WAARX vs. FPFIX

Last updated Jun 4, 2026

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 0.19%/yr vs 3.50%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Total Return Unconstrained Fund (WAARX) 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, WAARX achieves a 0.77% return, which is significantly higher than FPFIX's -0.11% return.

WAARX

• 1D: 0.11%
• 1M: 0.55%
• YTD: 0.77%
• 6M: 0.92%
• 1Y: 4.24%
• 3Y*: 5.25%
• 5Y*: 0.19%
• 10Y*: 2.23%

FPFIX

• 1D: 0.00%
• 1M: 0.01%
• YTD: -0.11%
• 6M: 0.10%
• 1Y: 4.17%
• 3Y*: 5.78%
• 5Y*: 3.50%
• 10Y*: —

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

WAARX vs. FPFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WAARX Western Asset Total Return Unconstrained Fund	0.77%	7.13%	1.80%	7.50%	-13.93%	-1.84%	5.12%	8.83%
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 WAARX and FPFIX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.56

Over the past year, WAARX and FPFIX have become more correlated (0.76) than their long-term average of 0.56, meaning their price movements have been converging.

Return for Risk

WAARX vs. FPFIX — Risk / Return Rank

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

WAARX

WAARX Risk / Return Rank: 33
WAARX Sharpe Ratio Rank: 33
WAARX Sortino Ratio Rank: 36
WAARX Omega Ratio Rank: 39
WAARX Calmar Ratio Rank: 24
WAARX Martin Ratio Rank: 30

FPFIX

FPFIX Risk / Return Rank: 31
FPFIX Sharpe Ratio Rank: 34
FPFIX Sortino Ratio Rank: 36
FPFIX Omega Ratio Rank: 38
FPFIX Calmar Ratio Rank: 27
FPFIX Martin Ratio Rank: 22

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.

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.

	WAARX	FPFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.67	0.00
Sortino ratio: Return per unit of downside risk	2.52	2.48	+0.04
Omega ratio: Gain probability vs. loss probability	1.33	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	1.83	1.95	-0.12
Martin ratio: Return relative to average drawdown	6.96	5.70	+1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAARX vs. FPFIX - Sharpe Ratio Comparison

The current WAARX Sharpe Ratio is 1.67, which is comparable to the FPFIX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of WAARX 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.

Sharpe Ratios by Period

	WAARX	FPFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.67	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	1.52	-1.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.76	-0.90

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.

Drawdown Indicators

	WAARX	FPFIX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.42%	-1.51%	+1.09%
Average Drawdown Average peak-to-trough decline	-3.14%	-0.59%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.72%	-0.13%

Volatility

WAARX vs. FPFIX - Volatility Comparison

The current volatility for Western Asset Total Return Unconstrained Fund (WAARX) is 0.70%, while FPA Flexible Fixed Income Fund (FPFIX) has a volatility of 0.79%. This indicates that WAARX 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

	WAARX	FPFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.79%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.80%	1.75%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	2.45%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.36%	2.32%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.18%	2.08%	+2.10%

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 4.84%, more than FPFIX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
WAARX Western Asset Total Return Unconstrained Fund	4.84%	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

Can I hold both WAARX and FPFIX in my portfolio?

WAARX and FPFIX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAARX or FPFIX?

FPFIX has higher volatility (0.79%) compared to WAARX (0.70%). In terms of maximum drawdown, WAARX dropped -20.10% vs FPFIX's -4.11%.

Which has better risk-adjusted returns?

WAARX currently has the higher Sharpe Ratio (1.67 vs 1.67), 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.