FPAG vs. DWLD

Last updated Jun 4, 2026

FPAG (FPA Global Equity ETF) and DWLD (Davis Select Worldwide ETF) are both Global Equities funds. Both are actively managed. Over the past 3 years, FPAG returned 21.24%/yr vs 21.79%/yr for DWLD. Their correlation of 0.84 suggests significant overlap in exposure. FPAG charges 0.49%/yr vs 0.63%/yr for DWLD.

Performance

FPAG vs. DWLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Global Equity ETF (FPAG) and Davis Select Worldwide ETF (DWLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPAG achieves a 7.57% return, which is significantly higher than DWLD's 2.89% return.

FPAG

• 1D: -0.60%
• 1M: 4.07%
• YTD: 7.57%
• 6M: 8.13%
• 1Y: 25.35%
• 3Y*: 21.24%
• 5Y*: —
• 10Y*: —

DWLD

• 1D: -1.70%
• 1M: 2.78%
• YTD: 2.89%
• 6M: 5.82%
• 1Y: 22.23%
• 3Y*: 21.79%
• 5Y*: 8.09%
• 10Y*: —

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

FPAG vs. DWLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPAG FPA Global Equity ETF	7.57%	25.17%	15.64%	29.55%	-17.87%	2.93%
DWLD Davis Select Worldwide ETF	2.89%	30.43%	24.34%	20.62%	-14.20%	2.23%

Correlation

The correlation between FPAG and DWLD is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 20, 2021	0.84

The correlation between FPAG and DWLD has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

FPAG vs. DWLD - Sectors Allocation Comparison

Sectors	FPAG	DWLD
Communication Services	17.8%	11.9%
Basic Materials	14.6%	3.5%
Technology	12.9%	17.4%
Industrials	12.2%	0.8%
Healthcare	12.0%	11.4%
Consumer Cyclical	10.6%	21.4%
Financial Services	9.5%	20.2%
Consumer Defensive	8.9%	7.6%
Energy	1.4%	5.8%
Utilities	0.2%	-
Real Estate	0.0%	-

Return for Risk

FPAG vs. DWLD — Risk / Return Rank

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

FPAG

FPAG Risk / Return Rank: 48
FPAG Sharpe Ratio Rank: 50
FPAG Sortino Ratio Rank: 51
FPAG Omega Ratio Rank: 49
FPAG Calmar Ratio Rank: 42
FPAG Martin Ratio Rank: 47

DWLD

DWLD Risk / Return Rank: 42
DWLD Sharpe Ratio Rank: 43
DWLD Sortino Ratio Rank: 42
DWLD Omega Ratio Rank: 41
DWLD Calmar Ratio Rank: 40
DWLD Martin Ratio Rank: 42

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.

FPAG vs. DWLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Global Equity ETF (FPAG) and Davis Select Worldwide ETF (DWLD). 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.

	FPAG	DWLD	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.51	+0.23
Sortino ratio: Return per unit of downside risk	2.51	2.13	+0.38
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	2.10	1.98	+0.12
Martin ratio: Return relative to average drawdown	7.94	6.83	+1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPAG vs. DWLD - Sharpe Ratio Comparison

The current FPAG Sharpe Ratio is 1.74, which is comparable to the DWLD Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of FPAG and DWLD, 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

	FPAG	DWLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.51	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.53	+0.13

Drawdowns

FPAG vs. DWLD - Drawdown Comparison

The maximum FPAG drawdown since its inception was -28.43%, smaller than the maximum DWLD drawdown of -39.27%. Use the drawdown chart below to compare losses from any high point for FPAG and DWLD.

Drawdown Indicators

	FPAG	DWLD	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-39.27%	+10.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-11.27%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-16.01%	-2.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.75%	—
Current Drawdown Current decline from peak	-0.60%	-1.70%	+1.10%
Average Drawdown Average peak-to-trough decline	-6.37%	-11.35%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.26%	-0.06%

Volatility

FPAG vs. DWLD - Volatility Comparison

The current volatility for FPA Global Equity ETF (FPAG) is 4.16%, while Davis Select Worldwide ETF (DWLD) has a volatility of 4.81%. This indicates that FPAG experiences smaller price fluctuations and is considered to be less risky than DWLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAG	DWLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	4.81%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	11.09%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	14.79%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.39%	20.66%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.39%	21.22%	-1.83%

FPAG vs. DWLD - Expense Ratio Comparison

FPAG has a 0.49% expense ratio, which is lower than DWLD's 0.63% expense ratio.

Dividends

FPAG vs. DWLD - Dividend Comparison

FPAG's dividend yield for the trailing twelve months is around 1.41%, less than DWLD's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWLD Davis Select Worldwide ETF	1.52%	1.56%	1.45%	1.23%	0.75%	1.03%	0.24%	2.27%	4.11%	0.20%
FPAG FPA Global Equity ETF	1.41%	1.99%	1.42%	1.51%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPAG and DWLD in my portfolio?

FPAG and DWLD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPAG or DWLD?

DWLD has higher volatility (4.81%) compared to FPAG (4.16%). In terms of maximum drawdown, FPAG dropped -28.43% vs DWLD's -39.27%.

Which ETF is better, FPAG or DWLD?

On 3-year performance, DWLD leads with 21.79% vs 21.24% for FPAG. On fees, FPAG is cheaper at 0.49% per year. On volatility, FPAG has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAG or DWLD?

Over the 3-year period, DWLD has performed better with a 21.79% return vs 21.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAG or DWLD?

FPAG is cheaper with a 0.49% expense ratio, compared with 0.63% for DWLD.

Which ETF pays a higher dividend yield, FPAG or DWLD?

DWLD has the higher dividend yield at 1.52%, compared with 1.41% for FPAG.

What is the main difference between FPAG and DWLD?

They also come from different issuers: FPA and Davis Advisers. Their fees differ too: 0.49% for FPAG and 0.63% for DWLD.

Which has better risk-adjusted returns?

FPAG currently has the higher Sharpe Ratio (1.74 vs 1.51), 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.