FPAG vs. FPACX

Last updated Jun 24, 2026

FPAG (FPA Global Equity ETF) and FPACX (FPA Crescent Fund) are both funds - FPAG is a Global Equities fund actively managed by FPA, while FPACX is a Diversified Portfolio fund managed by FPA. Over the past 3 years, FPAG returned 19.96%/yr vs 15.00%/yr for FPACX. With a 0.96 correlation, they move nearly in lockstep. FPAG charges 0.49%/yr vs 1.00%/yr for FPACX.

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.

Returns By Period

In the year-to-date period, FPAG achieves a 5.81% return, which is significantly higher than FPACX's 5.01% return.

FPAG

• 1D: -1.29%
• 1M: -0.06%
• YTD: 5.81%
• 6M: 5.36%
• 1Y: 20.45%
• 3Y*: 19.96%
• 5Y*: —
• 10Y*: —

FPACX

• 1D: -0.66%
• 1M: 1.00%
• YTD: 5.01%
• 6M: 4.84%
• 1Y: 16.55%
• 3Y*: 15.00%
• 5Y*: 9.18%
• 10Y*: 10.43%

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

FPAG vs. FPACX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPAG FPA Global Equity ETF	5.81%	25.17%	15.64%	29.55%	-17.87%	3.26%
FPACX FPA Crescent Fund	5.01%	17.69%	12.42%	20.30%	-9.20%	1.80%

Correlation

The correlation between FPAG and FPACX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.96

The correlation between FPAG and FPACX has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

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: 40
FPAG Sharpe Ratio Rank: 41
FPAG Sortino Ratio Rank: 41
FPAG Omega Ratio Rank: 39
FPAG Calmar Ratio Rank: 36
FPAG Martin Ratio Rank: 41

FPACX

FPACX Risk / Return Rank: 47
FPACX Sharpe Ratio Rank: 49
FPACX Sortino Ratio Rank: 51
FPACX Omega Ratio Rank: 49
FPACX Calmar Ratio Rank: 41
FPACX Martin Ratio Rank: 44

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FPAG	FPACX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.89	-0.54
Sortino ratio: Return per unit of downside risk	1.98	2.75	-0.77
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	1.69	2.33	-0.63
Martin ratio: Return relative to average drawdown	6.37	8.76	-2.39

FPAG vs. FPACX - Sharpe Ratio Comparison

The current FPAG Sharpe Ratio is 1.35, which is comparable to the FPACX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FPAG and FPACX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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	-12.14%	-7.37%	-4.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-10.95%	-7.11%
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	-3.31%	-1.44%	-1.87%
Average Drawdown Average peak-to-trough decline	-6.31%	-3.87%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	1.95%	+1.27%

Volatility

FPAG vs. FPACX - Volatility Comparison

FPA Global Equity ETF (FPAG) has a higher volatility of 5.32% compared to FPA Crescent Fund (FPACX) at 3.35%. 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	5.32%	3.35%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	7.19%	+4.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.20%	9.08%	+6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.42%	11.93%	+7.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.42%	13.22%	+6.20%

FPAG vs. FPACX - Expense Ratio Comparison

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

Dividends

FPAG vs. FPACX - Dividend Comparison

FPAG's dividend yield for the trailing twelve months is around 1.38%, less than FPACX's 9.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPACX FPA Crescent Fund	9.14%	9.60%	7.95%	3.72%	0.77%	11.62%	4.80%	4.65%	8.87%	3.70%	4.98%	6.34%
FPAG FPA Global Equity ETF	1.38%	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 FPACX in my portfolio?

With a correlation of 0.96, FPAG and FPACX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FPAG or FPACX?

FPAG has higher volatility (5.32%) compared to FPACX (3.35%). In terms of maximum drawdown, FPAG dropped -28.43% vs FPACX's -31.60%.

Which has better risk-adjusted returns?

FPACX currently has the higher Sharpe Ratio (1.89 vs 1.35), 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.