PPCRX vs. FPFIX
PPCRX (PIMCO Credit Opportunities Bond Fund) and FPFIX (FPA Flexible Fixed Income Fund) are both Nontraditional Bonds funds. Over the past 5 years, PPCRX returned 2.84%/yr vs 3.52%/yr for FPFIX. A 0.58 correlation means they provide meaningful diversification when combined. PPCRX charges 1.00%/yr vs 0.51%/yr for FPFIX.
Performance
PPCRX vs. FPFIX - Performance Comparison
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Returns By Period
In the year-to-date period, PPCRX achieves a -0.12% return, which is significantly lower than FPFIX's 0.11% return.
PPCRX
- 1D
- -0.21%
- 1M
- 0.53%
- 6M
- -0.12%
- YTD
- -0.12%
- 1Y
- 1.83%
- 3Y*
- 4.69%
- 5Y*
- 2.84%
- 10Y*
- 3.85%
FPFIX
- 1D
- -0.20%
- 1M
- 0.21%
- 6M
- 0.11%
- YTD
- 0.11%
- 1Y
- 3.25%
- 3Y*
- 5.71%
- 5Y*
- 3.52%
- 10Y*
- —
PPCRX vs. FPFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PPCRX PIMCO Credit Opportunities Bond Fund | -0.12% | 4.39% | 5.74% | 8.55% | -3.41% | 1.26% | 3.33% | 8.39% |
FPFIX FPA Flexible Fixed Income Fund | 0.11% | 6.87% | 5.28% | 8.11% | -2.82% | 1.77% | 4.71% | 3.78% |
Correlation
The correlation between PPCRX and FPFIX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.58 |
The correlation between PPCRX and FPFIX shifts across timeframes, from 0.58 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PPCRX vs. FPFIX — Risk / Return Rank
PPCRX
FPFIX
PPCRX vs. FPFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Credit Opportunities Bond Fund (PPCRX) 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.
| PPCRX | FPFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.24 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 1.46 | -1.08 |
| Martin ratioReturn relative to average drawdown | 0.96 | 3.73 | -2.76 |
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Drawdowns
PPCRX vs. FPFIX - Drawdown Comparison
The maximum PPCRX drawdown since its inception was -14.38%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for PPCRX and FPFIX.
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Drawdown Indicators
| PPCRX | FPFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.38% | -4.11% | -10.27% |
Max Drawdown (1Y)Largest decline over 1 year | -4.58% | -2.10% | -2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.58% | -2.10% | -2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -8.11% | -4.11% | -4.00% |
Max Drawdown (10Y)Largest decline over 10 years | -14.38% | — | — |
Current DrawdownCurrent decline from peak | -1.83% | -1.30% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -1.32% | -0.60% | -0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 0.82% | +0.97% |
Volatility
PPCRX vs. FPFIX - Volatility Comparison
PIMCO Credit Opportunities Bond Fund (PPCRX) has a higher volatility of 1.16% compared to FPA Flexible Fixed Income Fund (FPFIX) at 0.82%. This indicates that PPCRX's price experiences larger fluctuations and is considered to be riskier 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
| PPCRX | FPFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.82% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 1.87% | +1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 2.44% | +1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.34% | 2.35% | +0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.32% | 2.09% | +1.23% |
PPCRX vs. FPFIX - Expense Ratio Comparison
PPCRX has a 1.00% expense ratio, which is higher than FPFIX's 0.51% expense ratio.
Dividends
PPCRX vs. FPFIX - Dividend Comparison
PPCRX's dividend yield for the trailing twelve months is around 2.76%, less than FPFIX's 3.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPFIX FPA Flexible Fixed Income Fund | 3.74% | 3.78% | 4.76% | 3.95% | 2.92% | 2.26% | 3.00% | 2.42% | 0.00% | 0.00% | 0.00% | 0.00% |
PPCRX PIMCO Credit Opportunities Bond Fund | 2.76% | 2.42% | 4.19% | 4.24% | 3.70% | 3.34% | 3.63% | 3.95% | 4.29% | 3.20% | 3.17% | 3.71% |
Frequently Asked Questions
PPCRX and FPFIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPCRX has higher volatility (1.16%) compared to FPFIX (0.82%). In terms of maximum drawdown, PPCRX dropped -14.38% vs FPFIX's -4.11%.
FPFIX currently has the higher Sharpe Ratio (1.26 vs 0.47), 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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