-6.06

Calmar ratioReturn relative to maximum drawdown

1.75

19.66

-17.92

Martin ratioReturn relative to average drawdown

4.62

69.67

-65.05

FPNIX vs. SCFZX - Sharpe Ratio Comparison

The current FPNIX Sharpe Ratio is 1.47, which is lower than the SCFZX Sharpe Ratio of 4.07. The chart below compares the historical Sharpe Ratios of FPNIX and SCFZX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FPNIX vs. SCFZX - Drawdown Comparison

The maximum FPNIX drawdown since its inception was -22.95%, which is greater than SCFZX's maximum drawdown of -17.20%. Use the drawdown chart below to compare losses from any high point for FPNIX and SCFZX.

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Drawdown Indicators

FPNIXSCFZXDifference

Max Drawdown

Largest peak-to-trough decline

-22.95%

-17.20%

-5.75%

Max Drawdown (1Y)

Largest decline over 1 year

-1.97%

-0.31%

-1.66%

Max Drawdown (3Y)

Largest decline over 3 years

-1.97%

-0.93%

-1.04%

Max Drawdown (5Y)

Largest decline over 5 years

-4.67%

-4.13%

-0.54%

Max Drawdown (10Y)

Largest decline over 10 years

-4.67%

—

—

Current Drawdown

Current decline from peak

-1.54%

0.00%

-1.54%

Average Drawdown

Average peak-to-trough decline

-1.86%

-1.06%

-0.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.74%

0.09%

+0.65%

Volatility

FPNIX vs. SCFZX - Volatility Comparison

FPA New Income Fund (FPNIX) has a higher volatility of 0.77% compared to PGIM Securitized Credit Fund (SCFZX) at 0.42%. This indicates that FPNIX's price experiences larger fluctuations and is considered to be riskier than SCFZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FPNIXSCFZXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.77%

0.42%

+0.35%

Volatility (6M)

Calculated over the trailing 6-month period

1.74%

1.03%

+0.71%

Volatility (1Y)

Calculated over the trailing 1-year period

2.34%

1.49%

+0.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.46%

1.90%

+0.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.91%

3.33%

-1.42%

FPNIX vs. SCFZX - Expense Ratio Comparison

FPNIX has a 0.45% expense ratio, which is lower than SCFZX's 0.65% expense ratio.

Dividends

FPNIX vs. SCFZX - Dividend Comparison

FPNIX's dividend yield for the trailing twelve months is around 3.83%, less than SCFZX's 5.08% yield.

PositionTTM20252024202320222021202020192018201720162015
FPNIX
FPA New Income Fund		3.83%3.36%4.39%3.37%2.13%1.24%2.17%2.63%3.10%2.84%2.31%1.87%
SCFZX
PGIM Securitized Credit Fund		5.08%5.25%6.55%5.58%4.97%2.56%3.08%2.43%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FPNIX and SCFZX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FPNIX has higher volatility (0.77%) compared to SCFZX (0.42%). In terms of maximum drawdown, FPNIX dropped -22.95% vs SCFZX's -17.20%.

SCFZX currently has the higher Sharpe Ratio (4.07 vs 1.47), 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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