WAARX vs. FPFIX
WAARX (Western Asset Total Return Unconstrained Fund) and FPFIX (FPA Flexible Fixed Income Fund) are both Nontraditional Bonds funds. Over the past 5 years, WAARX returned 0.05%/yr vs 3.44%/yr for FPFIX. A 0.56 correlation means they provide meaningful diversification when combined. WAARX charges 0.74%/yr vs 0.51%/yr for FPFIX.
Performance
WAARX vs. FPFIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, WAARX achieves a 0.55% return, which is significantly higher than FPFIX's -0.30% return.
WAARX
- 1D
- -0.11%
- 1M
- 0.22%
- YTD
- 0.55%
- 6M
- 0.66%
- 1Y
- 3.23%
- 3Y*
- 4.62%
- 5Y*
- 0.05%
- 10Y*
- 2.26%
FPFIX
- 1D
- -0.20%
- 1M
- 0.21%
- YTD
- -0.30%
- 6M
- -0.11%
- 1Y
- 3.16%
- 3Y*
- 5.60%
- 5Y*
- 3.44%
- 10Y*
- —
WAARX vs. FPFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
WAARX Western Asset Total Return Unconstrained Fund | 0.55% | 7.13% | 1.80% | 7.50% | -13.93% | -1.84% | 5.12% | 8.72% |
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 WAARX and FPFIX is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.56 |
The correlation between WAARX and FPFIX shifts across timeframes, from 0.56 (all time) to 0.78 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
WAARX vs. FPFIX — Risk / Return Rank
WAARX
FPFIX
WAARX vs. FPFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Total Return Unconstrained Fund (WAARX) 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.
| WAARX | FPFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 1.61 | -0.08 |
| Martin ratioReturn relative to average drawdown | 5.68 | 4.21 | +1.46 |
Loading charts...
Drawdowns
WAARX vs. FPFIX - Drawdown Comparison
The maximum WAARX drawdown since its inception was -20.10%, which is greater than FPFIX's maximum drawdown of -4.11%. Use the drawdown chart below to compare losses from any high point for WAARX and FPFIX.
Loading charts...
Drawdown Indicators
| WAARX | FPFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.10% | -4.11% | -15.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.26% | -2.10% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -5.04% | -2.10% | -2.94% |
Max Drawdown (5Y)Largest decline over 5 years | -19.35% | -4.11% | -15.24% |
Max Drawdown (10Y)Largest decline over 10 years | -19.35% | — | — |
Current DrawdownCurrent decline from peak | -0.64% | -1.70% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -3.13% | -0.60% | -2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.80% | -0.19% |
Volatility
WAARX vs. FPFIX - Volatility Comparison
Western Asset Total Return Unconstrained Fund (WAARX) and FPA Flexible Fixed Income Fund (FPFIX) have volatilities of 0.80% and 0.78%, 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.
Loading charts...
Volatility by Period
| WAARX | FPFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.78% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 1.84% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.46% | 2.43% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 2.34% | +2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.18% | 2.09% | +2.09% |
WAARX vs. FPFIX - Expense Ratio Comparison
WAARX has a 0.74% expense ratio, which is higher than FPFIX's 0.51% expense ratio.
Dividends
WAARX vs. FPFIX - Dividend Comparison
WAARX's dividend yield for the trailing twelve months is around 4.86%, 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% |
WAARX Western Asset Total Return Unconstrained Fund | 4.86% | 4.40% | 3.86% | 2.54% | 1.04% | 4.40% | 1.59% | 4.30% | 3.69% | 3.59% | 3.18% | 3.16% |
Frequently Asked Questions
WAARX and FPFIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WAARX has higher volatility (0.80%) compared to FPFIX (0.78%). In terms of maximum drawdown, WAARX dropped -20.10% vs FPFIX's -4.11%.
WAARX currently has the higher Sharpe Ratio (1.41 vs 1.39), 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.
Find the right allocation for WAARX and FPFIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer