FPNIX vs. SWSBX

Last updated Apr 2, 2026

Compare and contrast key facts about FPA New Income Fund (FPNIX) and Schwab Short-Term Bond Index Fund (SWSBX).

FPNIX is managed by FPA. It was launched on Jul 11, 1984. SWSBX is a passively managed fund by Charles Schwab that tracks the performance of the Bloomberg US Government/Credit 1-5 Year Index. It was launched on Feb 23, 2017.

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.

FPNIX vs. SWSBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPNIX FPA New Income Fund	-0.16%	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	-0.16%	6.06%	3.42%	3.95%	-5.89%	-1.28%	4.47%	4.96%	1.34%	0.85%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with FPNIX at -0.16% and SWSBX at -0.16%.

FPNIX

• 1D: 0.00%
• 1M: -1.19%
• YTD: -0.16%
• 6M: 0.88%
• 1Y: 4.38%
• 3Y*: 5.26%
• 5Y*: 2.98%
• 10Y*: 2.86%

SWSBX

• 1D: 0.10%
• 1M: -0.93%
• YTD: -0.16%
• 6M: 0.78%
• 1Y: 3.74%
• 3Y*: 3.77%
• 5Y*: 1.27%
• 10Y*: —

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

FPNIX vs. SWSBX - Expense Ratio Comparison

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

FPNIX

FPA New Income Fund

SWSBX

Schwab Short-Term Bond Index Fund

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: 87
FPNIX Sharpe Ratio Rank: 86
FPNIX Sortino Ratio Rank: 89
FPNIX Omega Ratio Rank: 83
FPNIX Calmar Ratio Rank: 87
FPNIX Martin Ratio Rank: 89

SWSBX

SWSBX Risk / Return Rank: 87
SWSBX Sharpe Ratio Rank: 83
SWSBX Sortino Ratio Rank: 90
SWSBX Omega Ratio Rank: 82
SWSBX Calmar Ratio Rank: 91
SWSBX Martin Ratio Rank: 89

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	1.70	1.59	+0.11
Sortino ratio Return per unit of downside risk	2.53	2.60	-0.07
Omega ratio Gain probability vs. loss probability	1.34	1.33	0.00
Calmar ratio Return relative to maximum drawdown	2.33	2.71	-0.39
Martin ratio Return relative to average drawdown	10.08	9.85	+0.22
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 1.70, which is comparable to the SWSBX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of FPNIX and SWSBX, 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

	FPNIX	SWSBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.59	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.24	0.43	+0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.76	+0.26

Correlation

The correlation between FPNIX and SWSBX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FPNIX vs. SWSBX - Dividend Comparison

FPNIX's dividend yield for the trailing twelve months is around 3.81%, which matches SWSBX's 3.79% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPNIX FPA New Income Fund	3.81%	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	3.79%	4.09%	3.66%	2.36%	1.11%	0.97%	1.82%	2.41%	2.12%	1.56%	0.00%	0.00%

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 (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	-1.48%	-1.13%	-0.35%
Average Drawdown Average peak-to-trough decline	-1.86%	-1.81%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.42%	+0.04%

Volatility

FPNIX vs. SWSBX - Volatility Comparison

FPA New Income Fund (FPNIX) has a higher volatility of 1.08% compared to Schwab Short-Term Bond Index Fund (SWSBX) at 0.73%. 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	1.08%	0.73%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	1.49%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	2.40%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.41%	2.95%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.88%	2.47%	-0.59%