- Issuer
- FPA
- Inception Date
- Oct 31, 2024
- Region
- North America (U.S.)
- Category
- Government Bonds, Short-Term Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
FPAS Performance Chart
FPA Short Duration Government ETF (FPAS) is down 0.8% since the beginning of the year. FPAS is currently trading at $25 per share.
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Returns By Period
FPA Short Duration Government ETF (FPAS) has returned -0.75% so far this year and 3.02% over the past 12 months.
FPA Short Duration Government ETF
- 1D
- -0.14%
- 1M
- -0.21%
- YTD
- -0.75%
- 6M
- -0.62%
- 1Y
- 3.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
FPAS Monthly Returns History
Based on dividend-adjusted daily data since Nov 1, 2024, FPAS's average daily return is +0.02%, while the average monthly return is +0.31%. At this rate, an investment would double in approximately 18.7 years.
Historically, 60% of months were positive and 40% were negative. The best month was Feb 2025 with a return of +1.9%, while the worst month was Mar 2026 at -1.3%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FPAS closed higher 51% of trading days. The best single day was Mar 18, 2025 with a return of +1.7%, while the worst single day was Mar 19, 2025 at -1.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.33% | 1.45% | -1.29% | -0.13% | -0.20% | -0.24% | -0.75% | ||||||
| 2025 | 0.49% | 1.86% | 1.05% | 0.83% | -0.77% | 1.06% | -0.33% | 1.39% | 0.26% | 0.16% | 0.95% | 0.02% | 7.15% |
| 2024 | 0.86% | -0.88% | -0.03% |
Benchmark Metrics
FPA Short Duration Government ETF has an annualized alpha of 4.54%, beta of -0.02, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since November 04, 2024.
- This ETF captured 6.07% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -18.57%) - a profile typical of hedging or uncorrelated assets.
- Beta of -0.02 may look defensive, but with R2 of 0.01 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.01 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.54%
- Beta
- -0.02
- R²
- 0.01
- Upside Capture
- 6.07%
- Downside Capture
- -18.57%
Expense Ratio
FPAS has an expense ratio of 0.09%, which is considered low.
Return for Risk
Risk / Return Rank
FPAS ranks 27 for risk / return — below 27% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) and compare them to S&P 500 Index.
| FPAS | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.68 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.41 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 2.93 | -1.70 |
| Martin ratioReturn relative to average drawdown | 3.71 | 13.52 | -9.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
FPA Short Duration Government ETF provided a 4.78% dividend yield over the last twelve months, with an annual payout of $1.18 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $1.18 | $1.20 | $0.17 |
Dividend yield | 4.78% | 4.75% | 0.68% |
Monthly Dividends
The table displays the monthly dividend distributions for FPA Short Duration Government ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.08 | $0.08 | $0.08 | $0.09 | $0.08 | $0.00 | $0.40 | ||||||
| 2025 | $0.08 | $0.08 | $0.08 | $0.08 | $0.09 | $0.08 | $0.08 | $0.08 | $0.08 | $0.15 | $0.15 | $0.16 | $1.20 |
| 2024 | $0.08 | $0.09 | $0.17 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the FPA Short Duration Government ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the FPA Short Duration Government ETF was 2.47%, occurring on May 19, 2026. The portfolio has not yet recovered.
The current FPA Short Duration Government ETF drawdown is 1.85%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -2.47%May 2026 | 2mo 18d | — | 3mo 4dMar 2026 - now |
2025 pullback2025 | -1.96%Jan 2025 | 1mo 5d | 1mo 12d | 2mo 17dDec 2024 - Feb 2025 |
2025 selloff2025 | -1.86%Apr 2025 | 4d | 19d | 23dApr 2025 - Apr 2025 |
2025 selloff2025 | -1.77%May 2025 | 13d | 1mo 12d | 1mo 25dMay 2025 - Jun 2025 |
2025 selloff2025 | -1.73%Mar 2025 | 5d | 11d | 16dMar 2025 - Apr 2025 |
Drawdown Indicators
| FPAS | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.47% | -56.78% | +54.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.47% | -9.10% | +6.63% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.85% | -0.74% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -0.67% | -10.72% | +10.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 1.97% | -1.15% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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