FPAG vs. FMIJX

Last updated Jun 3, 2026

FPAG (FPA Global Equity ETF) and FMIJX (FMI International Fund) are both funds - FPAG is a Global Equities fund actively managed by FPA, while FMIJX is a Foreign Large Cap Equities fund managed by FMI Funds. Over the past 3 years, FPAG returned 21.48%/yr vs 7.53%/yr for FMIJX. A 0.80 correlation means they provide meaningful diversification when combined. FPAG charges 0.49%/yr vs 0.94%/yr for FMIJX.

Performance

FPAG vs. FMIJX - Performance Comparison

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

Returns By Period

In the year-to-date period, FPAG achieves a 8.22% return, which is significantly higher than FMIJX's 0.40% return.

FPAG

• 1D: 0.25%
• 1M: 3.53%
• YTD: 8.22%
• 6M: 10.20%
• 1Y: 26.71%
• 3Y*: 21.48%
• 5Y*: —
• 10Y*: —

FMIJX

• 1D: -0.65%
• 1M: 0.34%
• YTD: 0.40%
• 6M: 0.60%
• 1Y: 5.23%
• 3Y*: 7.53%
• 5Y*: 3.22%
• 10Y*: 5.40%

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

FPAG vs. FMIJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPAG FPA Global Equity ETF	8.22%	25.17%	15.64%	29.55%	-17.87%	2.93%
FMIJX FMI International Fund	0.40%	8.57%	6.99%	21.81%	-18.67%	3.58%

Correlation

The correlation between FPAG and FMIJX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 20, 2021	0.80

The correlation between FPAG and FMIJX has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

Return for Risk

FPAG vs. FMIJX — Risk / Return Rank

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

FPAG

FPAG Risk / Return Rank: 51
FPAG Sharpe Ratio Rank: 53
FPAG Sortino Ratio Rank: 54
FPAG Omega Ratio Rank: 52
FPAG Calmar Ratio Rank: 44
FPAG Martin Ratio Rank: 50

FMIJX

FMIJX Risk / Return Rank: 5
FMIJX Sharpe Ratio Rank: 5
FMIJX Sortino Ratio Rank: 5
FMIJX Omega Ratio Rank: 5
FMIJX Calmar Ratio Rank: 4
FMIJX Martin Ratio Rank: 5

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. FMIJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Global Equity ETF (FPAG) and FMI International Fund (FMIJX). 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	FMIJX	Difference
Sharpe ratio Return per unit of total volatility	1.83	0.36	+1.48
Sortino ratio Return per unit of downside risk	2.63	0.63	+2.00
Omega ratio Gain probability vs. loss probability	1.33	1.07	+0.26
Calmar ratio Return relative to maximum drawdown	2.23	0.37	+1.86
Martin ratio Return relative to average drawdown	8.45	1.25	+7.21
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. FMIJX - Sharpe Ratio Comparison

The current FPAG Sharpe Ratio is 1.83, which is higher than the FMIJX Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of FPAG and FMIJX, 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	FMIJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	0.36	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.23	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.48	+0.19

Drawdowns

FPAG vs. FMIJX - Drawdown Comparison

The maximum FPAG drawdown since its inception was -28.43%, smaller than the maximum FMIJX drawdown of -37.45%. Use the drawdown chart below to compare losses from any high point for FPAG and FMIJX.

Drawdown Indicators

	FPAG	FMIJX	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-37.45%	+9.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-13.46%	+1.32%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-15.88%	-2.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.45%	—
Current Drawdown Current decline from peak	0.00%	-5.84%	+5.84%
Average Drawdown Average peak-to-trough decline	-6.37%	-4.67%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	4.01%	-0.81%

Volatility

FPAG vs. FMIJX - Volatility Comparison

FPA Global Equity ETF (FPAG) has a higher volatility of 4.29% compared to FMI International Fund (FMIJX) at 3.95%. This indicates that FPAG's price experiences larger fluctuations and is considered to be riskier than FMIJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAG	FMIJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	3.95%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	11.01%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	14.63%	14.08%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.40%	14.37%	+5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.40%	15.18%	+4.22%

FPAG vs. FMIJX - Expense Ratio Comparison

FPAG has a 0.49% expense ratio, which is lower than FMIJX's 0.94% expense ratio.

Dividends

FPAG vs. FMIJX - Dividend Comparison

FPAG's dividend yield for the trailing twelve months is around 1.40%, less than FMIJX's 13.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMIJX FMI International Fund	13.04%	13.09%	0.00%	0.00%	4.43%	3.46%	0.00%	3.55%	7.43%	0.28%	3.76%	1.84%
FPAG FPA Global Equity ETF	1.40%	1.99%	1.42%	1.51%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPAG and FMIJX in my portfolio?

FPAG and FMIJX have a correlation of 0.79, 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 FMIJX?

FPAG has higher volatility (4.29%) compared to FMIJX (3.95%). In terms of maximum drawdown, FPAG dropped -28.43% vs FMIJX's -37.45%.

Which has better risk-adjusted returns?

FPAG currently has the higher Sharpe Ratio (1.83 vs 0.36), 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.