FPNIX vs. SWSBX

Last updated Jun 4, 2026

FPNIX (FPA New Income Fund) and SWSBX (Schwab Short-Term Bond Index Fund) are both Short-Term Bond funds. Over the past 5 years, FPNIX returned 2.94%/yr vs 1.30%/yr for SWSBX. A 0.71 correlation means they provide meaningful diversification when combined. FPNIX charges 0.45%/yr vs 0.06%/yr for SWSBX.

Performance

FPNIX vs. SWSBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA New Income Fund (FPNIX) and Schwab Short-Term Bond Index Fund (SWSBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPNIX achieves a -0.02% return, which is significantly lower than SWSBX's 0.34% return.

FPNIX

• 1D: 0.00%
• 1M: 0.12%
• YTD: -0.02%
• 6M: 0.14%
• 1Y: 4.16%
• 3Y*: 5.34%
• 5Y*: 2.94%
• 10Y*: 2.83%

SWSBX

• 1D: 0.00%
• 1M: 0.14%
• YTD: 0.34%
• 6M: 0.60%
• 1Y: 3.75%
• 3Y*: 4.12%
• 5Y*: 1.30%
• 10Y*: —

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

FPNIX vs. SWSBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPNIX FPA New Income Fund	-0.02%	6.71%	4.58%	6.78%	-3.10%	0.84%	2.51%	3.81%	2.30%	2.15%
SWSBX Schwab Short-Term Bond Index Fund	0.34%	6.06%	3.42%	3.95%	-5.89%	-1.28%	4.47%	4.96%	1.34%	0.85%

Correlation

The correlation between FPNIX and SWSBX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 24, 2017	0.71

The correlation between FPNIX and SWSBX shifts across timeframes, from 0.71 (all time) to 0.82 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FPNIX vs. SWSBX — Risk / Return Rank

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

FPNIX

FPNIX Risk / Return Rank: 36
FPNIX Sharpe Ratio Rank: 38
FPNIX Sortino Ratio Rank: 40
FPNIX Omega Ratio Rank: 43
FPNIX Calmar Ratio Rank: 32
FPNIX Martin Ratio Rank: 25

SWSBX

SWSBX Risk / Return Rank: 38
SWSBX Sharpe Ratio Rank: 33
SWSBX Sortino Ratio Rank: 44
SWSBX Omega Ratio Rank: 41
SWSBX Calmar Ratio Rank: 39
SWSBX Martin Ratio Rank: 34

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. SWSBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA New Income Fund (FPNIX) and Schwab Short-Term Bond Index Fund (SWSBX). 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.

	FPNIX	SWSBX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.64	+0.15
Sortino ratio: Return per unit of downside risk	2.65	2.77	-0.12
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	2.12	2.37	-0.25
Martin ratio: Return relative to average drawdown	6.23	7.75	-1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPNIX vs. SWSBX - Sharpe Ratio Comparison

The current FPNIX Sharpe Ratio is 1.79, which is comparable to the SWSBX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of FPNIX and SWSBX, 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

	FPNIX	SWSBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.64	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	0.44	+0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.77	+0.25

Drawdowns

FPNIX vs. SWSBX - Drawdown Comparison

The maximum FPNIX drawdown since its inception was -22.95%, which is greater than SWSBX's maximum drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for FPNIX and SWSBX.

Drawdown Indicators

	FPNIX	SWSBX	Difference
Max Drawdown Largest peak-to-trough decline	-22.95%	-9.06%	-13.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.97%	-1.54%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-1.97%	-1.79%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	-4.67%	-9.06%	+4.39%
Max Drawdown (10Y) Largest decline over 10 years	-4.67%	—	—
Current Drawdown Current decline from peak	-1.35%	-0.63%	-0.72%
Average Drawdown Average peak-to-trough decline	-1.86%	-1.79%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.47%	+0.20%

Volatility

FPNIX vs. SWSBX - Volatility Comparison

FPA New Income Fund (FPNIX) has a higher volatility of 0.75% compared to Schwab Short-Term Bond Index Fund (SWSBX) at 0.70%. This indicates that FPNIX's price experiences larger fluctuations and is considered to be riskier than SWSBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPNIX	SWSBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.70%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.67%	1.62%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	2.23%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.44%	2.99%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.90%	2.47%	-0.57%

FPNIX vs. SWSBX - Expense Ratio Comparison

FPNIX has a 0.45% expense ratio, which is higher than SWSBX's 0.06% expense ratio.

Dividends

FPNIX vs. SWSBX - Dividend Comparison

FPNIX's dividend yield for the trailing twelve months is around 3.82%, less than SWSBX's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SWSBX Schwab Short-Term Bond Index Fund	4.13%	4.09%	3.66%	2.36%	1.11%	0.97%	1.82%	2.41%	2.12%	1.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPNIX and SWSBX in my portfolio?

FPNIX and SWSBX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPNIX or SWSBX?

FPNIX has higher volatility (0.75%) compared to SWSBX (0.70%). In terms of maximum drawdown, FPNIX dropped -22.95% vs SWSBX's -9.06%.

Which has better risk-adjusted returns?

FPNIX currently has the higher Sharpe Ratio (1.79 vs 1.64), 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.