SEMPX vs. FPFIX

Last updated Apr 1, 2026

Compare and contrast key facts about Semper MBS Total Return Fund (SEMPX) and FPA Flexible Fixed Income Fund (FPFIX).

SEMPX is managed by Semper. It was launched on Jul 21, 2013. FPFIX is managed by FPA. It was launched on Dec 30, 2018.

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.

SEMPX vs. FPFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SEMPX Semper MBS Total Return Fund	-0.14%	8.57%	12.96%	12.51%	-13.26%	6.70%	-7.09%	4.62%
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, SEMPX achieves a -0.14% return, which is significantly higher than FPFIX's -0.23% return.

SEMPX

• 1D: 0.23%
• 1M: -1.82%
• YTD: -0.14%
• 6M: 1.81%
• 1Y: 6.18%
• 3Y*: 10.33%
• 5Y*: 4.57%
• 10Y*: 3.55%

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)

SEMPX vs. FPFIX - Expense Ratio Comparison

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

SEMPX

Semper MBS Total Return Fund

FPFIX

FPA Flexible Fixed Income Fund

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: 95
SEMPX Sharpe Ratio Rank: 95
SEMPX Sortino Ratio Rank: 97
SEMPX Omega Ratio Rank: 95
SEMPX Calmar Ratio Rank: 95
SEMPX Martin Ratio Rank: 94

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.

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.

	SEMPX	FPFIX	Difference
Sharpe ratio Return per unit of total volatility	2.31	1.71	+0.60
Sortino ratio Return per unit of downside risk	4.07	2.53	+1.54
Omega ratio Gain probability vs. loss probability	1.51	1.35	+0.17
Calmar ratio Return relative to maximum drawdown	3.34	2.45	+0.88
Martin ratio Return relative to average drawdown	12.04	10.78	+1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMPX vs. FPFIX - Sharpe Ratio Comparison

The current SEMPX Sharpe Ratio is 2.31, which is higher than the FPFIX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SEMPX 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

	SEMPX	FPFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.71	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.50	1.57	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	1.81	-0.72

Correlation

The correlation between SEMPX and FPFIX is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SEMPX vs. FPFIX - Dividend Comparison

SEMPX's dividend yield for the trailing twelve months is around 5.31%, more than FPFIX's 3.76% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEMPX Semper MBS Total Return Fund	5.31%	5.83%	6.77%	8.75%	6.15%	2.97%	4.07%	4.72%	5.65%	5.00%	5.94%	5.10%
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

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%	-2.01%	-0.03%
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	-1.82%	-1.63%	-0.19%
Average Drawdown Average peak-to-trough decline	-3.30%	-0.57%	-2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.46%	+0.11%

Volatility

SEMPX vs. FPFIX - Volatility Comparison

The current volatility for Semper MBS Total Return Fund (SEMPX) is 0.78%, while FPA Flexible Fixed Income Fund (FPFIX) has a volatility of 1.13%. This indicates that SEMPX 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

	SEMPX	FPFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	1.13%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	1.68%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	2.72%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.07%	2.28%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.90%	2.08%	+1.82%