FPAG vs. FPACX

Last updated Apr 1, 2026

Compare and contrast key facts about FPA Global Equity ETF (FPAG) and FPA Crescent Fund (FPACX).

FPAG is an actively managed fund by FPA. It was launched on Dec 16, 2021. FPACX is managed by FPA. It was launched on Jun 1, 1993.

Performance

FPAG vs. FPACX - Performance Comparison

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

FPAG vs. FPACX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPAG FPA Global Equity ETF	-2.21%	25.17%	15.64%	29.55%	-17.87%	2.93%
FPACX FPA Crescent Fund	-3.27%	17.69%	12.42%	20.30%	-9.20%	2.22%

Returns By Period

In the year-to-date period, FPAG achieves a -2.21% return, which is significantly higher than FPACX's -3.27% return.

FPAG

• 1D: 3.21%
• 1M: -8.66%
• YTD: -2.21%
• 6M: 2.10%
• 1Y: 22.71%
• 3Y*: 18.96%
• 5Y*: —
• 10Y*: —

FPACX

• 1D: 0.19%
• 1M: -6.57%
• YTD: -3.27%
• 6M: -0.26%
• 1Y: 14.07%
• 3Y*: 13.33%
• 5Y*: 7.95%
• 10Y*: 9.35%

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

FPAG vs. FPACX - Expense Ratio Comparison

FPAG has a 0.49% expense ratio, which is lower than FPACX's 1.00% expense ratio.

FPACX

FPA Crescent Fund

FPAG

FPA Global Equity ETF

Return for Risk

FPAG vs. FPACX — Risk / Return Rank

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

FPAG

FPAG Risk / Return Rank: 70
FPAG Sharpe Ratio Rank: 67
FPAG Sortino Ratio Rank: 71
FPAG Omega Ratio Rank: 70
FPAG Calmar Ratio Rank: 72
FPAG Martin Ratio Rank: 68

FPACX

FPACX Risk / Return Rank: 72
FPACX Sharpe Ratio Rank: 73
FPACX Sortino Ratio Rank: 75
FPACX Omega Ratio Rank: 72
FPACX Calmar Ratio Rank: 75
FPACX Martin Ratio Rank: 65

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. FPACX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Global Equity ETF (FPAG) and FPA Crescent Fund (FPACX). 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	FPACX	Difference
Sharpe ratio Return per unit of total volatility	1.17	1.27	-0.10
Sortino ratio Return per unit of downside risk	1.75	1.84	-0.09
Omega ratio Gain probability vs. loss probability	1.25	1.27	-0.01
Calmar ratio Return relative to maximum drawdown	1.82	1.71	+0.10
Martin ratio Return relative to average drawdown	6.73	6.19	+0.53
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. FPACX - Sharpe Ratio Comparison

The current FPAG Sharpe Ratio is 1.17, which is comparable to the FPACX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FPAG and FPACX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FPAG	FPACX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.27	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.86	-0.31

Correlation

The correlation between FPAG and FPACX is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FPAG vs. FPACX - Dividend Comparison

FPAG's dividend yield for the trailing twelve months is around 1.55%, less than FPACX's 9.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPAG FPA Global Equity ETF	1.55%	1.99%	1.42%	1.51%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FPACX FPA Crescent Fund	9.92%	9.60%	7.95%	3.72%	0.77%	11.62%	4.80%	4.65%	8.87%	3.70%	4.98%	6.34%

Drawdowns

FPAG vs. FPACX - Drawdown Comparison

The maximum FPAG drawdown since its inception was -28.43%, smaller than the maximum FPACX drawdown of -31.60%. Use the drawdown chart below to compare losses from any high point for FPAG and FPACX.

Drawdown Indicators

	FPAG	FPACX	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-31.60%	+3.17%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-7.37%	-4.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.46%	—
Current Drawdown Current decline from peak	-9.21%	-7.19%	-2.02%
Average Drawdown Average peak-to-trough decline	-6.51%	-3.89%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	2.04%	+1.28%

Volatility

FPAG vs. FPACX - Volatility Comparison

FPA Global Equity ETF (FPAG) has a higher volatility of 6.67% compared to FPA Crescent Fund (FPACX) at 3.28%. This indicates that FPAG's price experiences larger fluctuations and is considered to be riskier than FPACX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAG	FPACX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	3.28%	+3.39%
Volatility (6M) Calculated over the trailing 6-month period	11.01%	6.37%	+4.64%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	11.09%	+8.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	11.86%	+7.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.50%	13.17%	+6.33%