RPIEX vs. FPFIX
RPIEX (T. Rowe Price Dynamic Global Bond Fund) and FPFIX (FPA Flexible Fixed Income Fund) are both Nontraditional Bonds funds. Over the past 5 years, RPIEX returned 1.86%/yr vs 3.50%/yr for FPFIX. At a correlation of -0.21, they often move in opposite directions. RPIEX charges 0.71%/yr vs 0.51%/yr for FPFIX.
Performance
RPIEX vs. FPFIX - Performance Comparison
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Returns By Period
In the year-to-date period, RPIEX achieves a 2.75% return, which is significantly higher than FPFIX's -0.11% return.
RPIEX
- 1D
- -0.13%
- 1M
- 1.00%
- YTD
- 2.75%
- 6M
- 4.12%
- 1Y
- 4.95%
- 3Y*
- 3.89%
- 5Y*
- 1.86%
- 10Y*
- 2.29%
FPFIX
- 1D
- 0.00%
- 1M
- 0.01%
- YTD
- -0.11%
- 6M
- 0.10%
- 1Y
- 4.17%
- 3Y*
- 5.78%
- 5Y*
- 3.50%
- 10Y*
- —
RPIEX vs. FPFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
RPIEX T. Rowe Price Dynamic Global Bond Fund | 2.75% | 4.82% | 6.83% | -4.51% | 3.08% | 0.08% | 9.42% | -0.18% |
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 RPIEX and FPFIX is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019 | -0.21 |
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Return for Risk
RPIEX vs. FPFIX — Risk / Return Rank
RPIEX
FPFIX
RPIEX vs. FPFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Dynamic Global Bond Fund (RPIEX) 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.
| RPIEX | FPFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.33 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.95 | -0.58 |
| Martin ratioReturn relative to average drawdown | 4.59 | 5.70 | -1.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RPIEX | FPFIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 1.67 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 1.52 | -1.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 1.76 | -1.19 |
Drawdowns
RPIEX vs. FPFIX - Drawdown Comparison
The maximum RPIEX drawdown since its inception was -9.59%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for RPIEX and FPFIX.
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Drawdown Indicators
| RPIEX | FPFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.59% | -4.11% | -5.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.64% | -2.10% | -1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -3.64% | -2.10% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -9.59% | -4.11% | -5.48% |
Max Drawdown (10Y)Largest decline over 10 years | -9.59% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | -1.51% | +1.25% |
Average DrawdownAverage peak-to-trough decline | -2.48% | -0.59% | -1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 0.72% | +0.36% |
Volatility
RPIEX vs. FPFIX - Volatility Comparison
T. Rowe Price Dynamic Global Bond Fund (RPIEX) has a higher volatility of 0.86% compared to FPA Flexible Fixed Income Fund (FPFIX) at 0.79%. This indicates that RPIEX'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
| RPIEX | FPFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.79% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.87% | 1.75% | +2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 2.45% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.92% | 2.32% | +2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.19% | 2.08% | +2.11% |
RPIEX vs. FPFIX - Expense Ratio Comparison
RPIEX has a 0.71% expense ratio, which is higher than FPFIX's 0.51% expense ratio.
Dividends
RPIEX vs. FPFIX - Dividend Comparison
RPIEX's dividend yield for the trailing twelve months is around 7.55%, more than FPFIX's 3.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RPIEX T. Rowe Price Dynamic Global Bond Fund | 7.55% | 7.69% | 6.32% | 4.68% | 15.28% | 3.76% | 1.93% | 2.51% | 4.36% | 0.61% | 2.72% |
Frequently Asked Questions
RPIEX and FPFIX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RPIEX has higher volatility (0.86%) compared to FPFIX (0.79%). In terms of maximum drawdown, RPIEX dropped -9.59% vs FPFIX's -4.11%.
FPFIX currently has the higher Sharpe Ratio (1.67 vs 1.14), 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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