SEMPX vs. FPFIX

Last updated Jun 19, 2026

SEMPX (Semper MBS Total Return Fund) and FPFIX (FPA Flexible Fixed Income Fund) are both Nontraditional Bonds funds. Over the past 5 years, SEMPX returned 4.25%/yr vs 3.44%/yr for FPFIX. A 0.54 correlation means they provide meaningful diversification when combined. SEMPX charges 1.07%/yr vs 0.51%/yr for FPFIX.

Performance

SEMPX vs. FPFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Semper MBS Total Return Fund (SEMPX) and FPA Flexible Fixed Income Fund (FPFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEMPX achieves a 0.90% return, which is significantly higher than FPFIX's -0.30% return.

SEMPX

• 1D: -0.12%
• 1M: 1.05%
• YTD: 0.90%
• 6M: 1.36%
• 1Y: 6.09%
• 3Y*: 9.57%
• 5Y*: 4.25%
• 10Y*: 3.55%

FPFIX

• 1D: -0.39%
• 1M: 0.41%
• YTD: -0.30%
• 6M: -0.29%
• 1Y: 3.46%
• 3Y*: 5.64%
• 5Y*: 3.44%
• 10Y*: —

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

SEMPX vs. FPFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SEMPX Semper MBS Total Return Fund	0.90%	8.57%	12.84%	12.51%	-13.26%	6.70%	-7.09%	4.52%
FPFIX FPA Flexible Fixed Income Fund	-0.30%	6.87%	5.28%	8.11%	-2.82%	1.77%	4.71%	3.78%

Correlation

The correlation between SEMPX and FPFIX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.54

Over the past year, SEMPX and FPFIX have become more correlated (0.74) than their long-term average of 0.54, meaning their price movements have been converging.

Return for Risk

SEMPX vs. FPFIX — Risk / Return Rank

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

SEMPX

SEMPX Risk / Return Rank: 73
SEMPX Sharpe Ratio Rank: 73
SEMPX Sortino Ratio Rank: 91
SEMPX Omega Ratio Rank: 83
SEMPX Calmar Ratio Rank: 71
SEMPX Martin Ratio Rank: 49

FPFIX

FPFIX Risk / Return Rank: 26
FPFIX Sharpe Ratio Rank: 29
FPFIX Sortino Ratio Rank: 30
FPFIX Omega Ratio Rank: 33
FPFIX Calmar Ratio Rank: 23
FPFIX Martin Ratio Rank: 18

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.

SEMPX vs. FPFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Semper MBS Total Return Fund (SEMPX) 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.

	SEMPX	FPFIX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.44	+0.79
Sortino ratio: Return per unit of downside risk	4.11	2.11	+2.00
Omega ratio: Gain probability vs. loss probability	1.50	1.28	+0.22
Calmar ratio: Return relative to maximum drawdown	2.99	1.66	+1.33
Martin ratio: Return relative to average drawdown	9.35	4.41	+4.94

SEMPX vs. FPFIX - Sharpe Ratio Comparison

The current SEMPX Sharpe Ratio is 2.23, which is higher than the FPFIX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of SEMPX and FPFIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SEMPX vs. FPFIX - Drawdown Comparison

The maximum SEMPX drawdown since its inception was -25.02%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for SEMPX and FPFIX.

Drawdown Indicators

	SEMPX	FPFIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.02%	-4.11%	-20.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-2.10%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-2.04%	-2.10%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-14.67%	-4.11%	-10.56%
Max Drawdown (10Y) Largest decline over 10 years	-25.02%	—	—
Current Drawdown Current decline from peak	-0.80%	-1.70%	+0.90%
Average Drawdown Average peak-to-trough decline	-3.26%	-0.60%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.79%	-0.14%

Volatility

SEMPX vs. FPFIX - Volatility Comparison

Semper MBS Total Return Fund (SEMPX) and FPA Flexible Fixed Income Fund (FPFIX) have volatilities of 0.81% and 0.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMPX	FPFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.81%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.07%	1.82%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.75%	2.42%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.12%	2.33%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	2.09%	+1.83%

SEMPX vs. FPFIX - Expense Ratio Comparison

SEMPX has a 1.07% expense ratio, which is higher than FPFIX's 0.51% expense ratio.

Dividends

SEMPX vs. FPFIX - Dividend Comparison

SEMPX's dividend yield for the trailing twelve months is around 5.71%, more than FPFIX's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPFIX FPA Flexible Fixed Income Fund	3.75%	3.78%	4.76%	3.95%	2.92%	2.26%	3.00%	2.42%	0.00%	0.00%	0.00%	0.00%
SEMPX Semper MBS Total Return Fund	5.71%	5.83%	6.66%	8.75%	6.15%	2.97%	4.07%	4.72%	5.65%	5.00%	5.94%	5.10%

Frequently Asked Questions

Can I hold both SEMPX and FPFIX in my portfolio?

SEMPX and FPFIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEMPX or FPFIX?

FPFIX has higher volatility (0.81%) compared to SEMPX (0.81%). In terms of maximum drawdown, SEMPX dropped -25.02% vs FPFIX's -4.11%.

Which has better risk-adjusted returns?

SEMPX currently has the higher Sharpe Ratio (2.23 vs 1.44), 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.