NSBDX vs. FPFIX

Last updated Apr 1, 2026

Compare and contrast key facts about North Star Bond Fund (NSBDX) and FPA Flexible Fixed Income Fund (FPFIX).

NSBDX is managed by North Star. It was launched on Dec 18, 2014. FPFIX is managed by FPA. It was launched on Dec 30, 2018.

Performance

NSBDX vs. FPFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Star Bond Fund (NSBDX) and FPA Flexible Fixed Income Fund (FPFIX). The values are adjusted to include any dividend payments, if applicable.

NSBDX vs. FPFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NSBDX North Star Bond Fund	-0.45%	3.67%	5.17%	6.07%	-7.23%	2.84%	0.71%	9.12%
FPFIX FPA Flexible Fixed Income Fund	-0.23%	6.87%	5.28%	8.11%	-2.82%	1.77%	4.71%	3.78%

Returns By Period

In the year-to-date period, NSBDX achieves a -0.45% return, which is significantly lower than FPFIX's -0.23% return.

NSBDX

• 1D: 0.19%
• 1M: -1.83%
• YTD: -0.45%
• 6M: 0.04%
• 1Y: 2.79%
• 3Y*: 4.04%
• 5Y*: 1.52%
• 10Y*: 2.29%

FPFIX

• 1D: 0.29%
• 1M: -1.63%
• YTD: -0.23%
• 6M: 0.99%
• 1Y: 4.52%
• 3Y*: 5.87%
• 5Y*: 3.57%
• 10Y*: —

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

NSBDX vs. FPFIX - Expense Ratio Comparison

NSBDX has a 1.63% expense ratio, which is higher than FPFIX's 0.51% expense ratio.

NSBDX

North Star Bond Fund

FPFIX

FPA Flexible Fixed Income Fund

Return for Risk

NSBDX vs. FPFIX — Risk / Return Rank

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

NSBDX

NSBDX Risk / Return Rank: 62
NSBDX Sharpe Ratio Rank: 69
NSBDX Sortino Ratio Rank: 64
NSBDX Omega Ratio Rank: 69
NSBDX Calmar Ratio Rank: 53
NSBDX Martin Ratio Rank: 57

FPFIX

FPFIX Risk / Return Rank: 88
FPFIX Sharpe Ratio Rank: 87
FPFIX Sortino Ratio Rank: 90
FPFIX Omega Ratio Rank: 85
FPFIX Calmar Ratio Rank: 90
FPFIX Martin Ratio Rank: 91

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.

NSBDX vs. FPFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Star Bond Fund (NSBDX) 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.

	NSBDX	FPFIX	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.71	-0.47
Sortino ratio Return per unit of downside risk	1.66	2.53	-0.87
Omega ratio Gain probability vs. loss probability	1.27	1.35	-0.08
Calmar ratio Return relative to maximum drawdown	1.29	2.45	-1.16
Martin ratio Return relative to average drawdown	5.53	10.78	-5.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSBDX vs. FPFIX - Sharpe Ratio Comparison

The current NSBDX Sharpe Ratio is 1.24, which is comparable to the FPFIX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of NSBDX and FPFIX, 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

	NSBDX	FPFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.71	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	1.57	-1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.81	-1.24

Correlation

The correlation between NSBDX and FPFIX is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NSBDX vs. FPFIX - Dividend Comparison

NSBDX's dividend yield for the trailing twelve months is around 4.18%, more than FPFIX's 3.76% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSBDX North Star Bond Fund	4.18%	3.72%	4.48%	3.45%	2.49%	2.72%	3.23%	3.34%	3.50%	3.61%	2.98%	2.86%
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%

Drawdowns

NSBDX vs. FPFIX - Drawdown Comparison

The maximum NSBDX drawdown since its inception was -18.75%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for NSBDX and FPFIX.

Drawdown Indicators

	NSBDX	FPFIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.75%	-4.11%	-14.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-2.01%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-8.88%	-4.11%	-4.77%
Max Drawdown (10Y) Largest decline over 10 years	-18.75%	—	—
Current Drawdown Current decline from peak	-1.94%	-1.63%	-0.31%
Average Drawdown Average peak-to-trough decline	-1.76%	-0.57%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.46%	+0.04%

Volatility

NSBDX vs. FPFIX - Volatility Comparison

The current volatility for North Star Bond Fund (NSBDX) is 0.88%, while FPA Flexible Fixed Income Fund (FPFIX) has a volatility of 1.13%. This indicates that NSBDX 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.

Volatility by Period

	NSBDX	FPFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	1.13%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	1.46%	1.68%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	2.72%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.68%	2.28%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.90%	2.08%	+1.82%