SNSAX vs. FPNIX

Last updated Jun 4, 2026

SNSAX (SEI Asset Allocation Trust Defensive Strategy Fund) and FPNIX (FPA New Income Fund) are both Short-Term Bond funds. Over the past 10 years, SNSAX returned 2.86%/yr vs 2.83%/yr for FPNIX. At a 0.28 correlation, their price movements are largely independent. SNSAX charges 0.61%/yr vs 0.45%/yr for FPNIX.

Performance

SNSAX vs. FPNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Asset Allocation Trust Defensive Strategy Fund (SNSAX) and FPA New Income Fund (FPNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SNSAX achieves a 1.86% return, which is significantly higher than FPNIX's -0.02% return. Both investments have delivered pretty close results over the past 10 years, with SNSAX having a 2.86% annualized return and FPNIX not far behind at 2.83%.

SNSAX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.86%
• 6M: 2.07%
• 1Y: 5.44%
• 3Y*: 5.47%
• 5Y*: 2.97%
• 10Y*: 2.86%

FPNIX

• 1D: 0.00%
• 1M: 0.12%
• YTD: -0.02%
• 6M: 0.14%
• 1Y: 4.16%
• 3Y*: 5.34%
• 5Y*: 2.94%
• 10Y*: 2.83%

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

SNSAX vs. FPNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SNSAX SEI Asset Allocation Trust Defensive Strategy Fund	1.86%	6.29%	5.12%	4.67%	-3.55%	2.35%	2.72%	6.25%	-0.26%	2.81%
FPNIX FPA New Income Fund	-0.02%	6.71%	4.58%	6.78%	-3.10%	0.84%	2.51%	3.81%	2.30%	2.67%

Correlation

The correlation between SNSAX and FPNIX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Nov 19, 2003	0.28

Over the past year, SNSAX and FPNIX have become more correlated (0.63) than their long-term average of 0.28, meaning their price movements have been converging.

Return for Risk

SNSAX vs. FPNIX — Risk / Return Rank

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

SNSAX

SNSAX Risk / Return Rank: 89
SNSAX Sharpe Ratio Rank: 92
SNSAX Sortino Ratio Rank: 94
SNSAX Omega Ratio Rank: 91
SNSAX Calmar Ratio Rank: 83
SNSAX Martin Ratio Rank: 83

FPNIX

FPNIX Risk / Return Rank: 36
FPNIX Sharpe Ratio Rank: 38
FPNIX Sortino Ratio Rank: 40
FPNIX Omega Ratio Rank: 43
FPNIX Calmar Ratio Rank: 32
FPNIX Martin Ratio Rank: 25

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.

SNSAX vs. FPNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Asset Allocation Trust Defensive Strategy Fund (SNSAX) and FPA New Income Fund (FPNIX). 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.

	SNSAX	FPNIX	Difference
Sharpe ratio: Return per unit of total volatility	3.12	1.79	+1.33
Sortino ratio: Return per unit of downside risk	4.81	2.65	+2.16
Omega ratio: Gain probability vs. loss probability	1.68	1.35	+0.33
Calmar ratio: Return relative to maximum drawdown	3.87	2.12	+1.76
Martin ratio: Return relative to average drawdown	15.62	6.23	+9.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNSAX vs. FPNIX - Sharpe Ratio Comparison

The current SNSAX Sharpe Ratio is 3.12, which is higher than the FPNIX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of SNSAX and FPNIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SNSAX	FPNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	1.79	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	1.21	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.12	1.49	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	1.02	+0.15

Drawdowns

SNSAX vs. FPNIX - Drawdown Comparison

The maximum SNSAX drawdown since its inception was -12.22%, smaller than the maximum FPNIX drawdown of -22.95%. Use the drawdown chart below to compare losses from any high point for SNSAX and FPNIX.

Drawdown Indicators

	SNSAX	FPNIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.22%	-22.95%	+10.73%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	-1.97%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-1.96%	-1.97%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-6.87%	-4.67%	-2.20%
Max Drawdown (10Y) Largest decline over 10 years	-6.87%	-4.67%	-2.20%
Current Drawdown Current decline from peak	-0.00%	-1.35%	+1.35%
Average Drawdown Average peak-to-trough decline	-1.83%	-1.86%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.67%	-0.32%

Volatility

SNSAX vs. FPNIX - Volatility Comparison

The current volatility for SEI Asset Allocation Trust Defensive Strategy Fund (SNSAX) is 0.49%, while FPA New Income Fund (FPNIX) has a volatility of 0.75%. This indicates that SNSAX experiences smaller price fluctuations and is considered to be less risky than FPNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNSAX	FPNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	0.75%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	1.30%	1.67%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	1.75%	2.34%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.79%	2.44%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.57%	1.90%	+0.67%

SNSAX vs. FPNIX - Expense Ratio Comparison

SNSAX has a 0.61% expense ratio, which is higher than FPNIX's 0.45% expense ratio.

Dividends

SNSAX vs. FPNIX - Dividend Comparison

SNSAX's dividend yield for the trailing twelve months is around 3.12%, less than FPNIX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPNIX FPA New Income Fund	3.82%	3.36%	4.39%	3.37%	2.13%	1.24%	2.17%	2.63%	3.10%	2.84%	2.31%	1.87%
SNSAX SEI Asset Allocation Trust Defensive Strategy Fund	3.12%	3.19%	4.20%	3.08%	3.74%	3.47%	1.88%	2.40%	1.81%	1.85%	1.19%	1.21%

Frequently Asked Questions

Can I hold both SNSAX and FPNIX in my portfolio?

SNSAX and FPNIX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNSAX or FPNIX?

FPNIX has higher volatility (0.75%) compared to SNSAX (0.49%). In terms of maximum drawdown, SNSAX dropped -12.22% vs FPNIX's -22.95%.

Which has better risk-adjusted returns?

SNSAX currently has the higher Sharpe Ratio (3.12 vs 1.79), 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.